Onex, Baring Asia to acquire Thomson Reuters IP&S for $3.55B Onex and Baring Private Equity Asia have agreed to buy the intellectual property and science division of Thomson Reuters (TSX: TRI) for $3.55 billion. IP&S provides decision support tools and services that enable academia, corporations, governments and the legal community to discover, protect and commercialize content, ideas and brands; its portfolio includes Web of Science, Thomson CompuMark, Thomson Innovation, MarkMonitor, Cortellis and Thomson IP Manager.
Expected to close later this year, the transaction is reported to be funded with an equity investment of approximately $1.6 billion for complete ownership. Onex’s $1.2 billion portion of the equity investment will be made by Onex Partners IV, which closed in May 2014 on $5.7 billion. Certain limited partners will serve as co-investors.
Canadian PE investor activity cooled off in 1H following a record year. According to the PitchBook Platform, firms based in the country hit a peak of 284 deals in 2015, capping six straight years of growth, though that pace dropped to 111 at this year's midway point. Domestically, Canadian investors are increasingly targeting companies in Quebec (33% of 2016 activity) and British Columbia (22%), two provinces on pace for decade-high percentages.
Here are the top PE investors in Canada over the last two years, along with their deal counts (incl. add-ons):
1. Ontario Teachers' Pension Plan (74)
2. Caisse de dépôt et placement du Québec (53)
3. Onex (43)
4. OMERS Private Equity (31)
5. Parallel49 Equity (20)
T-6. Penfund (19)
T-6. Novacap Investments (19)
7. ARC Financial (17)
PitchBook users can view our full list of top PE investors in Canada. Want to access this info or see the leaders in another country? Contact us today. |
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Silver Lake, KKR step into octagon With participation from Silver Lake, KKR and Michael Dell, Hollywood talent agency WME | IMG has agreed to pay a reported $4 billion to acquire UFC, a mixed martial-arts organization that held its 200th flagship event Saturday. UFC president Dana White, who helped acquire the company for $2 million in 2001, will remain in his current role. WME | IMG was formed in 2014 via a combination of William Morris Endeavor and IMG; Silver Lake has backed William Morris since 2012.
Since its merger, WME | IMG has been highly acquisitive, striking deals last year for Professional Bull Riders and the Miss Universe Pageant. The agency has represented UFC for the past decade-plus and also represents some of the organization’s elite athletes, such as Ronda Rousey. The transaction only adds to WME | IMG’s standing as a powerhouse in the world of sports; the agency’s other clients include Wimbledon, the NFL and the English Premier League. |
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The Italian mob, bribery in Kyrgyzstan and a finance whiz turned federal prisoner. [Bloomberg]
From Bridgepoint to TPG, a quick look at the huge potential for PE returns in the cruise-ship industry. [Cruise Industry News]
Former Apollo Global Management adviser Evan Bayh is mounting a campaign to return to the U.S. Senate. [CNN]
A closer look at the potential implications of the SEC’s recent ruling regarding PE firms having to register as broker-dealers. [Pensions & Investments] |
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2009 Vintage U.S. Funds-of-Funds Snow Phipps completes Winchester Electronics pickup from Audax | Snow Phipps Group has completed its acquisition of Winchester Electronics, which provides custom-engineered interconnect solutions for the military & aerospace, medical, semiconductor, data infrastructure, test & measurement and oil & gas markets. Audax Group had backed Winchester since 2006. | Electronic Components Norwalk, CT | |
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Freeman Spogli buys battery & bulb business | Freeman Spogli has acquired Batteries Plus Bulbs, a provider of repair services for batteries, light bulbs, smartphones and tablets with 700 locations across 48 states in the U.S. Golub Capital provided $280 million in financing to support the deal. | Specialty Retail Hartland, WI | |
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Lyceum invests £50M in Sabio | Lyceum Capital has agreed to back Sabio, a provider of customer contact technology with operations in Singapore and Glasgow, Scotland. Lyceum will also provide another £30 million in available funding for Sabio to use in pursuing bolt-on acquisitions. | IT Outsourcing London, U.K. | |
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ARX halfway to €100M target | ARX Equity Partners has held a first close on €54 million for its fourth fund, with total commitments of €66 million. The firm will use the vehicle to continue its strategy of investing in small and medium-sized businesses in Central Europe. | Prague, Czech Republic Buyout |
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Merck subsidiary takes majority stake in StayWell | A subsidiary of Merck (NYSE: MRK) has purchased a majority stake in The StayWell Company, a health engagement company focused on driving behavioral change. The company will continue to operate as an independent entity following the transaction, and Vestar Capital Partners will retain a significant minority stake. | Healthcare Services Yardley, PA | | |
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CenterGate hits midway point for debut fund | CenterGate Capital has raised $156.5 million, according to an SEC filing. The firm, which invests in lower-middle-market companies, has set a $300 million target for its first fund. | |
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ClearPoint appoints new operating director |
