Kirk Falconer
Public Sector Pension Investment Board (PSP Investments) has tapped André Bourbonnais as its new president and CEO, effective on March 30, 2015. Bourbonnais takes on the job after more than two decades of experience in high-profile market roles, most recently as senior managing director and global head of private investments at Canada Pension Plan Investment Board (CPPIB), a position he has occupied since 2010.
Public Sector Pension Investment Board (PSP Investments) has named André Bourbonnais, the private equity chief at Canada Pension Plan Investment Board, as its new president and CEO, effective March 30, 2015.
Fairfax India Holdings Corp, a vehicle launched last November by Canada's Fairfax Financial Holdings to make private equity and other investments in Indian businesses, is expected to raise gross proceeds of approximately US$1 billion. Commitments will be generated by an initial public offering of subordinate voting shares, priced to raise gross proceeds of US$500 million, and by private placements. The offering is expected to close at the end of this month.
Two Canadian private equity firms expect to see windfall earnings from Killick Aerospace's forthcoming sale of four aviation support businesses to VSE Corp. The deal promises an especially strong return to Killick Aerospace’s majority investor, Killick Capital, a private equity firm based in St. John’s, Newfoundland and Labrador that was founded by former CHC Helicopter chairman Mark Dobbin.
Brookfield Asset Management has agreed to purchase the other 50 percent of its Canadian and Australian facilities management companies from partner Johnson Controls Inc. The acquisition price is about US$200 million. The deal will facilitate a merger with Brookfield subsidiaries as part of a broader plan to create a global facilities management business. Brookfield said that it will immediately launch a related platform in the United States and Europe. Update: The Toronto-based firm added that it also has plans to launch an infrastructure-focused facilities management operation.
Imaginea Energy has completed its first disclosed add-on acquisition, picking up West Valley Energy from two U.S. private equity firms. According to data provided by Thomson Reuters, Calgary's Imaginea, which last year received a sizeable equity commitment from Lime Rock Partners, bought West Valley in December 2014.
Private equity firm Pacific Road Capital Management has made an additional US$3.25 million investment in Reno Creek Holdings Inc, a uranium mining company based in Vancouver. A portion of the funds were advanced as a demand loan on behalf of Bayswater Uranium Corp. As a result of the deal, Pacific Road now owns approximately 89.6 percent of the company. Based in Sydney, Australia, Pacific Road also operates from an office in Vancouver.
OMERS Private Equity has completed its previously announced sale of the Canadian operations of Logibec Inc to U.S. private equity firm GI Partners. The financial terms of the deal were not published. OMERS, which acquired the Montréal-based healthcare information technology company in 2010, will continue to own its former U.S. subsidiary MatrixCare, an electronic health record provider that was recently spun out as an independent business. OMERS said the Logibec sale is its fifth successful realization in the past two years.
Canadian private equity firm PRIVEQ Capital Funds has acquired Kraus Global Ltd in partnership with members of the company's management team. The value of the management buyout was not released, however, PRIVEQ disclosed its $6.2 million investment in the deal. Based in Winnipeg, Kraus is a designer and manufacturer of compressed natural gas refueling dispensers and electronic control systems in North America. The partnership with PRIVEQ is intended to support its next phase of growth, Kraus said. The Toronto-based PRIVEQ, which manages $85 million in portfolio assets, invests in lower mid-market businesses in Canada and the United States.
Canada Pension Plan Investment Board (CPPIB) has entered into a new joint venture with Longfor Properties Company Ltd to support a mixed-use real estate development project in Suzhou, China. Formed last month, the joint venture will see CPPIB invest $234 million to jointly develop Suzhou's Times Paradise Walk project, which comprises residential, office, retail and hotel space. The project is scheduled to be completed in multiple phases between 2016 and 2019. In November 2014, CPPIB committed a further US$400 million to the Goodman China Logistics Holding joint venture to develop logistics properties across China.