Middle market firm Endless has agreed to acquire office2office, which provides business supplies and outsourced business services. The firm is making the investment through EVO Business Supplies Limited, a new company formed by Endless. The deal is subject to regulatory approvals.
A special meeting of holders of common shares and debentures in Arcan Resources Ltd (TSX-V: ARN) failed to approve the proposed acquisition and recapitalization of the company by Aspenleaf Energy Ltd. As a result, the deal, which has been estimated to value $325 million, has been terminated. Founded in 2013, the Calgary-based Aspenleaf is backed by Canadian energy-focused private equity firm ARC Financial Corp, Ontario Teachers' Pension Plan and other investors. Led by CEO Bryan Gould, it is pursuing an acquisition and exploit strategy in Western Canada focused on light oil and liquids-rich gas opportunities.
Brazilian miner Vale SA has completed the sale of a 26.5 percent stake in its cargo transportation division VLI SA to Canadian alternative assets investor Brookfield Asset Management. The transaction, which was first announced in late 2013, is valued at 2 billion reais ($971 million). Vale also sold a 20 percent interest in VLI to Japan's Mitsui & Co Ltd and a 15.9 percent interest to Brazil's Fundo de a do Tempo de Serviço-FGTS. Vale will retain 37.6 percent ownership in the business, which handles cargo operations not directly related to the movement of Vale's own output of iron ore and other minerals.
Corsa Coal Corp (TSX-V: CSO) has closed its previously announced buy of U.S.-based PBS Coals Ltd for US$60 million. The deal was facilitated by a US$33.4 million investment by Canadian private equity firm Sprott Resource Corp, giving it 19.9 percent of Corsa's outstanding shares. Other investors included U.S. private equity firm Quintana Capital Group, while Sprott Resource Lending Corp and other lenders assisted with the acquisition's funding. Based in Toronto, Corsa is focused on mining, processing and selling metallurgical and thermal coal. Concurrent with the transaction, the company appointed Quintana's George Dethlefsen as CEO.
OMERS Private Equity, an investment arm of the Ontario Municipal Employees Retirement System (OMERS), has completed a recapitalization of Document Technologies Holdings LLC (DTI). The value of the transaction was not disclosed. The deal, which was done in partnership with the company's management team, provided an exit to the previous owner, U.S. private equity firm Harvest Partners. DTI, based in Atlanta, is a provider of legal process outsourcing services in the United States, with 29 offices nationwide and on-site client services in nearly 70 markets. The company was bought by Harvest Partners in a recapitalization deal in December 2011.
Hony Capital, the private-equity firm backed by Legend Holdings, said it bought a 20 percent stake in Chinese farm machinery maker Chery Heavy Industry Co Ltd for 696 million yuan ($113.3 million), seeking to profit from Beijing's drive to modernize its farm industry, Reuters reported.
Oman's Renaissance Services said on Wednesday that its unit Topaz Energy and Marine had secured a $75 million investment from Standard Chartered Private Equity (SCPE), Reuters reported.
Silver Lake Partners LP and Bain Capital LLC are among the buyout firms in the running to acquire Shutterfly Inc, an online photo-sharing services provider with a market value of $2 billion, sources told Reuters.
Dancing Deer Baking Company, a Boston-based maker of gourmet baked goods, has received financing from River Hollow Partners. No financial terms were disclosed. BellMark Partners provided financial advice to Dancing Deer on the transaction. In addition to the funding, River Hollow's Kevin Charlton and Amy Wolf have been added to Dancing Deer's board of directors.
RetailCapital has received an undisclosed investment from Flexpoint Ford. Also, the firm has appointed Glenn Goldman as CEO. Previously, Goldman was entrepreneur-in-resident at Flexpoint Ford. RetailCapital provides financing to small businesses.