Canso Investment Counsel Ltd has informed the board of directors of Tuckamore Capital Management that it will vote against the proposed take-private acquisition of the Toronto-based private equity firm. The deal, announced in May, would see Birch Hill Equity Partners and members of the firm's senior management team buy all of Tuckamore's shares for $0.75 per share, or an estimated $60 million. Canso, which owns or controls 14.6 percent of the common shares of Tuckamore, said the offer "significantly undervalues the company." Access Holdings Management Co has also issued a statement opposing the transaction, which will be voted on by shareholders in July.
Canadian private equity firm TriWest Capital Partners and the Alberta Teachers' Retirement Fund have agreed to acquire a majority stake in NSCG Crane & Heavy Haul Corp (NCSG) from its existing shareholders. TriWest led the undisclosed deal, which is expected to close before the end of the year. Goldman Sachs advised NCSG on the transaction. Based in Edmonton, NCSG is a provider of fully operated and maintained crane and heavy haul services in North America. It is also backed by U.S. private equity firm Northwest Capital Appreciation (NCA). Update: In 2006, NCA invested around $60 million in the company, which was then known as Northern Crane Services.
Two large groups of investors that control roughly 20 percent of the shares of Tuckamore Capital Management Inc have gone public with their discontent over a management-led buyout of the firm, being sponsored by Birch Hill, a private equity player, Reuters reported.
TriWest Capital Partners and Alberta Teachers' Retirement Fund have agreed to acquire a majority stake in NSCG Crane & Heavy Haul Corp. from its existing shareholders. No financial terms were disclosed for the transaction, which is expected to be completed before the end of this year. Goldman Sachs advised NCSG on the transaction. Based in Edmonton, Alberta, NCSG is a provider of crane and heavy haul services in North America. It is backed by Northwest Capital Appreciation.
The Riverside Company has exited Thibaut. The business is a designer and distributor of high-end wallpaper, fabric and furniture based in Newark, New Jersey.
KKR is to buy a one-third stake in the energy arm of Spain's Acciona for 417 million euros ($567 million), writes Reuters. The portfolio will include Acciona Energia's operating renewable assets outside Spain, amounting to 2.3 gigawatts across 14 countries including the United States, Italy and South Africa.
Japanese car electronics maker Pioneer Corp is selling its audio-video operations to Hong Kong-based Baring Private Equity Asia and Pioneer's Japanese rival Onkyo Corp, writes Reuters. Baring will own a 51 percent stake in Pioneer Home Electronics Corp, which makes and sells DVD players, digital photo frames and other audio equipment.
Canadian mid-market private equity firm Birch Hill Equity Partners has agreed to purchase the retail home medical operations of Centric Health Corp for $50 million. The deal is expected to close in August. Doing business under the brand names MEDIchair and Motion Specialties, the operations to be acquired focus on the sale of home accessibility equipment, mobility devices and home medical supplies through a network of 47 franchised and 30 corporate stores. Birch Hill partner Thecla Sweeney said the firm will help position MEDIchair and Motion "to thrive in a fast growing industry." Based in Toronto, Birch Hill has $2 billion in capital under management.
Innergex Renewable Energy Inc (TSX: INE) and Desjardins Group Pension Plan have bought the Sainte-Marguerite-1 run-of-river hydroelectric facility from Hydroméga Group of Companies. The acquisition price was about $82.1 million, plus the assumption of debt. The 30.5 MW SM-1 hydroelectric facility is located on private land near the town of Sept-Iles, Québec. Innergex and Desjardins own 50.01 percent and 49.99 percent, respectively, of the common units of Innergex Sainte-Marguerite SEC. Based in Longueuil, Québec, Innergex is an independent renewable power producer and a portfolio investment of the Caisse de dépôt et placement du Québec.
Canada Pension Plan Investment Board (CPPIB) has made its first investment in India's infrastructure sector, committing US$322 million to the infrastructure development division of Larsen & Toubro Ltd. The investment will be made in two tranches by CPP Investment Board Singaporean Holdings I (CPPIBSH). The infrastructure assets owned by the Mumbai-based Larsen & Toubro include the largest toll-road concession portfolio in India, as well as a power transmission line project and a metro project in Hyderabad. CPPIBSH eventually will own a minority stake in the equity capital of the company's infrastructure subsidiary.