Our dynamic and entrepreneurial national private equity team advises on all aspects of our clients’ businesses.
Our clients include large and mid-market private equity firms, as well as pension funds, sovereign wealth funds, family offices and other institutional investors, based in Canada and elsewhere.
With offices across Canada’s major commercial centres and in New York and London, our national private equity team has substantial presence and capabilities to help our clients successfully complete transactions nationwide and across borders. Consisting of experts in various practice and industry specializations, our team’s diversity gives us the ability to provide seamless and comprehensive advice.
We take an active interest in our clients’ businesses so that we can deliver best-in-class legal advice through the practical lens of our clients’ business interests. As active participants in the private equity industry, we advise our clients on key trends and issues, mitigate risk and apply innovative strategies to acquisitions, dispositions, joint ventures and other transactions.
On Target: 2023 Private Equity Outlook
We represent our private equity clients in all aspects of their business, including:
Buy-out and Other Strategic Investments
We advise buyers and sellers in leveraged buy-out, management buy-out, going-private, minority stake/growth capital and other transactions involving private equity investors seeking to acquire or invest in domestic and cross-border businesses.
Consortium and Joint Venture Investments
We structure and negotiate sophisticated transactions for consortium and joint venture investment vehicles and the constituents thereof, and work with clients to create bespoke solutions for complex mandates.
Our experienced team members guide our clients at every stage of competitive bid processes and ensure that their interests drive negotiations. Our team engages with our clients on their deal strategies and regularly navigates securities, financing, regulatory and other transactional issues.
We are actively involved in identifying, structuring and implementing strategies to assist private equity investors disposing of investments, re-capitalizing end-of-term funds and selling general partner stakes. These strategies can include an initial public offering, sale to a strategic buyer or financial buyer, recapitalization, secondary sale and other transactions providing investors, portfolio companies or the general partners with liquidity.
Our team advises clients on national as well as global investments, including sourcing opportunities, clearing regulatory challenges, structuring loan-to-own transactions, receiverships and stalking-horse bids in both debt acquisitions and turnaround transactions.
Fund Formation and Fund Investment
We regularly establish private equity and other investment funds and advise on raising and deployment of capital, securities and fund regulatory compliance, governance, management compensation, carry structures, tax structuring, fund restructuring and securities regulatory misconduct and enforcement. We have deep knowledge of key commercial and tax provisions and legal issues relevant to all parties involved in fund formation and fund investment and governance activities. We also regularly act for Canadian and international institutional investors, sovereign wealth funds and many others, acting as anchor investors in the context of initial closing of funds and co-investments.
Senior, Mezzanine and Other Financing
Our team has extensive experience in advising on all aspects of senior, second lien and other leveraged debt financing in support of acquisitions, management buy-outs and other investments by buy-out investors. We have acted for a number of mezzanine funds and lenders in structuring a wide range of mezzanine financings and preferred equity deals, which include a variety of innovative equity participation structures.
Management Compensation and Incentive Plan Arrangements
Our private equity team includes best-in-class tax, executive compensation and employee benefits advice. We routinely work with our clients to structure equity rollovers and carry participation and other incentive plans that maximize retention rates following buyouts and enhance productivity.
The firm’s strengths in private equity span a number of industries, including, without limitation:
- Distressed Assets
- Energy Transition
- Life Sciences
- Oil & Gas
- Private Equity
- Real Estate
- Real Assets
- Retail and Consumer Products
We understand the business of the target companies of private equity firms as well as the industries and contexts in which they operate, including particular regulatory regimes, industry dynamics and capital structures. Because private equity firms require a fully equipped legal team, our Private Equity team provides a full-service approach, supported by project management lawyers and professionals who ensure that we deliver efficiently and effectively on the needs of our clients. We routinely work closely and in concert with leading law firms in the U.S. and overseas.
Members of our private equity team have advised on the following transactions, among many others:
- Ares Management, a global alternative investment manager
- in the acquisition of Convergint Technologies
- Blackstone, the world’s largest alternative asset manager
- together with Benettons, in its EUR€58 billion buyout offer for Atlantia
- Brookfield, one of the world's largest alternative investment management companies
- Brookfield Infrastructure and Ontario Teachers' Pension Plan in their acquisition of Compass Datacenters from RedBird Capital Partners and Azrieli Group
- Brookfield Asset Management in the acquisition of HomeServe PLC for £4.08 billion
- Brookfield Infrastructure in connection with its takeover bid for Inter Pipeline Ltd. for approximately C$15 billion
- Brookfield Infrastructure and GIC in the US$8.4 billion acquisition of Genesee & Wyoming Inc.
- Brookfield Infrastructure in its C$4.3 billion acquisition of Enercare Inc.
- Caisse de dépôt et placement du Québec (CDPQ), one of the largest pension funds in the world
- in its majority stake in Trencap L.P, alongside the Fonds de solidarité FTQ
- in its acquisition of a 50% interest in the A25 Concession from Transurban for C$355 million
- in its acquisition of the majority interest in Énergir
- in its C$475 million investment in CAE
- in its agreement with Alstom to convert its investment in Bombardier Transportation into shares of Alstom, following the US$8.2 billion acquisition of Bombardier Transportation by Alstom
- CVC Capital Partners, a leading global alternative investment manager
- in its definitive agreement to acquire a majority interest in ExamWorks
- in its joint acquisition agreement with CDPQ of a majority stake in BlueFocus International agencies
- through its subsidiary, Asia Fund IV, in its acquisition of OANDA Global Corporation
- GIC Private Limited, a Singaporean sovereign wealth fund
- in its C$225 million investment in CAE
- in its C$237 million investment in WSP Global
- Hg Capital, an international private equity firm
- in its acquisition of a majority interest in Intelerad Holdings Inc.
- Investment Management Corporation of Ontario (IMCO), an independent long-term investor for Ontario's public sector
- in its sale, together with TorQuest Partners and OPTrust, of VersaCold Logistics Services to Lineage Logistics LLC
- in its acquisition with Kohlberg Partners of OB Hospitalist Group
- Mubadala Capital, a UAE-based investment company, Parkjockey, a U.S.-based parking operations startup, and Softbank, a Japanese Large Conglomerate Group
- in their acquisition of Impark from a subsidiary of Ontario Teachers’ Pension Plan Board
- Partners Group, a global private markets investment manager
- in its acquisition of SureWerx from The Riverside Company
- Permira, a British-based global investment firm
- in its acquisition of Cisco’s Service Provider Video Software Solutions business
- TD Greystone Asset Management, a multi-asset institutional investment firm
- through its private equity fund TD Greystone Infrastructure Fund, in the acquisition of approximately 51% of the outstanding shares of Rabbalshede Kraft AB, a leading operator in renewable energy in the Nordic region
- in its acquisition of JLIF Holdings (Project Service) US, Inc. and its 100% subsidiary Project Services LLC
- in a consortium including IST3 Investment Foundation, in the C$1.7 billion agreement to acquire up to a 100% of Alberta PowerLine from Canadian Utilities Limited and Quanta Services Inc.
- Vista Equity Partners, a U.S. private equity firm
- in its US$350 million investment in Assent Compliance
- in the acquisition of Athena Software and its product, Penelope
- in its US$430 million sale of Upserve Inc. to Lightspeed POS Inc.
- in its acquisition of Obero Technologies Inc. by Xactly Corp.
- in its US$4.4 billion take-private acquisition of DH Corp
- ACON Investments, an international private equity investment firm managing capital through varied investment funds
- in its acquisition of Raymond O'Neill & Son Fisheries Ltd. and Suncoast Seafood Inc.
- in its acquisition of Goody Products
- Altius Renewable Royalties, a renewable energy royalty company
- in its joint venture with Apollo Global Management, Inc. and certain funds managed by its affiliates to accelerate the growth of Great Bay Renewables
- Antarctica Capital, LLC, an international private equity firm
- in its acquisition of UrtheCast’s Geosys agriculture analytics business and its UrtheDaily satellite constellation project
- City Capital Ventures, a U.S.-based principal investment firm
- in its acquisition of 14 Taco Bell locations, through Redberry Group
- with its acquisition of Burger King and Pizza Hut franchisee business from Redberry Group
- Cortland Partners, a U.S.-based, real estate investment, development and management firm
- in its US$1.2 billion acquisition of Pure Multi-Family REIT
- DIF Capital Partners, an independent infrastructure equity fund manager
- in its acquisition of Diverso Energy
- GenNx360, a U.S. private equity firm
- in its sale of its portfolio company, Salford Group, a leading manufacturer of tillage and crop nutrition application equipment, to Linamar Corporation for C$260 million
- GI Partners, a private alternatives investment firm
- in its acquisition of Insurity Inc.
- Gryphon Investors, a U.S. private equity firm
- in its acquisition of NewRocket
- in its investment in Caylent
- Instar Asset Management, an independent alternative asset management firm with an emphasis on North American opportunities in the infrastructure sector and other alternative real asset categories
- in its acquisition of Greenwood Mushrooms Development Corp.
- in its acquisition of PRT Growing Services from TriWest Capital Partners, a private equity firm based in Calgary
- in its sale of two BC wind power facilities to Canadian Power Holdings Inc., a subsidiary of Hong Kong-based conglomerate CK Group
- in its investment in Steel Reef Infrastructure Corp.
- together with Partners Group and Kilmer Van Nostrand Co. Limited in their sale of Billy Bishop Toronto City Airport's passenger terminal to JP Morgan Asset Management
- in its acquisition of AMPORTS, Inc. from Lincolnshire Management, Inc.
- in its acquisition of Skyservice Investments, through the Instar Essential Infrastructure Fund
- Ironbridge Equity Partners, a Canadian private equity firm
- in its acquisition of Kore Outdoor Inc.
- Magris Resources Canada Inc., a private equity investment firm investing in metals and mining assets
- in its stalking horse definitive agreement to acquire substantially all the assets of Imerys Talc America Inc., Imerys Talc Vermont Inc. and Imerys Talc Canada Inc.
- MPM BioImpact, a world-leading biotechnology investment firm
- its acquisition of Reunion Neuroscience
- Novacap, a leading Canadian private equity firm
- in its acquisition of a substantial equity interest in Plusgrade
- in its acquisition of a majority interest in Optiom
- in its acquisition of the business of Spectrum Health Care
- in the acquisition of Joseph Ribkoff Inc.
- in its acquisition of Ratehub
- in its acquisition of Cofamo
- Olympus Partners, a U.S. private equity firm
- through its portfolio company, Rise Baking, in its acquisition of Wonder Brands Inc.’s pies business
- in its acquisition of Rise Baking
- Peak Rock Capital, a U.S. private investment firm
- in its acquisition of Rochester Midland Canada Corporation
- Power Sustainable, a specialized North American agri-food private equity investment platform
- in GoodLeaf Farm’s C$150 million financing
- Prelude Growth Partners, a U.S. growth equity firm
- in its investment in Ontario-based Riverside Natural Foods
- Rhône Capital, a transatlantic private equity firm
- as a continuing shareholder in the C$1.11 billion privatization of Hudson’s Bay Company
- in its US$5.2 billion sale of a majority stake in GardaWorld to BC Partners
- Sagard Private Equity, a Canadian private equity firm
- in its acquisition of Courchesne Larose Limitée
- Slate Asset Management, a global alternative investment platform targeting real assets
- Slate NA Fund in its US$180 million strategic joint venture with Slate Grocery REIT (“SGR”) and US$425 million acquisition of 14 properties across seven states in the Southeastern U.S.
- in the US$2.33 billion acquisition of the Commercial Real Estate Business (ACREG) of Annaly Capital Management, Inc.
- in its minority equity investment from Goldman Sachs’ Petershill Group
- Slate Canadian Real Estate Opportunity Fund in its financing and acquisition of a portfolio of properties from Cominar REIT for C$1.14 billion
- The Gores Group, a U.S. private equity firm
- and its U.S. portfolio company, VITAC Corp., in the acquisition of SOVO Technologies
- Thompson Street Capital Partners, a U.S. private equity firm
- in its acquisition of CommonLook through T-Base Communications, its portfolio company
- in its sale of Vetio Animal Health to Swedencare AB
- in its acquisition of T-Base Communications Inc.
- in its acquisition of NetCentric Technologies
- in its acquisition of TetraGenx Animal Health
- Vision Ridge, a sustainable real assets investor
- in its acquisition of Vegpro International
- Walter Capital Partners, the private equity wing of a Canadian family office
- in its investment in Averna Technologies Inc.
- in its acquisition of a significant stake in the share capital of Athos Services Commémoratifs Inc.
- in its acquisition of Edge Imaging Inc.
- in its acquisition of Plasticase Inc.
- in its acquisition of Ergoresearch Ltd.
Members of our private equity team have led the following fund formations, among many others:
- Fiera Capital in the launch of its new Fiera Properties CORE Mortgage Fund and the appointment of Fiera Properties Debt Strategies Ltd. as the lead of the mortgage strategy
- Slate Asset Management L.P. in its formation and financing of Slate Canadian Real Estate Opportunity Fund I L.P., Slate Canadian Real Estate Opportunity Fund II L.P., Slate European Real Estate Limited Partnership I and Slate European Real Estate Limited Partnership II
- Northleaf Capital Partners in its C$300 million final closing for Northleaf Venture Catalyst Fund II
- Fiera Comox Partners in the formation of:
- Global Agriculture Open-End Fund L.P., a global open-end agriculture fund focused on agriculture and investing globally
- Glacier Global Private Equity Fund I L.P., a global private equity fund combining fund investments and direct investments
- Fiera Comox Private Credit Opportunities Open-End Fund, a global private debt fund
- KPS Capital Partners, LP in the US$7 billion first and final closings of KPS Special Situations Fund V and KPS Special Situations Mid-Cap Fund
- Urapi Sustainable Land Use L.P., a private equity fund that invests in agroforestry projects in South America
- Stonebridge Infrastructure Debt Fund I L.P. in the course of its initial closing and subsequent closings of Stonebridge Infrastructure Debt Fund I Limited Partnership, a private debt fund, providing private debt loans in the infrastructure and energy sector
- Stonebridge Infrastructure Debt Fund II L.P. in the course of its initial closing and subsequent closings, of Stonebridge Infrastructure Debt Fund II Limited Partnership, an opened-end private debt fund (with committed capital in excess of $380 million) focused on infrastructure and energy related project financing
- Walter Financial and Walter Capital Partners in respect of the establishment of a private equity platform and its initial funds
- Instar Group Inc. in respect of the establishment of Instar AGF Asset Management Inc., an asset management platform in association with AGF Management Limited
Chambers & Partners
Band 1 in Corporate and M&A
Chambers & Partners
Band 1 Corporate/Commercial: The Elite (British Columbia, Ontario, Québec)
Chambers & Partners
Consistently recognized as a leading firm in Private Equity: Buyouts and Investment Funds: Fund Formation
Tier 1 in Corporate and M&A
The Canadian Legal Lexpert Directory
Recognized as a Most Frequently Recommended firm for M&A
Consistently recognized as a leading firm in M&A
Canadian Law Awards
M&A Deal of the Year for third consecutive year
Refinitiv, Mergermarket and Financial Post
Consistently ranked as a top firm by both value and deal count in league tables
The Deal: Private Equity
Consistently recognized as a leading firm
Report on Business: Canada’s Best Law Firms 2022
Area of Distinction – Private Equity & Investments