Corporate Finance in Atlantic Canada

Commentary on corporate finance issues for small- & mid-market private companies in Atlantic Canada

Archive for March 2012

New private equity fund based in Atlantic

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http://thechronicleherald.ca/business/77574-corporate-coup-sobeys-mccain

http://thechronicleherald.ca/editorials/77816-maritime-private-equity-barrington-takes-bay

The Sobey and McCain families are backing a new private equity firm, SeaFort Capital.  Run by Rob Normandeau, formerly CEO of publicly-traded investment holding company Clarke Inc, the fund is targeting mid-market private companies across the country with $2-10 mil of EBITDA.

It is great to see private equity based in the Atlantic region (there are many more funds in other parts of Canada and the US), and the Sobey/McCain names will give the fund credibility and attract deal flow.  In addition, many larger private equity funds won’t look at deals under $10 mil EBITDA.  However, the challenge in the mid-market M&A space is that there are many more buyers than sellers … finding enough quality sellers that are ready to take the next step in their exit planning continues to be the hot issue.

Written by Dan Jennings

March 31, 2012 at 11:42 am

Posted in CF Musings

Seaforth equity raise

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http://innovacorp.ca/news/seaforth-energy-inc-secures-2-million-venture-capital-investment

Seaforth Energy of Dartmouth has secured $2 million in equity financing from Innovacorp, the NS government’s early stage venture capital arm.  Seaforth is a wind turbine developer and manufacturer.

Written by Dan Jennings

March 22, 2012 at 3:01 pm

Secunda deal

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http://www.thechronicleherald.ca/business/75351-new-owner-secunda-marine-ships

Secunda Canada LP, owned by Toronto-based Birch Hill private equity and Capt John Hughes (former Secunda Marine executive), has acquired 10 former Secunda Marine ships owned by McDermott International of Texas (which had acquired them from Fred Smithers’ Secunda Marine in 2007).  The Dartmouth based company will service the East Coast offshore energy sector.

Written by Dan Jennings

March 20, 2012 at 7:15 pm

Hennigar/Jodrey real estate management deal

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http://thechronicleherald.ca/business/68997-merchant-bank-deal-linked-jodreys

Nova Scotia’s Hawthorne Capital has acquired two real estate management companies, Toronto-based Veranova and Atlantic-based CitiGroup Properties, for an undisclosed price.  The deal includes a Dartmouth commercial office building and also helps the development of Susies Lake, a significant mixed use real estate project another arm of the family is developing in Halifax’s Clayton Park.  Veranova and CitiGroup will manage the project.

Hawthorne Capital is owned by Thornridge Holdings Ltd., which is 100 per cent controlled by the Hennigar family of Nova Scotia (grandchildren of the late Hantsport business legend Roy A. Jodrey).

Written by Dan Jennings

March 4, 2012 at 8:40 am