Private Equity
European private equity firm Permira has agreed to buy U.K.-based Lowell Group Ltd, a provider of credit management services, specializing in credit management and data analytics. The seller is TDR Capital. No financial terms were disclosed. As a result of the deal, Permira will merge the company with GFKL, a German provider of receivables management services. The Ontario Teachers' Pension Plan (OTPP) and Lowell's senior management will remain shareholders. In August 2014, Teachers’ Private Capital, the private equity investment arm of OTPP, agreed to acquire a significant minority interest in Lowell.
5 min read · 10 August 2015
Kobelt Manufacturing Co Ltd, a portfolio company of U.S. private equity firm Bow River Capital Partners, has bought Accu-Steer Inc, a U.S. designer and builder of hydraulic power steering units. The financial terms of the deal were not released. Kobelt, a manufacturer of propulsion controls, steering systems, thrusters, stabilizers and braking systems for marine, transportation and other industrial uses, said the acquisition completes its product line. Based in Surrey, British Columbia, Kobelt was acquired by Bow River in February 2013.
3 min read · 10 August 2015
An affiliate of Brookfield Asset Management has completed its previously-announced acquisition of Associated Estates Realty Corp, a U.S. real estate investment trust with a portfolio of 56 apartment communities containing 15,004 units located in 10 states. The deal was valued at US$2.5 billion, including the assumption of debt. Associated Estates, whose common shares ceased trading on the NYSE and the Nasdaq last week, is now managed by Fairfield Residential Co LLC.
4 min read · 10 August 2015
CPPIB Liberty Living Inc has purchased a portfolio of five student accommodation residences from Student Castle, a provider of university student housing in the United Kingdom. CPPIB Liberty Living paid £330 million (about $670 million) for the assets, which comprise a total of 2,153 beds in five major university cities. The Canada Pension Plan Investment Board (CPPIB) acquired Liberty Living, a U.K. student accommodation specialist, in March 2015. The pension fund manager paid about US$1.67 billion for the business.
3 min read · 10 August 2015
Canadian alternative assets manager Brookfield Asset Management reported that its private funds platform raised US$8 billion in the first half of the year. It said the raise accounted for 60 percent of the original target. As reported by peHUB Canada in January, the firm is currently marketing its fourth mid-market private equity fund, Brookfield Capital Partners IV LP, which is said to be targeting US$3.5 billion in total commitments. Brookfield's private equity group has been active in a number of deals of late, including Armtec Infrastructure Inc, GrafTech International Ltd, North American Palladium Ltd and Quadrant Energy Pty Ltd, previously an affiliate of Apache Corp.
8 min read · 07 August 2015
Precious metals producer North American Palladium Ltd (NAP) (TSX: PDL) has closed its previously-announced recapitalization deal with Brookfield Asset Management‘s private equity group. As a result, amounts owing to Brookfield have been converted into equity. Brookfield now owns 92 percent of NAP’s outstanding common shares and has appointed Managing Partners Peter Gordon and David Nowak to the board of directors. The Toronto-based NAP has yet to complete a $50 million rights offering backstopped by Brookfield and other parties. The offering's net proceeds will be used to repay a bridge loan facility with Brookfield and fund operations at its Lac des Iles palladium mine in Ontario.
8 min read · 07 August 2015
Canadian energy services company Kineticor Resource Corp has secured $80 million in equity financing. The investment was made by Harbert Power, the power assets investment arm of U.S.-based Harbert Management Corp. Kineticor, which has its headquarters in Calgary, provides customized on-site power generation solutions to the resources sector. It said the funding received from Harbert will be used to support growth across Canada and to advance current and future projects. The company was founded in March 2013.
2 min read · 07 August 2015
U.S. private equity firm BDT Capital Partners has agreed to acquire a majority stake in Alliance Laundry Systems LLC from the Ontario Teachers' Pension Plan. No financial terms were disclosed. After the deal closes later this year, Ontario Teachers will retain a minority stake in the company. Morgan Stanley & Co LLC, BMO Capital Markets Corp and Bank of America NA provided financial advice to Alliance Laundry on the transaction. Based in Ripon, Wisconsin, Alliance Laundry is a maker of commercial laundry equipment. Teachers’ Private Capital, the private investment arm of Ontario Teachers, bought it for US$450 million in January 2005.
4 min read · 07 August 2015
Novacap has acquired Hallcon Corp, a specialist in employee transit services, making good on a pledge to expand its pan-Canadian private equity deals through a recently opened office in Toronto. The firm announced this week that Novacap Industries IV bought Hallcon in partnership with the company’s management team, Export Development Canada, BMO Capital Partners and other investors.
3 min read · 06 August 2015
The previously-announced acquisition of U.S. business software maker Informatica Corp by European private equity firm Permira and the Canada Pension Plan Investment Board (CPPIB) has been closed. The deal, which was joined by Microsoft Corp and Salesforce Ventures, was valued at about US$5.3 billion. As a result, Informatica’s shares will cease trading on the Nasdaq under the ticker symbol "INFA." Anil Chakravarthy, Informatica's chief product officer, will now serve as acting CEO, the company also announced. CPPIB's Mark Jenkins said the pension fund manager will support Informatica "in its vision to become a multi-billion dollar leader in the broader data integration space.”
5 min read · 06 August 2015
