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Canadian Private Market Recap: May 18

  • Posted By: Ari Cuperfain

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  • Comments: 0

Last week’s activity in the Canadian private market included a number of cross-border acquisitions and a private equity-backed private placement. Here are the major deals for the week.

M&A

Omega Insurance Holdings Acquired by Till Capital

Till Capital Ltd. (TSX-V: TIL) has completed its acquisition of Omega Insurance Holdings Inc. along with its subsidiary companies. The transaction was valued at $14.7 million and up to an additional $1 million for transactions in process. Omega is based in Toronto and offers cost-effective solutions for insurers and reinsurers in transition. Till Capital is a Bermuda-domiciled reinsurance company. According to Till Capital Chairman and CEO William M. Sheriff, “This foundation for growth provides a unique platform combining a proprietary equity and investment strategy with an insurance company offering unique products and services. This acquisition represents a major step in solidifying our position in the insurance/reinsurance industry.”

Chem-Star Industries to be Acquired by PE-Backed Thorpe Specialty Services

Thorpe Specialty Services Corp. announced that it has acquired Chem-Star Industries Ltd. The financial terms of the deal were not disclosed. Chem-Star is based in Prince George, BC and serves the pulp & paper and chemical industries in both British Columbia and Alberta. Thorpe is headquartered in Houston, TX and provides a versatile array of industrial services and manufacturing. Last year Thorpe acquired another Canadian company, Clayburn Refractories Ltd., and Chem-Star will operate within the Clayburn parent company. Thorpe is a portfolio company of U.S. PE firm CapStreet Group.

Vicwest Acquired by Kingspan Group

Kingspan Group plc (ISE: KRX) completed its previously announced acquisition of Vicwest Inc. (TSX: VIC). The transaction was valued at approximately $278 million. Vicwest is based in Oakville, ON. It manufactures and distributes agricultural storage and handling systems as well as building construction products for agriculture, commercial, industrial and residential applications. Kingspan provides building products and solutions for the construction industry worldwide and is based in Ireland. In order for the sale to gain approval with the Canadian Competition Bureau, Kingspan must sell Vicwest’s insulated metal panels plant in Hamilton, ON. The plant will be sold to Winnipeg, MB-based Ag Growth International Inc. (TSX: AFN) for $221.5 million.

Commonwealth Silver and Gold Acquired by Marlin Gold

Marlin Gold Mining Ltd. (TSX-V: MLN) has completed its acquisition of Commonwealth Silver and Gold Mining Inc. The acquisition was valued at $11.25 million. Commonwealth controls approximately 3,900 acres of gold and silver mineral rights in Arizona, and it is headquartered in Toronto, ON. Marlin is based in Vancouver, BC, and is focused on acquiring, exploring and developing mineral properties in Mexico, with a concentration in gold and silver.

Financing

Shoes.com Raises $45 Million in Private Placement

Shoes.com has raised $45 million in a private placement transaction. The financing was raised principally from existing investors, which brought the valuation to $320 million. Shoes.com, based in Vancouver, BC, is an e-commerce company offering footwear and other apparel. The company is backed by Hardy Capital Partners, a Canadian private merchant bank that invests in high growth businesses. According to Roger Hardy, CEO of Shoes.com and head of Hardy Capital, “It’s been an exciting nine months for the team at Shoes.com. We are thrilled to see so many of our existing shareholders invest in this follow on round given our recent successes. We have been great stewards of capital in the past generating explosive returns for shareholders, and the overwhelming level of interest in this financing reaffirms investor confidence in this exciting growth project and world class team.”

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