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.
Prairie Storm Energy Corp has received an equity financing commitment of up to $400 million from U.S. private equity firm Natural Gas Partners (NGP). The funds, which will come from the recently closed NGP Natural Resources XI LP, will support the launch of the Calgary-based company. Led by president and CEO Hugh Ross, Prairie Storm Energy is focused on acquiring, developing and exploiting large-scale oil and gas assets in regions of Western Canada. Its board of directors will include NGP senior managing directors Craig Glick and Christopher Ray, as well as NGP managing director Brian Minnehan.
Financial services company Chesswood Group Ltd (TSX: CHW) has sold its Case Funding subsidiary for US$4.4 million. The buyer was an unnamed U.S. private equity firm. Based in New York, Case Funding is a provider of legal financing solutions, including litigation financing, lawsuit funding and pre-settlement loans. Update: Chesswood, which has its headquarters in Toronto, said the sale will allow both capital and management attention to be focused on the expansion of Chesswood's other businesses in Canada and the United States.
Trinity Hunt Partners has bought Houston-based Depositions Solutions, which provides deposition and litigation support solutions for law firms and corporate legal departments in Texas. No financial terms were disclosed. Cadence Bank of Houston provided the senior debt financing.
Southern California-based beverage company AQUAhydrate Inc has received $10 million in debt financing from Salus Capital Partners LLC. Joseph J. Messina, president of Intercontinental Beverage Capital Inc, advised AQUAhydrate on the transaction. According to the company, the funding will be used for working and growth capital needs.
Financial services company Chesswood Group Limited has closed its sale of Case Funding to an unnamed U.S. private equity firm. The price of the transaction was $4.4 million. Based in New York, Case Funding provides lending services to law firms.
Centre Partners Management LLC has sold Distant Lands Trading Company to Ito En Ltd. The deal is valued at $160 million. Renton, Washington-based Distant Lands supplies private label and branded specialty coffee to the U.S. grocery, foodservice and other retail channels. Moelis & Company advised Distant Lands.
Protector Holdings, a joint venture of Edgewood Partners Insurance Center (EPIC) and Dowling Capital Partners, has bought Peartree Insurance Services. Financial terms weren’t announced. Brea, California-based Peartree provides insurance services to Hispanic consumers.
Summer Street Capital Partners said Wednesday that it recapped Dwellworks along with company management. Permal Capital Management also invested. Financial terms weren’t announced. Kirchner Group was the seller. Cleveland-based Dwellworks provides services for relocating employees and their families.
Natural Gas Partners has committed $400 million in equity financing to the formation of Prairie Storm Energy Corp., which is focused on acquiring, developing and exploiting oil and gas assets in select regions of Western Canada. Hugh Ross is President & CEO of Prairie, Ketan Panchmatia is VP Finance & CFO, Greg Groten is VP Exploration, while Rob Morrison is VP Operations and Julian Din is VP Business Development, a statement said.