Sagard Private Equity Canada is acquiring Lorne Park Capital Partners Inc. in a deal that values the boutique investment management firm’s equity at $126.8 million. CEO Robert Sewell will remain in his post at Lorne Park.
“This transaction, with its significant cash premium, represents an exceptional outcome for Lorne Park shareholders and provides certainty to shareholders while Lorne Park pursues its ongoing transformation,” said Christopher Dingle, Lorne Park’s chairman and chair of the special committee in a release.
Shareholders will receive $2.23 per share, a 41.1% premium relative to the company’s June 4 closing price.
“Our fund invests in strong middle-market Canadian companies, and we have built strong conviction with Lorne Park’s vision, strategy and management team,” said Marie-Claude Boisvert, partner and head of Sagard Private Equity Canada. “We are looking forward to partner with its leadership team to continue building a best-in-class wealth management platform and supporting the company’s long-term growth plans.”
The deal is expected to close in the third quarter.
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Toronto-based Navacord Corp. has partnered with Vanta Group Life Inc. to form Navacord Vanta Life, which will provide life insurance and estate planning to high-net-worth clients.
“We are pleased to welcome Vanta Life to Navacord’s high-net-worth portfolio and commemorate their expertise with the new brand of Navacord Vanta Life,” said T. Marshall Sadd, executive chairman of Navacord in a release. “This firm adds a valuable dimension to our financial services capabilities, reinforcing our continued commitment to delivering specialized solutions from coast to coast.”
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Oxford Properties Group is buying CPP Investments’ 50% stake in a portfolio of Western Canada office properties for $730 million. The deal gives the OMERS real estate division 100% ownership of the 4-million-square-foot portfolio.
“Oxford has been a net seller of office for over a decade to achieve portfolio diversification,” saidTyler Seaman, executive vice-president,Canada, Oxford Properties. “We believe now is an opportune time to rotate capital back into this asset class, and this portfolio ticks all the right boxes.”
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CPP Investments is investing A$300 million in Nuveen’s commingled Australian commercial real estate debt strategy. The pension giant joins Teachers Insurance and Annuity Association of America and Temasek in the Nuveen partnership.
“Australia is one of our key markets in Asia Pacific and this transaction marks an important milestone for our credit strategy in the region,” said Raymond Chan, managing director & head of APAC credit at CPP Investments in a release. “[T]his partnership enables us to tap into attractive real estate debt investments in Australia and further augment our credit program in the region.”
In other news, CPP Investments has announced the sale of its full stake in Encino Acquisition Partners, an Ohio-based oil and gas producer. EOG Resources paid US$5.6 billion.
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Farm Credit Canada’s FCC Capital is investing $2 billion over the next five years to “advance agtech innovation in Canada’s agriculture and food industry,” according to a release.
Launched last year, FCC Capital offers capital solutions to companies in the domestic agriculture and food industries. It made nine direct investments in year one, totalling $170 million.
“Canada’s economic future requires an agriculture and food industry leading the world in innovation and productivity,” said Justine Hendricks, FCC president and CEO. “However, until now, investment dollars have been scarce and have not scaled to meet the increasingly sophisticated needs of the sector.”
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Ottawa has approved the purchase of WealthONE Bank of Canada by a group of investors led by Globalive, an investment company led by Anthony Lacavera, founder of Freedom Mobile. WealthONE will continue to function as a Schedule 1 digital bank under its existing charter.
“We are taking a long-term growth approach with WealthONE, with a consortium of strategic investors alongside permanent capital from Globalive,” said Lacavera.
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National Bank Investments (NBI) has partnered with Apollo Global Management to launch the NBI Apollo Private Credit Fund. According to a release, the fund offers private credit investment opportunities in directly originated assets via Apollo Debt Solutions BDC. That’s a U.S. firm focused on senior secured large corporate direct origination, broadly syndicated loans and mid-market direct lending.
“This offering marks a significant step forward in expanding access to private credit for a broader audience,” said Corinne Bélanger, vice-president, investment solutions at NBI. “With Apollo’s demonstrated leadership in private credit, we are confident this will empower eligible investors seeking a complementary institutional-grade strategy for their portfolios.”