Tag archives: IPO

Canadian M&A activity: mixed results for Q3 2017

As the Globe and Mail reports, Thomson Reuters has recently released figures for Canadian mergers and acquisitions in the third quarter of 2017. The figures show that while the volume of deals involving Canadian companies in the third quarter was higher than a year ago, the total value of those deals declined. 672 mergers or … Continue reading

Bye bye bye: private equity exit strategies

Exits are central to the private equity investing process and a PE firm will consider a variety of different exit strategies to realize its return on investment. Four of the most common PE exit strategies are: trade sale, initial public offering, secondary buyout and leveraged recapitalization. A fifth exit option is also discussed below. Trade … Continue reading

Taking stock of SPACs: update for 2016

Earlier this year, we discussed the arrival and usage of Special Purpose Acquisition Corporations (SPACs) in Canada, focusing on the logistics and purpose of these capital holding shell companies. To recap, a SPAC is a shell company that raises money through an initial public offering (IPO), then searches for a private company to acquire and … Continue reading

Private equity exits and outlook

A private equity company generally receives the large majority of its returns on an investment upon exit of the investment, and as such the exit is an important part of the life-cycle of a private equity transaction. The most commonly used methods available to private equity investors to exit their investments are described below: Initial … Continue reading

The capital pool company: an alternative way to go public

Going public Going public is, expectedly, the goal of many private companies and their founders. There are two methods of taking a private company public—initial public offerings (IPO) and reverse take-overs (RTO)—that draw the most attention in our capital markets and headlines, most often because of the lucrative opportunities or surprising arrangements that they create. … Continue reading

The sudden rise of the Canadian SPAC

A dozen years after being embraced in the US, and six years after the TSX adopted rules governing its use, the Special Purpose Acquisition Corporation (SPAC) has finally arrived in Canada. This year, four SPAC initial public offerings raised almost $1 billion on Canadian markets, and two more recently entered the fundraising stage. With their … Continue reading
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