Orchid Underwriters, an underwriter of property insurance focusing on coastal properties, has secured backing from Gryphon Investors. CEO Michael Ray and president Brad Emmons have retained a significant ownership position in the company and will continue to lead Orchid after the closing of the transaction. Terms of the deal were not disclosed.
Semafone, a UK business specialising in fraud prevention software has secured growth capital investment from Business Growth Fund, Octopus Investments and other existing shareholders. BGF has taken a minority stake and BGF investment director Alistair Brew has been appointed to the board with investment manager Will Gresty joining as observer to the board.
American Beacon Advisors' high price tag is causing some private equity bidders to back away, three sources said.
Frischkorn Audiovisual Inc, a portfolio company of Canadian mid-market private equity firm Ironbridge Equity Partners, has agreed to buy Mediaco AV Inc, an audiovisual and technical event specialist with offices across Canada. The financial terms of the transaction were not disclosed. Frischkorn, which following the acquisition will be known as Frischkorn-Mediaco, said the strategic union will enhance competitive positioning in an evolving audiovisual production landscape and create new growth opportunities, among other benefits. Based in Mississauga, Ontario, the company received an investment from Ironbridge in October 2013.
Jupiter Resources Inc, a portfolio company of U.S. private equity firm Apollo Global Management, has completed the previously announced acquisition of Encana Corp's Bighorn assets in the Alberta Deep Basin. The purchase price was $2 billion, making it the largest energy transaction so far this year in Canada's private equity market, according to data provided by Thomson Reuters. Jupiter, a Calgary-based oil and gas exploration and production company focused on liquids-rich natural gas properties, last month proposed a private offering of US$1.125 billion in senior notes to help finance the deal.
Ivanhoé Cambridge, the real estate investment arm of the Caisse de dépôt et placement du Québec, has partnered with Ontario urban transportation agency Metrolinx on an integrated office and transit development in downtown Toronto. The deal's value has been estimated at $2 billion. The large-scale project, which will feature an office complex at 45-141 Bay Street and related bus facilities, is expected to commence construction in early 2015.
WSP Global Inc (TSX: WSP) has completed its previously announced $400 million private placement financing involving Canada Pension Plan Investment Board (CPPIB) and the Caisse de dépôt et placement du Québec. Proceeds of the transaction will be used by the company to help fund its acquisition of Parsons Brinckerhoff, the U.S. professional services division of Balfour Beatty Plc. As reported by Reuters last month, the US$1.24 billion deal is intended to increase the Montréal-based WSP's footprint in the U.S. transportation segment.
Imperial Capital Group has invested in MRO Corp, a U.S. disclosure management and health information exchange. The Toronto-based mid-market private equity firm has of late found particular success in the North American healthcare industry. In fact, MRO is the firm’s sixth investment in this space in the last six years, and its fourth since early 2013.
Merit Capital Partners has divested its stake in Sales Performance International. No financial terms were disclosed. Based in Charlotte, NC, SPI is a sales and marketing management consulting firm.
Littlejohn & Co. said Tuesday that it has acquired Interior Specialists Inc., a Carlsbad, Calif-based provider of interior design and installation services for the homebuilding sector. No financial terms were disclosed.