Private Equity
Sienna Sky Jewelry, which was acquired last year by Succession Capital, has bought Lemon Tree Jewelry, a manufacturer and distributor of fashion jewelry with headquarters in Longmont, Colorado. The value of the deal was not disclosed. Sienna Sky, which is also based in Longmont, said the acquisition is synergistic as the businesses share similar sales channels, suppliers, and design esthetic. Succession Capital is the U.S. subsidiary of Canadian private equity firm Lynx Equity. Its investments currently account for over 35 percent of Lynx's portfolio.
3 min read · 06 August 2015
Callinex Mines Inc (TSX-V: CNX), a Canadian mineral exploration company, has completed its previously-announced private placement, raising $3.4 million. As a result, U.S. mining-focused private equity firm Resource Capital Funds (RCF) has assumed a 17.9 percent ownership stake in the company. The Vancouver-based Callinex said it will use the partnership with RCF to advance discovery and development of copper and zinc-rich deposits in Flin Flon, Manitoba's mining district.
3 min read · 06 August 2015
SGS International Inc, a U.S. marketing services company rooted in digital imaging and design-to-print graphic services, has acquired Traffik Inc, a marketing services agency based in Toronto. The financial details of the transaction were not disclosed. SGS said the acquisition will "significantly enhance both companies' ability to serve clients in a creative, efficient, and scalable fashion globally." Headquartered in Louisville, Kentucky, SGS is a portfolio company of Canadian private equity firm Onex Corp. Onex bought the business in October 2012 for US$813 million.
3 min read · 06 August 2015
Shareholders of U.S. real estate investment trust Associated Estates Realty Corp (NYSE, NASDAQ: AEC) have voted to approve the company's acquisition by an affiliate of Brookfield Asset Management. The previously-announced transaction is valued at about US$2.5 billion, including debt. Based in Richmond Heights, Ohio, Associated Estates has a portfolio of 56 apartment communities containing 15,004 units located in 10 states.
4 min read · 05 August 2015
Mavis Tire Supply LLC, a portfolio company of Canadian private equity firm ONCAP, has bought Somerset Tire Service Inc, a 157-store tire retailer with locations across New Jersey, Pennsylvania and New York. ONCAP partnered with its investors and Mavis' founders, the Sorbaro Family, to invest a total of US$48 million in the acquisition. Based in Millwood, New York, Mavis is an independent tire retailer and wholesaler. ONCAP, the mid-market platform of Onex Corp, has backed the company since October 2014. Mavis is also a portfolio investment of Canadian private equity firm Penfund. Last month, ONCAP acquired Chatters Canada Ltd.
2 min read · 05 August 2015
Private equity investment in the global mining industry showed growth in the first half of 2015, U.K. law firm Berwin Leighton Paisner (BLP) reported. A total of US$1.76 billion was invested in 61 mining deals at the end of June, compared to 50 deals in the whole of last year. BLP said North America saw most of this activity, with Canada accounting for a dozen investments, and the United States, 11 investments. In one of Canada's largest deals in the first half, Magris Resources closed its US$530 million acquisition of IAMGOLD Corp's niobium mine in Québec.
2 min read · 05 August 2015
D-BOX Technologies Inc (TSX: DBO), a designer and manufacturer of motion systems for the entertainment and industrial markets, has received $5 million in funding. The investment, which took the form of a loan, was provided by the Caisse de dépôt et placement du Québec, one of D-BOX's shareholders. The Longueuil, Québec-based company said the transaction will help it accelerate growth and strengthen its presence in new markets.
2 min read · 05 August 2015
Canadian network equipment provider Sandvine Inc (TSX: SVC) has acquired all of the shares of Momac BV, a Dutch specialist in customer engagement solutions for mobile operators. Sandvine bought the company for €7 million (US$$7.7 million) plus certain retention-based management incentives. It said the deal is expected to be slightly accretive to earnings in 2016 and will enhance its portfolio of revenue generation products for service providers. The Rotterdam-based Momac was acquired by European technology private equity firm Truffle Capital in 2007.
5 min read · 05 August 2015
U.S. luxury fashion retailer Neiman Marcus Group Inc has filed with U.S. regulators for an initial public offering, the second time in two years it has unveiled plans to go public, Reuters reported. The 100-year-old retailer was acquired by Canadian Pension Plan Investment Board and Ares Management LP for US$6 billion in October 2013.
2 min read · 05 August 2015
Morneau Shepell Inc (TSX: MSI), a Canadian provider of human resources consulting and technology, has wrapped up its acquisition of the U.S. health and welfare benefits administration business of Ceridian Corp. The financial terms of the previously-announced deal were not released. Ceridian has been backed by U.S. private equity firm Thomas H. Lee Partners and other investors since 2007.
3 min read · 04 August 2015
