Brad Meikle

Royal Nickel Corp, capitalizing on discount asset prices as commodity markets swoon, has announced two cash and stock acquisitions that transform the mine developer into a cash-generating nickel, copper and gold producer, Reuters reported. Toronto-based Royal Nickel last year received financing from U.S. private equity firm Orion Mine Finance.

Canadian buyout and related private equity investment showed continued strength in 2015 with 408 deals (announced and closed) capturing $21.2 billion in total disclosed values, according to final data released by Thomson Reuters. Disclosed dollar flows in Canada last year were down 29 percent from 2014, but were still the second most robust since 2007, while the number of transactions was almost unchanged on a year-over-year basis. Canadian investors were especially active in global markets in 2015, joining 137 deals valued at over $159 billion. Buyout and other private equity funds in the domestic industry raised $10.1 billion in committed capital last year, down 31 percent from 2014.

SFX Entertainment Inc (NASDAQ: SFXE), a U.S. electronic music events producer, has filed for Chapter 11 bankruptcy. The company said it has also agreed to a restructuring support deal with a group of bondholders to eliminate over US$300 million in debt from its balance sheet, provide working capital, and convert most of its bondholder debt into equity as a private business. The agreement includes a commitment from the group to provide up to US$115 million in debtor-in-possession financing. Last month SFX announced it had secured a US$20 million credit facility from Canadian private equity firm Catalyst Capital Group.

Hydro One Ltd (TSX: H) has agreed to acquire Great Lakes Power Transmission LP, a regulated electricity transmission business operating along the eastern shore of Lake Superior, near Sault Ste. Marie, Ontario. Hydro One agreed to pay $222 million in cash for the business to current owner Brookfield Infrastructure. It will also assume Great Lakes Transmission's $151 million in outstanding indebtedness. Hydro One said that upon the deal's close it will operate about 98 percent of Ontario's transmission capacity. An electrical transmission and distribution utility, Hydro One went public late last year, raising over $1.6 billion.

Borealis Infrastructure has confirmed its previously announced acquisition of a stake in Compañía Logística de Hidrocarburos (CHL Group), a Spanish oil products transportation and storage business, from Cepsa. It also announced an agreement to buy the CHL stake currently owned by Global Infrastructure Partners. No financial terms were disclosed for either purchase, which will give Borealis a combined 24.15 percent interest in CHL. Borealis, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS), said the deals mark the firm's first investment in Spain and add to its European infrastructure portfolio.

The Institutional Limited Partners Association (ILPA) has hired Shawna Kaufman as its new managing director, responsible for membership and events. Kaufman previously led Monitor Deloitte’s customer and marketing strategy practice in Canada. Toronto-based ILPA is a member-driven organization focused on promoting the interests of private equity limited partners.

Component Hardware Group Inc (CHG), a portfolio company of U.S. private equity firm Windjammer Capital Investors, has acquired Specialty Food Service Hardware Inc and sister company Vision Parts & Accessories Inc. No financial terms were disclosed. Specialty and Vision, which have their headquarters in Markham, Ontario, are providers of components and parts to the commercial food service and wholesale plumbing markets in Canada. Windjammer, which acquired Lakewood, New Jersey-based CHG in 2013, said the deal will advance the company's strategic growth goals by expanding its footprint in Canada.

Keane Group, a portfolio company of U.S. private equity firm Cerberus Capital Management, has agreed to buy the majority of U.S. pumping assets belonging to Trican Well Service Ltd (TSX: TCW), a Calgary-based oilfield services provider. The deal has a total consideration of US$247 million. It is comprised of a US$200 million cash payment and a minority interest in Keane that will give Trican two seats on the former's board of directors. Houston-based Keane, a well completion services provider, said the acquisition will triple its fracturing capacity, give access to new technology, add engineering capabilities, and expand its geographic reach. The deal is expected to close by mid-March.

Sterno Products LLC, a subsidiary of Compass Diversified Holdings (NYSE: CODI), has acquired Northern International Inc, a Coquitlam, B.C.-based provider of flameless candles and outdoor lighting products for the retail segment. Sterno paid $50 million for the company, including a $2.5 million earn-out payable over two years. Sterno said the deal strengthens its position in the food service lighting segment, and enhances Northern International's ability to grow. CODI, which holds a number of mid-market businesses, is an affiliate of The Compass Group, a U.S. private equity firm. Last year, CODI bought Winnipeg's Manitoba Harvest Hemp Foods for $132.5 million.

GFL Escrow Corp, an affiliate of GFL Environmental Inc, plans to commence a private offering of at least US$250 million in senior unsecured notes. GFL, a diversified environmental services provider, said the net proceeds of the offering, along with other borrowings and the proceeds of an equity financing, will be used in part to fund its buy of solid waste business Matrec Services Inc. The company announced last October that it would acquire Matrec from TransForce Inc for about $800 million. Vaughan, Ontario-based GFL is backed by Highbridge Principal Strategies and Hawthorn Equity Partners. Earlier this month, it bought Anchor Shoring Group.