Canadian private equity firm Ken Fowler Enterprises Ltd (KFEL) has acquired shares in SIR Royalty Income Fund (TSX: SRV.UN), a trust affiliated with SIR Corp, a Burlington, Ont.-based company that owns and operates 50 restaurants in Canada. The deal was done through an agreement with Retail Dimensions Inc, a company controlled by the spouse of Ken Fowler, the controlling shareholder of KFEL. The acquisition represents about 13.9% of the voting units of the Fund. Founded in 1972, KFEL focuses on investments in real estate, restaurants and hospitality, and specialty retailers.
Algeco Scotsman and its subsidiary Target Logistics have acquired Chard Camp Catering Service Ltd, a Fort McMurray, Alberta-based provider of remote workforce housing and catering services. The financial terms of the deal were not published. Going forward, Chard will be led and managed by Target, a modular and oil field housing and workforce housing company based on Boston, Mass., allowing it to expand into the Canadian market. Baltimore, Maryland-based Algeco has been a portfolio investment of British private equity firm TDR Capital since 2004.
La Coop fédérée has obtained $55 million in new funding from a private equity investor group comprising Capital régional et coopératif Desjardins, a fund managed by Desjardins Capital de risque, Fondaction CSN and Fonds de solidarité des travailleurs du Québec FTQ. The Montréal-based La Coop fédérée, an agri-food enterprise owned by over 100,000 members grouped into 102 cooperatives, said it will use the proceeds of this investment to further its growth, notably through acquisitions. The co-operative has for some time been a portfolio company of Desjardins and Fonds de solidarité FTQ, with Fondation CSN becoming a backer in this latest transaction.
Aramark Holdings, one of the big club deals from the last decade, is slated to go public next week. The IPO would give Aramark's private equity investors a path to exit, but the food service provider will enter the public markets saddled with much debt.
DealerRater has secured an undisclosed investment from Boston private equity firm Great Hill Partners. According to DealerRater, the funding will be used for global expansion, product development, sales and marketing. Portico Capital Services advised DealerRater in the transaction. Also, Mark Taber and Rafael Cofiño have been named to DealerRater’s board of directors. Headquartered in Waltham, Mass., DealerRater is a car dealer review website.
American Capital Energy & Infrastructure said Thursday that it has agreed to invest up to $130 million in Azura Power Holdings, a developer of the Azura-Edo power project in Edo State, Nigeria. According to Azura, the capital infusion will be used to fund the first and second phases of the power project as well as pursue acquisitions and make additional hirings. Azura Power Holdings was founded by Amaya Capital Partners.
Generation Growth Capital, a lower middle market private equity firm, has acquired Garden & Associates. No financial terms were disclosed. Anchor Bank provided the senior financing for the transaction while ExMarq Capital Partners contributed the mezzanine financing. Based in Minneapolis, Garden & Associates is a provider of outsourced language services to the medical market.
Apax Partners has completed the acquisition of the European education properties from Career Education Corp. As reported by Reuters a month ago, the price of the purchase was for approximately $305 million. Headquartered in Schaumburg, Illinois, Career Education Corp. is a postsecondary education provider with campus-based and online curricula.
New York private equity firm Delos Capital said Thursday that it has acquired California Products Corp. No financial terms were disclosed for the transaction, which was completed on November 27, 2013. Delos led the deal and teamed up with Satori Capital and other unnamed co-investors. Based in Massachusetts, CPC is a maker of water-based specialty chemical coatings used in consumer and industrial applications.
OFS Capital Corp. said Thursday that it has acquired the partnership interests of Tamarix Capital Partners, an SBIC fund, for approximately $8.1 million. The transaction, which closed on December 4, 2013, was made possible after OFS received approval from the Small Business Administration to make the purchase. As a result of the deal, Tamarix is now a subsidiary of OFS Capital.