Private Equity Venture Capital M&A Updates – May 16, 2013

Thursday, May 16, 2013 send an anonymous tip Highlights: Severn Trent rejects Borealis, KIO, USS' £5 billion takeover overtures Fairfax Financial to acquire Hartville Group Vanedge Capital funds spinout of OpenGeo from OpenPlans Severn Trent rejects Borealis, KIO, USS' £5 billion takeover overtures Severn Trent PLC (LSE: SVT) has rejected a takeover proposal from a consortium comprised of Borealis Infrastructure Management Inc. (Borealis), Kuwait Investment Office (KIO) and Universities Superannuation Scheme Limited (USS). The proposed deal value by the consortium is reportedly to be £5 billion. Svern Trent stock closed at £18.25 on May 13, 2013 with market cap of £4.36 billion (238,703,536 ordinary shares outstanding), which would translate into a 15% premium offered by the consortium. Svern Trent stock closed at £20.90 with a market cap of almost £5 billion. Read online Fairfax Financial to acquire Hartville Group Fairfax Financial Holdings Limited (TSX: FFH, FFH.U) has agreed to acquire Hartville Group, Inc., a portfolio company of Islandia, L.P. and Midsummer Investment, Ltd., for undisclosed amount. Upon closing, Canton, Ohio based Hartville will become wholly-owned by Crum & Forster's United States Fire Insurance Company. The transaction is expected to ... Read online Global Alumina to sell Guinea Alumina interest to DM GAV for $38 million Global Alumina Corporation (TSX: GLA.U) has signed a share purchase agreement with DM GAV Limited, a company established and owned equally by Mubadala Development Company PJSC and Dubai Aluminium, to sell all of Global Alumina's interests in Guinea Alumina Corporation Limited to DM GAV for US $38 million. Read online PIRET closes $358.5 million GE Capital portfolio acquisition from Slate Pure Industrial Real Estate Trust (PIRET) (TSX: AAR.UN) has completed its previously announced acquisition of 59 industrial properties (Portfolio) for $358.5 million, representing a going-in capitalization rate of approximately 6.33%. Pure Industrial Real Estate Trust acquired the 59 industrial properties from Slate Acquisitions Inc. who simultaneously acquired the 59 industrial properties and a portfolio of office properties from GE Capital Canada. The 59 properties were owned directly by GE Real Estate Equity Partnership. Read online Chartwell to sell seven non-core U.S. properties to Brookdale for $80.9 million Chartwell Retirement Residences (TSX: CSH.UN) has agreed to sell a portfolio of seven seniors living communities comprised of 613 suites located in Arizona, Georgia, Louisiana, Oklahoma and Alabama to an affiliate of Brookdale Senior Living Inc., a current manager of six of these properties, for US $80.9 million. Read online Oryx Petroleum completes $250.5 million IPO Oryx Petroleum Corporation Limited (TSX: OXC) has closed its proposed initial public offering (IPO) of 16,700,000 common shares at $15.00 per common share for gross proceeds of $250,500,000. The Addax and Oryx Group Limited (AOG) and its affiliates, through direct and indirect ownership, remain the majority shareholder of Oryx Petroleum and beneficially own, control or direct 76,315,679 common shares representing approximately 76.6% of the common shares on a fully diluted basis. Read online Vanedge Capital funds spinout of OpenGeo from OpenPlans OpenGeo, the creators of the OpenGeo Suite, has secured $3 million in Series A funding from Vanedge Capital. Simultaneous with the funding event, the company has spun out from its incubator parent, OpenPlans, which founded OpenGeo in 2002. Read online Auvik Networks secures $6 million venture financing Auvik Networks Inc., developer of Software Defined Networking (SDN) automation platform, has secured a $6 million first round of financing from Celtic House Venture Partners, Rho Canada Ventures, BDC Venture Capital IT Fund and its founders. Auvik Networks' founders include Marc Morin (ex-Founder/CTO of both PixStream and Sandvine), David Yach ... Read online iotum acquires Freeconference.com from American Capital iotum, a portfolio company of Verdexus Inc. and the operator of the popular and versatile teleconferencing service Calliflower.com for small business, has acquired all of the assets of Global Conference Partners (GCP), a portfolio company of American Capital, Ltd. (NASDAQ: ACAS). Financial terms were not disclosed. Read online

Private Equity Venture Capital M&A Updates – May 15, 2013

Wednesday, May 15, 2013 send an anonymous tip Highlights: Atlantic Canada Regional Venture Fund launched as Build Ventures Ron Mock succeeds Jim Leech as CEO of Ontario Teachers’ Pension Plan (OTPP) BioAmber completes $80 million IPO on NYSE Atlantic Canada Regional Venture Fund launched as Build Ventures Build Ventures, formerly known as Atlantic Canada Regional Venture Fund, has officially launched and is actively seeking investment opportunities throughout the Atlantic provinces. The idea for a regional venture capital fund was brought forward in 2010 by Nova Scotia Premier Darrell Dexter and the fund was spearheaded by Innovacorp. Nova Scotia’s $15-million commitment to the fund has been leveraged to $48.5 million. The other investors are New Brunswick ($15 million), Prince Edward Island ($2.5 million), BDC Venture Capital ($10 million), Technology Venture Corp. ($5 million), and the fund managers ($1 million). Build Ventures is looking to raise additional private sector investment in the coming months to bring the fund size in the range of $50-$60 million. Patrick Keefe-Rob BarbaraPartners, Patrick Keefe and Rob Barbara will manage the fund. Read online Ron Mock succeeds Jim Leech as CEO of Ontario Teachers' Pension Plan (OTPP) Ontario Teachers' Pension Plan (Ontario Teachers' or OTPP) has named Ronald W. Mock, currently SVP of Fixed Income and Alternative Investments, as its new President & CEO, succeeding Jim Leech effective January 1, 2014. Leech is retiring December 31, 2013 after more than 12 years at Teachers', the last six as CEO. Mock joined Ontario Teachers' in 2001 as Director of Alternative Investments. He was promoted to Vice-President later that year, a position he held until 2008, when he was promoted to SVP, assuming responsibility for all fixed income assets and strategy as well as alternative investments and hedge funds. Mock was formerly CEO of Phoenix Research Trading and Corporation and was reprimanded by OSC in 2003 for failing to supervise trader Stephen Duthie in leading to the collapse of Phoenix Hedge Fund Limited Partnership in 2000. Read online Palisade and Northleaf acquire 75% of EnergyAustralia's Waterloo Wind Farm Palisade Investment Partners and Northleaf Capital Partners have entered into a definitive agreement to acquire from EnergyAustralia 75% majority shareholding in the 111MW Waterloo wind farm, near Clare, South Australia. Under agreement, Palisade and Northleaf have acquired a 75% equity interest in the operational wind farm, simultaneously with a re-financing of ... Read online Fulcrum Capital Partners acquires stake in Tradesmen Enterprises Fulcrum Capital Partners, a middle-market private equity, mezzanine and bridge financing firm, has invested $20 million in Tradesmen Enterprises Limited Partnership, a leading facility and pipeline construction contractor with a particular focus on modular fabrication. Founded in 2006, Grande Prairie, Alberta based Tradesmen Enterprises is one of the Peace Region's ... Read online Lynx Equity secures debt financing from TD Bank Lynx Equity Limited with the assistance of Cranson Capital Solutions has arranged a bank facility with the Toronto-Dominion Bank (TD) in connection with its recent acquisition of Superior Road Products. This financing will facilitate Lynx's continued growth in 2013. "We are very pleased to be entering into this partnership," commented ... Read online Riverstone and AES pull plug on Silver Ridge Power IPO on TSX Silver Ridge Power Inc., a company owned by Riverstone Holdings LLC and The AES Corporation (NYSE: AES), has withdrawn its proposed initial public offering (IPO) "due to market conditions." Silver Ridge Power filed a preliminary prospectus in connection with the proposed IPO and secondary offering (upon exercise of the over-allotment ... Read online Prospect Capital funds $150 million dividend recap of Arctic Glacier by H.I.G. Capital Prospect Capital Corporation (NASDAQ: PSEC) has provided a $150 million senior secured term loan to support the recapitalization of Arctic Glacier, Inc., owned by H.I.G Capital, LLC. Arctic Glacier is a leading producer, marketer, and distributor of high-quality packaged ice to consumers in the United States and Canada. Read online Curis closes $6 million financing with Sino-Canada and Sino Canada Funds Curis Resources Ltd. (TSX: CUV) has completed its previously announced $6 million non-brokered private placement financing with Sino-Canada Natural Resources Fund I and Sino Canada Zheshang Mining Investment Limited. Curis has issue 6,818,182 common shares at a price of $0.88 per share, in equal portions to Sino-Canada Natural Resources Fund ... Read online BioAmber completes $80 million IPO on NYSE BioAmber Inc. (NYSE: BIOA.U) have completed its previously announced initial public offering (IPO) of 8,000,000 units consisting of one share of common stock and one warrant to purchase half of one share of common stock at US $10.00 per unit for gross proceeds of $80 million. BioAmber has previously priced the IPO between $15 to 17 per share for gross proceeds of up to $136 million. Read online TheraVitae to go public in $25 million reverse take-over (RTO) transaction Technical Ventures RX Corp. (TSX-V: TIK.P), a capital pool company, has entered into a Letter of Intent (LOI) regarding a proposed Qualifying Transaction (QT) with TheraVitae Inc. (TVI) With offices in Toronto and Ness Ziona, Israel, privately held TheraVitae, through Hemostemix Ltd., operates as a clinical-stage biotech company focused on developing, ... Read online Zoove raises $15 million in Series E from Rogers Venture Partners, Panorama Capital Zoove Corp. has raised $15 million in Series E funding from existing series D investors, Rogers Venture Partners and Panorama Capital, along with additional investment from the company's early stage investors, Worldview Technology Partners and Highland Capital. Zoove is the exclusive provider of StarStar and StarStarMe, a unique mobile phone number ... Read online Bill Wells and Greg Gubitz re-requisition Bioniche special meeting to replace directors William (Bill) M. Wells, former CEO of Biovail Corporation, and Greg Gubitz, former General Counsel and SVP of Corporate Development at Biovail, have filed a second requisition calling for a special meeting of the shareholders of Bioniche for purpose of replacing the board. The replacement directors are nominated: Wells, Gubitz, J. ... Read online

Private Equity Venture Capital M&A Updates – May 14, 2013

Tuesday, May 14, 2013 send an anonymous tip Highlights: JMI backed Halogen prices $55.2 million IPO and Secondary offering Camcor Partners final closes $350 million Camcor Energy Fund VII PowerDisc secures new private financing JMI backed Halogen prices $55.2 million IPO and Secondary offering Halogen Software Inc. has priced its previously announced initial public offering (IPO) and con-current secondary offering by JMI Equity. Halogen Software will issue 4,800,000 common shares, 4,365,218 common shares by Halogen and 434,782 common shares by JMI Equity Fund VI, L.P., at $11.50 per share for gross proceeds of $55.2 million, with $50.2 million going to Halogen and $5 million to JMI Equity. Following the sale, JMI Equity will continue to own 4,234,148 Halogen share (20%) valued at approximately $48.7 million. If JMI Equity were to liquidate its whole holding at closing, it would reap an internal rate of return (IRR) of 29.3%. Read online Camcor Partners final closes $350 million Camcor Energy Fund VII Camcor Partners has reportedly closed its oversubscribed seventh fund, Camcor Energy Fund VII, at its hard cap of $350 million. Camcor Partners, commenced fundraising for Camcor Energy Fund VII, which consists of Camcor Energy Fund VII-A LP and Camcor Energy Fund VII-B LP, in October 2012. With the closing of Fund VII, Camcor Partners has now raised $1 billion over its 16-year history since 1997. Champlain Advisors, LLC acted as placement agent for Camcor Partners. The OPSEU Pension Trust (OPTrust), one of the lead investors, through OPTrust Energy Fund I Inc. committed ... Read online Bioniche retains Evercore Partners to sell Animal Health Business Bioniche Life Sciences Inc. (TSX/ASX: BNC) has engaged Evercore Partners to assist the board of directors and management in its divestment of the Animal Health business. This decision to divest the Animal Health business was taken following several months of discussion between the board of directors and management related to ... Read online Softchoice calls special meeting to approve $412 million Birch Hill privatization arrangement Softchoice Corporation (TSX: SO), formerly a portfolio company of Ontario Teachers' Pension Plan, has called a special meeting of shareholders to approve previously announced proposed plan of arrangement, pursuant to which Goliath Acquisition Inc., a newly incorporated corporation owned by Birch Hill Fund IV, will acquire, directly or indirectly, all ... Read online Second Wave closes Brookfield Bridge Lending Fund financing Second Wave Petroleum Inc. (TSX: SCS) has closed its previously announced debenture financing, pursuant to which it has issued to Brookfield Bridge Lending Fund Inc., the controlling shareholder, a $17.5 million principal amount 7.5% secured convertible debenture for net proceeds of $17,325,000 after payment of the 1% commitment fee. ... Read online Royal Nickel closes Red Kite (RK) Mine Finance $15 million royalty financing Royal Nickel Corporation (TSX: RNX) has closed the previously announced royalty purchase agreement with RK Mine Finance (Red Kite). As per the terms of the agreement, Royal Nickel has received $15 million from Red Kite in exchange for 1% Net Smelter Return (NSR) Royalty in the Dumont Nickel Project. Read online Canada Natural Resources Fund invests in Curis Resources Curis Resources Ltd. (TSX:CUV) has arranged a $6 million non-brokered private placement financing, pursuant to which Curis will issue 6,818,182 common shares at a price of $0.88 per share, in equal portions to two unrelated subscribers, Sino-Canada Natural Resources Fund I and Sino Canada Zheshang Mining Investment Limited. Read online TMX Group announces director election TMX Group Limited (TSX: X) said the nominees listed in the management proxy circular for the 2013 Annual and Special Meeting of Shareholders have all been elected. Voting results held at the Annual and Special Meeting on Friday May 10, 2013 in Toronto: Read online PowerDisc secures new private financing PowerDisc Development Corporation Ltd, a developer of fuel cell technology solutions, has secured a new round of private financing, raising $Subscribe to View from a group of private investors. Vancouver based PowerDisc is a developer of advanced fuel cell technologies that harness the power of eFlow™. eFlow™, a patented technology used in fuel cell plates to optimize gas flow and water removal, ... Read online Tao Liu, Sino-Canada Fund Managing Partner, joins Pacific Potash as co-Chairman Pacific Potash Corporation (TSX-V: PP; OTCQX: PPOTF; FSE: P9P) has appointed Tao Liu as co-Chairman and director of the company. To make room for Liu, Dean Pekeski has resigned from the board of directors. Pekeski will continue as an advisory board member and a consultant for technical matters as required. Read online ÉTS and McGill launch Quartier de l'innovation (QI) The École de technologie supérieure (ÉTS) and McGill University have officially launched the Quartier de l'innovation de Montréal (QI), designed to be a real living laboratory where organizations, researchers, citizens, companies and students will work together to enhance Montreal's potential for creativity and innovation. The QI is located just steps away from downtown Montreal, in an area that includes mainly Griffintown, Pointe-St-Charles, and St-Henri/Little Burgundy. Read online

Private Equity Venture Capital M&A Updates – May 13, 2013

Monday, May 13, 2013 send an anonymous tip Highlights: York Capital to acquire Primus Canadian and US retail operations for $129 million The Gores Group closes acquisition of D+H's Outsourcing Business Units Layer 7 to be acquired by CA Technologies for $155 million York Capital to acquire Primus Canadian and US retail operations for $129 million Primus Telecommunications Group, Incorporated (PTGi) (NYSE: PTGI) has agreed to sell its North American retail telecommunications operations in the US and Canada to affiliates of York Capital Management, for approximately US $129 million. Subject to PTGi stockholder approval and regulatory approvals, the transaction is expected to close by the third quarter of 2013, with the exception of the closing of the sale of its PTI subsidiary which is expected to occur subsequent to the third quarter. One of the largest alternative consumer service providers in Canada based on net revenue, PTGi's retail telecommunications operations in Canada provides international and domestic long-distance voice, ... Jefferies LLC and BMO Capital Markets act as exclusive financial advisor to the Special Committee of PTGi and York Capital respectively. Read online The Gores Group closes acquisition of D+H's Outsourcing Business Units The Gores Group, through The Gores Small Capitalization Partners, L.P., has completed the acquisition of three business units in Canada from the Davis + Henderson Corporation (D+H) (TSX: DH) for undisclosed amount. D+H said the terms of the transaction is not considered material. The Gores Small Capitalization Partners, L.P. is a US $300 million 2012 vintage fund. Davis + Henderson reported $24.05 million in assets held for sale for the three units. For the three months periods ended March 31, 2013, the three units reported revenues of ... Read online Kelso & Company extends $263 million EACOM Timber offer to June 14, 2013 EACOM Timber Corporation (TSX-V: ETR) and Kelso & Company jointly announced that ET Acquisition Corporation, a corporation indirectly owned by funds managed by Kelso, has extended the expiry time of the offer to acquire all of the common shares of EACOM for $0.38 in cash per common share until 5:00 ... Read online Harbour Equity holds 1st closing for Joint Venture Real Estate Fund Harbour Equity Capital Corp. has held a first close of the $35 million Harbour Equity Joint Venture Development Fund. Harbour Equity Joint Venture Development Fund will provide equity capital to experienced mid-size developers across Canada by way of joint venture for new developments and redevelopments where value-add opportunities exist. ... Read online Valeant Pharmaceuticals seeks shareholder approval of continuance to BCBCA Valeant Pharmaceuticals International, Inc. (NYSE/TSX: VRX) has provided additional information related to the proposal to continue Valeant into British Columbia under the British Columbia Business Corporations Act (BCBCA). The continuance, among others, is being presented for shareholder approval at Valeant's 2013 Annual Meeting of Shareholders to be held on Tuesday, May ... Read online Vicwest's Westeel acquires PTM Technology Westeel, a division of Vicwest Inc., has acquried PTM Technology of Este, Italy. Financial terms were not disclosed. Founded in 1994, PTM Technology engineers, designs and manufactures a broad range of automated grain handling systems including chain, bucket and belt conveyors, grain sampling and dust collection equipment. PTM's highly engineered, value-added ... Read online Layer 7 to be acquired by CA Technologies for $155 million On April 22, 2013, CA Technologies (NASDAQ: CA) announced the entering into an agreement to acquire Layer 7 Technologies, for an undisclosed amount. CA has now disclosed it is paying US $155 million for Layer 7 Technologies. The acquisition is expected to close by June 2013. Read online Fedora Pharmaceuticals secures financing Fedora Pharmaceuticals Inc., a private biotechnology company developing a portfolio of β Lactamase inhibitors, has secured a round of financing, raising $Subscribe to View Founded by CEO Christopher Micetich, Edmonton based Fedora Pharmaceuticals Inc. is dedicated to the discovery and development of novel antibiotics ... Read online 500 Startups backs moj.io moj.io, the first open platform for car apps, has secured a $Subscribe to View seed add-on investment from 500 Startups, an early-stage seed investor and incubator. LaBarge Weinstein LLP acts as legal counsel to moj.io. North Vancouver based moj.io offers cloud-based technologies for cars, ... Read online

Private Equity Venture Capital M&A Updates – May 10, 2013

Friday, May 10, 2013 send an anonymous tip Highlights: Chefs' Warehouse acquires Fulcrum Capital Partners' Qzina Specialty Foods Onex boosts quarterly dividend by 36% to $0.0375 PerspecSys secures $12 million Series B financing led by Paladin and Ascent Chefs' Warehouse acquires Fulcrum Capital Partners' Qzina Specialty Foods The Chefs' Warehouse, Inc. (NASDAQ: CHEF) through The Chefs' Warehouse Pastry Division Canada ULC, has acquired Qzina Specialty Foods North America Inc., a portfolio company of Fulcrum Capital Partners, for $32.7 million in cash. Sellers include Fulcrum Capital Partners managed PEF funds and management shareholders. Subscribe to View Lawson Lundell LLP and Bass, Berry & Sims PLC acted as legal counsel to Fulcrum Capital Partners and The Chefs' Warehouse respectively. ... Fulcrum Capital Partners, formerly HSBC Capital Canada, invested in Qzina in 2005. Qzina acquired Ambassador Fine Foods in late 2006 to become he largest distributor of chocolate and pastry ingredients in North America. Read online Onex boosts quarterly dividend by 36% to $0.0375 Onex Corporation (TSX: OCX) said its board of directors has approved a 36% increase in the quarterly dividend to $0.0375 per Subordinate Voting Share, reflecting its success and ongoing commitment to its shareholders. The increased dividend is payable on July 31, 2013 to shareholders of record on July 10, 2013. Read online Frontier Networks acquires 10.4% of Radiant Communications shares Frontier Networks Inc., through 2104587 Ontario Inc., has acquired 1,576,600 common shares in Radiant Communications Inc. (TSX-V: RCN), represent approximately 10.42% of Radiant outstanding common shares. No information was provided on the sellers. Luigi Calabrese, President of Frontier, said these shares have been acquired to support its previously announced proposed $1.00 per ... Read online Dubai's MAUSER acquires ARMCO Industries MAUSER AG, a portfolio company of Dubai International Capital Private Equity, has expanded its Canadian presence with the acquisition of ARMCO Industries Inc. from Nick Armenti for undisclosed amount. Vaudreuil-Dorion, Québec based ARMCO is a distributor of industrial packaging and accessories. ARMCO Industries operations and facilities have been consolidated into ... Read online Royal Nickel secures $15 million royalty financing from Red Kite's RK Mine Finance Royal Nickel Corporation (TSX: RNX) has signed a royalty purchase agreement with RK Mine Finance (Red Kite). Under the terms of the agreement, Red Kite will acquire a 1% Net Smelter Return (NSR) Royalty in the Dumont Nickel Project for a purchase price of $15 million. Read online IFC to lead Sama Resources $2.565 million financing IFC, a member of the World Bank Group, has agreed to invest $1.3 million in Sama Resources Inc. (TSX-V: SME) as part of $2.565 million unit offering. IFC will subscribe 6,500,000 units, of the 12,825,000 units being offered by Sama, at $0.20 per unit for investment of $1.3 million. Read online US VC backed MethylGene to reincorporate in US as Mirati Therapeutics MethylGene Inc. (TSX: MYG) said its board of directors, after careful analysis, consideration and advice from its legal, tax and accounting advisors, has unanimously approved a proposal to change MethylGene's jurisdiction of incorporation from the federal jurisdiction of Canada to the State of Delaware in the United States by way ... Read online NetSuite acquires venture-backed OrderMotion NetSuite Inc. (NYSE: N), a provider of cloud-based financials/ERP software suites, has acquired OrderMotion Inc., a provider of order management solutions for undisclosed amount. The acquisition of OrderMotion's cloud-based Direct-to-Consumer (D2C) Order Management capabilities add to NetSuite's cloud-based industry-leading order management system, ... Read online PerspecSys secures $12 million Series B financing led by Paladin and Ascent PerspecSys Inc., a provider of cloud data protection solutions for the enterprise, has raised $12 million in Series B funding co-led by Paladin Capital Group and Ascent Venture Partners, and joined by return backer Intel Capital and other existing institutional investors (i.e. GrowthWorks GrowthWorks Commercialization Fund and MaRS Investment Accelerator Fund). ... Read online SoMedia Networks secures bridge financing SoMedia Networks Inc., a developer and operator of cloud-based video content production platforms and video production services, has secured a $[Subscribe to View. Backed by McAllister Holdings Ltd., Difference Capital Funding Inc. (TSX-V: DCF), and private investors, SoMedia Networks has recently filed a preliminary prospectus ... Read online BDC Venture Capital supports DFAIT Canadian Tech Accelerator expansion in US BDC Venture Capital has entered into a strategic partnership with the Department of Foreign Affairs and International Trade (DFAIT) to expand the Canadian Technology Accelerator (CTA) program in the United States. The partnership will enable further development of new accelerators in Boston, New York City, San Francisco and Philadelphia. The initial ... Read online