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Canadian PE investments in Q2 rise 54% QOQ, fall 63% YOY

Second-quarter Canadian private equity investments totaled C$3 billion across 158 transactions, representing a 54% quarter-over-quarter rise, but a 63% year-over-year fall, according to the Canadian Venture Capital and Private Equity Association, or CVCA.

The biggest disclosed private equity investments included the C$1.4 billion acquisition of Ontario-based Autodata Solutions Co. by Thoma Bravo LLC and the C$445 million acquisition of Toronto-based Gluskin Sheff + Associates Inc. by Onex Corp. Except for the Autodata Solutions buyout, all other transactions with disclosed values were under C$500 million, with 66% under C$25 million.

The number of second-quarter private equity exits also slowed down, with just 15 M&A exits totaling C$851 million. Notable transactions included the acquisition of Toronto-based Intelex Technologies Inc. from HarbourVest Partners LLC and JMI Equity and the C$260 million acquisition of 4Refuel Canada LP by Finning International Inc.

In the first half of 2019, private equity investments totaled C$4.89 billion across 289 transactions, the lowest investment recorded since the CVCA started collecting data in 2013.

CVCA CEO Kim Furlong said in a release that the first half has witnessed a slowdown in private equity dollars invested in Canadian and other markets including the U.S., noting that the trend has been driven by high valuation and quality of deals.

Two pending deals, including the C$5 billion privatization of WestJet Airlines Ltd. by Onex and Brookfield Asset Management Inc.'s pending sale of BGIS to CCMP Capital Advisors LP, are expected to positively change the trajectory of private equity investment performance in 2019, CVCA said in a release.