PE Deals

The buyout of natural health products manufacturer Atrium Innovations Inc (TSX: ATB & ATB.DB) by an investor group led by European private equity firm Permira Funds for approximately $751.2 million has received approval from the Superior Court of Québec. The legal sanction, which follows the deal's approval by Atrium investors on January 21, suggests that the acquisition should be finalized by Feb. 2014. The Fonds de solidarité des travailleurs du Québec FTQ and Caisse de dépôt et placement du Québec, who collectively hold about 25 percent of the Québec City-based Atrium, previously indicated their support for the buyout.

Calgary-based telecommunications provider WiMacTel Inc has bought for an undisclosed price payphone assets of Canada Payphone Corp, a brand business of Globalive Communications Corp of Toronto. The new base of Canadian assets, which are located in Alberta, British Columbia and Québec, complement the U.S.-based payphone services of WiMacTel and positions it as the only company serving accounts in both countries, WiMacTel said. Last month, the company secured an investment from First West Capital, a Vancouver-based provider of subordinated debt and mezzanine financing affiliated with First West Credit Union.

MicroSeismic Inc has bought the U.S.-based assets of Reservoir Imaging Inc, a provider of microseismic and borehole seismic data acquisition and processing services based in Calgary. The acquisition, the price of which was not published, includes geospace equipment, wireline units, and equipment for downhole microseismic data acquisition services. Founded in 2003, MicroSeismic is an oilfield services company providing completions evaluation services and real-time monitoring and mapping of hydraulic fracture operations. The Houston-based company is a portfolio investment of U.S. private equity firm TA Associates, which in 2011 partnered with Madrone Capital Partners in the majority recapitalization of MicroSeismic.

Canadian department store operator Hudson's Bay Co (TSX: HBC) has agreed to sell its downtown Toronto flagship retail complex and the Simpson’s Tower located at 401 Bay Street to Cadillac Fairview Corp Ltd for $650 million. HBC will lease the retail and office complex back for a base term of 25 years with renewal options for a term of just under 50 years. Proceeds of the deal, which is expected to close next month, will be used to reduce the company’s debt and invest in growth initiatives. HBC also announced plans to open its first Saks Fifth Avenue stores at Toronto Eaton Centre and Sherway Gardens. A portfolio company of  U.S. private equity firm NRDC Equity Partners, HBC bought luxury retailer Saks in Nov. 2013 for around US$2.9 billion.

USI Insurance Services Inc, a portfolio company of Canadian private equity firm Onex Corp, has agreed to purchase 42 U.S.-based insurance brokerage and consulting locations from Wells Fargo Insurance, a part of San Francisco-based banking and financial services firm Wells Fargo & Co. USI will finance the undisclosed transaction with available debt and cash on hand. The company said the acquisition will further expand USI's presence as a leading mid-market insurance brokerage and consulting firm. The Valhalla, New York-based USI has completed fourteen acquisitions since Onex acquired the business for approximately US$2.3 billion in Dec. 2012.

HIG Growth Partners said Monday that it has completed making an undisclosed strategic investment in CDI Computer Dealers Inc in partnership with the company's owners and management team. Headquartered in Markham, Ontario, CDI is a refurbisher and remarketer of information technology equipment to educational institutions. Update: HIG Growth Partners is an affiliate of U.S. private equity firm HIG Capital. The investment is intended to provide CDI with additional resources, capital and strategic guidance that will enable the company to expand it product and service offering.