Roundup includes CDPQ, others investing $6.3-billion in Dubai-based multinational logistics firm
Davies assisted Thermogenics in its sale to US-based Audax Private Equity, while Kirkland & Ellis and Blakes served as legal advisors to Audax in the deal. Also this week, CDPQ and other investors agreed to place $6.3-billion in funding on Dubai-based multinational logistics firm DP World flagship assets.
Ontario-based industrial boiler manufacturer Thermogenics is selling to US-based Audax Private Equity. Backed by Ironbridge Equity Partners, Thermogenics operates in Canada and the US. Davies acted as legal advisor to Thermogenics while Kirkland & Ellis and Blakes assisted Audax.
Financial advisors in the deal were KeyBanc Capital Markets for Thermogenics and Solomon Partners for Audax.
Thermogenics CEO Ross Garland said, “We are thrilled to be partnering with Audax as we enter an exciting new chapter in our history. This investment will help Thermogenics accelerate growth and expand its boiler product and service offerings to customers. Partnering with Audax will only enhance our ability to continue doing what we do best – providing trusted solutions to our clients.”
Audax Private Equity Managing Director Greg Smith said, “We are excited to partner with Ross and the rest of the Thermogenics management team to accelerate the growth of the Company and build upon their success as a best-in-class provider of boiler solutions.”
Global investment group CDPQ and other investors agreed to fund $6.3 billion in three of Dubai-based logistics firm DP World’s flagship UAE assets.
Financial advisors included Canaccord Genuity (Dubai) Ltd, Citigroup Global Markets Limited, Deutsche Bank AG, Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, J.P. Morgan Securities plc and Standard Chartered Bank.
CDPQ will hold 22 percent stake for $3 billion of the investment in the three DP World assets Jebel Ali Port, Jebel Ali Free Zone, and the National Industries Park.
The three assets have a combined enterprise value of $29 million and serve the supply and logistics chains of more than 3.5 billion people in over 8,700 companies globally.
DP World Group Chairman and CEO Sultan Ahmed Bin Sulayem said, "We are delighted to announce the broadening of our partnership with CDPQ. The DP World and CDPQ co-investments have been very successful thanks to our complementary expertise and long-term investment horizon. We believe this new partnership will enhance our assets and allow us to capture the significant growth potential of the wider region.
"This investment in Jebel Ali is another great illustration of the partnership between CDPQ and DP World, which now spans four continents and eighteen terminals,” Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ, said. “Today, we are pleased to deepen our long-standing relationship with a world-class logistics and supply chain operator by investing in this strategic trade infrastructure, one that will play a pivotal role in the evolution of the global economy. DP World is well positioned to provide innovative solutions to their customers worldwide, and we welcome this opportunity to invest in a best-in-class group of infrastructure that provides CDPQ with exposure to new fast-growing markets and trade routes in Africa and South Asia."
The transaction is expected to close in the in the second or third quarter of 2022.
Staples Canada ULC, an office products retail chain with over 300 locations, acquired two office supplies dealers, Denis Office Supplies and Furniture and Supreme Basics.
Supreme Basics provides specialty office supplies and educational products to customers in the Prairies and Ontario while Denis Office Supplies and Furniture has a network of stores and fulfillment centres throughout Quebec, Ontario, and Atlantic Canada.
Stikeman Elliott acted as counsel to Staples Canada, through its business-to-business division Staples Professional Inc., with a team led by Warren Katz, Warren Silversmith, Barbara Sheng, Jeff Li, Chloé Benoit-Proulx, Frank Mathieu and Adam Drori, Michael Laskey, Stefan Fews, Jerry Zi Yi Huang, Alexander Rand, Jonathan N. Auerbach, Mark Firman, Madison Sutherland, Nancy Ramalho, Stephanie Weschler, Stephanie Pasternyk, Aurélie Derigaud-Choquette, Myriam Fortin, and Danielle Miller Olofsson.
Staples Canada CEO David Boone said, "We are pleased to partner with Denis and Supreme to bring together three exceptional Canadian brands to amplify the way we support businesses across the country. In working together, we will strengthen and grow our product and services offering, while continuing to provide the exceptional customer service that our brands are known for."
Denis Office Supplies and Furniture Vice President of Operations Jean-Guy Robillard said, "This is a great opportunity for our teams to offer more products and services to our valued customers, while creating winning conditions for our employees that will continue to ensure their success. Our customers will benefit from the additional support and resources that our combined resources will provide."
Grocery chain Sobeys’ parent company Empire Co. Ltd. dropped Air Miles and switched to a new loyalty program after becoming a co-owner of the Scene+ program operated by Cineplex Inc. and Scotiabank.
Scene+ members currently earn and redeem points when purchasing movie tickets from Cineplex, meals from Recipe Unlimited Corp. restaurants including Swiss Chalet and Harvey's, and when banking with Scotiabank. With the addition of Empire, the points will also extend to include Sobeys, Safeway, Foodland, IGA, FreshCo, Needs, Thrifty Foods, Les Marches Tradition, Rachelle Bery and Lawtons Drugs.
Cineplex CEO Ellis Jacob said, "We have three great Canadian brands, and we feel with the Scene+ loyalty program, we will basically improve the reach of all of our members, with the addition of groceries and all of the other things we have. To me, it's a really a big win for Canadian consumers and a big win for our program as we move forward."
Empire shoppers will be able to earn Air Miles until the Scene+ program is launched in their region.
