Kirk Falconer
Canadian real estate software provider Lone Wolf Real Estate Technologies Inc has obtained a minority investment from U.S. private equity firm Vista Equity Partners. The value of the investment was not disclosed. Lone Wolf, which has it headquarters in Cambridge, Ontario, said the deal will support its pursuit of growth, new market opportunities and product development. The company currently serves nearly 10,000 real estate offices and 250,000 real estate professionals across the United States and Canada. Based in San Francisco, Vista invests in software and technology-enabled businesses.
U.S. mid-market private equity firm Hammond Kennedy Whitney & Co (HKW) has recapitalized GMD Distribution Inc and Ophthalmic Direct LP, two divisions of GMD PharmaSolutions. The financial details of the transaction were not released. Based in Oakville, Ontario, GMD is a distributor to the pharmaceutical industry and specializes in supplying specialty ophthalmic pharmaceuticals to clinics across Canada. The company said the partnership with HKW will help it pursue further expansion. Last August, HKW acquired RST Instruments Ltd, a manufacturer of geotechnical measurement instruments headquartered in Maple Ridge, British Columbia.
GASFRAC Energy Services Inc has received court approval to sell substantially all of its assets to STEP Energy Services Ltd. The financial terms of the deal, which resulted from a court-approved sale and investment solicitation process, were not released. The sale is expected to be closed next month. Based in Calgary, GASFRAC Energy is a well-fracturing business. STEP Energy, which is also based in Calgary, is an oilfield service company that provides specialized coiled tubing units and related equipment. It was founded in 2011 with a $75 million investment from Canadian private equity firm ARC Financial Corp. ARC is reported to be nearing a $1 billion first close on its eighth energy fund.
U.S. private equity firm Vernon & Park Capital has confirmed that it has become an investor in Aequitas Innovations, the parent company of Aequitas NEO Exchange, a new Canadian stock exchange. The value of the investment was not disclosed. As recently reported by Reuters, Vernon & Park joins a new group of Aequitas' shareholders, including British Columbia Investment Management Corp (bcIMC). Based in Chicago, Vernon & Park specializes in investments in the exchange and financial market sector. The firm said the Aequitas NEO Exchange "is a significant step forward in the evolution of market structure design."
Portland Private Equity, a firm led by Canadian billionaire Michael Lee-Chin, expects a big return from its sale of Columbus International, reinforcing Lee-Chin’s argument that there are major PE opportunities in the Caribbean region. Cable & Wireless Communications (C&W) will this month close its US$3.025 billion buy of Columbus, a telecommunications provider based in Barbados.
Innergex Renewable Energy Inc (TSX: INE) has raised $491.6 million in construction and term project financing for the Boulder Creek and Upper Lillooet River run-of-river hydroelectric projects located in British Columbia. The loan providers included The Manufacturers Life Insurance Co, the Caisse de dépôt et placement du Québec and The Canada Life Assurance Co. The projects are being developed by Creek Power Inc, a joint venture between Innergex and Ledcor Power Group Ltd. Based in Longueuil, Québec, Innergex is a renewable power producer. It has been backed in recent years by the Caisse de dépôt's private equity group.
PetSmart Inc, a U.S. specialty pet retailer, has completed its previously announced acquisition by a private equity consortium led by BC Partners. In late 2014, Reuters estimated the deal's value at about US$8.7 billion. Other investors in the consortium included Canadian pension fund manager the Caisse de dépôt et placement du Québec, StepStone and Longview Asset Management. Concurrent with the transaction, Michael Massey was appointed as PetSmart's new president and CEO, replacing David Lenhardt. The company has its headquarters in Phoenix, Arizona.
Allied Global Holdings Inc has bought Alliance iCommunications, a London, Ontario-based provider of inbound and outbound call centre services. The financial terms of the transaction were not released. Allied Global, a supplier of accounts receivable management services and call centre solutions, said that as a result of the acquisition, the company now has nine call centres in four countries. Headquartered in New Market, Ontario, Allied Global is a portfolio investment of Canadian private equity firm Fulcrum Capital Partners. It was acquired in January 2007.
Canadian private equity firm Clairvest Group has made a US$25.6 million investment in Winters Bros Waste Systems of Long Island Holdings LLC. The investment support's the company's recently announced acquisition of waste management assets of Progressive Waste Solutions Ltd. Winters Bros of Long Island provides collection services and operates a network of transfer and recycling facilities across Long Island, New York. Clairvest's investment represents its third partnership with Joe and Sean Winters who, together with their family, are the company's principal shareholders. Last July, Clairvest raised $600 million for its fifth fund, Clairvest Equity Partners V LP.
Quickplay Media Inc, a portfolio company of U.S. private equity firm Madison Dearborn Partners, has purchased Roundbox Inc, a provider of cloud-enabled solutions and software that optimize video and data-intensive applications. The value of the acquisition was not disclosed. The Toronto-based Quickplay, a mobile video platform, said the deal will enable an array of new services for customers. Based in Florham Park, New Jersey, Roundbox has been been backed by a number of U.S. venture capital firms, including Core Capital Partners, Greenspring Associates, Polaris Venture Partners and RRE Ventures. Madison Dearborn acquired Quickplay in July 2012.