Greenlight Planet, a solar energy distributor for off-grid homes in the developing world, has received $10 million in financing. Fidelity Growth Partners was the lead investor. As a result of the transaction, Kabir Narang, managing director of Fidelity Growth Partners India, has been added to Greenlight Planet's board of directors.
A covenant-lite leveraged loan financing backing CVC Capital Partners' acquisition of a controlling stake in Sky Bet has been adjusted for a second time in order to attract investors to the deal, banking sources said on Friday, Reuters News reported.
Linden Capital has acquired The Flexan Corp. Financial terms weren’t announced. Chicago-based Flexan makes high-precision silicone and rubber parts predominately serving the medical device industry. Golub Capital provided debt financing. Mesirow Financial served as financial advisor to Flexan.
Expect private equity to make a play for Russell Investments, several buyout and banking sources said.
Expect private equity to make a play for Russell Investments, several buyout and banking sources said.
TORC Oil & Gas Ltd (TSX: TOG) has agreed to acquire oil assets which are complementary to its existing assets in southeast Saskatchewan. The total consideration is about $128 million, before adjustments, and is payable through the issuance of TORC common shares. The assets have been managed by an unidentified private oil and gas company. TORC said the deal is expected to close this month. Founded in 2010, the Calgary-based TORC is focused on high quality, tight, light oil resource plays. Its leading investor is Canada Pension Plan Investment Board (CPPIB), which provided the company with $170 million in funding in August 2013.
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.