Proxy advisory firms Institutional Shareholder Services Inc and Glass Lewis & Co have recommended that shareholders and convertible debenture holders of natural health products manufacturer Atrium Innovations Inc approve the company's acquisition by an investor group led by European private equity firm Permira Funds for around $751.2 million. The deal, announced in Nov. 2013, will be voted on at a meeting of investors scheduled for January 21st. 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, have already agreed to vote for the acquisition.
in two rival bidders for Australian office property developer Commonwealth Property Office Fund (CPA) rose in Sydney on Tuesday after the pair agreed a billion-dollar asset sale, paving the way for the end of a takeover battle, reports Reuters. Under terms of the accord announced in filings late on Monday, CPA's preferred bidder, a consortium led by Dexus Property Group, will sell five office buildings in Sydney and Melbourne with a combined value of about A$1.2 billion (US$1.08 billion) to its rival property firm, The GPT Group. The agreement, subject to the Dexus consortium acquiring over 90 percent of CPA, is essentially a consolation prize for GPT as Dexus and its partner finalise a A$3 billion deal recommended by CPA to its investors in mid-December. Dexus is backed by the Canada Pension Plan Investment Board.
Canadian private investment firm Stern Partners has acquired an undisclosed majority interest in McRae’s Environmental Services Ltd, a Delta, B.C.-based infrastructure maintenance and environmental services business providing hydro-excavation, vacuum truck and liquid waste hauling services. All existing investors will retain an interest in the company. Stern Partners' vice president Chris Tsoromocos said the transaction will support McRae’s strategic direction and plans for expansion while maintaining current levels of customer service. Based in Vancouver, Stern Partners focuses on investing in businesses in various industries, including manufacturing, distribution, retailing, publishing, printing, packaging and real estate.
Oil and gas company Canada Capital Energy Corp (CCEC) recently secured an undisclosed private equity investment from Rongsheng Holding Group Co Ltd of Hangzhou, China. Rongsheng, which joins existing investor the ZhongRong Group, has also committed additional equity for follow-on investments in the company to support its growth through acquisitions and the organic development. Based in Calgary, CCEC is focused on light oil and liquids rich natural gas opportunities throughout the Western Canadian Sedimentary Basin. The company currently has large land holdings in southeast Saskatchewan.
LA-based private equity firm Levine Leichtman Capital Partners has acquired Polyform Products Company. LLCP completed the transaction in partnership with Polyform's management. No financial terms were disclosed. Third Coast Capital Advisors served as advisor to Polyform on the deal. Madison Capital Funding provided the senior debt financing. Based in Elk Grove Village, Illinois, Polyform is a provider of polymer clay products.
Sageview Capital has made an undisclosed investment in Reflexis Systems. In conjunction with the funding, Sageview’s Scott Stuart and Jeffrey Klemens will join the Reflexis board of directors. Headquartered in Dedham, Mass., Reflexis Systems is a provider of real-time execution and workforce management solutions.
Inflexion Private Equity said Tuesday that it has sold Optionis Group in a secondary buyout backed by MML Capital. No financial terms were disclosed. Optionis Group is a employment service company in the UK.
ABRY Partners has agreed to acquire Inmar, which operates intelligent commerce networks, from New Mountain Capital. New Mountain first invested in Inmar in 2007. Terms of the deal were not disclosed.
Estancia Capital Partners has closed its investment in Snowden Capital Advisors, an open architecture, hybrid SEC registered investment adviser and broker-dealer. The Snowden investment is the fourth from the firm's debut fund, Estancia Capital Partners. Terms of the deal were not disclosed.
Clearlake has acquired a majority stake in PrimeSport. The business is a sports travel and entertainment management company.