Kirk Falconer
Contract research organization JSS Medical Research Inc has secured an undisclosed equity investment from Capital Croissance PME (CCPME), a fund affiliate of the Caisse de dépôt et placement du Québec and Capital régional et coopératif Desjardins. Proceeds will be used to support the company's consolidation in Latin America and Canada and help advance its expansion into the emerging markets. Based in Montréal, JSS Medical offers comprehensive clinical trial management services, from study design to publication of results, in Phase I-IV trials across a broad range of therapeutic areas. CCPME II was capitalized at $230 million in April 2013.
Imperial Capital Group has invested in MRO Corp, a U.S. disclosure management and health information exchange. The Toronto-based mid-market private equity firm has of late found particular success in the North American healthcare industry. In fact, MRO is the firm’s sixth investment in this space in the last six years, and its fourth since early 2013.
Oil and gas company Bellatrix Exploration Ltd (TSX, NYSE: BXE) has received a $250 million commitment from Canadian Non-Operated Resources Corp (CNOR). The commitment is part of a new multi-year joint venture arrangement with CNOR, which is managed by Grafton Asset Management. CNOR last month received a $675 million equity investment from a consortium led by U.S. private equity firm Riverstone Holdings. That deal was intended to facilitate collaborations with other energy businesses. Calgary-based Bellatrix, which will use funds to accelerate development of its Western Canadian land holdings, said with the latest commitment contributes to a total of $500 million secured in its long-term partnership with Grafton.
Canada Pension Plan Investment Board (CPPIB) has invested US$325 million in 21st Century Oncology Holdings Inc, a U.S.-based operator of a global network of cancer treatment centres and affiliated physician practices. The deal, which will be done through a series of convertible preferred shares, entitles CPPIB to nominate two directors to the company's board of directors. 21st Century Oncology, a majority-owned portfolio company of U.S. private equity firm Vestar Capital Partners since 2008, said the new investment will result in substantial de-leveraging, stronger liquidity and significant capital for continued business expansion.
Kilmer Van Nostrand Co. Ltd, a Canadian investment holding company affiliated with mid-market private equity firm Kilmer Capital Partners, has bought English Bay Batter Inc, a bakery company producing premium gourmet cookies and frozen and refrigerated dough. The value of the acquisition was not disclosed. Founded in 1983, the Vancouver-based English Bay is an established wholesale bakery business serving the in-store bakery, grocery, restaurant and food service channels across North America. The company said the partnership with Kilmer will help it execute its strategic plan to become a much larger North American bakery business.
Canadian mid-market private equity firm Birch Hill Equity Partners has completed its buy of the Motion Specialties and MEDIchair retail and home medical operations of Centric Health Corp (TSX: CHH). The deal, first announced in June, was valued at $50 million. MEDIchair and Motion Specialties are providers of mobility, respiratory and home accessibility products in Canada. They operate through a network of 47 franchised and 30 corporate stores.
Doxim Inc, a Canadian provider of customer communications management software to the financial services industry, has agreed to a majority stake investment by Strattam Capital, a technology-focused U.S. private equity firm. The financial terms of the deal, which will be done in partnership with Doxim's management team, were not disclosed. Strattam will provide growth capital to fund the company's strategic initiatives, including expansion of its product and service offerings and extension of its geographic presence. Founded in 2002, Doxim has offices in Markham and Kitchener, Ontario, Montréal and Vancouver.
Winnipeg's the Boyd Group (TSX: BYDUN), which has been the focus of speculation about a potential private equity buyout, has acquired Champ's Holding Co LLC, a full-service auto collision repair service provider in Louisiana. The purchase price was around US$35 million. Boyd said that the deal would expand its reach to new customers, increase its geographical footprint, and provide for new growth opportunities. In July, peHUB Canada reported that some of Boyd's top collision repair competitors have been acquired recently by private equity firms. They include Caliber Collision Centers Inc, which OMERS Private Equity bought from ONCAP last November.
U.S. private equity powerhouse TPG Capital is backing the global expansion plans of a Montréal-based specialist in energy efficiency. SMi-Enerpro, a division of The SM Group International (SMi), provides customized solutions for lowering energy consumption in the real estate sector. The company's goal, in short, is smarter, greener buildings that get more out of energy dollars.
Grenada's St. George’s University (SGU) was a couple of weeks ago the focus of a US$750 million control-stake transaction involving an investor group led by Canadian private equity firm Altas Partners and a fund advised by Baring Private Equity Asia. Altas partnered with OPTrust Private Markets Group in the SGU deal, which is its second since the firm's launch in 2012 by former Onex Corp managing director Andrew Sheiner. It marks an important step for an investor that has sought to blaze a new path in PE dealmaking.