Kirk Falconer

Canadian private equity firm Ironbridge Equity Partners has completed the final close of its second fund, Ironbridge Equity Partners II LP, raising $154 million in total. The partnership was oversubscribed after less than 10 months of marketing, with the result that Ironbridge Fund II raised 23% more than its original target of $125 million. The firm's managing partner Alan Sellery said that more than 60% of the fund's institutional backers were international. Elm Capital acted as the placement agent. Based in Toronto, Ironbridge invests in lower middle-market businesses operating in a range of industries including manufacturing, distribution and consumer and business products and services.

This week, Clairvest is expected to announce the first close of CEP V, raising at least 75% of the partnership’s $600 million hard-cap target.

A fresh breeze has been blowing in North America’s PE fund-raising market of late, bringing relief to many investors with new offerings. But it takes more than that to explain the success that Canadian private equity firm Clairvest Group has recently had marketing its fifth fund, Clairvest Equity Partners V LP (CEP V). This week, Clairvest expects to announce the first close of CEP V, raising at least 75% of the partnership’s $600 million hard-cap target. What’s more, it will have managed this feat in less than three months on the fundraising trail.

Canadian mid-market private equity firm Kilmer Capital Partners has sold for an undisclosed amount its majority position in Coalision Inc to a group of private equity and other investors led by Bernard Mariette, the company's president and CEO. Other members of the consortium included Pelican Investment Funds LP, Simon Equity Partners, André Desmarais, members of the Hermès family and the Fonds de solidarité des travailleurs du Québec FTQ. The deal will enable the global growth of the Longueuil, Québec-based Coalision and its activewear apparel brand Lolë, the company said. Kilmer invested in Coalision in December 2008 and will retain a minority stake in the company going forward.

Canadian private equity firm NCP Investment Management has led an investor group to buy specialized manufacturer Métal 7 Inc. The acquisition price was not disclosed. Joining NCP in the deal was the Business Development Bank of Canada, Fondaction CSN, Fonds de solidarité des travailleurs du Québec FTQ and other minority investors. Proceeds of the transaction will support Metal 7's further expansion as a designer and producer of high-performance equipment for primary industries. Founded in 1974, the company is based in Sept-Îles, Québec. With offices in Montréal, Québec City and Victoria, British Columbia, NCP makes private equity investments in partnership with companies to improve operations and scale platforms.

Canadian growth investor Beedie Capital Partners has provided undisclosed debt financing to Syscon Justice Systems Ltd. The transaction is intended to support the company's expansion and to refinance a portion of its existing debt. Based in Richmond, British Columbia, Syscon provides information technology management software and services to law enforcement and criminal justice agencies. It is a portfolio investment of U.S. private equity firm Sverica International, which bought the company from Securus Technologies Inc in 2010. The Syscon deal is Beedie's third done so far in 2014. Last month, the firm invested in Elastic Path Software Inc, and in January, it invested in ResponseTek Networks Corp.

Canadian private equity firm Waterton Global Resource Management has wrapped up a new partnership earmarked for deals in the metals and mining industry. The firm’s second fund, Waterton Global Precious Metals Fund II, closed at just over US$1 billion. The partnership was oversubscribed, with a small group of institutional LPs – primarily endowments, pension funds and sovereign wealth funds – committing large individual sums, said Isser Elishis, the Toronto-based firm’s managing partner and CIO. As a result, Waterton Fund II raised 33% more than its US$750 million target.

Canadian private equity firm Waterton Global Resource Management has raised just over $1 billion for its second fund focused on the metals and mining industry, handily beating its $750 million target.

Canadian real estate-focused private equity firm KingSett Capital has acquired shares in MCAN Mortgage Corp (TSX: MKP), an investor in residential mortgages and other assets with headquarters in Toronto. The investment represents around 7% of the outstanding common shares of the company. In connection with the deal, Scott Coates, managing director at KingSett, will be nominated to serve on MCAN's board of directors. In 2013, KingSett and H&R Real Estate Investment Trust jointly bought Primaris Retail Real Estate Investment Trust for around $5 billion.

Patheon Inc (TSX:PTI), a provider of drug development and manufacturing services, has completed the previously announced deal to take the company private. That transaction, which valued company at US$1.4 billion, will result in Patheon being amalgamated with JLL/Delta Canada Inc, an indirect subsidiary of DPx, formed by U.S. private equity firm JLL Partners and Dutch food and chemicals group Royal DSM in a separate US$2.65 billion deal. Patheon will continue to carry on business under its own name. At the time of the Patheon deal announcement in November 2013, the proposed offer of US$9.32 per share implied a US$582 million payout to investors other than JLL, which has had a major stake in Patheon since 2007. DPx, which is based in Durham, North Carolina, is 51% owned by JLL and 49% by Royal DSM. Patheon was found in Fort Erie, Ontario, in 1974.