Brad Meikle
H2O Power LP, a North American hydro platform, has bought two run-of-river hydroelectric facilities based in Pennsylvania. No financial terms were released. The projects, which comprise 31.5 megawatts of capacity located on the Allegheny River, were acquired from the Public Sector Pension Investment Board (PSP Investments), which bought them last year. The purchase represents Oshawa-based H2O's first foray into the U.S. market. H2O is majority-owned by PSP Investments. It is minority-owned by BluEarth Renewables Inc, a Canadian renewable power producer backed by ARC Financial Corp and Ontario Teachers’ Pension Plan.
Canadian private equity firm Novacap and Developpement EDB Inc have agreed to sell Enviro-Viridis Inc, a Laval, Québec-based waste management specialist that offers vertically integrated services. The buyer is GFL Environmental Inc, a Vaughan, Ontario-based environmental services company. No financial terms were disclosed for the deal, which is set to close on March 1st. Novacap has backed Enviro-Viridis since 2009, helping it to complete "numerous" add-on acquisitions. GFL, which last week closed its buy of Matrec Services Inc, said the new deal will diversify its Québec service offerings and facilitate further growth. GLF is backed by Highbridge Principal Strategies and other investors.
Ontario Teachers' Pension Plan (OTPP) has promoted Bogdan Cenanovic and Michael Murray to vice president. Cenanovic will lead Ontario Teachers' direct private equity investments in the technology, media and telecom sector, while Murray will lead direct private equity investments in the financial services sector. Cenanovic, previously a principal at TorQuest Partners, joined the Toronto-based pension fund manager in 2009. Murray, formerly a consultant at Bain & Co, came on-board in 2005. Ontario Teachers also promoted Dale Burgess to vice president responsible for Latin American infrastructure.
Capital croissance PME has invested $1.5 million in the shareholder buyout of IGA Marché Leblanc, a Mont-Laurier, Québec-based grocery operating under the IGA supermarket brand. With the deal, Martine Vaillancourt and Michel Therrien became the new owners. Michel Therrien also acquired the building that houses the store. Capital croissance PME II is a private equity fund jointly sponsored by Capital régional et coopératif Desjardins and the Caisse de dépôt et placement du Québec.
Osisko Gold Royalties Ltd (TSX: OR) has agreed to receive $50 million in convertible debenture financing from Ressources Québec, an affiliate of Investissement Québec. Based in Montréal, Osisko is an intermediate mining royalty and exploration company focused on its Canadian Malartic and Éléonore gold mines, both of which are located in Québec. Last year, the company acquired Virginia Mines Inc with the backing of existing investors the Caisse de dépôt et placement du Québec and the Fonds de solidarité FTQ.
The Canada Pension Plan Investment Board, one of the world's biggest pension funds, reported gross investment returns of 4.6 percent in the third quarter, driven by a strong performance from its global equities portfolio, Reuters reported. CPPIB said it ended the period on December 31 with total net assets of $282.6 billion.
Material Sciences Corp, a portfolio company of U.S. private equity firm Insight Equity, recently acquired Continuous Colour Coat Ltd, a.k.a. Metal Koting. Based in Rexdale, Ontario, Metal Koting provides galvanized, painted, and printed steel and aluminum coils to a variety of companies in the construction, automotive, leisure product, and packaging industries. Detroit-based Material Sciences, a specialty coater and laminator of steel and aluminum products, said the deal complements its capabilities and broadens its geographic reach. Insight Equity's portfolio investments in Canada include A.P. Plasman Inc.
Maibec Inc has acquired Cedar Balmoral Ltd, a manufacturer of Eastern white cedar shingles located in Balmoral, New Brunswick. No financial terms were disclosed. Maibec, a Lévis, Québec-based wood processing company, said the purchase will allow it to keep pace with increased demand for cedar shingles among homeowners and builders, and to develop new markets. A family business founded in 1946, Maibec is a portfolio investment of the Fonds de solidarité FTQ, a Canadian private equity and venture capital firm.
VersaCold Logistic Services has bought the assets of Gary Heer Transport Ltd, a refrigerated provider of truckload cross-border transportation services between Western Canada and the United States. No financial terms were released. VersaCold, a Vancouver-based supply chain solutions company that handles temperature sensitive products, said the deal marks its entrance into the U.S. cross-border transportation market. It plans to launch a new subsidiary, VersaCold North America Transportation Solutions Ltd, this quarter. VersaCold is backed by real estate private equity firm KingSett Capital and Ivanhoé Cambridge, an affiliate of the Caisse de dépôt et placement du Québec.
Tricor Pacific Founders Capital, a Canadian private equity firm launched in late 2014, has acquired Totally Chocolate LLC, a North American manufacturer of precision-engraved chocolate for corporate and special event uses. No financial terms were disclosed. The investment in Blaine, Washington-based Totally Chocolate was made by Ganache Gourmet Inc, a new vehicle set up to hold the company and other confectionery-related assets acquired in the future. Ken Strong, Totally Chocolate’s president, will continue to lead the company alongside Tricor Founders' Richard Harris as executive chairman. Founder Jeff Robinson will become a director on the company's board, as will Tricor Founders' Derek Senft.