Author: Kirk Falconer

Jim Leech will step down as president and CEO of Ontario Teachers’ Pension Plan, a position he has held since 2007, according to a report by The Globe and Mail. Mr. Leech told reporters that he will retire by the end of 2013, and that a search process for finding his successor is already underway.  Mr. Leech joined Ontario Teachers in 2001 to lead the pension plan’s private equity investment arm Teachers’ Private Capital. Before joining Teachers, he was president and CEO of Canadian merchant bank Unicorp Canada Corp.

Further information about Ontario Teachers Pension Plan can be obtained on the firm’s website.

Photo courtesy of Ontario Teachers Pension Plan.

The post Jim Leech to Step Down as Ontario Teachers CEO – Report appeared first on peHUB.

TriCan Tire Distributors Inc., the Canadian subsidiary of  American Tire Distributors Inc. (ATD) has agreed to acquire Regional Tire Distributors Inc., a Burlington, Ontario-based company focused on tire supply solutions. The deal, which is expected to close at the end of April, 2013, has been valued at approximately US$62.5 million. Charlotte, North Carolina’s ATD is a portfolio investment of U.S. buyout firm TPG Capital, which bought the company in 2010 from Investcorp, Berkshire Partners and Greenbriar Equity.

PRESS RELEASE:

American Tire Distributors Holdings Inc. (“ATD”) announced today that an agreement has been reached whereby TriCan Tire Distributors Inc. (“TriCan”), its wholly owned subsidiary, entered into an agreement to purchase all outstanding shares of Regional Tire Distributors Inc. (“RTD Ontario”). ATD expects the transaction to close by the end of April 2013. The acquisition will significantly expand ATD’s presence in the Ontario and Atlantic Provinces of Canada. ATD entered the Canadian market in November 2012 by purchasing TriCan.

RTD Ontario operates five distribution centers in Ontario and four distribution centers in the Atlantic Provinces. The company has grown from two distribution centers in 2008 to its nine distribution centers today. RTD Ontario services approximately 3,100 customers and is based in Burlington, Ontario.

“RTD Ontario has built a very strong presence in the eastern provinces in which they operate,” said William “Bill” Berry, President and Chief Executive Officer of American Tire Distributors. “These nine distribution centers will complement the current TriCan operation, which has a leading market position across the Prairie Provinces and in British Columbia.”

Following the close of the acquisition, ATD will continue to run its Canadian operation as a stand-alone business unit. Mike Kustra, currently President of RTD Ontario, will assume the role of President over the combined RTD/TriCan operation. Chris Fletcher, currently President of TriCan Tire Distributors, will assume the role of Non-executive Chairman of the combined operation.

ATD and its subsidiaries plan to begin expanding their Canadian distribution centers in 2013 to support a broader product screen offering to customers. ATD and its subsidiaries also plan to add several new distribution centers across Canada by opening Greenfield locations and potentially acquiring other Canadian distributors.

About American Tire Distributors
American Tire Distributors is one of the largest independent suppliers of tires to the replacement tire market. It operates 123 distribution centers, including 15 distribution centers in Canada, serving approximately 70,000 customers across the U.S. and Canada. The company offers an unsurpassed breadth and depth of inventory, frequent delivery and value-added services to tire and automotive service customers. American Tire Distributors employs approximately 3,500 employees across its distribution center network, including approximately 200 employees in Canada.

Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements relating to our business and financial outlook. These forward-looking statements are not guarantees of future performance or the occurrence of future events, and are based on our current estimates, assumptions, expectations, forecasts and projections. Many factors could cause actual results to differ materially from those indicated.

Contact:
American Tire Distributors
Ron Sinclair, 704-992-2000
[email protected]
or
Luquire George Andrews, Inc.
David Coburn, 704-552-6565
[email protected]

Photo courtesy of Shutterstock.

 

The post TPG’s ATD Acquires Regional Tire Distributors appeared first on peHUB.

Canada’s new immigrant entrepreneur program, Start-Up Visa, was launched on the 1st of April. The program requires that non-resident entrepreneurs obtain funding from a Canadian angel investor group or venture capital firm when applying for relevant visas. Citizenship and Immigration Canada, which administers the program, has established a list of eligible investors following consultations with Canada’s Venture Capital and Private Equity Association and the National Angel Capital Organization.

PRESS RELEASE:

Foreign entrepreneurs who receive venture capital funding from a designated venture capital fund or angel investor group will qualify for the new Start-Up Visa Program (CICS News) Citizenship and Immigration Canada (CIC) announced on Thursday that foreign entrepreneurs would be able to start applying for the newly created Start-Up Visa Program on April 1st of this year.

“Canada is open for business to the world’s start-up entrepreneurs,” said Citizenship and Immigration Minister Jason Kenney in announcing the launch date.

“Innovation and entrepreneurship are essential drivers of the Canadian economy. That is why we are actively recruiting foreign entrepreneurs – those who can build companies here in Canada that will create new jobs, spur economic growth and compete on a global scale – with our new start-up visa.”

To qualify for a Start-Up Visa, a potential immigrant must receive venture capital funding from a fund and angel investor group designated as a recognized venture capital investor by CIC, in partnership with Canada’s Venture Capital and Private Equity Association (CVCA) and the National Angel Capital Organization (NACO).

A full list of designated venture capital funds and angel investor groups can be seen on the CIC website.

International competition

The Canadian Start-Up Visa Program is the first permanent residency program of its kind in the world but will still have to contend with competition for global start-ups from other countries which offer temporary residency and other perks to attract foreign entrepreneurs.

Singapore for example offers the EntrePass (Entrepreneur Pass), which provides business visas to qualifying individuals seeking to start a business in the country, and a competitive business environment, with no capital gains tax, a low income tax, and no fiscal deficit.

While inviting foreign business people and entrepreneurs to Canada undoubtedly contributes to the Canadian economy, an analysis on the income trends of Canada’s economic class immigrants, conducted by CICS News in January, suggests that the full potential of the capital and talent invited to Canada might remain unrealized unless the country’s business environment becomes globally competitive in terms of expected after-tax returns on investment made in the country.

Photo courtesy of Shutterstock.

The post Canada’s Start-Up Visa Gets Underway appeared first on peHUB.

Englewood Cliffs, N.J.-based Onex Credit Partners LLC (OCP), the credit investing arm of Canadian buyout firm Onex Corp., has completed its third collateralized loan obligation (CLO) offering in a private placement transaction that raised US$512 million, including US$24 million from Onex. OCP, which has done three CLO offerings since early 2012, now manages US$2.8 billion, including US$2.3 billion of third-party capital.

PRESS RELEASE

Onex Credit Partners Completes Third CLO Offering

Toronto, March 25, 2013 – Onex Corporation (“Onex”) (TSX: OCX) today announced that Onex Credit Partners, LLC completed its third collateralized loan obligation (“CLO”) offering in a private placement transaction that raised $512 million, including $24 million from Onex. A CLO is a leveraged structured vehicle that holds a widely diversified collateral asset portfolio that is funded through the issuance of long-term debt in a series of rated tranches of secured notes and equity.

Including three CLO offerings completed since March 2012, Onex Credit Partners now manages $2.8 billion, including $2.3 billion of third-party capital.

“We’re encouraged by the market’s receptivity to Onex Credit Partners as a CLO manager,” said Michael Gelblat, Chief Executive Officer of Onex Credit Partners. “We continue to see opportunities for further CLO issuance, and our current team and infrastructure have the capability to place a number of offerings each year should market conditions remain attractive.”

About Onex
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $15 billion of assets under management, including $5 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds.

Onex’ businesses have assets of $43 billion, generate annual revenues of $37 billion and employ approximately 250,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company’s security filings can also be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.

The securities sold in the third CLO offering have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration under that Act. Any future CLO offerings will be made in similar private placement transactions subject to the same restrictions.

For further information:
Emma Thompson
Vice President, Investor Relations
Tel: 416.362.7711

Photo courtesy of Shutterstock.

The post Onex Credit Partners Completes Third CLO, Manages $2.8B appeared first on peHUB.

Markham, Ontario-based Camilion Solutions Inc., which focuses on product development, product life-cycle and underwriting solutions for the insurance industry, has been bought by SAP AG, a German provider or enterprise application software. The financial terms of the acquisition were not disclosed. Camilion was founded in 2001 with a startup financing led by Canadian venture capital firm Celtic House Venture Partners. Other backers of the company have included GrowthWorks and MMV Capital Partners.

PRESS RELEASE:

SAP AG (NYSE: SAP) today announced plans to acquire Camilion, a leading provider of insurance product development, product life-cycle and underwriting solutions that help insurance companies significantly improve the quality of the business they write and bring new products to market faster.

The transaction will broaden the SAP® solution portfolio in the insurance space, providing insurers with powerful software tools to streamline the management and creation of new products. It also will give insurance brokers and underwriters — those who deal directly with customers — simple, modern tools that speed up transactions. Together, these components could help insurers grow their businesses and reduce costs.

Many insurers today struggle with outdated core insurance systems that are not agile enough to meet rapidly changing consumer needs and the latest technology trends. Insurers seek to modernize these core systems in order to increase the quality of their business and deliver new products to the market more quickly. At the same time, they need software tools that provide instant analysis and simulation across huge volumes of data — all while protecting the value of past IT investments.

The move adds significant value to the integrated SAP® for Insurance solution portfolio and prominently positions SAP in the rapidly emerging market for integrated core insurance platforms, the industry’s first “Super Suite.” Traditional solution suites for the insurance industry have been limited to policy, billing and claims. SAP, together with Camilion, plans to provide an integrated yet modular end-to-end insurance offering: the SAP® Business All-in-One solution for Insurance. This will include comprehensive integrated capabilities from strategy through finance to operations powered by leading-edge in-memory and mobile technologies, available both in the cloud or on premise.

“With this acquisition, SAP is able to meet the needs of insurers that face a challenging new business environment and that need to make significant product and strategy changes quickly at low risk,” said Simon Paris, global head of Financial Services, SAP. “Camilion brings deep expertise and trusted relationships in the new age of insurance applications, well recognized by customers and analysts.”

“We are convinced this is a ‘win-win-win,” said Ross Orrett, president and CEO, Camilion. “It’s a win for SAP and Camilion, for our joint customers and for an industry that is modernizing at a staggering pace. We intend to deliver best-in-class products and services from a combined team with unmatched depth in the insurance industry.”

Global Underwriting
Leading insurers use Camilion’s capabilities to perform sophisticated underwriting of some of the most complex global risks. These capabilities integrate seamlessly with back-end systems to support the entire product life cycle, including the development of new business across the world.

Product Development and Management
Camilion’s ProductAuthority® helps customers manage everything about insurance products into re-usable components that can be rapidly adapted to form new products or enhancements. Camilion and SAP have uniquely built their respective solutions from the ground up to externalize product information and agnostically integrate with any core system.

Full Solution for ISO
Camilion helps insurers address the requirements of the Insurance Services Office (ISO) and state policies and regulations in the U.S. Using an advanced automated process for importing and testing content, Camilion builds complete, functional insurance product definitions as interpreted by ISO. The combination of Camilion and SAP solutions will provide a complete platform for insurers with operations in the U.S.

Mobile and “Big Data”
Camilion intends to expand its mobility capabilities for quoting and underwriting, which is critical as brokers and underwriters increasingly work remotely and rely on the latest applications on iPad, iPhone and other mobile devices. One Camilion customer already has more than 10,000 brokers using this capability.

About Camilion
Camilion was founded in 2001 and is an innovative software company that leading insurers use to gain enterprise-wide agility with their products and underwriting. It is privately held, with offices in Canada and the United States. SAP and Camilion have collaborated since 2008.

For more information, visit the SAP Newsroom.

About SAP
As market leader in enterprise application software, SAP helps companies of all sizes and industries run better. From back office to boardroom, warehouse to storefront, desktop to mobile device – SAP empowers people and organizations to work together more efficiently and use business insight more effectively to stay ahead of the competition. SAP applications and services enable more than 197,000 customers (includes customers from the acquisition of SuccessFactors) to operate profitably, adapt continuously, and grow sustainably. For more information, visit www.sap.com.

Any statements contained in this document that are not historical facts are forward-looking statements as defined in the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate,” “believe,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “project,” “predict,” “should” and “will” and similar expressions as they relate to SAP are intended to identify such forward-looking statements. SAP undertakes no obligation to publicly update or revise any forward-looking statements. All forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. The factors that could affect SAP’s future financial results are discussed more fully in SAP’s filings with the U.S. Securities and Exchange Commission (“SEC”), including SAP’s most recent Annual Report on Form 20-F filed with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates.

©2013 SAP AG. All rights reserved.
SAP and other SAP products and services mentioned herein as well as their respective logos are trademarks or registered trademarks of SAP AG in Germany and other countries. Please see http://www.sap.com/corporate-en/legal/copyright/index.epx#trademark for additional trademark information and notices.

Note to Editors:
To preview and download broadcast-standard stock footage and press photos digitally, please visit www.sap.com/photos. On this platform, you can find high resolution material for your media channels. To view video stories on diverse topics, visit www.sap-tv.com. From this site, you can embed videos into your own Web pages, share video via email links, and subscribe to RSS feeds from SAP TV.

Follow SAP on Twitter at @sapnews and @sustainableSAP.

For customers interested in learning more about SAP products:
Global Customer Center: +49 180 534-34-24
United States Only: 1 (800) 872-1SAP (1-800-872-1727)

For more information, press only:
Andy Kendzie, +1 (202) 312-3919 [email protected], EST
Crystal Lu, +1 (925) 236-6431, [email protected], PST
Daniel Reinhardt, +49 6227 7-40201, [email protected], CET
SAP Press Office, +49 (6227) 7-46315, CET; +1 (610) 661-3200, EDT; [email protected]

Photo courtesy of Shutterstock.

The post SAP Acquires Venture-Backed Camilion Solutions appeared first on peHUB.

Anaheim, California-based RSI Home Products Inc. has completed a bond transaction that raised US$525 million in 5-year senior secured second lien notes. Funds generated by the transaction will be used in part to purchase the 50 percent equity stake held by Canadian buyout firm Onex Corp. Onex announced it has received proceeds totaling US$471 million, which accounts for the company buyback and prior distributions, from its original investment in RSI.

PRESS RELEASE:

RSI Home Products, Inc., the largest manufacturer, in terms of units sold, of kitchen cabinets, bathroom vanities, medicine cabinets and cultured marble countertop products in the U.S. and Canada, announced today that it has completed the transaction for a bond offering which raised $525 million in 5-Year Senior Secured Second Lien Notes. The announcement comes on the heels of Onex Corporation’s (CA:OCX) public announcement to sell its 50 percent interest in RSI Home Products, Inc. to the company for proceeds of approximately $323 million. The funds from the bond transaction will be used to purchase Onex’s equity stake and repay existing bank loans.

“The new financial structure is beneficial to the company,” said Founding Chairman Ronald M. Simon of RSI Holding LLC, parent company of RSI Home Products, Inc. and RSI Development. “It will allow us to leverage the financial benefits of the bond market, while maximizing our ability to remain flexible and support company growth.”

RSI Home Products, Inc. sells kitchen, bath and home organization products in the U.S. and Canada to national retailers such as Home Depot and Lowes, as well as through a dealer network. The company consistently exhibits stand-out performance, despite market conditions. RSI’s unique manufacturing processes allows the company to produce high-quality, low-cost, value-rich products while offering a superior level of customer service.

“We are pleased with the outcome of our partnership with Onex,” said Simon. “When their investment was made in 2008, the economy was falling into a recession and the cabinet industry was rapidly declining. Despite the challenging market conditions, RSI Home Products, Inc. outperformed the competition and demonstrated recession resistance delivering a significant return to its investor.”

About RSI Home Products, Inc.:

Since RSI Home Products, Inc. was founded in 1989 it has been a customer-focused, quality-driven manufacturer of bath, kitchen and home organization products throughout the U.S. and Canada. The company has outpaced its competition and continues to offer high-quality, low-cost, value-rich products. RSI Home Products employs more than 3,500 people and has manufacturing and distribution facilities in California, North Carolina, Texas, and Mexico. For more information, visit www.rsiholdingcorp.com

Contact:.
Media
Kim Sherman
(714) 573-0899 ext. 222
[email protected]

Photo courtesy of Shutterstock.

The post RSI Obtains Bond to Purchase Onex’s Equity Stake appeared first on peHUB.

Canadian venture capital firm Vanedge Capital led a US$5 million Series B financing of San Francisco-based Playnomics Inc., a provider of data science and predictive analytics for mobile, social and browser games. Joining in the round were existing investors FirstMark Capital and XSeed Capital. Tony Lam, principal of Vancouver-based Vanedge, has joined Playnomics’ Board of Directors.

PRESS RELEASE

PLAYNOMICS CLOSES $5M IN SERIES B FUNDING FOR PLATFORM EXPANSION

Vanedge Capital Makes Strategic Investment in Leading Data Science Company for Mobile, Social and Browser Games

SAN FRANCISCO – February 20, 2013 – Playnomics, the global leader in data science and predictive analytics for mobile, social and browser games, today announced a $5M Series B funding raised in a round led by Vanedge Capital and joined by existing investors FirstMark Capital and XSeed Capital. Founded by former Electronic Arts Inc. (NASDAQ: EA) veterans Paul Lee and Glenn Entis, Vanedge Capital is a venture capital fund focused on investments in interactive entertainment and digital media. With today’s announcement Tony Lam, Principal at Vanedge Capital, will also join the Playnomics board.

The current round will be leveraged for the company’s continued focus on games and gamification mechanics and further expansion of the existing PlayRM Platform, which already profiles a total of over 100 million unique players across dozens of leading online games and brands worldwide.

“Playnomics has always been focused on determining why and how audiences play, and enabling game developers and brands to measurably increase player retention, engagement and monetization using our PlayRM platform,” said Chethan Ramachandran,
CEO of Playnomics. “With this new round of funding, we’ll be able to further expand the features and capabilities of the platform to meet the growing needs of our partners worldwide. Developers can expect several new product releases this year that leverage our predictive scoring and segmentation engine.”

“As veterans in interactive entertainment and video game technology, we recognize that access to big data science, improved analytics and advanced marketing software is an absolute requirement for successful games. Playnomics has already made significant moves in this space, creating real value for their partners, and our fund was created to support companies like Playnomics as they move forward building out their vision,” said Lam.

Playnomics’ PlayRM Platform and PlayScience Engine currently supports game developers and consumer brands worldwide across over 100 games and applications, both web-based and mobile, scoring data from over 30 million monthly active players and processing over 5 billion in-game events. While the PlayScience Engine scores players across multiple facets, including predictive scores and personality scores, the PlayRM platform puts a comprehensive suite of tools at the developers’ fingertips. This includes the PlayRM™ Segmentation Engine, PlayRM™ Messaging Engine and PlayRM™ Player Marketplace. Developers can effectively segment, target, acquire and engage players based on key game behaviors, ultimately driving increased revenue and retention. The PlayRM Messaging Engine enables developers and publishers to communicate directly with individual users through personalized messages and cross-promotion, based on their gameplay behavior and optimized to encourage engagement, monetization and virality. As player activity and spending continues to grow in mobile, and user acquisition costs skyrocket upwards, the importance of re-engaging the right players rises as well. With today’s funding news, Playnomics plans to continue focus and growth of their platform in this area to meet market demand.

To learn more about Playnomics, visit www.playnomics.com.

About Playnomics
Founded in 2009, Playnomics is the global leader in quantifying play behavior. Comprised of entrepreneurs and industry experts who pioneered data mining in finance, information security and bioinformatics, Playnomics was the 2010 winner of the VentureBeat startup competition “Who’s Got Game”. In 2012, Playnomics launched the first-ever CRM platform for games called PlayRM™, and grew its predictive PlayScience Engine to score a total of over 100 million unique players across dozens of the leading online games and brands worldwide. San Francisco-based Playnomics is backed by leading venture investors, including FirstMark Capital, Vanedge Capital,
XSeed Capital, MetamorphicVentures, Accelerator Ventures, and TriplePoint Capital.

Media Contact
Salley Chan, Playnomics
[email protected]
415-322-9192

Photo courtesy of Shutterstock.

The post Vanedge Capital Leads $5M Financing of Playnomics appeared first on peHUB.

Ontario Municipal Employees Retirement System (OMERS) saw its net assets under management rise above the C$60 billion mark in 2012, increasing C$5.7 billion year over year. The Canadian pension fund said it posted a 10% return on its total investments last year, based on “strong performance in its private market portfolio.” OMERS’ overall private market portfolio had a 13.8% investment return, led by returns of 19.2% from the internally-managed buyout fund OMERS Private Equity.

PRESS RELEASE

OMERS Net Assets Surpass $60 Billion in 2012 with 10% Investment Return

Strong cash generation and continuing AAA credit rating mark solid year

TORONTO (February 22, 2013) — OMERS, one of Canada’s largest pension plans, today announced its 2012 financial results. OMERS net assets grew to $60.8 billion, rising by $5.7 billion in 2012 and by over $17 billion since the 2008 global credit crisis. Now in its 50th year, OMERS is an active, diversified investor, pension innovator, and an engine of economic growth and employment in Ontario and Canada.

OMERS total Plan investment return of 10% was driven by strong performance in its private market portfolio and solid public market performance in line with expectations and current market conditions. “OMERS had a strong year in 2012. The $5.7 billion increase in our net assets demonstrates the strength and robustness of OMERS business model with the capacity to generate growing investment cash yields and more than ample liquidity to withstand market shocks under stressed financial conditions,” said Michael Nobrega, OMERS President and CEO.

OMERS private market portfolio had a 13.8% investment return – with returns of 19.2% (OMERS Private Equity), 16.9% (Oxford Properties), 12.7% (Borealis Infrastructure) and negative 10.1% (OMERS Strategic Investments). OMERS Strategic Investments, which represents less than two and a half per cent of OMERS net investments, has its principal assets in Alberta’s oil and gas sector. The year-end valuation of these assets was negatively impacted as oil and gas prices fell to their lowest levels in five years.

OMERS Capital Markets, which manages the public market portfolio including public equities, fixed income and debt investments, generated a 7.5% return.

Progress against Strategic Goals

In 2003 OMERS adopted its current strategic plan including an investment strategy designed to provide balance between public and private market assets and to generate long-term, stable cash flows while maintaining liquidity. The strategy has evolved to incorporate avenues for the growth of Plan assets and a “direct-drive” ownership model providing OMERS with greater control of its investments at a lower cost.

“As a pension plan we are focused on our ability to pay pensions to our members over the long term in spite of factors such as the increasing average age of Plan members, low interest rates and volatility in the public equity markets. Our strategy is continuing to evolve to provide us with a fortress-like balance sheet that enables the growth of our assets while maintaining the necessary liquidity to withstand market disruptions,” said Mr. Nobrega.

One of the key drivers of the strategic plan is OMERS asset mix. OMERS ended the year with 60% of its assets in the public markets and 40% in private market assets, compared with 82% public and 18% private before the new strategy was implemented nine years ago. Our long-term goal is to achieve a mix of approximately 53% public and 47% private market investments.

A second key driver is the strategic priority to directly own and actively manage investments rather than retaining external fund managers. OMERS ended the year with 88% of the portfolio now managed in-house, up from 74% five years ago. The long-term goal is to reach 95% of the portfolio managed internally.

Funding Deficit

OMERS has a strong and growing balance sheet, currently with more than $60 billion in net assets. In 2012, OMERS collected $3.2 billion in contributions and paid out $2.7 billion in benefits, clearly demonstrating its ability to meet its pension obligation in the short and medium term.

Annually the Plan makes a projection regarding its ability to pay pensions over the long-term. At the end of 2012, the total pension entitlements earned to date by all Plan members exceeded OMERS actuarial net assets by $10 billion, resulting in a funding deficit. This projected, long-term deficit is mainly the result of increasing liabilities and the impact of investment losses incurred as a result of the 2008 global financial crisis.

In 2010 OMERS implemented a plan aimed at eliminating the deficit over time through measures that include a contribution increase phased in over three years assuming a 6.5% net investment return on an annual basis.

“This deficit is based on a long-term projection going out several decades and in no way reflects our ability to pay pensions in the short term. Solid investment returns which have averaged 8.9% per year in the four years since the financial crisis, and 8.24% over the past 10 years, combined with contribution increases, are already having a positive impact on reducing the deficit. Sustained returns at this level could bring the Plan back to fully funded status earlier than anticipated,” said Patrick Crowley, OMERS Chief Financial Officer.

Awards

In 2012 OMERS marked its fifth time as one of Aon Hewitt’s 50 Best Employers in Canada, third year as Pension Fund of the Year: Canada (World Finance Magazine), and was named one of Canada’s Passion Capitalists.

OMERS 50th Anniversary

A critical component of Canada’s retirement system, the OMERS defined benefit plan was created to provide financial security to municipal workers in Ontario and their families when they retire. Before OMERS, many municipal employers across the province did not participate in a pension plan to support their employees’ retirement. By bringing municipalities and local boards together, OMERS brought strength in numbers through a stable pooled investment fund with secure benefits. Since the first plan members enrolled in 1963, OMERS has grown into one of the country’s largest pension plans. Today, as OMERS enters its 50th year, Plan membership is at a new high of 429,000. For the 124,000 current retired members and survivors, the average annual pension being paid is approximately $18,600.

 Photo courtesy of Shutterstock.

The post OMERS Private Equity Drives Pension Fund’s Returns appeared first on peHUB.

Canadian buyout firm Onex Corp. has completed its sale of a 50 percent interest in RSI Home Products Inc. back to the Anaheim, California-based company. Proceeds from the transaction totaled US$323 million. Onex first invested in RSI in 2008. With the company buyback finalized, Onex announced it has received proceeds of US$471 million, including prior distributions, which results in a multiple of invested capital of approximately 1.5 times and an 11% rate of return.

PRESS RELEASE:

Onex Corporation (“Onex”) (TSX: OCX) and its affiliates (the “Onex Group”) today announced that they have completed the sale of their 50% interest in RSI Home Products (“RSI”) to the company for proceeds of $323 million.

The Onex Group made a $318 million preferred equity investment in RSI in October 2008. The Onex Group has received proceeds of $471 million, including prior distributions, which results in a multiple of invested capital of approximately 1.5 times and an 11% rate of return. Onex’ portion of the proceeds is $186 million, including the prior distributions.

About Onex
With offices in Toronto, New York and London, Onex is one of the oldest and most successful private equity firms. Onex acquires and builds high-quality businesses in partnership with talented management teams. The Company has approximately $15 billion of assets under management, including $5 billion of proprietary capital, in private equity, credit securities and real estate. Onex invests its proprietary capital directly and as a substantial limited partner in its Funds.

Onex’ businesses have assets of $43 billion, generate annual revenues of $37 billion and employ approximately 250,000 people worldwide. Onex shares trade on the Toronto Stock Exchange under the stock symbol OCX. For more information on Onex, visit its website at www.onex.com. The Company’s security filings can also be accessed at www.sedar.com.

This news release may contain forward-looking statements that are based on management’s current expectations and are subject to known and unknown uncertainties and risks, which could cause actual results to differ materially from those contemplated or implied by such forward-looking statements. Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or otherwise.
For further information:
Emma Thompson
Vice President, Investor Relations
Tel: 416.362.7711

Photo courtesy of Shutterstock.

 

The post Onex Completes Sale of 50% Stake in RSI appeared first on peHUB.

Spectra7 Microsystems Inc., a Toronto-based analog semiconductor company delivering speed, resolution and signal fidelity to consumer and wireless infrastructure products, has established a listing on the Toronto Stock Exchange and will begin trading under the symbol SEV. Spectra7 was founded last year as a result of a merger backed by Canadian venture capital firms. Celtic House Venture Partners led the company’s startup financing round of C$11 million in August, 2012 with the participation of Edgestone Capital Venture Fund III and Ventures West Capital.

PRESS RELEASE

Spectra7 Opens on TSX as Canada’s New Semiconductor Company

Feb 19 – Spectra7 Microsystems

Management Team Rings Opening Bell at the Toronto Stock Exchange

Toronto, Ontario CANADA, February 19, 2013 /FSC/ – Spectra7 Microsystems Inc. (SEV – TSX Venture), (“Spectra7″ or “the Company”), a high performance analog semiconductor company delivering unprecedented speed, resolution and signal fidelity to consumer and wireless infrastructure products, rang the Toronto Stock Exchange opening bell today and began trading under the symbol “SEV”.

The event was broadcast live on Business News Network (“BNN”), Canada’s only all business and financial news channel, and was followed shortly-thereafter by an interview with Tony Stelliga, CEO of Spectra7.

“Listing on the TSX Venture Exchange represents another significant milestone in the evolution of Spectra7,” commented Mr. Stelliga. “The market for high performance analog chips to enable lighter, thinner and higher performance consumer electronics is expanding rapidly and we’re at the forefront of that trend.”

The Company serves the HDTV interface market which is expected to grow by 65% in 2014 and the Smart HDTV tuner market which is expected to grow by almost 100% in the same period. The Company also serves the market for mobile Internet infrastructure equipment which is expected to grow 50% by 2017.

“Spectra7 is growing in lock step with an industry that is both significant in size and expanding very rapidly,” commented Daniel Kim, Partner, Managing Director and Head of Research at Paradigm Capital. “Spectra7 benefits from the fact that it is the only analog semiconductor company in Canada on a path to profitability and an industry leader in its market niche, thus providing investors with a truly unique investment vehicle.”

ABOUT SPECTRA7 MICROSYSTEMS INC.

Spectra7 Microsystems Inc. (TSX-V:SEV) is a high performance analog semiconductor company delivering unprecedented speed, resolution and signal fidelity to consumer and wireless infrastructure products. Spectra7′s new system level components address the bottlenecks and the exponential demand for more bandwidth and lower costs in mobile and internet infrastructure equipment, including handsets, tablets, base stations and microwave backhaul systems. The Company is headquartered in Markham, Ontario with development centers in Silicon Valley, Irvine, California and Cork, Ireland. For more information, please visit www.spectra7.com.

Certain information in this news release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Company. Additional information identifying risks and uncertainties is contained in The Company’s filings with the Canadian securities regulators available at www.sedar.com.

Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:

Tony Stelliga, CEO
Robert Munro, IR
t: (905) 480-9109 ext. 269
e: [email protected]
w: www.spectra7.com

Photo courtesy of Shutterstock.

 

The post VC-Backed Spectra7 Opens on Toronto Stock Exchange appeared first on peHUB.

The infrastructure investment arm of Kohlberg Kravis Roberts & Co. has acquired three solar photo-voltaic energy projects (SSM Solar) based in Sault Ste. Marie, Ontario. SSM Solar, which has a total capacity of 69MWdc and 60MWac, was sold to KKR for an undisclosed price by Starwood Energy Group Global LLC, an affiliate of Starwood Capital, a private equity firm based in Greenwich, Connecticut. During its period of ownership, Starwood Energy oversaw the construction and operation of the Ontario solar facilities. The final phase of development was concluded in 2012.

KKR to Acquire Ontario Solar Projects

NEW YORK–(BUSINESS WIRE)– KKR today announced the acquisition of three solar photovoltaic (“PV”) energy projects (“SSM Solar”) from an affiliate of Starwood Energy Group. Terms of the transaction were not disclosed.

Located in Sault Ste Marie, Ontario, SSM Solar has a total capacity of 69MWdc and 60MWac, representing one of the largest PV facilities in North America and the second largest in Canada. SSM Solar is fully contracted to sell its energy output to the Ontario Power Authority (“OPA”) under 20-year power purchase agreements entered under the authority’s Renewable Energy Standard Offer Program (“RESOP”). SSM Solar powers approximately 7,000 households.

“Ontario has been at the forefront of encouraging new development to bring additional renewables capacity online, and with this acquisition, we are playing a meaningful role in the growth of renewables in the province,” said Raj Agrawal, KKR’s Head of North American Infrastructure. “When it comes to infrastructure, renewable energy is one of our top priorities; not only is the sector a critical part of energy supply diversity, but these investments can also provide investors with highly predictable long-term income streams.”

Overall operations and management of the solar projects will continue to be handled by EDF Renewable Energy under three separate long term operations and maintenance agreements.

Ontario, with a population of 13.5 million, is the largest power market in Canada with 38.3GW of installed capacity and peak demand of approximately 24 GW. The Ontario solar market is one of the fastest growing utility scale solar markets globally. Starting in 2006, Ontario put in place specific programs to encourage development of renewables capacity, including OPA RESOP and FiT programs, which offer economic incentives in the form of long-term power purchase agreements. These programs also standardize environmental approvals and offer priority access to renewables to connect the electric grid.

SSM Solar represents KKR’s eighth infrastructure and its fourth renewables investment through KKR investment vehicles. Other renewable investments include a partnership with Sorgenia, one of the largest wind farm operators in France by installed capacity, a partnership with T-Solar, the largest owner/operator of solar photovoltaic generation assets in Europe; and SunTap Energy, a partnership with Recurrent Energy that is focused on acquiring solar photovoltaic electric generating facilities in North America.

About KKR

Founded in 1976 and led by Henry Kravis and George Roberts, KKR is a leading global investment firm with $77.5 billion in assets under management as of December 31, 2012. With offices around the world, KKR manages assets through a variety of investment funds and accounts covering multiple asset classes. KKR seeks to create value by bringing operational expertise to its portfolio companies and through active oversight and monitoring of its investments. KKR complements its investment expertise and strengthens interactions with investors through its client relationships and capital markets platform. KKR & Co. L.P. is publicly traded on the New York Stock Exchange (NYSE: KKR), and “KKR,” as used in this release, includes its subsidiaries, their managed investment funds and accounts, and/or their affiliated investment vehicles, as appropriate. For additional information, please visit KKR’s website at www.kkr.com.

Media:
KKR
Kristi Huller, 212-230-9722
[email protected]

Source: KKR

Photo courtesy of Shutterstock.

The post KKR Acquires Ontario Solar Projects appeared first on peHUB.

The Hillman Companies Inc. has closed its previously-announced acquisition of all of the issued and outstanding shares of H. Paulin & Co. Ltd., a Toronto-based manufacturer and distributor of fasteners, fluid system products, automotive parts and retail hardware components. The cash purchase price of C$27.60 per share brings the total value of the transaction to approximately C$103 million. Cincinnati, Ohio’s Hillman has been a portfolio company of US private equity firm Oak Hill Capital Partners since 2010.

PRESS RELEASE

Hillman Closes H. Paulin & Co., Limited Acquisition

CINCINNATI AND TORONTO, Feb. 19, 2013 /CNW/ – The Hillman Companies, Inc. (Amex: HLM.Pr) (“Hillman”) and H. Paulin & Co., Limited (TSX: PAP.A) (“Paulin”) are pleased to announce the successful completion of the previously announced arrangement pursuant to which Hillman acquired all of the issued and outstanding Class A common shares (the “Shares”) of Paulin for a cash purchase price of C$27.60 per Share.

With the completion of the arrangement, the Shares are expected to cease to be listed for trading on the Toronto Stock Exchange on or about the close of business on February 25, 2013. Paulin intends to apply to the relevant securities regulatory authorities to cease to be a reporting issuer in the applicable jurisdictions in Canada.

Details of the transaction are contained in Paulin’s management information circular dated January 7, 2013, which can be found at www.sedar.com.

Advisors and Legal Counsel

Barclays Bank PLC acted as financial advisor to Hillman in connection with the transaction and provided committed debt financing. Stikeman Elliott LLP and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to Hillman. Goodmans LLP acted as legal counsel to Paulin. Ernst & Young LLP acted as financial advisor and McCarthy Tétrault LLP acted as legal counsel to the special committee of the board of directors of Paulin.

About Paulin

Headquartered in Toronto, Canada, Paulin was founded in 1920 and is a leading Canadian distributor and manufacturer of fasteners, fluid system products, automotive parts, and retail hardware components. Paulin’s distribution facilities are located across Canada in Vancouver, Edmonton, Winnipeg, Toronto, Montreal, and Moncton, as well as in Flint, Michigan and Cleveland, Ohio. Paulin’s four manufacturing facilities are located in Ontario, Canada. The Company’s customers include retail hardware, industrial, and automotive (both Original Equipment Manufacturers and aftermarket). Annual revenues of Paulin for 2011 were approximately C$139 million.

About Hillman

Founded in 1964 and headquartered in Cincinnati, Ohio, Hillman is a leading value-added distributor of approximately 80,000 SKUs, consisting of fasteners, key duplication systems, engraved tags, and related hardware items to over 20,000 retail customers in the U.S., Canada, Mexico, South America, and Australia, including home improvement centers, mass merchants, national and regional hardware stores, pet supply stores, and other retailers. Hillman provides a comprehensive solution to its retail customers for managing SKU intensive, complex home improvement categories. Hillman also offers its customers additional services, such as inventory management and in-store merchandising services.

In May 2010, Oak Hill Capital Partners acquired Hillman. Members of Hillman’s management team also invested in Hillman. Oak Hill Capital Partners is a private equity firm managing funds with more than $8 billion of committed capital from leading entrepreneurs, endowments, foundations, corporations, pension funds, and global financial institutions. For more information about Oak Hill Capital Partners, visit www.oakhillcapital.com.

This press release has been issued pursuant to the early warning press release requirements under Canadian securities laws, which also require a report to be filed with the B.C., Alberta, Manitoba and Ontario Securities Commissions containing additional information with respect to the foregoing matters. Hillman has acquired ownership of, and control over, 3,288,000 Shares, being 100% of the issued and outstanding Shares, in exchange for cash consideration of $27.60 per Share. The acquisition was entered into for the purpose of integrating Paulin into Hillman’s North American operations.

The Hillman Companies Inc. | 10590 Hamilton Avenue | Cincinnati, Ohio 45231

SOURCE: H. Paulin & Co. Limited

For more information on Paulin visit www.hpaulin.com or call Investor Relations at (416) 694-3360, ext. 135.

For more information on Hillman, please visit www.hillmangroup.com or call Investor Relations at (513) 851-4900, ext. 2084.

Photo courtesy of Shutterstock.

The post PE-Backed Hillman Closes Buy of H. Paulin & Co. appeared first on peHUB.

GroupTalent Inc., a talent-as-a-service platform that focuses on hard-to-fill software design and development roles, has secured US$1 million in a seed-stage financing round from a mix of Canadian and US investors. The Seattle, Washington-based GroupTalent, founded in 2011, was backed in a deal led by Vancouver, British Columbia’s Version One Ventures, an early-stage venture capital firm launched last year, alongside Founders’ Co-op., Menlo Ventures and a number of angel investors.

PRESS RELEASE

Announcing our latest investment: GroupTalent

February 13, 2013

There’s a talent drain facing the tech industry today. We frequently hear about companies that can’t find enough skilled developers and positions are left unfilled for months. That’s why I’m particularly excited to announce Version One’s investment in GroupTalent, a talent-as-a-service platform that focuses on hard-to-fill software design and development roles.

GroupTalent matches companies with technical team members on demand. A hiring or project manager can fill a highly-technical role within 48 hours…which can make a huge difference to a company struggling to meet a product milestone or ramp up quickly. GroupTalent offers a pool of more than 4,000 curated developers and designers and already has a loyal following of early customers including Timbuk2, Crowdstrike, and 1-800-Junk.

Version One led the seed round alongside our friends at Founders’ Co-op. Menlo Ventures and angel investors also participated.

This is an exciting investment because GroupTalent offers a unique marketplace solution that capitalizes on two key trends. First, more and more highly talented technical people are monetizing their talents outside of the traditional full-time career track. And second, companies need quicker and more efficient access to technical talent in order to keep up with the pace of innovation.

Tomorrow’s economy is going to be fueled by a more fluid and often project-based workforce. GroupTalent’s platform helps make this contract economy work for both the talent and hiring companies.

For more information about GroupTalent, visit the company’s website.

Photo courtesy of Shutterstock.

 

The post Version One Leads Seed Financing of GroupTalent appeared first on peHUB.