Kirk Falconer
Canadian private investment firm Hillcore Group has acquired Treeline Well Services Inc, a Calgary-based provider of oil and gas well service rigs. Terms weren't released for the deal, which saw Hillcore partner with the company's senior management team, including President Dan Bryson. Founded in 1997, Treeline supplies service rigs to energy companies operating primarily in the northern regions of Alberta and British Columbia. It currently has a fleet of 23 rigs. Hillcore said it will work with Treeline as it looks to build its fleet through an aggressive capital expenditure and acquisition plan.
U.S. private investment firms RedNest Partners and Admiral Capital Group have acquired Tecmotiv Corp, a Concord, Ontario- and Niagara Falls, New York-based supplier of services and components to the military automotive industry. No financials terms were disclosed. Established in 1992 after acquiring the assets of its predecessor, Levy Auto Parts, Tecmotiv provides maintenance, repair, overhaul and upgrade services and related components for military vehicles. Its customers include the U.S. army and other defence forces worldwide. Gary Sheedy, Tecmotiv's new president and CEO, said the partnership with RedNest and Admiral will support new growth opportunities.
Advanced Drainage Systems Inc (NYSE: WMS) (ADS) has acquired Infiltrator Water Technologies LLC, an Old Saybrook, Connecticut-based on-site septic wastewater treatment company. The purchase price was about US$1.08 billion. The primary seller was Ontario Teachers’ Pension Plan. Ontario Teachers’ acquired Infiltrator in 2015 from U.S. private equity firm Graham Partners, reportedly for more than US$500 million. ADS, a Hilliard, Ohio-based maker of water management products and solutions, said the acquisition builds on its existing platform and expands addressable opportunity into the on-site septic business.
EStruxture Data Centers Inc has agreed to buy the assets of the Calgary-1 data centre owned by Shaw Communications Inc, a Canadian connectivity business. No financial terms were disclosed. EStruxture, a Montréal-based provider of network and cloud-neutral data centre solutions, said the acquisition complements its existing portfolio of five data centres in Vancouver and Montréal. Launched in 2017, eStruxture previously raised $180 million from various investors, including Caisse de dépôt et placement du Québec and Fengate Real Asset Investments. Earlier this year, it closed a $170 million credit facility with a group of Canadian banks.
Prevtec Microbia Inc, a Montréal-based biotechnology company focused on the prevention of diseases in food animals, has agreed to be acquired by Elanco Animal Health Inc (NYSE: ELAN). Elanco, a Greenfield, Indiana-based animal health company, agreed to pay $78.5 million in cash. The deal also includes a payment of up to $21.5 million to former shareholders in Q1 2022 if certain sales milestones are met. Founded in 2003, Prevtec is the maker of the Coliprotec line of vaccine products designed to protect pigs against post-weaning diarrhea and associated clinical signs caused by E. coli. Prevtec has been backed in financings by Desjardins-Innovatech, Echo Capital, Investissement Québec, Telesystem, Vet Venture Capital and other investors.
London Stock Exchange Group plc (LSEG) has agreed to acquire Refinitiv, a London, U.K.-based provider of financial markets data and infrastructure, in an all-share deal valued at about US$27 billion. The agreement was struck with a consortium led by Blackstone Group and Thomson Reuters, and including Canada Pension Plan Investment Board, which last year acquired Refinitiv, formerly Thomson Reuters’ financial and risk unit. It will see Refinitiv shareholders hold an about 37 percent interest in LSEG and less than 30 percent of the total voting rights. The transaction is expected to wrap up in the second half of 2020. Thomson Reuters is controlled by Canada’s Thomson family.
Canadian mid-market private equity firm Ironbridge Equity Partners has promoted Anthony Creo and Connor Kingston to vice president. Creo joined the Toronto-based firm in 2015 from Oliver Wyman, where he served as a senior consultant. Beginning as an Ironbridge associate, he was promoted in 2017 to senior associate. Kingston also signed on as an associate in 2015 and was promoted two years later to senior associate. He joined from Ernst & Young Orenda Corporate Finance, where he was an associate. Ironbridge is currently investing from its third fund, Ironbridge Equity Partners III, which raised $238 million in 2016.
Ironbridge Equity Partners has invested in Alumni Classroom Furniture Inc, a Waterloo, Ontario-based provider of educational furniture solutions. No financial terms were released for the deal, which saw Ironbridge partner with Alumni management. Founded in 2004 by Paul Godwin, Alumni designs, manufactures and distributes classroom desks, seating, tables and accessories for pre-school through Grade 12. It operates from three facilities in Canada, the United States and China to serve a North American customer base. Godwin said the partnership with Ironbridge, a Canadian mid-market private equity firm, will help accelerate the company's growth in existing and adjacent markets.
Power Energy Corp has acquired Nautilus Solar Energy LLC, a Summit, New Jersey-based solar developer and asset manager. No financial terms were disclosed. The sellers were Nautilus management and Virgo Investment Group, a U.S. thematic private equity firm. Virgo invested in 2015. Power Energy is an affiliate of Power Corp of Canada (TSX: POW), a Canadian management and holding company. It said it will support Nautilus' further expansion in key U.S. solar markets. Founded in 2006, Nautilus acquires, develops, executes and manages distributed and utility-scaled generation solar projects in North America. It will continue to manage a solar portfolio developed with Virgo.
Clearbanc, a Toronto-based provider of marketing capital for e-commerce brands, has raised about $395 million (US$300 million) in additional financing. The equity portion, reportedly about $66 million (US$50 million), was led by U.S. venture capital firm Highland Capital Partners. It was joined by Inovia Capital and Emergence Capital, both of which invested in last year's combined $160 million (US$120 million) financing. The balance of the new round, led by Arcadia Funds and Upper90, will capitalize a fund intended to back Clearbanc's e-commerce clients. Led by co-founders and CEOs Andrew D’Souza and Michele Romanow, Clearbanc is the creator of the 20-Min Term Sheet, which offers a non-dilutive alternative to traditional funding sources.