As part of the transaction, the OMERS and Forefront’s physicians and executive team will reinvest in the company as minority owners. The OMERS first invested in Forefront in 2016. Since then, the group has more than doubled the number of clinics it operates.
In a press release, Michael Graham, global head of private equity at the OMERS, praised the company for its resilience during the coronavirus pandemic. “In addition, through this transaction, we will generate an excellent outcome for more than 525,000 members of the OMERS pension plan.”
In other news, the Canada Pension Plan Investment Board is providing US$1.1 billion in growth funding for a financial services company that specializes in providing service investment platforms to major financial institutions.
The organization’s funding in FNZ, a New Zealand-based investment platform with US$1.5 trillion in assets under management, will be used to scale its platform. FNZ provides an infrastructure and investment operations platform that allows institutional customers to create individually tailored products and services.
The growth funding was delivered alongside a contribution from asset management firm Motive Capital Corp., which contributed US$300 million. Through the transaction, the CPPIB and Motive will join a group of six other institutional shareholders in FNZ, which is estimated to be worth about US$20 billion.
In a press release, Hafiz Lalani, managing director and head of European direct private equity at the CPPIB, said the investment fund delivered attractive risk-adjusted returns. “FNZ offers a unique, end-to-end value proposition which enables the world’s leading wealth managers to provide personalized, transparent and accessible solutions to enhance consumers’ long-term savings while reducing cost and complexity.”
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
