Private Equity
Freescale Semiconductor Inc (NYSE: FSL) has purchased CogniVue Corp, an Ottawa-based developer of image cognition IP for automotive and consumer applications. No financial terms were disclosed. Freescale, a designer of embedded semiconductors, said the acquisition will solidify its position in the autonomous vehicles and advanced driver assistance systems market. U.S.-based Freescale was taken private in 2006. It remains a portfolio company of Blackstone Group, the Canada Pension Plan Investment Board (CPPIB), Carlyle Group, Permira Advisers and TPG. Earlier this year, it agreed to be bought by NXP Semiconductors NV.
3 min read · 10 September 2015
CPPIB Credit Investments, a subsidiary of the Canada Pension Plan Investment Board (CPPIB), has agreed to extend a US$526 million construction-to-permanent loan to Kemper Development Co. The financing will support the 1.5 million-square-foot expansion of the Bellevue Collection, known as the Lincoln Square Expansion. The property is a mixed-use development destination located in Bellevue, Washington.
2 min read · 10 September 2015
An affiliate of Civica Group Ltd, a portfolio company of OMERS Private Equity, has bought Web Technology Group, a provider of software consultancy and services to government and other public sector organisations in the United Kingdom. No financial terms were released. Civica, a London-based provider of specialist information technology systems and business process services, said the deal will give it complementary expertise and extend its capabilities. OMERS acquired Civica from 3i Group in 2013. The deal was valued at 390 million pounds (US$604 million).
2 min read · 10 September 2015
XPO Logistics Inc (NYSE: XPO) has agreed to acquire Con-way Inc (NYSE: CNW), a U.S. provider of transportation, logistics and supply-chain management services. The deal, which is valued at about US$3.0 billion including debt, will allow XPO to become the second-largest provider of less-than-truckload services in North America, the company said. The acquisition is expected to close next month. Greenwich, Connecticut-based XPO is a portfolio company of the Ontario Teachers’ Pension Plan and the Public Sector Pension Investment Board. In June, the Canadian investors committed to US$1.26 billion in funding to back the company's acquisition program.
10 min read · 10 September 2015
Calgary-based Chrysalis Capital Advisors has launched Chrysalis Acquisition Fund I. Managed by Chrysalis Acquisition Partners, the fund plans to deploy more than $100 million over the next three years to majority acquisitions of businesses seeking liquidity and ownership transitions. Chrysalis said it sees an opportunity for investing in multiple Canadian companies undergoing ownership changes, especially those in the $10 million to $50 million enterprise value range. The fund will pay particular attention to deal flow in Western Canada.
2 min read · 10 September 2015
Davis-Standard LLC, a portfolio company of Canadian private equity firm ONCAP, has acquired Gloucester Engineering Co Inc, an equipment manufacturing company for the blown film plastics industry. No financial terms were disclosed. Davis-Standard, a maker of extrusion and converting systems, said the deal will give it design and process engineering capabilities, a large installed base, and greater aftermarket capabilities worldwide. In late 2011, ONCAP, the mid-market investment platform of Onex Corp, acquired a majority stake in the Pawcatuck, Connecticut-based company. The investment was valued at US$110 million.
2 min read · 09 September 2015
NexusCrowd has launched its Canadian online investment platform, which allows accredited investors to co-invest alongside venture capital and private equity firms in deals that have reached at least 50 percent of their funding target. It also announced its first transaction, which NexusCrowd said creates the opportunity to participate in the development of Galleria Centre, a $100 million retail mall located in the Greater Toronto Area (GTA). The deal partner is Terracap Investments, a Toronto-based commercial real estate developer.
4 min read · 09 September 2015
Dicom Transportation Group, a Canadian provider of expedited transportation and logistics services, has completed its fifth add-on acquisition of 2015. The company bought Eastern Connection, a U.S.-based asset-light provider of business-to-business pick-up and delivery services. No financial terms were released. Montréal-based Dicom said the deal will expand its overnight parcel network in the Northeastern United States. Along with Eastern, the company has so far this year acquired Courier Express Enterprises, Extra Express, Modern Forwarding and Orbis Logistics. It has been a portfolio investment of U.S. private equity firm Wind Point Partners since early 2014.
3 min read · 09 September 2015
Telecommunications provider and publisher Québecor Media Inc, a unit of Québecor Inc, said it had bought 28.6 percent of Caisse de dépôt et placement du Québec's stake in the company for $500 million, Reuters reported. The Caisse, Canada's second-largest pension fund manager, continues to hold an 18.9 percent interest in Québecor Media.
1 min read · 09 September 2015
British private equity firm Forward Dimension Capital (FDC) announced plans to invest US$15 million over the next 18 months in Digital Underground Media Inc, a media business focused on the digital out-of-home advertising industry. Vancouver-based Digital Underground manufactures and installs its own technology in underground and train tunnels to deliver video ad images to commuters. It said it will use the proceeds of FDC's investment to advance global growth through initiatives in the areas of sales and marketing and product development. The company is led by President and CEO Ken Bicknell, who was previously a vice president at ENSIS Management, a Canadian venture capital firm.
3 min read · 08 September 2015
