Private Equity
Affiliates of U.K.-based investment bank Avington Group have filed a preliminary prospectus with Canadian securities regulatory authorities for an initial public offering (IPO). The IPO is targeted to raise a total of $110 million for Avingstone Acquisition Corp, a special purpose acquisition corporation (SPAC) focused on hospitality and related real estate opportunities in the Americas and Europe with an enterprise value ranging from $250 million to $500 million or more. The Avingstone SPAC IPO follows IPOs launched for other SPACs this year, including Acasta Enterprises Inc, Alignvest Acquisition Corp and Gibraltar Growth Corp.
6 min read · 08 September 2015
Canada's Concordia Healthcare Corp said it would buy Amdipharm Mercury Ltd from European private equity firm Cinven for US$1.9 billion to expand its portfolio of drugs aimed at treating rare diseases, Reuters reported. Including debt, the deal is valued at US$3.3 billion.
2 min read · 08 September 2015
Tesco is selling its South Korean arm, Homeplus, to a group led by private equity firm MBK Partners for US$6.1 billion, as the British supermarket retreats from foreign markets to focus on reviving its troubled domestic business, Reuters reported. The PE consortium includes the Canada Pension Plan Investment Board, Public Sector Pension Investment Board and Temasek Holdings.
3 min read · 08 September 2015
U.S.-based Zillow Group (NASDAQ: Z & ZG) has agreed to sell its real estate-focused customer relationship management (CRM) division, Market Leader, to an affiliate of Constellation Software Inc (TSX: CSU). The deal, which is valued at US$23 million, is expected to close in the fourth quarter. Headquartered in Toronto, Constellation acquires, manages and builds vertical market software businesses. Publicly listed in 2006, it remains a portfolio investment of OMERS Private Equity.
3 min read · 04 September 2015
Endurance Energy Ltd has completed its previously-announced buy of StonePoint Energy Inc (TSX-V: STO), a junior oil and gas business. The deal, which reflected a total purchase price of about $16.75 million, will see StonePoint delist its shares on the TSX Venture Exchange this week. Based in Calgary, Endurance was created in 2008 to acquire and develop natural gas assets in Western Canada. It has been portfolio company of U.S. private equity firm Warburg Pincus since 2012.
2 min read · 04 September 2015
PointClickCare, a portfolio investment of U.S. growth equity firm JMI Equity, has filed with Canadian and U.S. regulatory authorities for a proposed initial public offering of its common shares. The Mississauga, Ont.-based company, which plans to list on both Nasdaq and the Toronto Stock Exchange, filed with the Securities and Exchange Commission to raise US$100 million, according to a report by Renaissance Capital LLC. Founded in 1995, PointClickCare is a cloud-based software platform focused on the senior care market. It secured a minority investment from JMI in February 2011. Last month, JMI led the $160 million funding of Toronto-based Intelex Technologies Inc.
3 min read · 04 September 2015
Vancouver-based Bond Capital has been named to Preqin‘s global list of most consistent performing mezzanine fund managers. Bond, which in May 2015 was tapped to manage the private equity fund of Beedie Capital Partners, was one of three investors to achieve a top score in a peer group of nearly 100 mezzanine firms managing about 200 funds.
2 min read · 03 September 2015
Burton Saw and Supply Holdings LLC, a portfolio company of U.S. private equity firm Pfingsten Partners, has acquired Cut Technologies Inc. No financial terms were disclosed. With primary offices in Penticton, British Columbia and Bellingham, Washington, Cut Technologies is a manufacturer of rounds saws, band saws and saw tips and a distributor of filing room and grinding equipment. Eugene, Oregon-based Burton said it will combine with Cut to bring a more comprehensive product and service offering to the saw mill and wood products industry. Pfingsten bought the company earlier this year.
2 min read · 03 September 2015
Blue Point Capital Partners, a U.S. mid-market private equity firm, has acquired Russell Food Equipment Ltd in a recapitalization deal. No financial terms were released. Based in Vancouver, Russell is a provider of food service equipment and supplies to more than 20,000 food service operators across Canada. Established in 1938, it operates from 14 distribution and three manufacturing facilities and sells its products under both third-party brands and Quest Metal Works, a business affiliate. Blue Point said Russell offers organic and external growth opportunities that the firm plans to support with operational and strategic resources.
3 min read · 02 September 2015
Avison Young Inc, a portfolio company of Canadian private equity firm Tricor Pacific Capital, has affiliated with Cushman & Wakefield-Cornerstone, a U.S. commercial real estate company. The undisclosed deal gives Avison new offices in Nashville and Knoxville, Tennessee. It follows the recent sale of Cushman & Wakefield to DTZ, which is owned by TPG, PAG Asia Capital and the Ontario Teachers’ Pension Plan. Based in Toronto, Avison has been backed by Tricor since 2011.
7 min read · 02 September 2015
