Private Equity
Canadian alternative investment manager West Face Capital has received gross proceeds of $18.4 million from a previously announced secondary offering of common shares of Mandalay Resources Corp (TSX: MND). West Face, which has backed the company since 2010, now holds about 17.3 percent of its outstanding common shares. The Toronto-based Mandalay is natural resource company with producing assets in Australia, Chile and Sweden, and a development project in Chile. Last September, West Face completed a secondary transaction that gave it $50.6 million in proceeds.
2 min read · 22 June 2015
Pattern Energy Group Inc (TSX: PEG) has completed its purchase of a one-third equity interest in the 270 megawatt K2 Wind Power Facility in Ontario from Pattern Development. The deal's value was previously disclosed as US$128 million plus an estimated US$218 million in debt. The wind facility, which is co-owned by Samsung Renewable Energy and Capital Power LP, is located in the Ashfield-Colborne-Wawanosh township of southwestern Ontario. Pattern Energy Group LP, Pattern Energy’s primary shareholder, is backed by U.S. private equity firm Riverstone Holdings.
3 min read · 22 June 2015
Canadian investment firm Borealis Infrastructure is considering a 5 billion pound (US$8 billion) bid for Severn Trent, the Sunday Times reported, two years after the British water utility rejected its previous approach. The newspaper reported that the two sides opened talks last month and discussions were still at an early stage. In 2013 Severn Trent rejected a series of takeover offers by LongRiver Partners, an investment fund consortium including Borealis Infrastructure, saying they did not reflect the firm's long-term value.
1 min read · 22 June 2015
The Caisse de dépôt et placement du Québec has agreed to partner with Empresas ICA SAB de CV in the creation of a platform that will own the concessions for four of Empresas ICA’s operational toll roads and highways in Mexico. The platform, which is called ICA Operadora de Vías Terrestres, will be jointly owned by Empresas ICA and the Caisse, with the latter assuming a 49 percent share. The Caisse is paying 3,014 million pesos ($242 million) for its equity interest. The platform will focus on managing existing Mexican transportation assets and acquiring new assets over time.
4 min read · 19 June 2015
Calgary-based Cenovus Energy Inc is in talks to sell Canadian oil and gas royalty lands to the Ontario Teachers' Pension Plan in a deal that could fetch $2.5 billion to $3 billion, sources told Reuters. Sources said that Ontario Teachers may look to partner with another player, given the size of the deal.
3 min read · 19 June 2015
Aveda Transportation and Energy Services Inc (TSXV: AVE) has completed its previously announced buy of Hodges Trucking Co, a U.S. operator and owner of rig moving and heavy haul equipment, from Seventy Seven Energy Inc. The purchase price was US$42 million. Aveda, a Calgary-based provider of oilfield hauling services and equipment rentals, is backed by Canadian private equity firm Werklund Capital. In a subsequent statement, it said the Hodges Trucking deal will increase the company's operational footprint in key markets, expand its customer base and help it better manage price pressures.
4 min read · 18 June 2015
OMERS Private Equity has agreed to partner with management in the acquisition of The Kenan Advantage Group Inc, a U.S. provider of liquid bulk transportation services to the fuels, chemicals, liquid foods and merchant gas markets. The deal's financial terms were not published. The sellers are U.S. private equity firms Goldman Sachs Capital Partners and Centerbridge Partners, which bought the North Canton, Ohio-based company from Littlejohn & Co in 2010. OMERS said it will support Kenan's continued organic and acquisition-led growth. The deal, which is expected to close in the third quarter, closely follows OMERS' buy of U.K.-based Environmental Resources Management.
4 min read · 18 June 2015
Dwyer Group Inc, which is backed by U.S. private equity firm The Riverside Company, has purchased Canadian lawn care franchise The Grounds Guys. The financial details of the transaction were not disclosed. The acquisition of the Mono, Ontario-based franchisor includes some 34 franchisees representing 40 locations across Canada. They join 194 locations of its affiliated business in the United States. Based in Waco, Texas, Dwyer is a holding company of franchise companies. Earlier in 2015, it bought Edmonton's Five Star Painting.
3 min read · 18 June 2015
Alignvest Acquisition Corp, an investment firm set up primarily to buy an operating asset, said it is raising almost double the money it set out to generate via an initial public offering on the Toronto Stock Exchange, Reuters reported. The Toronto-based firm, headed by serial entrepreneur and private equity veteran Reza Satchu, said it plans to raise $225 million.
2 min read · 18 June 2015
Nautilus Solar Energy LLC, an affiliate of U.S. energy infrastructure investor Starwood Energy Group, has completed a previously announced portfolio of 14 rooftop projects in Ontario, totaling about 4.1 megawatts. An additional six projects of 1.9 megawatts are expected to be completed by July. Rabobank provided non-recourse financing to the projects, while North Sky Capital and GoldenSet Capital Partners contributed undisclosed equity funding. Community investment partners included Green Energy Co-operative of Ontario and Eagle Lake First Nation.
4 min read · 17 June 2015
