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TPG's SPAC closes merger with Accel EntertainmentTPG Pace Holdings Corp, TPG's blank check company, has closed its merger with Bolingbrook, Illinois-based Accel Entertainment Inc, a gaming-as-a-service provider. No financial terms were disclosed. In connection with the completion of the deal, the company has been renamed Accel Entertainment and will start trading November 21, 2019 on the New York Stock Exchange under the ticker symbol "ACEL." This past summer, Canadian private equity firm Clairvest Group filed a lawsuit https://www.pehub.com/canada/2019/07/clairvest-files-lawsuit-to-block-merger-of-accel-with-tpg-spac/ to block the merger of portfolio company Accel Entertainment with TPG Pace.
- PE-backed Digital Media Solutions acquires UE.co
Florida-based Digital Media Solutions, which is backed by Canadian private equity firm Clairvest Group, has acquired San Diego-based UE.co, a provider of software and services for digital marketing. No financial terms were disclosed.
TVM Capital, CDPQ win CVCA’s 2019 deal of the year awardsTVM Capital Life Science and Caisse de dépôt et placement du Québec (CDPQ) are the 2019 recipients of the Canadian Venture Capital & Private Equity Association's (CVCA) Deal of the Year awards. TVM Capital won in the venture capital category for the 2018 sale /canada/2018/05/lilly-buy-tvm-backed-aurka-pharma-735-mln-deal/ of AurKa Pharma, a Montréal-based developer of a cancer treatment for solid tumors, to Eli Lilly. The US$575 million deal generated an IRR of 348 percent and 9.3 x multiple of invested capital. CDPQ won in the private equity category for the 2018 sale /canada/2018/07/michelin-to-buy-caisse-backed-otr-tire-maker-camso-for-1-45-bln/ of Camso, a Magog, Québec-based maker of off-the-road tires and rubber tracks to Michelin. The transaction was valued at US$1.45 billion.
- TVM Capital, CDPQ win CVCA’s 2019 deal of the year awards
TVM Capital Life Science and Caisse de dépôt et placement du Québec (CDPQ) are the 2019 recipients of the Canadian Venture Capital & Private Equity Association's (CVCA) Deal of the Year awards. TVM Capital won in the venture capital category for the 2018 sale /canada/2018/05/lilly-buy-tvm-backed-aurka-pharma-735-mln-deal/ of AurKa Pharma, a Montréal-based developer of a cancer treatment for solid tumors, to Eli Lilly. The US$575 million deal generated an IRR of 348 percent and 9.3 x multiple of invested capital. CDPQ won in the private equity category for the 2018 sale /canada/2018/07/michelin-to-buy-caisse-backed-otr-tire-maker-camso-for-1-45-bln/ of Camso, a Magog, Québec-based maker of off-the-road tires and rubber tracks to Michelin. The transaction was valued at US$1.45 billion.
Who raised the largest funds in April?DCP Capital, founded by former KKR alumni, gathered $1bn more than its $1.5bn target for its debut China fund – the largest fund raised inthe month.
CIBC buys Clairvest's stake in tech investor Wellington FinancialCanadian private equity firm Clairvest Group has sold its interest in Wellington Financial, a Toronto-based specialty finance firm, to the Canadian Imperial Bank of Commerce (CIBC). No financial terms were disclosed for the deal, which includes the loan assets of Wellington Financial Fund V, which raised $300 million in 2015 /canada/2015/11/wellington-financial-closes-fund-v-at-300-mln-hard-cap-target/ Wellington was launched in 2000 by Clairvest and Mark McQueen, the firm's president and CEO, to provide growth-oriented debt to Canadian and U.S. technology companies, many of them venture-backed. Wellington's team will join the newly created http://www.newswire.ca/news-releases/cibc-innovation-banking-launches-to-serve-north-american-companies-668293333.html CIBC Innovation Banking, which provides strategic advice and funding to innovative clients across North America.
Clairvest makes Also Energy its first renewable energy dealCanadian private equity firm Clairvest Group has made a growth equity investment in Also Energy Inc, a solar monitoring company based in Boulder, Colorado. No financial terms were released for the deal, which is Clairvest's first in the renewable energy sector. Established in 2007 by CEO Robert Schaefer and CTO Holden Caine, Also Energy provides software and hardware to enable the monitoring and control of power production and operations for U.S. and global commercial, industrial and utility-scale plants. Clairvest's investment marks the fifth deal done so far by Clairvest Equity Partners V, which raised /canada/2014/7/clairvest-raises-largest-fund-to-date-closing-cep-v-at-600-mln/ $600 million in 2014.
Brookfield, Great Canadian to acquire Toronto gaming assetsThe private equity group of Brookfield Asset Management has partnered with Great Canadian Gaming Corp (TSX: GC) to acquire gaming assets in the Greater Toronto Area (GTA). No financial terms were released. The gaming assets, which generated gross revenue of more than $1 billion in 2016, was awarded by Ontario Lottery and Gaming Corp as part of its casino modernization. Brookfield and Great Canadian have formed Ontario Gaming GTA LP to invest in the assets, with each partner holding a 49 percent stake. Clairvest Group will hold a 2 percent stake. Great Canadian will operate the facilities on behalf of the other partners. The deal is expected to close in 2018.
Clairvest earns 31 pct IRR with $275 mln sale of CRS to AshteadCanadian private equity firm Clairvest Group has completed its sale of CRS Contractors Rental Supply LP to Sunbelt Rentals, a North American affiliate of the United Kingdom's Ashtead Group plc. The deal, announced last month /canada/2017/7/clairvest-to-sell/ reflected a purchase price of $275 million plus a potential earn-out. Clairvest, which invested in CRS in 2013, said it realized an internal rate of return of 31 percent over the life of the investment. Based in Kitchener, Ontario, CRS is a provider of construction equipment rentals, sales and related services.
Clairvest to sell CRS to Ashtead's Sunbelt Rentals for $275 mlnCanadian private equity firm Clairvest Group has agreed to sell CRS Contractors Rental Supply LP, a provider of construction equipment rental and related merchandise, for $275 million plus a potential earn-out. The buyer is Sunbelt Rentals, a North American business affiliated with Ashtead Group plc, a U.K. industrial equipment rental provider. Clairvest, which invested in Kitchener, Ontario-based CRS in 2013, said its proceeds from the sale are expected to be about $31.7 million, compared to a recent carrying value of $28.8 million. The deal is expected to close in the weeks ahead. Founded in 2000, CRS is led by President and CEO Brad Muter.