Private Equity
Morneau Shepell Inc has agreed to buy the U.S. health and welfare benefits administration business of Ceridian Corp. The deal, the value of which was not disclosed, is expected to wrap up at the end of the month. Morneau Shepell, a Canadian provider of human resources consulting and technology, said the acquisition adds to its core business and will support its continued growth in the United States. Based in Minneapolis, Minnesota, Ceridian is a provider of human resources software and service solutions. It was acquired by U.S. private equity firm Thomas H. Lee Partners and Fidelity National Financial Inc in 2007.
3 min read · 22 July 2015
Antares Capital is lining up a US$13.9 billion financing package that backs General Electric Capital Corp's sale of the mid-market sponsor finance platform to Canada Pension Plan Investment Board (CPPIB) and raises funds for future growth, sources told Reuters. Credit Suisse is leading the credit facilities.
2 min read · 21 July 2015
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure), Samsung Renewable Energy Inc and the Six Nations of the Grand River have wrapped up construction of the 100 megawatt Grand Renewable solar project. The project, located in Ontario's Haldimand County, is intended to provide an alternative energy source to over 17,000 households in the province. Construction began in 2013 and was completed by Canadian Solar Inc. CC&L Infrastructure, an affiliate of Canadian asset manager Connor, Clark & Lunn Financial Group, and its partners were responsible for the funding.
4 min read · 21 July 2015
Dicom Transportation Group, a Canadian portfolio investment of U.S. private equity firm Wind Point Partners, has bought Extra Express, an asset-light provider of business-to-business last-mile services based in Los Angeles. No financial terms were disclosed. The deal, which will see Extra Express aligned with the express division of the Montréal-based Dicom, will give the latter last-mile capabilities in the western United States. The acquisition is Dicom's third so far in 2015. Earlier in the year, the transportation and logistics company also purchased Modern Forwarding and Orbis Logistics. Wind Point acquired Dicom in early 2014.
3 min read · 21 July 2015
Canadian photo community and marketplace 500px has raised $13 million in Series B funding. Strategic investor Visual China Group led the round with participation from U.S. venture capital firms Andreessen Horowitz, Harrison Metal and ff Venture Capital, which all played a key role in the company's Series A financing in 2013. With the latest deal, total investment in 500px now stands at $23 million. Based in Toronto, 500px has developed a platform for discovering, sharing, buying, and selling quality photography. It said the proceeds of the Series B round will help fuel global growth, team expansion and product development. Update: In 2014, the company acquired Authintic Analytics Technologies Inc.
4 min read · 21 July 2015
Comark Inc, a Canadian specialty fashion retailer, has executed an asset purchase agreement regarding a proposed sale of its business and assets. The deal, the value of which was not disclosed, will see Pacific West Commercial Corp, an affiliate of Canadian private equity firm Stern Partners, acquire and operate Comark's retail banners, Ricki's, Bootlegger and cleo. Comark, which obtained creditor protection earlier in 2015, said the purchase price is expected to repay its secured lender in full. Any surplus funds will be made available to unsecured creditors. Established in 1976, Comark currently operates about 300 stores. It is based in Mississauga, Ontario. The acquisition is expected to close in August.
4 min read · 21 July 2015
Fairfax India Holdings, a fund set up by Canadian investor Prem Watsa to target Indian assets, said it would buy a 74 percent stake in commodities storage and services firm National Collateral Management Services (NCMSL) for about US$126 million, Reuters reported. The deal, valued at about 8 billion rupees, is expected to be completed this year.
1 min read · 20 July 2015
CPPIB Credit Investments, the credit investment arm of the Canada Pension Plan Investment Board (CPPIB), has agreed to provide a senior secured term loan of up to US$650 million to Marina District Finance Company Inc. Marina, which is jointly owned by subsidiaries of Boyd Gaming Corp and MGM Resorts International, is the operator of the Borgata Hotel Casino & Spa, an entertainment destination resort in Atlantic City, New Jersey. The resort opened in 2003. Last month, CPPIB agreed to acquire Antares Capital, a mid-market lending platform, from General Electric Co for US$12 billion.
3 min read · 20 July 2015
The acquisition of New Star Energy Ltd for about $215 million, including net debt, has been closed. The buyer, which was not disclosed at the time of the transaction's announcement, was China's Sinoenergy Pacific Corp. As a wholly-owned subsidiary of Sinoenergy, New Star, a light-medium crude oil and natural gas producer, will keep its current name. The Calgary-based company has been backed by Canadian energy private equity firm JOG Capital since its founding in 2012.
2 min read · 20 July 2015
Clevest Solutions Inc, a Canadian software provider focused on mobile workforce automation and smart grid operations for utilities, has obtained growth equity financing. The undisclosed investment was led by Accel-KKR, a U.S. technology private equity firm, with participation from Vancouver City Savings Credit Union, a previous investor in the company. Clevest, which has its headquarters in Richmond, British Columbia, said the capital infusion will facilitate continued investment in innovation and market expansion. Founded in 2002, Clevest's mobile platform has created value for more than 150 utility customers worldwide, the company said.
2 min read · 17 July 2015
