OpenGate Capital said Tuesday it completed the sale of Kotkamills Oy to MB Funds. Financial terms weren’t announced. Kotkamills, of Kotka, Finland, makes specialty papers and wood-based products.
GASFRAC Energy Services Inc has received court approval to sell substantially all of its assets to STEP Energy Services Ltd. The financial terms of the deal, which resulted from a court-approved sale and investment solicitation process, were not released. The sale is expected to be closed next month. Based in Calgary, GASFRAC Energy is a well-fracturing business. STEP Energy, which is also based in Calgary, is an oilfield service company that provides specialized coiled tubing units and related equipment. It was founded in 2011 with a $75 million investment from Canadian private equity firm ARC Financial Corp. ARC is reported to be nearing a $1 billion first close on its eighth energy fund.
U.S. private equity firm Vernon & Park Capital has confirmed that it has become an investor in Aequitas Innovations, the parent company of Aequitas NEO Exchange, a new Canadian stock exchange. The value of the investment was not disclosed. As recently reported by Reuters, Vernon & Park joins a new group of Aequitas' shareholders, including British Columbia Investment Management Corp (bcIMC). Based in Chicago, Vernon & Park specializes in investments in the exchange and financial market sector. The firm said the Aequitas NEO Exchange "is a significant step forward in the evolution of market structure design."
Dicom Transportation Group, a portfolio investment of U.S. private equity firm Wind Point Partners, has bought Modern Forwarding. No financial terms were disclosed. KPMG LLP served as an advisor to Wind Point and Dicom on the transaction, while AIM Group Canada was a financial advisor to Modern Forwarding. Based in Windsor, Ontario, Modern Forwarding is a provider of regional truckload transport services with a focus on U.S.-Canada cross-border business. Update: The Montréal-based Dicom, a transportation and logistics company, was acquired by Wind Point in March 2014. Last November, Dicom purchased Time Logistics Couriers LLC.
Noront Resources Ltd (TSX-V: NOT), a portfolio company of U.S. private equity firm Resource Capital Funds (RCF), has agreed to acquire shares of subsidiaries of Cliffs Natural Resources Inc (NYSE: CLF). The purchase price is US$20 million. Upon the deal's closing, Noront will hold about 360 mining claims and roughly 65 percent of the emerging mining camp known as the Ring of Fire, located 500 kilometres northeast of Thunder Bay, Ontario. Noront, which is based in Toronto, has existing assets in the region. The company said the transaction will be financed by a loan provided by Canadian gold royalty and stream firm Franco Nevada Corp.
Several private equity firms are preparing to make offers to acquire U.S. enterprise software maker Informatica Corp, in what could be this year's largest leveraged buyout, sources told Reuters. Silver Lake Partners has teamed up with Hellman & Friedman ahead of an April deadline for final bids. Other potential bidders include Canada Pension Plan Investment Board's private equity arm, sources said.
J.H. Whitney Capital Partners LLC has acquired Pediatric Services Holding Corp, the parent company of PSA Healthcare. No financial terms were disclosed. BMO Capital Markets Corp. served as financial advisor to PSA on the transaction. PSA is a provider of home care services for medically fragile children.
Warburg Pincus and GTCR will recapitalize Sterigenics International, a provider of contract sterilization, gamma technologies and medical isotopes. No financial terms were disclosed. The transaction is expected to be completed in the second quarter of this year. Goldman, Sachs & Co. and Jefferies LLC were financial advisors to Sterigenics and GTCR while J.P. Morgan Securities LLC provided additional financial advice to GTCR. Also, JPMorgan will provide debt financing for the recap. Sterigenics is owned by GTCR.
Rita's Franchise Company, which is backed by Falconhead Capital LLC, has closed a refinancing. No financial terms were disclosed. SunTrust Bank and Spring Capital III LP led the refinancing. Headquartered in Trevose, Pennsylvania, Rita's Franchise is the franchise company of Rita's Italian Ice, an Italian ice franchise.
OrthoSensor, a developer of intelligent orthopaedic devices, has collected $19 million in a private placement of Series C preferred stock. The investors were Bridger Healthcare Ltd and The Tullis Growth Fund LP.