Kirk Falconer
LABORIE Medical Technologies Inc, a portfolio company of U.S. private equity firm Audax Group, has bought Medical Measurement Systems BV (MMS), a Dutch developer and distributor of medical diagnostic systems for urodynamics, gastroenterology and neurology. The financial terms of the deal were not disclosed. LABORIE, a manufacturer of medical technology and consumables, said it will gain opportunities by leveraging MMS' products platform and will extend its global reach through MMS' distribution network. Based in Toronto, the company was acquired by Audax in 2012.
An affiliate of European private equity firm EQT has agreed to buy WASH Multifamily Laundry Systems LLC, a provider of laundry services. The seller in the undisclosed deal is U.S. private equity firm CHS Capital. Weil, Gotshal & Manges LLP, Bain & Co and KPMG advised EQT on the deal, while Moelis & Co LLC, William Blair & Co and Kirkland & Ellis LLP advised WASH. Morgan Stanley, Goldman Sachs and Natixis will provide financing for the transaction. WASH is based in El Segundo, California, while its Canadian subsidiary Coinamatic Canada is based in Toronto. Coinamatic was bought by WASH in early 2013.
Petra Petroleum Inc (TSX-V: PTL) has secured $31.7 million in gross proceeds from a private placement. The transaction will fund the company's proposed combination with Mitra Energy Ltd, an oil and gas company focused on Southeast Asia. Investors in the private placement included Ontario Teachers' Pension Plan (OTPP), Tyrus Capital and West Face Capital. Following the Mitra deal, OTPP and West Face are expected to hold about 27.7 percent and 23.8 percent, respectively, of the new entity's issued and outstanding shares. Based in Vancouver, Petra is focused on exploration opportunities in frontier areas and under-explored proven basins around the globe.
Pattern Energy Group Inc (TSX: PEG) has agreed to buy three wind power facilities for a total purchase price of US$372 million, together with the assumption of US$320 million in net debt and certain tax equity non-controlling interests. The acquisition includes 90 megawatts of the K2 Wind Power Project located in the Ontario township of Ashfield-Colborne-Wawanosh. The company will assumed a 33 percent equity interest in the facility after acquiring it from Pattern Development for US$128 million plus debt. Pattern Energy Group LP, Pattern Energy's main shareholder, is backed by U.S. private equity firm Riverstone Holdings.
Hub Financial Inc, a subsidiary of Hub International Ltd, has purchased the assets of Cortex Financial Inc, a managing general agency based in Thornhill, Ontario. The value of the acquisition was not released. Hub, a U.S. insurance brokerage, said the deal expands its Canadian footprint and its reach to financial advisors and insurance brokers. The Cortex acquisition comes close on the heels of Hub's recent buy of Western Canada’s Progressive Home Warranty and Pacific Home Warranty. Based in Chicago, Hub is a portfolio investment of U.S. private equity firm Hellman & Friedman.
Canadian private equity firm SeaFort Capital has acquired Jardine Transport Ltd, a long-haul trucking company that specializes in flatbed and drop-deck services. The financial terms of the deal were not published. Headquartered in Fredericton, New Brunswick, Jardine serves a base of customers in Western Canada, Ontario, Québec, Atlantic Canada, and the Northeastern United States. Concurrent with the transaction, the company appointed Dion Cull as its new president, replacing Robert Leonard, who is Jardine's founder. In 2014, SeaFort Capital bought Lloydminster, Saskatchewan-based Titanium Tubing Technology Ltd.
Hub International Ltd has bought Western Canada's Progressive Home Warranty and Pacific Home Warranty. The values of the acquisitions were not disclosed. The companies, which provide home warranty insurance to construction home builders and homeowners, will be joined with Hub International Barton Insurance Brokers, which operates from Chilliwack, British Columbia. Hub, a Chicago-based insurance brokerage with significant operations in Canada, has been a portfolio company of U.S. private equity firm Hellman & Friedman since 2013.
Laricina Energy Ltd, a portfolio company of the Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Lime Rock Partners, has been granted creditor protection under the Companies’ Creditors Arrangement Act. The Calgary-based energy company, which earlier this year defaulted on a $150 million loan from CPPIB, said it is now considering strategic alternatives as it focuses on restructuring and reducing costs. Laricina said it has adequate liquidity for the initial stay period which expires on April 24, 2015. It will in the meantime formulate a restructuring plan. CPPIB and Lime Rock have backed the company in 2010.
The combination of Ainsworth Lumber Co Ltd (TSX: ANS) and Norbord Inc (TSX: NBD), portfolio companies of Brookfield Asset Management, has been finalized. When first announced in December 2014, the transaction was said to have a value of $762.6 million. With the deal's closing, the Vancouver-based Ainsworth will be de-listed from the Toronto Stock Exchange and will become a subsidiary of the Toronto-based Norbord. Norbord said the merger establishes it as a leading global wood products company with more than US$1.6 billion in sales in 2014. Last year, a planned sale of Ainsworth to Louisiana-Pacific Corp was terminated due to regulatory conflicts.
Canadian private equity firm Imperial Capital Group and OPTrust Private Markets Group have again joined forces, this time to complete an investment in Ackerman Security Systems, a U.S. home alarm monitoring specialist. A person with knowledge of the deal told peHUB Canada that it values the company at about US$150 million.