Kirk Falconer
British private equity firm Terra Firma Capital Partners and Canada Pension Plan Investment Board (CPPIB) have agreed to sell a portfolio of 90 aircraft of AWAS Aviation Capital Ltd to Macquarie Group. The deal is valued at US$4 billion and is expected to be finalized within 12 months. Terra Firma and CPPIB invested in AWAS, a Dublin, Ireland-based aircraft leasing company, in 2006. Terra Firma owns a 75 percent stake in AWAS, while CPPIB owns a 25 percent stake. Following the sale to Macquarie, the company will continue to own a diversified portfolio of more than 200 modern aircraft and has plans to continue growing its fleet.
Brookfield Cold Storage, created two years ago in a corporate carve-out deal by the private equity group of Brookfield Asset Management, has completed its first add-on acquisition. The company has entered the market in Atlantic Canada through its buy of Nova Cold Storage, a Halifax-based provider of refrigerated warehousing, handling and third party logistics for food producers.
Fonds de solidarité FTQ, Capital régional et coopératif Desjardins and Fondaction CSN have joined forces to acquire ATIS Group, a manufacturer of doors and windows based in Longueuil, Québec. The acquisition's value was not published. The deal was done in partnership with company management, including Robert Doyon, who will stay on as president and CEO. Atis, which was formerly backed by U.S. private equity firm Cyprium Partners, said the new partnership will support its recently launched five-year strategic growth plan. Founded in 2004 with the acquisition of Laflamme Doors and Windows and Solarcan Doors and Windows, Atis reports having $200 million in revenue.
Canadian private equity firm TorQuest Partners has partnered with management and co-investors to acquire a majority stake in Envirosystems Inc. The deal's financial terms were not disclosed. Based in Dartmouth, Nova Scotia, Envirosystems is a provider of industrial and environmental services with locations across North America. The seller in the deal was Thornridge Holdings Ltd, a private investment firm located in Bedford, Nova Scotia. Envirosystems said the partnership with TorQuest will bring capital and expertise to its continued organic and acquisition-based growth. The TorQuest investment is the fourth to date for TorQuest Partners Fund III, which closed at $535 million in 2013.
A trio of British private equity firms have set their sights on Canadian live performance company Cirque du Soleil, according to a report from U.K. media outlet Sky News.
Canadian private equity firm TriWest Capital Partners has raised $500 million in the final close of TriWest Capital Partners Fund V LP, targeted to investments in mid-market companies based in Western Canada. Cody Church, senior managing director of TriWest Capital, said Fund V was oversubscribed, with commitments coming from new and existing North American LPs. The fund is the largest raised in the Calgary-based firm's 17-year history, exceeding by 43 percent the $350 million secured by Fund IV (2012).
Sysomos has separated from Marketwired Inc, a portfolio company of OMERS Private Equity. Going forward, Sysomos will operate as an independent business led by former Microsoft Corp executive Lindsay Sparks as its CEO. With the support of OMERS Private Equity, it plans to accelerate growth by expanding the company's global team, releasing new product innovations, and making major investments in research. Founded in 2007, the Toronto-based Sysomos is a provider of social media analytics and monitoring. It has grown its revenue more than 1500 percent since the company was acquired by Marketwired in 2010, Sysomos said. OMERS Private Equity is an investment arm of the Ontario Municipal Employees Retirement System.
A subsidiary of Ormat Technologies Inc (NYSE: ORA) has agreed to contribute geothermal and recovered energy generation power plants to a new joint venture with Canadian private equity and infrastructure investor Northleaf Capital Partners. Under the terms of the agreement, Northleaf will pay US$175 million to acquire a 40 percent equity interest in the joint venture, which has an implied enterprise value of US$438 million. Ormat will continue to assume day-to-day management of the joint venture's assets, with all future development being the responsibility of the partners. The deal is expected to close in the first quarter of 2015.
Velvet Energy Ltd has obtained an incremental $100 million equity line from its existing U.S. private equity investors Warburg Pincus, Trilantic Capital Partners and ZAM Ventures. The Calgary-based company, which is focused on crude oil and natural gas exploration and production in Alberta, said the investment follows an initial equity line totaling $336 million that has been fully deployed. The new funding will support Velvet Energy's pursuit of acquisitions and additional growth and corporate development opportunities, the company said. Founded in 2011, it is led by president and CEO Ken Woolner.
Sheldon Inwentash, chairman and CEO of Canadian investment and merchant banking firm Pinetree Capital, will resign his position at the firm, as well as his seat on the board of directors. The resignation is a result of an agreement with certain debenture holders concerning the firm's default of a debt covenant. Richard Patricio, the firm's vice president of corporate and legal affairs, will assume the responsibilities of CEO in the interim. Based in Toronto, Pinetree invests in energy, precious metals and technology companies.