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Canadian Private Market Recap: Oct 9

  • Posted By: Anan Sivapalu

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Earlier last week, Canadian Solar closed its acquisition of Ontario solar assets from KKR for $270 million. In financing news, Pearl Energy Investments and Natural Gas Partners contributed $123 million in equity to launch Wild Wind Petroleum. Here are the major deals of the week:

TorQuest Acquires Spinrite, Sentinel Exits
Québec investors wrap up $186 million acquisition of Manac
Canadian Solar buys Ontario solar assets from KKR for $270 million
PE-backed Big Rock Sports buys fishing tackle distributor KTL Canada
Wynnchurch Capital invests in strategic growth of Carson Air
Pearl and NGP provide $123 million to launch Wild Wind Petroleum

M&A

TorQuest Acquires Spinrite, Sentinel Exits

Last week, TorQuest completed its acquisition of Spinrite LP, the largest North American producer of consumer craft yarn products from Sentinel Capital Partners. The details of the transaction were not disclosed. Spinrite caters to the hobby markets through 4,000 SKUs and more than 100 product lines. Ryan Newell, the CEO of Spinrite added, “We are pleased that strong relationships with our retailer customers have allowed us to effectively interface with our end consumer in order to support and share in our retailer customers’ growth. We continue to see unique opportunities for the Company and are eager to pursue these initiatives along with our retailer partners and, now, TorQuest.”


Québec investors wrap up $186 million acquisition of Manac

The specialty trailer manufacturer, Manac, has been taken private by a consortium of investors led by Marcel Dutil, the company founder. The Dutil family partnered with the Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Investissement Québec and Fonds Manufacturier Québécois. The deal was valued at $186 million. The Dutil family stated that the “partners will play an important role in the new phase of Manac’s growth.” Manac was delisted from TSX on October 8th, 2015.

Canadian Solar buys Ontario solar assets from KKR for $270 million

Canadian Solar in (NASDAQ: CSIQ) has purchased Ontario based solar assets from Kohlberg Kravis Roberts & Co (KKR). Canadian Solar is a leading manufacturer of solar modules and a provider of solar energy solutions worldwide. The enterprise value of the deal was approximately $270 million. The newly acquired assets are located in Sault Ste. Marie, Ontario and are capable of producing 59.8 megawatts of AC. Shawn Qu, Chief Executive Officer of Canadian Solar, stated, “These projects will help round out our Canadian portfolio and are part of our strategy to own and operate projects.”

PE-backed Big Rock Sports buys fishing tackle distributor KTL Canada

Big Rock, backed by Bison Capital Asset Management, has acquired KTL Canada for an undisclosed sum. KTL Canada Inc. is a fishing tackle and outdoor recreation distribution company based in Mississauga, Ontario. The day-to-day operation of KTL is to remain intact and continued to be led by Shawn Glowka, Director of Operations. “With the acquisition of KTL Canada, our combined sales teams can provide manufacturers and customers alike with a national footprint, while maintaining regional tackle assortment expertise,” said Andy Melville, President of Big Rock Sports, Canada.

Financing


Wynnchurch Capital invests in strategic growth of Carson Air

Wynnchurch Capital has made an undisclosed equity investment in Carson Air. Carson Air Ltd., based out of Kelowna, B.C., provides fixed-wing air ambulance services, air cargo services and flight school training. Carson Air has been present in the region for over two decades. “With the support of Wynnchurch, Carson Air is well positioned to pursue strategic growth opportunities,” said Kevin Carson, President of Carson Air. Wynnchurch Managing Director, Morty White, stated that Carson Air provides an “ideal platform” that has potential to expand into adjacent markets and new services.

Pearl and NGP provide $123 million to launch Wild Wind Petroleum

Pearl Energy Investments and Natural Gas Partners have provided $123 million in equity financing to launch Wild Wind Petroleum Inc. Wild Wind Petroleum will focus on acquisition of assets for development in Western Canada. David Beckwermert, executive Chairman of Wild Wind, commented, “The current commodity price environment has presented opportunities to create value with a well-financed and experienced team.”  

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