Proxy advisory and research firms Institutional Shareholder Services Inc. and Glass Lewis & Co. have recommended that clients who are shareholders in IT solutions provider Softchoice Corp. vote in favour of Birch Hill Equity Partners' previously announced acquisition of the company for $412 million. The take-private deal has already been recommended by the Toronto-based Softchoice's board of directors, and it will be submitted to a special shareholders meeting in June.
Teine Energy Ltd., a Calgary-based oil and gas company focused on finding and developing high net-back, large hydrocarbon in place properties in Western Canada, has obtained a US$300 million senior secured second lien loan. Proceeds will be used to refinance the company's revolving credit line, fund a drilling program and for general corporate purposes. Tiene Energy is majority owned by Canada Pension Plan Investment Board, an investor in the company since 2010.
Canadian mid-market private equity firm Fulcrum Capital Partners has made an equity investment in Nilex Civil Environmental Group, an Edmonton, Alberta-based provider of environmentally-friendly construction materials, technologies and services to the civil, resource and environmental industries. The value of the equity investment was not published.
Energy Capital Partners has closed its buy of EnergySolutions. Salt Lake City-basd EnergySolutions, which provides nuclear commercial services, announced in January that it would merge with an Energy Capital subsidiary a deal valued at $1.1 billion or $3.75 a share. Energy Capital raised that offer to $4.15 a share in April.
Clearlake Capital Group has acquired about 89% of Bluefly's outstanding shares directly from the company's principal stockholders. Clearlake also agreed to buy additional shares from Bluefly which, together with the stock it is buying from principal stockholders, represents more than 90% of the company's outstanding shares. Financial terms weren't announced. Bluefly expects to cease trading on the NASDAQ before the open today. Bluefly is an online retailer of designer brands.
Toshiba Corp and U.S. private equity firm Kohlberg Kravis Roberts & Co (KKR) are among those expected to bid for Panasonic Corp's healthcare business, sources told Reuters.
3i Group PLC is taking over the European infrastructure fund management business run by Barclays as part of a plan to boost fee income from public-private partnerships and energy investment projects, Reuters is reporting.
Catamount Ventures said Thursday that it agreed to sell Plum Organics to Campbell Soup Co. Financial terms weren't announced. Earlier, Catterton Partners said it also agreed to sell its stake in Plum, a provider of organic baby food.
Catterton Partners said Thursday that it has agreed to sell Plum Organics to Campbell Soup Co. Financial terms weren't announced. Emeryville, Calif.-based Plum Organics provides organic baby foods.
Apax Partners has agreed to buy rue21 for $42 per share cash or about $1.1 billion. The deal represents a roughly 23% premium to rue21's closing price yesterday. The board of rue21 has approved the deal. Rue21 is a specialty apparel retailer of girls and guys apparel and accessories. The deal includes a 40 day go-shop where the rue21 special committee can actively solicit, evaluate and enter into negotiations with other parties offering a superior proposal. J.P. Morgan Securities LLC, BofA Merrill Lynch and Goldman Sachs are providing financial advice to Apax. Perella Weinberg Partners is the financial advisor to the special committee. BofA Merrill Lynch, J.P. Morgan and Goldman Sachs are providing debt financing.