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BLAKES PRIVATE EQuITY & VENTuRE CAPITAL PRACTICE
Private Equity
BlakeshasoneofthelargestandstrongestprivateequityandventurecapitalpracticesinCanada,advisingonfundformation,Canadianandinternationalinvestment-relatedacquisitionsanddispositions,financings,governanceandongoingmanagementofportfoliocompanies.
OurPrivateEquityandVentureCapitalteamspansvariousspecialties,includingmergersandacquisitions,capitalmarkets,banking,competition,foreigninvestmentreview,realestate,intellectualproperty,pensions,benefits,executivecompensationandtax.Weprovidestrategicadviceateachstageofatransactionanddriveinnovativeinvestmentstructuresandindustrytrends.Wealsoaddresstaxissues,ensuringtax-effectiveinvestmentsfordomesticandnon-residentinvestors.
Fund Formation and Fund Management
WithacomprehensiveunderstandingofthemarketandcloseconnectionstoCanadianandinternationalfinancialinstitutions,ourteamisregularlyretainedbyCanadianandinternationalfundsponsorstoestablishfundsofalltypes,aswellasfundinvestorstoprovideadviceonstructuring,governance,regulatorycomplianceandmarketexpectations.
Thefollowingisarepresentativesampleoftheinvestmentfundclientswehaveassistedwiththecreationandstructuringoffundsand/orprovidedadvicetowithrespecttoCanadianregistrationrequirementsandregulatorycomplianceissues:
•AdeniaPartners
•AegonFundManagement
•AshmoreInvestmentManagement
•AstonHillFinancial
•BarrantaghInvestmentManagement
•BentallRealEstateFunds
•BirchleafInvestments
•BrevanHoward
•Davis-Rea
•DDJCapital
•EducatorsFinancialGroup
•FrontStreetCapitalandFrontStreetInvestmentManagement
•GAMUSAInc.
•HymasInvestmentManagement
•LaketonInvestmentManagement
•MCAPMortgageFunds
•MorguardFinancialCorporation
•NorthernTrustGlobalAdvisors
•OMERSInvestmentManagement
•QuadravestCapitalManagement
•QuadrexxAssetManagement
•ResoluteFunds
•SilvercreekManagement
•SnowdonPartners
•UBSGlobalAssetManagementandUBSInvestmentManagementCanada
•VantageAssetManagement
•VikingCapitalCorporation
Investments and Exit Strategies
Weworkcloselywithourclients,asbothbuyersandsellers,toprovideadvicewhenformulatingastrategyandstructuringandexecutinganinvestment-relatedtransaction,fromsourcinginvestmentopportunitiesandfinancingthroughtobuyouts,going-privatetransactions,M&A,initialpublicofferingsandotherrestructuringandexitstrategies.
Large Market
BlakeshasrepresentedsomeofthelargestCanadian,U.S.andinternationalpensionfundsandprivateequityfirms,actingfor:
• Canada Pension Plan Investment BoardonitsinvestmentinWSPGlobalInc.tofinancetheacquisitionofFocusGroupHoldingInc.
• CanEraEnergyCorp.,aportfoliocompanyofRiverstone Holdings LLCandNGP Energy Capital Management, LLC,onitssaletoCrescentPointEnergyCorp.
• Canada Pension Plan Investment BoardonitspurchaseofC$150-millionseniorsecurednotesofLaricinaEnergyLtd.
• Ashland Inc.inconnectionwiththeCanadianaspectsofitsUS$1.8-billionsaleofAshlandWaterTechnologiestoafundmanagedbyprivateequityfirm,ClaytonDubilier&RiceLLC.
• TPG Capital LPoncompetitionlawmattersinconnectionwiththemergerofHerculesTireHoldingsLLCwithitsaffiliateAmericanTireDistributorsInc.
• Clayton Dubilier & Rice LLConCanadianaspectsofitscreationofajointventurebetweenHarscoCorporationandClaytonDubilier&Rice,includingtheassetsofBrandEnergy.
• Clayton, Dubilier & Rice LLConCanadianaspectsofitsacquisitionofJohnDeereLandscapes,aunitofDeere&Company’sAgriculture&Turfsegment.
• LifeLabsMedicalLaboratoryServices,anaffiliateofBorealis Infrastructure,theinfrastructurearmofOMERS,onitsacquisitionofCMLHealthcare.
• Centerbridge PartnersonCanadianaspectsofitsinvestmentinsyncreonHoldingsLimited.
• 3G Capital Inc.andBerkshire Hathaway Inc.oncompetitionlawmattersinconnectionwiththeiracquisitionofHJHeinzCo.
• CVC Capital PartnersonCanadianaspectsofitsrecapitalizationofCunninghamLindseyGrouptoacquiremajorityownershipfromStonePointCapitalandFairfaxFinancial.
• Berkshire Hathaway Inc.onitsacquisitionofAlbacorShippingInc.byitsaffiliate,BNSFRailwayCompany.
• MatlinPatterson Global Advisers LLC onitsinvestmentsinthedebtofNortel.
• Canada Pension Plan Investment BoardonitsinvestmentinGENIVARInc.’sacquisitionofWSPGroupInc.
• Alberta Investment Management CorporationalongwithCallistoCapitalontheiracquisitionofacontrollinginterestinTownShoesLimited.
• Macquarie Capital (uSA) Inc.onitsloantoBasinToolsLPtofundaninvestmentinWenzelDownholeTools.
• Canada Pension Plan Investment Boardonitsinvestment,alongwithCaissededépôtetplacementduQuébec,inGENIVARInc.
• Healthcare of Ontario Pension PlanonitsdirectinvestmentinKGS–AlphaCapitalMarketsLP.
• Canada Pension Plan Investment BoardonitspreferredsharefinancingofTeineEnergyLtd.
• Macquarie Essential Assets PartnershiponitssaleofitsequityinterestsintheSea-to-SkyHighwayimprovementprojectandtheAnthonyHendayEdmontonRingRoadprojecttoFieraAxiumInfrastructure.
• CVC Capital Partners LimitedontheacquisitionofUnivarandthesaleofhalfofitsinvestmentinUnivartoClayton,Dubilier&Rice.
• Healthcare of Ontario Pension PlanonitsdirectinvestmentinMidwestGaming&Entertainment.
• Healthcare of Ontario Pension Planinconnectionwithitsacquisition,withInvestindustrialSpAandBSInvestimentiSGRSp,ofDucatiMotorHoldingSpA.
• Apollo Global Management, LLConitsinvestmentinBigEagleServices.
Blakes Client Service.Therightexpertiseandtherightexperience.Deliveredefficiently.
Mid-MarketBlakesalsohasoneofthemostextensiveCanadianandinternationalmid-marketprivateequitypractices,includingactingfor:
•H.I.G. Capital, LLConCanadianaspectsofitsacquisitionofJ.A.Jack&Sons,Inc.byitsportfoliocompany,HarrisonGypsum.
•Crown Paper Group, Inc.,aportfoliocompanyofLindsayGoldbergLLC,onitsacquisitionofPortTownsendHoldingsCompany.
•Nilex Inc.,aportfoliocompanyofFulcrumCapitalPartners,onitsacquisitionofalltheassetsofGeoDynamics,Corp.
•Fulcrum Capital Partners Inc.onitsacquisitionofamajorityinterestinG.I.SportzInc.,CapciumInc.andtheirrespectivesubsidiaries.
•Wingate Partners, LLP,byoneofitsportfoliocompanies,onCanadianaspectsofitsacquisitionofLawn&GardenOperatingCompany,Inc.fromMyersIndustries,Inc.
•Snowdon Partners, L.P.onitsacquisitionofGroupeIncursionInc.
•Friedman Fleischer & Lowe, LLConitsacquisitionofIcyneneGroupLimited.
•VFA, Inc.onitssaletoVistaEquityPartners.
•AnaffiliateofPeak Rock CapitalonitsinvestmentinHighlineProduceLimited.
• H.I.G. Capital, LLC onitsacquisitionofthefinepapersbusinessofCascadesInc.throughitsaffiliateRollandEnterprisesInc.
• NovacaponitsacquisitionofLacesCompanyandMaytexGlobalLimited.
• Banyan Capital PartnersonitsacquisitionoftheconcreteandmasonryproductsdivisionofPenneconLimited.
• Fulcrum Capital Partners Inc.onitsacquisitionofamajorityinterestintheWeatherhavengroupofcompanies.
• KPS Capital Partners, LPonCanadianaspectsofitsacquisitionofElectricalComponentsInternational,Inc.anditsaffiliates.
• Red Leaf Management Partners, LPonitsacquisitionofMicrodeaInc.
• Greybrook Capital Inc.onitsjointventurewithStaffordDevelopment.
• Novacap onitsacquisitionofTheMasterGroup.
• American Securities LLConitsacquisitionofGenTekInc.andpreviousacquisitionofGeneralChemical.
• Fulcrum Capital Partners Inc.onitssaleofamajorityinterestinA&BRailServicesLtd.toTorQuestPartners,recognized as Deal of the Year by the Canadian Venture Capital Association.
•Kadant Inc. onitsacquisitionofCarmanaghDesignandManufacturingInc.,aportfoliocompanyofBirchHillEquityPartners.
• Lynx Equity Ltd.,aunitofSuccessionCapitalCorp.,onitsacquisitionofJewelPopsInc.
• Greybrook Capital Inc.onitsjointventurewithEmpireCommunities.
• Wynnchurch CapitalonitssaleofNSCMineralstoAltasPartners.
• Kanders & CoonitsacquisitionofcertainbusinessesofAllenVanguardbyitsaffiliate,SafarilandLLC.
• Generation Capital Management, Inc.onitsacquisitionoftheCaptivateNetworkbusiness.
• Banyan Capital PartnersonitsacquisitionofMIPInc.
• Ply Gem, Inc.aportfoliocompanyofCICapital,onitsacquisitionofMittenInc.andGlenowWinDoor.
• Fulcrum Capital Partners Inc.onitsacquisitionofamajorityinterestinNilexInc.
• MidOcean Partners LPonitsacquisitionofNorancoInc.
• Fortress Investment Group LLC and Culpeper Capital Partners LLC ontheiracquisitionofParadigmQuestInc.andMERIXFinancialInc.
• H.I.G. Capital, LLConitsdispositionofSignatureAluminumCanadatoGlobalAluminum.
• KSL Capital Partners, LPonitsacquisitionof24percentofWhistler-BlackcombHoldings.
• NovacaponitsacquisitionofPippMobileStorageSystems,Inc.
• Pine Tree Equity II, LPonCanadianaspectsofitsacquisitionofJewelryRepairEnterprisesInc.
• Greybrook Capital Inc.onitsjointventurewithCityzenCommercialCorporationandFernbrookHomes.
• BlackEagle Partners, LLConitsacquisitionofassetsandrestartoftheFreshwayRailServicesInc.business.
• Endeavour Capital, Inc.onitsacquisitionofNeverblueMedia.
• CounterPoint Capital Partners, LLConitsacquisitionofPartsNow!LLC.
• Tenex Capital Management, L.P.onitsacquisitionofNAPGladu.
• Connor, Clark & Lunn Financial Group Private Equity FundonitsinvestmentinPartyPackagers.
• Banyan Capital PartnersonitsacquisitionofPurityLifeHealthProducts.
• Marlin Equity Partners, LLConitsacquisitionofthemediationandmessagingproductbusinessesofOpenwaveSystemsInc.
• Arsenal Capital PartnersinconnectionwiththeCanadianaspectsofitsacquisitionofPlasticolors,Inc.andColortrendtoformChromafloTechnologies.
• Clyde Blowers CapitalinrelationtotheacquisitionofUnigearInc.
• MS Capital PartnersonitsacquisitionofAccessCash.
• Sun Capital Partners, Inc.onitssaleofDelMonteCanadatoConAgraFoods,Inc.
• Wynnchurch CapitalonitsacquisitionofNSCMineralsfromTriWestCapitalPartners.
• Greybrook Capital Inc.onitsjointventurewithTributeCommunities.
• CI Capital Partners LLCinconnectionwithitsacquisitionofIntraPacCanadaCorp.
• Roark Capital GrouponitsequityinvestmentsinGFLEnvironmentalCorp.
• LLR Equity Partners Inc.astheirCanadiancounsel,onitsacquisitionofStrategicDistributionInc.fromPlatinumEquity.
• Arlington Capital Partnersonitsrecapitalization,inpartnershipwiththeexistingmanagementteam,ofIronDataSolutions,LLC.
•Swander Pace Capital LLC andRoynat Capital Inc.onthedispositionofLibertéBrandProductstoYoplaitSAS.
• Novacap andSmyth Companies, LLContheiracquisitionofthebusinessofDowIndustries,Inc.
• Avista Capital PartnersonitsacquisitionofArmourAll.
• Mid Oaks Investment FundonitsacquisitionofTri-CityPackaging.
• The Walnut Group Inc.onitssaleofNorthAmericanBakingLtd.toRalcorpHoldings.
• Bedford FundingonitsacquisitionofPeopleclickInc.
• Riverstone Holdings LLCandNGP Energy Capital Management, LLConitssaleofCanEraResourcesInc.toLegacyOil&GasInc.
• Longroad Capital PartnersonitsacquisitionofaCanadiancompanybywayofpurchaseofdebtandprivateenforcementofloan.
• Sun Capital Partners, Inc.onitssaleofBruegger’sEnterprises,Inc.toGroupeLeDuffSA.
• Bentall KennedyonitsrestructuringoftheWestpenPropertiesFund.
• Hydro Quebec Pension Fundasleadsponsorofacommercialrealestatefund.
• Lincolnshire Management, Inc.onitsacquisitionofPhoenixBrands,LLC.
• MatlinPatterson Global Advisers LLConitsacquisitionofFoamexInternationalInc.
Venture Capital
BlakeshasanationalventurecapitalpracticeactiveinM&A,fundformation,early-stagefinancingsandequitygrowthfinancings,includingactingfor:
•D-Wave Systems Inc.onitsC$30-millionequityraisewithfundingfromGoldmanSachs,BDCCapital,theHarris&HarrisGroupandDFJ.
•D-Wave Systems Inc.onitsC$29-millionequityraiseofadditionalequityfromalargeinstitutionalinvestor,amongothers.
• Georgian PartnersonitspurchaseofsharesofKinnserSoftware,Inc.,nowthefastest-growingsoftwareinhomehealth.
•Georgian Partners, Cisco Systems andNorthleaf Venture Catalyst Fund onseriesCinvestmentineSentire,acybersecuritysoftwareprovider.
•Scott Bommer(SABCapital)onarecentinvestmentaspartofaninvestorgroupprovidingC$60-millioninnewfundingtoHootsuiteMediaInc.
•Desire2Learn Incorporated onitsC$85-millionseriesBfundinganddebtfinancing,withparticipationfromColumbusNovaTechnologyPartners,GrahamHoldings,FourRiversGroup,AurionCapital,existinginvestorsNewEnterpriseAssociatesandOMERSVentures,andSiliconValleyBank.
•Goodwater Capital onitsseriesCinvestmentinFrank&Oak.
•Axine Water Technologies Inc. onitsseriesAfinancingroundthatsawTheRodaGroupjoinexistinginvestorsChrysalixEnergyVentureCapitalandBDCVentureCapital.
•REGEN EnergyonitsUS$7-millionseriesBinvestmentroundledbyasignificantinternationalenergycompanywithparticipationfromexistinginvestorsNGENPartnersandtheBDCVentureCapitalEnergy/CleantechFund.
•Endurance Wind Power onitsseriesCroundoffinancingledbyYaletownVenturePartners.
•enGene Inc.onitstwotranchesofafour-trancheclassApreferredinvestmentwithcertainfundsmanagedbyMerckLumiraandanexistingshareholder.
• Iris Capital Fund III FCPRonitsinvestmentinBeyondtheRackEnterprisesInc.
•Boreal Genomics Inc. onitsseriesCroundwithnewandexistingventurecapitalinvestors.
MONTRÉAL OTTAWA TORONTO CALGARY VANCOUVER NEW YORK LONDON BAHRAIN AL-KHOBAR* BEIJING SHANGHAI*
*AssociatedOffice April2015|Blake,Cassels&GraydonLLP|blakes.com
•GenomeDx Biosciences onitsseriesBroundintwotranchesledbyMerckGlobalHealthInnovationFund.
•Square Victoria Digital Properties onitsseriesAinvestmentinCheckout51,adigitalcouponsandanalyticsdeveloper.
•The New York Public LibraryonitsinvestmentinBiblioCommonsInc.
•Highland Consumer Fund, LLCinconnectionwithitsinvestmentinDavidsTeaInc.
•Skye Asset Management onitsmulti-tranchedminorityinvestmentinanearly-stageCanadianbiotechcompany.
•Cleantech Europe II Fund onitsinvestmentwithOZZElectric.
•Highland Capital Partners LLC onitsinvestmentinBeyondtheRackEnterprisesInc.
•Georgian Partners onitsinvestmentinTerapeakInc.
Industry Recognition
Ineachofthelastfiveyears,BlakeswasCanada’sbusiestM&Alawfirm.WewereNo.1inmultipleM&AcategoriesinBloomberg,ThomsonReutersandMergermarket2014leaguetables,including:
»No.1inCanadaAnnouncedbydealcount(Bloomberg)
»No.1CanadianfirminGlobalAnnouncedbydealcount(Bloomberg)
»No.1CanadianfirminGlobalAnnounced–CounseltoPrincipalsbydealcount
(Bloomberg)
»No.1CanadianfirminGlobalAnnouncedbydealvalue(ThomsonReuters)
»No.1CanadianfirminGlobalAnnouncedbydealcount(ThomsonReuters)
»No.1CanadianfirminGlobalAnnouncedIncludingWithdrawnbydealvalue
(ThomsonReuters)
»No.1CanadianfirminGlobalAnnouncedIncludingWithdrawnbydealcount
(ThomsonReuters)
»No.1CanadianfirminGlobalCompletedbydealvalue(ThomsonReuters)
»No.1CanadianfirminGlobalCompletedbydealcount(ThomsonReuters)
»No.1CanadianfirminGlobalAnnouncedbydealvalue(mergermarket)
Formoreinformation,pleasecontact:
Brock W. GibsonCalgary:403-260-9610Toronto:416-863-2150brock.gibson@blakes.com
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