Teachers will retain a minority interest in the company. The terms were not disclosed.
Deal of the Day: Teachers sells Alliance Laundry Systems
On Friday the Ontario Teachers' Pension Plan announced it is selling a majority interest in Alliance Laundry Systems, a manufacturer of commercial laundry equipment, to Chicago-based BDT Capital Partners. Teachers will retain a minority interest in the company. The terms were not disclosed. Press release
MERGERS AND ACQUISITIONS
K+S rejects Potash offer – again
K+S AG, the German salt and fertilizer company under pressure from Potash Corp., has once again rejected Potash's hostile approach to purchase the company. Full story
Brookfield raises fundraising target as spending spree continues
Brookfield Asset Management Inc., Canada's largest alternative asset manager, is increasing its fundraising target by as much as 20 per cent to $25-billion as it scours volatile global markets for purchases. The Toronto-based asset manager said it already has $10-billion in committed capital in the first six months of the year and plans to begin raising as much as $15-billion later this year after a second quarter spending spree. Full story
Enterprise Holdings acquires Metavera
Enterprise Rent-A-Car Canada Co. has bought Toronto-based Metavera, a provider of car-sharing technology. Metavera offers a car-sharing system for independent operators, as well as technology solutions for fleet management and peer-to-peer car sharing. The terms were not disclosed. Press release
INITIAL PUBLIC OFFERINGS
Planet Fitness trips in public debut
Planet Fitness, the chain known for its "judgment-free" zone, opened on the New York Stock Exchange Thursday and then nosedived 14 per cent, making the company's value $1.36-billion (U.S.). Planet Fitness is just one of several IPOs that have run into shaky equity markets – the plummet follows SkinnyPop popcorn maker Amplify Snack Brands and residential solar company Sunrun Inc., both of which fell in their debuts. Full story
PRIVATE EQUITY AND VENTURE CAPITAL
Portage among investors in Sentien Biotech
Toronto-based Portage Biotech Inc., a researcher and developer of pharmaceutical and biotech products, is one of a pair of investors in Sentien Biotechnologies Inc., a U.S.-based regenerative medicine company. Boehringer Ingelheim Venture Fund USA Inc., another biotech company, is the other investor. The financial details were not disclosed. Press release
ValueAct said to amass AmEx stake as activist seeks changes
ValueAct Capital Management has amassed a stake in American Express Co., people with knowledge of the matter said, as the activist fund considers pursuing shareholder-friendly changes at the credit card issuer. ValueAct's investment is about $1-billion (U.S.) – still less than 5 per cent of American Express. Full story
ANALYSIS AND INSIGHT
Ontario played hardball with bankers over fees for Hydro One IPO
Ontario did not negotiate with bankers on fees for the coming 15-per-cent share sale of Hydro One Inc. A source close to the initial public offering told The Globe and Mail the province insisted on a rock-bottom fee schedule with underwriters and gave them a take-it-or-leave-it offer. Full story
Venture investors up their investments in second quarter
Investors in emerging companies have raised their game when it comes to funding rounds, as more than 93 per cent of those rounds were marked up, with only 6 per cent priced lower, according to a data set analyzing 134 deals from law firm Cooley LLP. Full story
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