Chinese-Italian private equity fund Mandarin Capital has sold its 7.57 percent stake in packaging machinery company IMA at 18.6 euros per share, writes Reuters. Mandarin Capital said it had placed its stake through an accelerated book building procedure.
Citigroup has sold more than $6 billion in private equity and hedge fund assets in the past month to comply with new regulations that limit such investments, the Wall Street Journal reported, writes Reuters. Citigroup last week sold a $4.3 billion private equity fund known as Citi Venture Capital International for an undisclosed price to Rohatyn Group, a private equity fund run by Nick Rohatyn, according to the Journal.
USA Compression Partners said Friday it closed its previously announced buy of compression assets owned by S&R Compression, which is controlled by Argonaut Private Equity. USA Compression, a portfolio company of Riverstone Holdings, said it is also buying 66 newly built compression units fabricated between July 1 and August 30 of this year for about $12 million cash, as well as a $4 million cash payment related to the operation of compression assets. Argonaut, and other S&$ Compression owners, now hold a 20% LP stake in USAC.
US hedge fund Coastal Capital joined debt specialists circling Billabong International Ltd seeking a board spill, as rival investors eye the proceeds from a potential debt restructure rather than equity from a long-term turnaround, writes Reuters. Billabong's shares jumped 14 percent to A$0.48 ($0.43) after shareholder Coastal said it wanted to ditch and replace the majority of the board as well amend the company's constitution for member approval of future debt and equity financing arrangements, writes Reuters.
Montréal-based Argex Titanium Inc. (TSXV: RGX), a near-term producer of titanium dioxide (TiO2) used in paints and other applications, has competed a $5 million financing transaction with Ressources Québec, a subsidiary of Investissement Québec. A second $5 million deal involving an unidentified U.S. investment fund manager is expected to close in September. Ressources Québec was established in 2012 to invest in mining development and hydrocarbon sectors.
Montréal-based healthcare IT company Logibec Groupe Informatique Ltd. has bought for an undisclosed amount ReaEvolution Inc., a specialist in medical charting and clinical decision support solutions for pre-hospital and emergency care. The deal follows the company's acquisition of Artefact from IBM in 2012. Logibec was taken private in 2010 by OMERS Private Equity for $237 million. Société générale de financement du Québec, an investment arm of the Québec government, was a minority investor in the 2010 transaction.
Stingray Digital Group, a Montréal-based provider of multiplatform music services, recently acquired 100% of the shares of Intertain Media Inc., a Winnipeg-based company providing digital media services to businesses across Canada. The financial terms of the transaction were not announced. Stingray is a portfolio company of technology buyout fund Novacap Technologies, managed by Longueuil, Québec-based Novacap, and of Montréal technology investor Telesystem.
The BDC industry is likely to continue to expand as banks shift away from risky cash-flow loans, and non-traded BDCs capture a growing share of that expansion, Robert K. Grunewald, CIO of non-traded Business Development Corporation of America (BDCA), told peHUB sister magazine Buyouts.
Industrial Scaffold Services Ltd., a Crofton, B.C.-based provider of industrial and commercial scaffolding throughout Western Canada, has agreed to be acquired by Canadian private equity firm Mosaic Capital Corp. for $15.9 million. The majority transaction is expected to close in September. Established in 2002, Industrial Scaffold Services is one of eight companies in Mosaic's portfolio.
Kawa Capital Management, a U.S. private equity and hedge fund manager, has purchased for an undisclosed price the global subsidiaries of German solar energy company Conergy AG. As part of a two-step takeover process, Kawa will immediately acquire Conergy operations in Canada, the United States, Singapore and Thailand due to the increased financing requirements of these operations. Other Conergy assets are expected to be acquired later this year. The Canadian regional headquarters of Conergy Americas is in Edmonton, Alberta.