Barry Whyte
Teachers’ Private Capital, the private investment department of the Ontario Teachers’ Pension Plan, has agreed to sell GCAN Insurance Company to RSA Canada, the firm announced. Teachers’ Private Capital bought GCAN, a Canada-based commercial property and casualty insurer, through Glenstone Capital in 2005. The purchase price of GCAN is approximately $420 million.
Colony Capital, the California-based private equity real estate firm, says it will continue to expand its hospitality and consumer business in the Gulf Arab region. Colony is the largest shareholder in Carrefour, the French retail company, and has large investments in Fairmont Hotels and Accor (where it is the largest shareholder), the world’s fourth-largest hotel group.
Antin Infrastructure Partners, a Paris-based infrastructure funded backed by BNP Paribas, has reached a final fundraising close at 1.1. billion euros ($1.5 billion), according to Reuters. BNP Paribas has committed 300 million euro and owns 40 percent of the fund’s management company. Antin has invested to date in UK train leasing company Porterbrook, Croatian motorway Bina Istra, French oil storage firm Pisto, and a portfolio of dry bulk ports in continental Europe called Euroports.
U.S. real estate investment company Rockefeller Group is reportedly in talks to buy London-based property fund manager Europa, according to the Financial Times. Europa is not believed to have solicited any offers, the report said. The Financial Times claims that Rockefeller would operate Europa’s private equity real estate strategy.
The continued break-up and sell-off by the Pritzker family of its business empire has attracted more private equity interest with the planned sale of Triton Container International Ltd, which could be worth about $1 billion. The company had hired Goldman Sachs to sell the company on a separate occasion in 2006. Bank of America Corp is advising on the sale this time.
ST Acquisition Corp, controlled by the family of Canadian billionaire Frank Stronach, has made an offer to buy the remaining shares of Canadian real estate company MI Developments. ST Acquisition Corp is offering $13 per share, worth $607 million overall. MI Developments’ closing share price on Friday was $10.67. ST Acquisition said the deal would be financed through cash-on-hand and third party financing that is currently being arranged.
A Royal Bank of Scotland portfolio of property loans worth 3 billion pounds ($4.8 billion) is reportedly drawing the interested of U.S. bank Goldman Sachs, U.S. distressed debt specialist Lone Star and private equity firm Blackstone, according to a report in the Sunday Times. The report, which cited no sources about the identity of potential bidders, said the first round bids are expected in the next two weeks. RBS did not comment on the story while the three potential bidders were not available for comment.
Kraco Enterprises, a portfolio company of Sun Capital Partners, a private equity firm based in Boca Raton, FL, has completed the acquisition of Auto Expressions, a California-based automobile accessories company. Auto Expressions was bought from Pennzoil-Quaker State Company (doing business as SOPUS Products), which is itself owned by Shell Oil. The terms of the transaction were not disclosed.
Chicago private equity firm Arbor Investments has bought Fieldbrook Foods Corporation, a manufacturer or frozen novelty and ice-cream products. The details of the sale were not disclosed. Arbor Investments has $258 million of capital under management and invests in the food, beverage and related industries.
Vantage Point Venture Partners will invest in Xinjiang Goldwind Science & Technology Company (Goldwind) when the Chinese wind turbine manufacturer launches its IPO on the Hong Kong stock exchange next month. Vantage Point is a Silicon Valley-based investor in the cleantech industry. It has more than $4.5 billion in committed capital.