3i Group plc said Thursday it sold its stake in TouchTunes to Searchlight Capital. 3i said it would receive 38 million pounds (US$57 million) in proceeds. New York-based TouchTunes is a digital jukebox maker. With the sale, 3i said the deal represents an IRR of 22 percent and a 2.1x money multiple on its original investment of 24 million pounds ($40 million).
Trivest Partners LP said Wednesday it sold AM Conservation Group Inc. to Kohlberg & Company. Kohlberg announced the acquisition on March 27. AM Conservation is a provider of energy and water efficiency products. Pipper Jaffray advised AM Conservation.
Arcus Hunting LLC, a Bregal Partners company, has closed its buy of Obsession Archery Inc. The sellers are Dennis and Angela Lewis, Obsession’s founders, who will continue to lead the company. Jeffersonville, Georgia-based Obsession Archery designs and makes premium bows.
Summit Partners has acquired a majority stake in DentalPro. Financial terms weren’t announced. Existing DentalPro shareholder, VAM Investments reinvested in the transaction, as did CEO and Founder Michel Cohen. Milan, Italy-based DentalPro owns and operates 30 full-service clinics across Italy, most of which are located in shopping malls.
Veresen Midstream LP, a partnership owned equally by Veresen Inc (TSX: VSN) and U.S. private equity firm Kohlberg Kravis Roberts & Co (KKR), has closed its buy of natural gas assets from Encana Corp and Cutbank Ridge Partnership (CRP). The deal, which was announced in December, reflected a purchase price of about $760 million. The payment to Encana totaled $461 million, according to the company's statement. As part of the transaction, the acquirer has agreed to undertake up to $5 billion of new midstream expansion for Encana and CRP in the Montney region of northeastern British Columbia. The Veresen Midstream acquisition was one of 2014's largest Canadian private equity deals.
WSP Global Inc (TSX: WSP) has acquired SPL Consultants Ltd, a Toronto-headquartered professional services company that specializes in engineering solutions. The financial terms of the deal were not released. WSP said the acquisition enhances its environmental professional services offering. Based in Montréal, WSP is backed by the Canada Pension Plan Investment Board (CPPIB) and the Caisse de dépôt et placement du Québec. CPPIB and the Caisse have supported a number of the company's recent add-on transactions, including the October 2014 purchase of Parsons Brinckerhoff.
Laricina Energy Ltd, a portfolio company of the Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Lime Rock Partners, has been granted creditor protection under the Companies’ Creditors Arrangement Act. The Calgary-based energy company, which earlier this year defaulted on a $150 million loan from CPPIB, said it is now considering strategic alternatives as it focuses on restructuring and reducing costs. Laricina said it has adequate liquidity for the initial stay period which expires on April 24, 2015. It will in the meantime formulate a restructuring plan. CPPIB and Lime Rock have backed the company in 2010.
Kohlberg Kravis Roberts & Co. and Fleur de Lis Energy have completed the buy of certain CO2 enhanced oil recovery assets from Anadarko Petroleum Corp. The assets are based in Wyoming's Powder River and Green River Basins. No financial terms were disclosed.
The combination of Ainsworth Lumber Co Ltd (TSX: ANS) and Norbord Inc (TSX: NBD), portfolio companies of Brookfield Asset Management, has been finalized. When first announced in December 2014, the transaction was said to have a value of $762.6 million. With the deal's closing, the Vancouver-based Ainsworth will be de-listed from the Toronto Stock Exchange and will become a subsidiary of the Toronto-based Norbord. Norbord said the merger establishes it as a leading global wood products company with more than US$1.6 billion in sales in 2014. Last year, a planned sale of Ainsworth to Louisiana-Pacific Corp was terminated due to regulatory conflicts.
Canadian private equity firm Imperial Capital Group and OPTrust Private Markets Group have again joined forces, this time to complete an investment in Ackerman Security Systems, a U.S. home alarm monitoring specialist. A person with knowledge of the deal told peHUB Canada that it values the company at about US$150 million.