Private Equity
2 min read · 24 September 2015
Vancouver-based mining company Oceanic Iron Ore Corp (TSX-V: FEO) has agreed to a refinancing of a $3 million debenture provided by the Sino-Canada Natural Resources Fund. As a result, the Sino-Canada fund's interest in Oceanic will increase to 19.9 percent as of November 23, 2015, and the fund will be entitled to representation on the company's board of directors. Oceanic is focused on the development of Ungava Bay iron properties in Nunavik, Québec. Managed by CapitalAsia, the Sino-Canada fund makes private equity investments in Canadian natural resource companies.
4 min read · 23 September 2015
Total Energy Services Inc (TSX: TOT) has announced its plans to acquire Strad Energy Services Ltd (TSX: SDY), a Calgary-based provider of well-site infrastructure solutions to the oil and gas industry. Total has offered to pay $2.90 per share in cash for the company, or $1.35 in cash plus 0.10 of a common share of Total. The $2.90 per share offer values Strad at about $108 million, Reuters reported. Total said it has announced the offer in advance to give the board of directors of Strad additional time to consider its terms. Strad is a portfolio investment of Canadian private equity firm Richardson Capital. Richardson sold a portion of its interest in the company last year.
10 min read · 22 September 2015
CPI Card Group Inc, a portfolio company of Canadian private equity firm Tricor Pacific Capital, has set the financial terms of its previously-announced initial public offering on Nasdaq and the Toronto Stock Exchange. The Littleton, Colorado-based company, a manufacturer of financial payment cards and other card products and services, said it expects to receive net proceeds of about US$140 million from the offering. According to CPI's filing with the U.S. Securities Exchange Commission, the maximum amount that could be generated is about US$365 million. The offering includes the sale of shares held by the company's current investors. Tricor has backed CPI since June 2007.
4 min read · 22 September 2015
Absolute Software Corp (TSX: ABT) has agreed to sell assets related to its computer life-cycle management and information technology service management businesses. No financial terms were released. The buyer is HEAT Software USA Inc, a Milpitas, Calif.-based software company backed by Clearlake Capital Group, a U.S. private equity and special situations firm. The deal is expected to close in early October. Based in Vancouver, Absolute Software provides endpoint security and data risk management solutions. It said the sale will allow the company to focus on its core information security offering.
4 min read · 22 September 2015
AltaGas Ltd said it has agreed to buy a portfolio of three natural gas-fired electricity generation plants in northern California for US$642 million, Reuters reported. Calgary-based AltaGas is acquiring GWF Energy Holdings LLC, the owner of the plants, from Highstar Capital IV LP.
1 min read · 22 September 2015
A new research report by Firmex and Mergermarket projects a "healthy outlook" for North American mid-market merger and acquisition activity in the months ahead. Titled Mid-market: The Crux of North American M&A, the report said most transactions will be between US$10 million to US$250 million, with significant traction expected in the US$251 million to US$500 million range. Companies in technology, telecommunications and media are expected to continue to dominate deal trends in the next 12 months. Based in Toronto, Firmex is a provider of virtual data rooms and secure document sharing.
3 min read · 21 September 2015
Vancouver-based Pretium Resources Inc (TSX, NYSE: PVG) has completed its previously-announced US$540 million construction financing package. The package, which includes a US$350 million credit facility, a US$150 million prepayment under a stream agreement, and a US$40 million private placement, was provided by Orion Mine Finance Group and Blackstone Tactical Opportunities, an investment affiliate of Blackstone Group. The proceeds of the deal will help fund the development of an underground mine at the company's Brucejack Project in northern British Columbia. The project's commercial production is targeted for 2017.
4 min read · 21 September 2015
The Caisse de dépôt et placement du Québec has partnered in the creation of a co-investment vehicle targeted to infrastructure projects in Mexico. The Caisse and CKD Infraestructura México SA de CV, a group of Mexican institutional investors, plan to invest up to $2.8 billion over the next five years to expand and modernize Mexican infrastructure. The Caisse will assume $1.43 billion of this total, giving it a 51 percent share in the vehicle. As part of the deal, the Caisse's partners have agreed to acquire 49 percent of the Caisse's previously-announced equity investment in an operational platform that holds Mexican toll road concessions.
8 min read · 21 September 2015
Canadian private equity firm Onex Corp has completed its sale of Sitel Worldwide Corp, a U.S.-based provider of outsourced customer care and back-office processing services. As previously reported by peHUB Canada, the buyer was Groupe Acticall, a customer relationship management business based in France. Onex said it expects to see net proceeds of about US$55 million, including an earn-out component, from the sale. In 2007, ClientLogic, a portfolio investment of Onex, acquired and merged with Sitel. It remains a portfolio company of OMERS Private Equity.
2 min read · 21 September 2015
