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Onex Corp. has paid $165 million for a 50% stake in BBAM, a manager of commercial jet aircraft. Onex and the BBAM management team also announced the purchase of $25 million of newly issued shares of FLY Leasing Limited, a lessor of commercial jet aircraft managed by BBAM. In total, Onex Partners III invested $185 million, of which Onex' share was $47 million as a limited partner in the Fund.
Global steelmaker ArcelorMittal is to sell a $1.1 billion (673 million pounds) stake in a Canadian iron ore mine operator to a consortium that includes South Korean steelmaker POSCO and Taiwan-listed China Steel Corp, writes Reuters. ArcelorMittal formed in 2006 when India-born Lakshmi Mittal's steel business bought European peer Arcelor for $33 billion.
Chicago-based Arbor Investments has exited its investment in Bradshaw International, a provider of kitchen tools and gadgets. The buyer was ONCAP, the Toronto, Ontario-based mid-market private equity platform of Onex. The financial terms were not released. Torys LLP represented ONCAP in this transaction.
Onex Corp. has completion its $2.3 billion acquisition of USI Insurance Services. Onex, Onex Partners III and USI employees own 100% of the Company. USI is headquartered in Briarcliff Manor, N.Y.
David Pefley is joining California-based Adaptive Planning, a corporate performance management software tool, as CFO. Adaptive Planning is funded by by Norwest Venture Partners, Royal Bank of Canada, ONSET Ventures, Monitor Ventures, and Cardinal Venture Capital.
More U.S.-based VCs and acquirers came up to Canada in 2012, looking for good deal flow, rational valuations and inexpensive buys.
Sustainable Energy Technologies Ltd. has sealed a $500,000 equity financing with Doughty Hanson Technology Venture, the company announced. The company also announced a consolidation of its issued and outstanding common shares on the basis of ten old common shares for one new common share. Sustainable Energy designs and manufactures "advanced power electronics for distributed smart grid and micro-grid applications."
Pinetree Capital has acquired a stake in War Eagle Mining Company Inc., the firm announced. Pinetree is based in Toronto and is publicly traded.
Brookfield Asset Management has acquired a majority ownership position in Verde Realty. Brookfield will take roughly 81% of the company, which owns more than 100 industrial distribution facilities along the U.S. and Mexican border. Terms of the deal were not released.
Business Development Bank of Canada's venture capital arm has committed $10 million to the Halifax-based, early-stage venture capital fund Atlantic Canada Regional Venture Fund, which has now closed on $50 million to date and is funding startups in the IT, clean energy and healthcare sectors throughout the Atlantic Provinces.
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