ONCAP’s Pinnacle shoots for $200 mln in 2018’s first PE-backed IPO
Pinnacle Renewable Energy Group, an industrial-wood-pellet maker and distributor, this week priced its recently filed initial public offering in Canada. The Richmond, British Columbia, company is seeking to raise $175 million by selling common shares at $13 to $15 per unit, the updated prospectus shows. The issue’s greenshoe option, if fully exercised, would bring the total raised to more than $200 million. Pinnacle has been majority owned by ONCAP, the mid-market private equity arm of Onex Corp, since 2011. Its IPO is 2018’s first in Canada backed by a PE firm. PE and venture capital firms looking to monetize their investments played a key role in the domestic IPO market last year, raising a combined $2.3 billion.
10 January 2018•2 mins read
