M&A Deal Summary

British Columbia Investment Management Acquires The Corix Group

On November 5, 2012, asset manager British Columbia Investment Management acquired utilities company The Corix Group from CAI Capital Partners and Banyan Capital Partners

Acquisition Highlights
  • This is British Columbia Investment Management’s 1st transaction in the Utilities sector.
  • This is British Columbia Investment Management’s 2nd transaction in Canada.
  • This is British Columbia Investment Management’s 1st transaction in British Columbia.

M&A Deal Summary

Date 2012-11-05
Target The Corix Group
Sector Utilities
Buyer(s) British Columbia Investment Management
Sellers(s) CAI Capital Partners
Banyan Capital Partners
Deal Type Secondary Buyout

Target

The Corix Group

Richmond, British Columbia, Canada
The Corix Group (formerly Terasen Water and Utility Services) is a leading utility infrastructure provider of products and services in Canada and the United States, active in the water, wastewater and energy sectors. Headquartered in Vancouver, British Columbia, Corix designs, builds, supplies and manages community utility infrastructure, including the pipes, valves, fittings, and systems that treat and transport water and wastewater. With over 900 employees and more than 65 years of experience, Corix has a successful track record of providing cost-effective, safe and efficient utility infrastructure solutions.

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Buyer(S) 1

Buyer
DESCRIPTION

British Columbia Investment Management Corp. (BCI) is large asset manager focused on providing investment management services to British Columbia’s public sector. The Firm looks to invest in a range of asset categories and will consider opportunities globally. BCI's private equity practice was established in 1995 and seeks leverage buyout and growth equity opportunities that include market leading companies with tangible downside protection. Portfolio companies have a sustainable competitive advantage, offer value-added products and services, and are led by talented management teams. British Columbia Investment Management Corp. is headquartered in Victoria, British Columbia.


DEAL STATS #
Overall 2 of 19
Sector (Utilities) 1 of 2
Type (Secondary Buyout) 1 of 9
State (British Columbia) 1 of 2
Country (Canada) 2 of 3
Year (2012) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-10-04 Parkbridge Lifestyle Communities

Calgary, Alberta, Canada

Parkbridge Lifestyle Communities Inc. ("Parkbridge") is a owner, operator and developer of residential land lease communities, recreational resorts and marinas.

Buy $840M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-10-26 Pilot Freight Services

Glen Mills, Pennsylvania, United States

Pilot Freight Services is a transportation and logistics provider with over 75 locations throughout North America and Western Europe. The company’s freight forwarding services encompass every mode of transportation, including air, ground, and ocean, serving all corners of the globe. Pilot’s logistics programs offer a complete line of expedited and time-definite services, international shipping solutions, e-commerce, and home delivery solutions, product warehousing, and inventory management. Pilot Freight Services was founded in 1970 and is based in Glen Mills, Pennsylvania.

Buy -

Seller(S) 2

SELLER

CAI Capital Partners

Investor Investor Investor Investor


Category Private Equity Firm
Founded 1989
PE ASSETS 1.6B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

CAI Capital Partners is a private equity firm that targets lower middle-market, profitable companies with $3 million or more of EBITDA. CAI Capital Partners has a special interest in founder-led business services or specialty manufacturing companies. CAI Capital Partners was formed in 1989 and is based in Vancouver, British Columbia.


DEAL STATS #
Overall 14 of 22
Sector (Utilities) 1 of 2
Type (Secondary Buyout) 1 of 4
State (British Columbia) 1 of 3
Country (Canada) 7 of 11
Year (2012) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-07-16 Feeney Utility

Dorchester, Massachusetts, United States

Feeney Utility Services Group leverages the resources and strength of the largest natural gas utility service provider in the Northeast and the Mid-Atlantic United States to deliver safe and quality turn-key services to the utility industry. Feeney Utility Services Group was formed in 1988 and is based in Dorchester, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2013-01-01 CSAT Solutions

Houston, Texas, United States

CSAT Solutions is a provider of fully-integrated electronic and digital device diagnostics and repair solutions. CSAT serves diverse end markets such as consumer electronics, industrial equipment and components, and medical devices and equipment. CSAT Solutions wounded in 1987 and headquartered in Houston, Texas.

Buy -
DESCRIPTION

Banyan Capital Partners is a generalist private equity firm that invests in middle-market companies located primarily in US and Canada. Banyan looks to invest in companies with $10 - $200 million in annual revenue and will consider both majority and minority situations. Banyan's target investment size is $3 to $20 million. Transaction situations can include succession, recapitalizations, public to private, spin-offs, buyouts, and growth financings. Banyan will not invest in biotech, real estate, or mining opportunities. Banyan Capital was formed in 1999 and is based in Toronto.


DEAL STATS #
Overall 8 of 14
Sector (Utilities) 1 of 1
Type (Secondary Buyout) 2 of 4
State (British Columbia) 3 of 4
Country (Canada) 5 of 9
Year (2012) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2012-06-05 Purity Life

Acton, Ontario, Canada

Purity Life is a distributor of natural health products including dietary supplements, vitamins, natural body care, earth friendly household goods and natural health food products. Purity Life was founded in 1984 and is based in Acton, Ontario.

Buy CA$15M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2012-11-29 Fios

Portland, Oregon, United States

Fios is an electronic evidence discovery company in the United States. It offers proprietary data collection, management, processing and review tools.

Sell -