Canadian planemaker Bombardier Inc (BBDb.TO) said Caisse de depot et placement du Quebec, which manages Quebec’s public pension plans, would buy a 30 percent stake in its rail unit for $1.5 billion, Reuters News reported.Continue
Caisse de dépôt et placement du Québec is investing $15 million in the XPNDCROISSANCE Fund. XPND Capital makes growth investments in Quebec-based companies. XPNDCROISSANCE has so far raised $52 million on a $70 million target.Continue
Dundee Sarea Limited Partnership, a “special situations”-focused private equity firm, has raised C$112.5 million for its initial fund. Dundee Sarea Acquisition 1 Limited Partnership is targeting over C$200 million. Its limited partners include Caisse de dépôt et placement du Québec. The fund will invest in companies requiring turnaround expertise in North America and Europe, focusing on manufacturing, distribution, industrial products, agriculture, oil and gas, and forestry-related sectors. So far the fund has made an undisclosed investment in Redecam Group, an air filtration company.Continue
Bombardier Inc (BBDb.TO) is in discussions with the Caisse de depot et placement du Quebec, which manages Quebec’s public pension plans, on a deal that could inject more cash into the troubled plane and train maker, sources told Reuters News.Continue
Telecommunications provider and publisher Quebecor Media Inc, a unit of Quebecor Inc, said it had bought 28.6 percent of Caisse de dépôt et placement du Québec‘s stake in the company for C$500 million ($377 million), Reuters News reported.Continue
Capital Vision Services LP has secured undisclosed equity funding from an investor group led by Altas Partners and Caisse de dépôt et placement du Québec. CVS is a provider of management services to optometry practices.Continue
Caisse de dépôt et placement du Québec has made a $53 million investment in Québec City Jean Lesage International Airport. The capital infusion will be used for the airport’s expansion and maintenance projects. Caisse’s investment is part of the airport’s private funding of about $265 million.Continue
TIAA-CREF and GreenWood Resources, which is owned by TIAA-CREF, have launched Global Timber Resources LLC, a $667 million global timber company. Its backers include TIAA General Account, Caisse de dépôt et placement du Québec, AP2 and the Greater Manchester Pension Fund. GTRCo will focus on investing in timberland assets in areas that include North America, Latin America, Europe and Asia.Continue
Morgan Stanley Infrastructure said Friday it has agreed to sell Southern Star Central Corp. to GE Energy Financial Services and Caisse de dépôt et placement du Québec. Financial terms weren’t announced. Owensboro, Kentucky-based Southern Star is a natural gas pipeline company.Continue
Cirque du Soleil said Monday that TPG Capital is buying a majority holding in the company while Guy Laliberté, Cirque’s founder, will maintain a stake in the business. Fosun Capital Group, owned by Chinese conglomerate Fosun International Ltd., and Caisse de dépôt et placement du Québec will each have a minority. Financial terms weren’t announced but press reports peg the deal at $1.5 billion. Cirque, a theatrical production company, will retain its headquarters in Montréal. Goldman Sachs advised Cirque.Continue
The $8.7 billion sale of PetSmart is heralded as the year's largest LBO of an [...]Continue
Energy services group Spie pulled its plan to raise funds on the stock market on Thursday, cancelling what would have been France’s biggest listing since before the financial crisis as investor appetite wanes, Reuters reported.Continue
A consortium led by Swedish private equity firm EQT is in the final stage of talks to buy Australia’s I-MED, writes Reuters. Canadian pension fund Caisse de dépôt et placement du Québec and Singapore’s GIC will be investing alongside EQT.Continue
Wynnchurch Capital of Montreal has joined forces with the Caisse de dépôt et placement du Québec to make an equity investment in Groupe Moreau, a Quebec-based contractor specializing in electrical, structural, piping and mechanical services in the industrial sector. Terms of the deal were not disclosed. PRESS RELEASE: Wynnchurch Capital has joined forces with the […]Continue
SPIE has announced an offering of 375 million euro ($500.9 million) senior notes due 2019 by SPIE Bondco 3 S.C.A., its indirect parent company. The proceeds of the offering will be used to repay amounts outstanding on a bridge loan facility used to finance the acquisition of Financière SPIE by Clayton, Dubilier & Rice, AXA […]Continue
Caisse de Dépôt et Placement du Québec and the Government of Singapore Investment Corp. are in the “pole position” to jointly buy AXA Private Equity, according to a reportContinue
Just a short update on the auction of AXA PE.
Onex Corp. is teaming up with Caisse de Depot et Placement du Quebec, the Canadian pension plan, to make a bid for AXA PE, two sources say. KKR is still interested while several sources confirm that BlackRock has dropped out.
peHUB, earlier this month, reported that BlackRock was no longer involved in the auction.
Pricing for AXA PE is aggressive and has caused some “natural players” to bow out, one banker says. The Carlyle Group, which agreed to buy a 60% stake in AlpInvest Partners earlier this year, was expected to vie for AXA PE.Continue
As AXA gears up for a possible sale of its private equity unit, executives at the company could find themselves borrowing from The Carlyle Group’s playbook. AXA Private Equity, and particularly its chief executive, Dominique Senequier, are known to be seeking a management-led buyout financed in large part by one of its suitors.
[caption id="attachment_121431" align="alignright" width="180" caption="Dominique Senequier"][/caption]
Such a structure is exactly what Carlyle agreed to when it acquired a 50 percent voting stake (and 60 percent of the equity) in AlpInvest Partners, one of Europe’s largest fund-of-fund managers, earlier this year. For Carlyle, the merger helped to diversify its slate of businesses, and more importantly, helped to increase its tally of assets under management prior to its expected IPO next year.
For AXA Private Equity’s investors, a management-led buyout would offer incentives for keeping employees on board, something especially crucial in an era of “key-man” provisions. Senequier’s preference for a management-led buyout was first reported in the Financial Times.Continue