Home Canada


ABRY Partners IV, L.P and Oak Hill Capital Partners have sold all of the shares of Atlantic Broadband Group, a cable system operator, to Cogeco Cables. The transaction is valued at $1,360 million or 8.3x 2013E EBITDA. Cogeco is a Canada-based cable system operator.
A consortium led by Canadian private equity firm KingSett Capital said on Wednesday it plans to make an offer to acquire Primaris Retail Real Estate Investment Trust in a deal valued at about C$4.4 billion, Reuters wrote. The cash offer of C$26 per unit represents a premium of about 12.8 percent to Primaris's closing price of C$23.04 on the Toronto Stock Exchange on Tuesday.
KSL Capital Partners has taken a 24% stake in Canadian ski resort owner Whistler Blackcomb Holdings Inc., buying the stake from Intrawest. As a result of the sale, Bill Jensen steps down from his post of director and chief executive, and Wes Edens and Jonathan Ashley each stepped down from the board. The deal is expected to close Wednesday.
High Road Capital Partners scored its second exit for its debut fund, High Road Capital Partners Fund I, LP, dealing Accentus to Nuance Communications Inc. The deal generated a 3.1x gross cash-on-cash return and a 49.0% gross IRR, the firm said. Specific terms of the sale were not released. The firm’s first exit was Milwaukee Gear in February 2012.
Canadian mid-market buyout firm Birch Hill Equity Partners closed its previously announced control-stake acquisition of Toronto-based HOMEQ Corp., a national provider of reverse mortgages to homeowners aged 55 and older. The C$135.7 million deal, which moves HOMEQ from public to private ownership, is Birch's fifth deal this year.
The Business Development Bank of Canada (BDC) announced plans to make $100 million in new commitments to early stage information technology companies based in Canada. The investments will be made through the BDC Venture Capital IT Fund. The fund has already committed $50 million to companies such as Radian6 (acquired by Salesforce), Opalis (acquired by Microsoft), Bycast (acquired by NetApp) and Q1 Labs (acquired by IBM).
A group of investors led by Relay Ventures has provided seed capital to Kira Talent Inc., a Toronto-based company that has developed an online interviewing platform for business managers and recruiters. The amount of the round was not disclosed. Relay Ventures has been actively doing deals since the final close of its US$150 million BlackBerry Partners Fund II in March 2012.
The Government of British Columbia has announced that C$3.3 million in funding has been provided to 61 aboriginal communities to facilitate clean energy development projects and attract additional investment. Cleantech expenditures are made through the First Nations Clean Energy Business Fund, established and capitalized by the provincial government in 2010.
Toronto-based Inmet Mining Corp., which owns and operates copper and zinc mining sites around the world, has rejected a second takeover bid from Canadian mining company First Quantum Minerals Ltd. The latest bid had an estimated value of C$4.9 billion (or C$70 per share). Inmet has a major private equity backer, Ellington Investments, a subsidiary of Temasek Holdings, which invested C$500 million in the company in 2011. First Quantum previously made an unsolicited buyout offer that contemplated an acquisition price of C$62.50 per Inmet share.
Vanoil Energy Ltd., a Vancouver-based developer of oil and gas properties in Africa, has acquired British firm Avana Petroleum Ltd. for approximately C$15 million. Vanoil is a portfolio company of Canadian private equity investor Pinetree Capital Corp., which focuses on natural resource sectors.

Copyright PEI Media

Not for publication, email or dissemination