Blog

Canadian Private Market Recap: June 26

  • Posted By: Ari Cuperfain

  • |
  • Comments: 0

Rogers Communications dominated the Canadian private market M&A stage last week with the purchase of Mobilicity for $465 million. The cleantech industry was also active, with BluEarth purchasing a fourth power plant from Canadian Solar, and receiving an add-on investment from OTPP. Lastly, two private equity firms Acasta Enterprises and Crown Capital Partners look to raise funds through IPOs. Here are the major deals of the week:

Rogers and Mobilicity Reach $465 Million Agreement
Canadian Solar’s LunarLight Power Plant Acquired by BluEarth Renewables for $65 Million
OTPP Purchases Additional Stake in BluEarth Renewables
La Maison Cannelle to be Acquired by Trussbridge Investments
Pioneer Energy to be Acquired by Parkland Fuel Corp
Allana Potash to be Acquired by Israel Chemicals
Espial Announces Acquisition of Bluestreak Technologies
Acasta Enterprises Seeks $275 Million IPO
Crown Capital Partners Plans $400 Million Financing Through IPO and Fundraise

M&A
Rogers and Mobilicity Reach $465 Million Agreement

Rogers Communications Inc (TSX: RCI-B) has agreed to purchase wireless carrier Mobilicity. Rogers will pay $440 million for the acquisition and will assume $25 million in net negative working capital, for a total consideration of $465 million. Mobilicity is a cellular services provider to approximately 155,000 customers in Toronto, Ottawa, Calgary, Edmonton and Vancouver. The purchase includes the sale of spectrum airwaves covering Ottawa and eastern Ontario to Wind Mobile. Rogers will also pay $100 million in the purchase of unused spectrum licenses from Shaw Communications Inc. Anthony Booth, President of Mobilicity said, “Rogers ensures certainty of service for Mobilicity customers, provides a great network, national coverage and high quality products and services. At the same time, Mobilicity employees will have the opportunity to work at a great Canadian company in Rogers.”

Canadian Solar’s LunarLight Power Plant Acquired by BluEarth Renewables for $65 Million

On Tuesday, an affiliate of BluEarth Renewables Inc. competed the purchase of the LunarLight solar power plant from Canadian Solar Inc. (NASDAQ: CSIQ). The 10 MW Belleville, ON plant was sold for $65 million, the fourth plant sold by Canadian Solar to BluEarth thus far. Based in Calgary, AB, BluEarth develops and produces renewable energy in North America including wind, solar and hydroelectric power plants. Canadian Solar is based in Guelph, ON and is involved in the manufacturing and installation of solar energy solutions worldwide. On the deal, Dr. Shawn Qu, Chairman and CEO of Canadian Solar said, "We are pleased to announce the closing of the fourth utility-scale solar power plant to BluEarth Renewables, a private independent renewable power producer. The completion of the LunarLight project underscores Canadian Solar's position as a global energy provider in the Ontario landscape. We take great pride in the diverse project portfolio that we have built in North America." 

OTPP Purchases Additional Stake in BluEarth Renewables

The Ontario Teachers’ Pension Plan has announced its intentions to buy all outstanding shares of BluEarth Renewables Inc., currently owned by ARC Financial Corp. and other minority investors. OTPP has been a lead investor in BluEarth since its establishment in 2010. The financial terms of the add-on investment were not disclosed. Based in Calgary, AB, BluEarth develops and produces renewable energy in North America including wind, solar and hydroelectric power plants.

La Maison Cannelle to be Acquired by Trussbridge Investments

La Maison Cannelle has entered into an agreement to be acquired by a consortium of Middle East investors led by Trussbridge Investments. The financial terms of the transaction were not disclosed. La Maison Cannelle produces and markets specialty food products including gluten-free bread products. It is based in Richmond, QC. Trussbridge is a financial services firm headquartered in the United Arab Emirates focused on connecting businesses with capital between North America and the Middle East. Regarding the acquisition of La Maison Cannelle, Trussbridge Co-Managing Director Samer A. Katerji said, “We believe the Agri-Food sector, or more precisely the health and wellness food segment, represents a highly compelling opportunity. La Maison Cannelle is an attractive business with solid fundamentals and we are pleased to support its ambitious expansion plans, including entry into the US market as well as the Middle East at a later stage.”

Pioneer Energy to be Acquired by Parkland Fuel Corp

Parkland Fuel Corporation (PKI.TO) will buy fuel retailer Pioneer Energy for $378 million. Parkland Fuel delivers petroleum products to consumers and wholesaler customers in Canada and the U.S, and is co-owned by The Pioneer Group and Suncor Energy Inc. Pioneer encompasses 393 gas stations throughout Ontario and Manitoba and distributes 5.1% of total retail fuel in Canada. The Pioneer Group will receive $76 million of the total consideration in cash and $119 million in common shares of Parkland Fuel. Suncor will receive $183 million in cash.

Allana Potash to be Acquired by Israel Chemicals

Allana Potash Corp. (TSX: AAA) has announced that Israel Chemicals Ltd. (NYSE: ICL) intends to purchase all outstanding shares in the company. Allana shareholders will receive $0.50 per share, culminating in a $137 million transaction. Allana, headquartered in Toronto, ON, acquires and develops potash properties, focusing primarily on Ethiopian resources. Israel Chemicals is a specialty minerals company based in Tel Aviv, Israel. Its Fertilizers and Industrial Products divisions develop and market potash products.

Espial Announces Acquisition of Bluestreak Technologies

Espial Group Inc. (TSX: ESP) announced last week the strategic acquisition of Bluestreak Technologies. The terms of the transaction were not disclosed. Based in Ottawa, ON, Espial provides solutions for video service providers for broadcasting and transmitting digital videos. Bluestreak is a video software and service provider based in Montreal, QC, specializing on providing video solutions to a variety of consumer devices. CEO of Bluestreak, Erick Lamarche said, “We’re excited to join Espial, whose focus on enabling compelling viewing experiences for network operators and consumer devices is consistent with our own. With customers ranging from leading Pay TV operators to major electronics brands worldwide, Espial brings scale, solutions, and global services which will benefit Bluestreak’s customers now and in the future.” 

Financing
Acasta Enterprises Seeks $275 Million IPO

Acasta Enterprises Inc. is looking to raise $275 million through an upcoming Toronto IPO. The firm is focused on acquiring companies valued between $1-2 billion in enterprise value. Acasta is managed by a highly reputable team, including Anthony Melman (formerly Onex Corp.) and Belinda Stronach (Stronach Group).

Crown Capital Partners Plans $400 Million Financing Through IPO and Fundraise

Private equity firm Crown Capital Partners has filed a prospectus to launch an IPO on the Toronto Stock Exchange. The firm plans to raise around $100 million through the sale of common shares, and is also looking to raise an additional $300 million through its new fund, Crown Capital Fund IV. Well known as a provider of mezzanine financing to middle market growth companies, the firm is looking to expand its service offerings to include equity investments and non-sponsored deals. Based in Calgary, AB, Crown Capital is led by President and CEO Chris Johnson and Executive Vice President Brent Hughes.

Never miss an update. Subscribe to our mailing list through our Subscription Page.

Add A Comment

Confidentiality and Communications Protocols

Continue Reading

Sign Up to Receive Valitas Publications

Subscribe