Canadian real estate private equity firm KingSett Capital and InnVest Real Estate Investment Trust have agreed to acquire an 80 percent interest in Toronto's Fairmont Royal York Hotel for $186.5 million. The transaction is a joint venture with existing investor Ivanhoé Cambridge, the real estate arm of the Caisse de dépôt et placement du Québec, which will retain a 20 percent interest in the property. The partners, led by KingSett with a 60 percent interest in the joint venture, said they plan to invest over $50 million of additional funds for renovations following the completion of the acquisition, which is expected to occur in January 2015.
Canada Pension Plan Investment Board (CPPIB) plans to invest about US$396 million in commercial property in Brazil, a few months after it opened an office in São Paulo, Reuters reported. The investments include the purchase of warehouses, land and stakes in development projects in the logistics and retailing industries, adding to the fund's portfolio of more than 100 properties in Latin America's largest economy.
Gryphon Investors has acquired a majority stake in C.B. Fleet Company, which makes personal healthcare products like Summer's Eve and Pedia-Lax. Fleet's management team, along with several other investors, will hold minority stakes in the company. Terms of the deal were not disclosed. As part of the deal, Steve LaMonte, a Gryphon advisor, will become chairman of the board.
The Fonds de solidarité des travailleurs du Québec FTQ has invested $20 million in Tremcar Inc, a manufacturer and seller of aluminium and stainless steel tanker cars for food, chemicals, dry products and petroleum products industries in North America. Tremcar said that proceeds of the deal will be used to support its growth strategy, which includes construction, equipment purchases and the acquisition of sales and service centres in the United States. Concurrent with the funding announcement, the business indicated that it will be hiring new employees. With its headquarters in Saint-Jean-sur-Richelieu, Québec, the family-owned Tremcar was founded in 1962.
Valeant Pharmaceuticals International Inc on Monday said in a letter to Allergan Inc's board of directors that it was prepared to raise its offer to at least US$200 per share but stopped short of doing so, Reuters reported. At US$200 per share, the offer would be worth more than US$59 billion. Canada's Valeant and hedge fund Pershing Square Capital Management launched a hostile offer for Allergan in April, but the U.S.-based Botox maker has staunchly refused it.
GE Capital has bought a $450 million portfolio of European loans from US-based bank CIT, banking sources said on Monday.
Buyout group Advent has sold a unit of its German books-to-cosmetics retailer Douglas to rival private equity firm 3i, making headway in a revamp ahead of a planned exit from the investment, Reuters reported.
Gryphon has made an undisclosed investment in Fleet Laboratories. Houlihan Lokey provided financial advice to Gryphon on the transaction while TM Capital Corp. was exclusive financial advisor to Fleet. Also, Steve LaMonte, a Gryphon advisor, has been appointed Fleet Laboratories' board chairman. Based in Lynchburg, Virginia, Fleet Laboratories is a consumer healthcare manufacturer.
British holidays and airline company Monarch has been acquired by investment firm Greybull Capital which will pump 125 million pounds ($201 million) into the company as it turns itself into a budget airline, Reuters reported.
Stonewall Kitchen has received financing from Centre Partners. No financial terms were disclosed. Also, Stonewall Kitchen has named John Stiker as CEO and promoted Lori King as president. Sawaya Segalas & Co. was exclusive financial advisor to Stonewall Kitchen on the transaction. Based in York, Maine, Stonewall Kitchen is a specialty food producer and retailer.