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Canadian Private Market Recap: Aug 23

  • Posted By: Andrea Banerjee

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Last week it was announced that Brookfield Infrastructure Partners will make an $8.84 billion acquisition of Australian Rail Fright Firm, Asciano Ltd. Upon completion, the deal will be one of the largest in history involving the acquisition of an Australian target firm by an overseas investor. In financing news, Canadian companies City Wide Towing and Alliance Corporation both secured investments from private equity partners to fund continued growth. Here are the major deals of the week:

Germany’s MANN+HUMMEL Acquires Affinia Group
Brookfield Will Purchase Australian Rail Freight Firm for $8.84 Billion
C.B. Hoare Auto Parts Acquired by Uni-Select
Ironbridge Equity Partners invests in Alliance Corporation
Capital Vision Services Secures Funding from Atlas Partners and Caisse de Depot
Signal Hill Equity Partners Invest in City Wide Towing
TA Associates Invests in Plusgrade

 

M&A

Germany’s MANN+HUMMEL Acquires Affinia Group

MANN+HUMMEL, a provider of global filtration solutions based in Ludwigsburg, Germany has acquired the OMERS-backed Affinia Group. Affinia is a leader in manufacturing and distribution of industrial products including aftermarket automotive parts. The company operates across North and South America, Europe and Asia and is based in Ann Abor, Michigan. It is backed by Cypress Group, OMERS and Northwestern Mutual. “Our agreement with MANN+HUMMEL continues us along a path that has guided us for 75 years – a commitment to innovative solutions and high-quality filtration products,” said Keith Wilson, President and Chief Executive Officer of Affinia Group. “We are excited to align our technologies and capabilities to provide our customers, employees and partners with unparalleled excellence and opportunity.”

Brookfield Will Purchase Australian Rail Freight Firm for $8.84 Billion

Brookfield Infrastructure Partners said that it will purchase Asciano Ltd for around A$12 billion ($8.84 billion). Under the terms of the transaction, Asciano’s shareholders will receive A$6.94 in cash and $2.21 in Brookfield Infrastructure Ltd Partnership units for every share held. Brookfield Infrastructure Partners was established by Brookfield Asset Management (BAMa.TO), a global asset manager with over $200 billion of managed assets. This acquisition, once complete, will be the seventh largest purchase of an Australian target firm by an overseas acquirer. It marks the growing demand for Australian infrastructure.

 

C.B. Hoare Auto Parts Acquired by Uni-Select 


Uni-Select Inc. (TSX:UNS) has completed the purchase, through one of
its subsidiaries, of the assets of C.B. Hoare Auto Parts Limited. The financial details of the transaction were not disclosed. Uni-Select distributes automotive products in Canada as well as paint products in the United States. C.B. Hoare Auto Parts, an auto parts wholesaler based in Nova Scotia, is its long-time customer. Uni-Select has 13 distribution centres and 189 corporate stores. The transaction will solidify its presence in Atlantic Canada. "We are proud to have this long timeUni-Select member continue to serve Ports Hawksbury, Antigonish and New Glasgow markets," stated Gary O'Connor, President and Chief Operating Officer,Automotive Canada."This acquisition fits our strategy to support ourUni-Select customers with succession planning while building a complementary corporate store network in Canada," added Henry Buckley, President andChief Executive Officer, Uni-Select Inc.


Financing

Ironbridge Equity Partners invests in Alliance Corporation

Ironbridge has announced that it made an investment in Alliance Corporation, a distributor of wireless products and services. Alliance Corporation is based in Mississauga, Ontario and is a widely recognized service provider for cables, antennas, kitting, and assemblies. The company has been integral to the industry of telecommunications infrastructure in Canada. The amount of the investment was not disclosed. “The wireless and broadband infrastructure sector has experienced significant growth in recent years driven by ongoing expansion and upgrading of networks in order to meet the accelerating data demands of consumers, and businesses,” said Ron Moss, President of Alliance. “The Ironbridge partnership comes at an opportune time in our Company’s history to pursue and capitalize on these favorable industry dynamics.”

Capital Vision Services Secures Funding from Atlas Partners and Caisse de Depot

Capital Vision Services LP has received an undisclosed amount of equity funding led by investors Atlas Partners and Caisse de depot et placement du Quebec. Capital Vision is a leading provider of management services that span finance, marketing, HR and accounting for optometry practices. It operates 165 locations in the United States. Financial details of the investment were not disclosed. David Sheffer, Executive Vice President of Corporate Development at CVS, said, “We appreciate Altas and CDPQ’s confidence in CVS and our affiliated MyEyeDr. optometry practices. This new investment underscores the strength of CVS’ financial position and market leadership, providing further capital as we pursue acquisitions and bring more outstanding optometrists into the MyEyeDr. family of affiliated practices around the country.”

Signal Hill Equity Partners Invest in City Wide Towing

Alberta’s City Wide Towing received an investment from Canadian PE firm Signal Hill Equity Partners last week. City Wide Towing is based in Calgary, Alberta and is a leading provider of towing, lockouts, boosting equipment transport, fuel delivery, and other recovery services. The company manages a fleet of over 90 trucks and services auto dealerships, municipalities, auto clubs and insurance companies. Financial details of the investment were not disclosed. “We are pleased to have Signal Hill join the City Wide team,” said Rob Voelk, CEO, City Wide. “Their financial and operational expertise will enhance our ability to provide quality service to our existing customers and facilitate our growth nationally. Their passion for the Company and its people is refreshing to see and we look forward to working with them.”

TA Associates Invests in Plusgrade

TA Associates has completed an investment of an undisclosed amount in Plusgrade. Plusgrade has offices in Montreal and New York, and is a SaaS provider for airlines. The company sells its software platform, which helps airlines to boost high margin revenue from unsold inventory and improve customer experience, to 35 premiere airlines. “We are very pleased to have TA Associates as an investor and to welcome them to our Board as we enter this next phase in the evolution of Plusgrade,” said Ken Harris, Founder and CEO, Plusgrade. “Ancillary revenue and merchandising is now a key component of every airline’s core strategy, and with the aid of an experienced investor like TA, we are confident we can continue to innovate, lead and build upon the meaningful revenue streams and enhanced customer experiences for which our signature solutions are known.”

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