Private Equity
Callinex Mines Inc (TSX-V: CNX) plans to complete a private placement transaction to raise up to $3 million in proceeds. The company said that U.S. private equity firm Resource Capital Funds (RCF) is expected to acquire the majority of issued shares and become its largest investor. Based in Vancouver, Callinex is a mineral exploration company focused on discovering the next polymetallic mine in Manitoba's Flin Flon mining district. Earlier this month, RCF-backed TMAC Resources Inc completed its initial public offering of $135 million and commenced trading on the Toronto Stock Exchange.
6 min read · 15 July 2015
Canadian private investment firm Oxford Park Group has acquired more than five percent of the outstanding shares of Extendicare Inc (TSX: EXE), a provider of care and services for seniors in Canada. Oxford said it has initiated discussions with management aimed at improving the company's share performance and value. It said it may have related discussions with shareholders, debt providers, industry analysts and others. Based in Markham, Ontario, Extendicare operates a network of senior care centres and a home healthcare business. It recently sold its U.S. subsidiary to a private equity-led consortium to enable an exclusive focus on the domestic market.
2 min read · 15 July 2015
The Asset Based Lending Group of TD Bank has provided US$23 million in financing to Atlas Paper Holdings Inc, a U.S. manufacturer of tissue products, utilizing both virgin and recycled fiber. TD's credit facility helped to finance the debt recapitalization of the company. Based in Miami, Florida, Atlas Paper is a portfolio investment of U.S. private equity firm Peak Rock Capital. It was formed in December 2014 as the result of the merger of Atlas Paper Mills LLC and Atlas Southeast Papers Inc.
3 min read · 14 July 2015
Succession Capital, the U.S. subsidiary of Canadian private equity firm Lynx Equity, has acquired Intermountain Total Facility Services LLC and Executive Facilities LLC for an undisclosed price. Operating from several locations in Utah, the company is a provider of facility maintenance services, including landscaping, snow clearing, janitorial and handyman services, to commercial and residential clients in the region. The deal brings the Toronto-based Lynx’s portfolio to 42 companies in total.
2 min read · 14 July 2015
ONCAP, the mid-market investment platform of Canadian private equity firm Onex Corp, has acquired Chatters Canada Ltd, a retailer of professional hair care products in Canada. The transaction, the financial terms of which were not released, was completed by ONCAP in partnership with Chatters management, which is led by Principal and CEO Jason Volk. Based in Red Deer, Alberta, the company operates 101 full-service hair salons in eight provinces. Last month, ONCAP bought shares of Ingersoll Tillage Group Inc, a maker of components for agricultural soil preparation and seeding equipment implements.
2 min read · 14 July 2015
Alternative money managers such as real estate funds, hedge and private equity funds added US$600 billion in assets last year, a new survey released this week showed, as institutions poured in cash to diversify their portfolios. Total assets under management of alternative asset managers stood at US$6.3 trillion at the end of 2014, consultant Towers Watson reported.
1 min read · 13 July 2015
Trinity Consultants Inc, a portfolio company of U.S. private equity firm Gryphon Investors, has bought Minnow Environmental Inc, a specialty consulting business focused on aquatic ecology with offices in Georgetown, Ontario and Victoria, British Columbia. The acquisition's value was not published. Trinity, an environmental consulting company based in Dallas, said the deal was its second in Canada: in 2013, it acquired Church and Trought Inc. Trinity was recapitalized by Gryphon in November 2011. Gryphon acquired its majority interest in the company from Sentinel Capital Partners.
2 min read · 13 July 2015
Catalyst Capital Group's latest distressed-for-control fund is expected to have a 75 percent participation interest in new loans issued by Callidus Capital Corp (TSX: CBL), a Canadian specialty lender and Catalyst portfolio company. Catalyst Fund LP V's interest is expected to be repurchased by Callidus within four to six quarters of the fund's first close at par and with a pro-rata guarantee. Participation in new Callidus loans is contingent on Fund V closing at or above its initial target of US$1.25 billion. The fund raised US$650 million in a first tranche in April. Callidus, which lends mostly to distressed businesses, reported growth in its gross loans receivable since May to $1.053 billion.
4 min read · 13 July 2015
The Canada Pension Plan Investment Board (CPPIB) and Hermes Infrastructure recently completed their joint acquisition of a 33.33 percent stake in Associated British Ports (ABP), the United Kingdom's leading port operator. The purchase from GS Infrastructure Partners and Infracapital was previously estimated to value about 1.6 billion pounds ($2.9 billion). Borealis Infrastructure, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS), is an existing investor in ABP. CPPIB currently estimates its global infrastructure portfolio at $15.2 billion.
3 min read · 13 July 2015
Sleep Country Canada Holdings Inc, a portfolio company of Canadian private equity firm Birch Hill Equity Partners and other investors, has filed a final prospectus for its initial public offering. The company plans to issue 17.65 million shares at $17 per share to raise gross proceeds of over $300 million. That's up from the $250 million cited in prior reports. An over-allotment option granted to underwriters could give Sleep Country as much as $345 million. Birch Hill and other existing investors are expected to continue to hold most of the interest in the Toronto-based mattress retailer following the IPO's close. As reported by peHUB Canada in June, another Birch Hill portfolio company, Shred-it International, has also filed to go public.
5 min read · 13 July 2015
