Bennett Jones, Torys, Stikeman Elliott, Norton Rose Fulbright, Osler, Davies legal counsel this week
Deal: Park Lawn to be taken private by Viridian, shares soar nearly 60 percent
Value: $1.2 billion
Bennett Jones, Torys, and Stikeman Elliott are serving as counsel in the take-private acquisition of the largest Canadian-owned funeral home company Park Lawn in an agreement valued at $1.2 billion. Also in this week’s deals roundup are Norton Rose Fulbright, Osler, and Davies as legal advisors.
Park Lawn Corporation, the largest Canadian-owned funeral, cremation and cemetery provider, has agreed to sell to Viridian Acquisition Inc., an affiliate of Homesteaders Life Company and Birch Hill Equity Partners Management Inc., in a take-private deal valued at $1.2 billion, including debt. After the announcement, shares of Park Lawn soared nearly 60 percent in early trading on the Toronto Stock Exchange.
Bennett Jones LLP and Morgan, Lewis & Bockius LLP are acting as legal counsel to Park Lawn and the Special Committee. National Bank Financial is acting as financial advisor to the Special Committee.
Torys LLP, Faegre Drinker Biddle & Reath LLP and Paul Weiss Rifkind Wharton & Garrison LLP are acting as legal counsel to Homesteaders. Stikeman Elliott LLP is acting as legal advisor to Birch Hill. BMO Capital Markets is acting as financial advisor to Viridian.
“We have confidence in Park Lawn and their team and believe that, in partnership with Birch Hill, we are well positioned to support them through this transition given our mutual commitment to the funeral and cemetery profession,” said Homesteaders President, CEO and Board Chair Steve Shaffer. “Homesteaders’ secure, stable financial position enables us to make long-term capital investments to support providers like Park Lawn while maintaining the financial strength that has made us a reliable partner for funeral providers and a safe funding vehicle for our policy owners for 118 years.”
The deal is expected to close in August 2024.
ONCAP, the mid-market investment platform of Canadian private equity firm Onex, has signed an agreement to sell its ownership interest in Englobe Corporation, a Quebec-based engineering and environmental services firm, to Colliers, a diversified professional services and investment management company in a deal valued at approximately $641 million (US$475 million).
Torys is acting as legal counsel to Colliers. Stikeman Elliott is acting as legal counsel to Englobe, with AEC Advisors as financial advisor.
In a separate statement, ONCAP said that Englobe’s material management and beneficial reuse operations located in Canada, the UK and France are not included in this deal. These assets are being sold to a strategic buyer in a deal expected to close in June.
The acquisition of Englobe marks a significant entry for Colliers into the Canadian engineering marketplace,” said Colliers global chairman and CEO Jay Hennick. “Once the transaction is completed, recurring earnings from engineering, investment management and outsourcing will collectively represent about 75 percent of our total earnings. With investment management, engineering and commercial real estate services, Colliers has three significant and complementary global growth engines to continue to generate value for shareholders for many years to come.”
The deal is expected to be completed in the third quarter of 2024, subject to customary closing conditions.
ComediHa!, a Quebec-based entertainment group, has agreed to acquire selected assets of Just For Laughs, the comedy giant that hosts the world’s largest humor festival in Montreal, consolidating ComediHa’s position as an important player in the humor industry.
The selected assets include the brands Juste pour rire, Just For Laughs, ZooFest, ComedyPro, the Gags and the audiovisual catalog.
Norton Rose Fulbright is serving as legal counsel to ComediHa, Osler to Just For Laughs, and Davies for PWC.
ComediHa! CEO Sylvain Parent-Bédard said, “This asset acquisition will enable us to offer even more diverse entertainment experiences to our Quebec, Canadian, and global audiences while supporting the growth and development of our artists and content around the world. We are also becoming a strategic player for international artists who want to perform in Quebec and Canada.”
