Le groupe de capital-investissement Bennett Jones est un chef de file au Canada. Nos clients comprennent des promoteurs financiers avertis qui cherchent à établir un équilibre entre le risque et le rendement prévu et qui ont besoin de conseils personnalisés du début de la phase de placement jusqu’à la fin. Bennett Jones représente toutes les parties dans le cadre d’opérations de capital-investissement, plus particulièrement en ce qui a trait aux investisseurs pour le compte de promoteurs financiers américains et internationaux. Nous comprenons que nos clients subissent les conséquences de leurs acquisitions dès la conclusion de l’opération, et nous nous alignons sur cet état d’esprit.
Notre pratique est axée sur la collaboration et la multidisciplinarité et s’appuie sur les forces de l’entreprise dans les domaines des fusions et acquisitions, des marchés financiers et du financement des acquisitions (groupe des institutions financières), ainsi que sur son expertise en matière de questions nationales et transfrontalières liées à la fiscalité, aux lois antitrust et à la concurrence, aux questions environnementales, sociales et de gouvernance (ESG), à l’emploi et aux avantages sociaux, aux technologies de l’information, à la propriété intellectuelle et au commerce international.
Comment nous aidons les clients de capital-investissement
Nos points forts
- L’une de nos principales forces est de naviguer efficacement à la frontière canado-américaine. Nous agissons pour un large éventail de clients, y compris des promoteurs financiers, des caisses de retraite canadiennes, des bureaux de gestion de patrimoine et d’autres investisseurs institutionnels, qui répondent à leurs divers besoins. Notre relation de longue date avec un certain nombre de promoteurs américains de premier plan et leurs conseillers juridiques américains nous a donné un aperçu particulier des défis fiscaux transfrontaliers qui découlent des investissements structurants au Canada et aux États-Unis et des nuances qui découlent de la représentation d’investisseurs exonérés d’impôt.
- Notre équipe de capital-investissement travaille en étroite collaboration avec nos experts dans les secteurs où notre entreprise excelle - en particulier dans les domaines de l’énergie/des énergies renouvelables, des infrastructures, de l’immobilier, de l’agroalimentaire, de l’exploitation minière, de la technologie, de la consommation et de l’hôtellerie - afin de s’assurer que nous fournissons les conseils les plus avisés. Comme les placements privés sont de plus en plus axés sur les enjeux ESG, notre expertise est essentielle, de l’étape de la diligence initiale jusqu’à la surveillance après le placement. Nous avons également un groupe de premier plan sur les politiques publiques qui ajoute une valeur considérable, particulièrement en ce qui concerne les situations transfrontalières qui peuvent être avantageuses de ce point de vue.
- La structuration des opérations est une force importante, car Bennett Jones comprend que l’excellence dans le domaine exige une connaissance particulière des besoins des investisseurs à chaque étape de la structure du capital. Le fait de savoir comment concilier les points de vue sur l’évaluation et réduire les risques dans certaines situations, au moyen de clauses d’indexation sur les bénéfices futurs, de titres convertibles, de droits à une valeur conditionnelle (DVC), d’instruments dérivés et d’autres formes de produits structurés, est une valeur clé que nous apportons aux opérations.
- Bennett Jones se concentre sur le processus de création de valeur et sur l’importance des rendements en espèces réels pour nos clients. Comprendre la valeur temps de l’argent et les pressions et contraintes sous-jacentes auxquelles nos clients sont confrontés nous permet d’interagir efficacement avec les contreparties et leurs conseillers juridiques. Nous avons des programmes de formation dédiés à nos avocats sur des sujets tels que l’évaluation, l’analyse des états financiers et la gestion de portefeuille, et nous croyons que cet investissement important dans notre personnel se reflète dans le service que nous offrons.
Transactional Experience
Bennett Jones has comprehensive experience in every aspect of transactional work for private equity investors, including:
- private mergers and acquisitions, beginning with strategic advice on competitive bid processes, cross-border structuring and execution;
- leveraged buy-outs (LBOs) and management buy-outs (MBOs);
- going private transactions and private investments in public companies (PIPEs);
- special Purpose Acquisition Vehicles (SPACs), including cross-border "de-SPAC" transactions;
- recapitalizations and restructurings, both in and outside of a formal court process;
- acquisitions from bankruptcy and distressed investments;
- carve-out transactions;
- co-investment arrangements; and
- real time transaction support comprised of top tier commercial litigators, a best-in-class governmental affairs group and a responsive shareholder activism/critical situations team.
Fund Formation
Fund formation and investment management is a cornerstone practice group at Bennett Jones. We have advised on some of the largest and most complex Canadian and cross border private fund formations, across all asset classes and strategies, including buyout, growth, venture, mezzanine, infrastructure, private credit, farmland, water, timber and funds of funds.
Our extensive experience with the investment fund life cycle has helped us to develop a thorough understanding of fund formation and investment from a variety of perspectives, including the registration and regulation of investment, advising and managing activities, that enables us to provide clients with a practical, market-based perspective on structuring and deal dynamics.
Our clients include:
- Canadian and international pension funds (including public and corporate pension funds);
- private equity and other investment fund sponsors;
- family offices;
- public and private charities;
- university and other institutional endowments;
Our representation of a broad base of clients allows us to advise on the complex issues that are involved in the fund formation process, as well as to offer insight on market trends and strategies for a variety of alternative investment funds across various industries.
The Bennett Jones fund practice includes:
- structuring and advising closed-ended investment funds and underlying investments for asset managers in private equity, real estate, infrastructure, renewable resources and private credit, mining and agribusiness;
- particular strength in advising U.S. and offshore investment managers in connection with fundraising efforts and securities registration compliance in Canada;
- advising on the structuring and negotiating of co-investments, syndicated investments and GP led secondary transactions;
- structuring and advising open-ended private funds and the establishment of hedge fund platforms with a thorough understanding of absolute return strategies;
- advising investors on all types of direct and indirect investments and drafting and negotiating all types of investment agreements, including: limited partnership agreements, trust agreements, co-investment and shareholders' agreements and side letters with a particular focus on structuring management fees, carried interest payments and complex distribution waterfalls;
- all matters relating to registration of investment funds (and fund advisors and managers) in Canada and related ongoing compliance; preparing of fund governing and offering documents, investment policies and advice on governance and ESG matters;
- providing tax and structuring advice to our international fund clients in connection with the establishment of parallel and feeder funds organized as Canadian investment vehicles;
- experience with issues relating to U.S. investors and investments into the U.S. by Canadian investment vehicles (FATCA, FIRPTA, Section 892 of the Internal Revenue Code in connection with tax-exempt investors, UBTI, CFC structuring and other matters relating to the creation of "blockers") and U.S. and offshore funds investing into Canada; and
- vast experience with the special issues applicable to tax exempt government and corporate pension fund investors.
Private Equity Financing and Private Credit
The Bennett Jones debt finance group provides complete coverage for leveraged private equity transactions and has a deep understanding of cross-border private equity credit markets, acting as primary counsel to financial sponsors and borrowers on numerous leveraged acquisitions. Our depth and breadth of experience in both bank finance and private credit allows us to offer clients strategic advice on financing conditions and commitment paper terms which can give them an advantage in competitive auctions.
Bennett Jones has developed one of the most sophisticated private credit teams in Canada by advising top U.S., foreign and Canadian alternative lenders (private credit), pension funds, borrowers and sponsors on a range of matters including large, syndicated senior debt financings, high value bespoke private placements, mid-market asset-based and senior and mezzanine commercial loan transactions.
Our market leading private equity finance team is both forward and outward looking, with experts that have worked at major U.S. and international law firms prior to joining Bennett Jones. Familiarity with the U.S. credit market and methods means we are uniquely placed to advise international private equity clients on financing matters.
Our private equity finance services include:
- leveraged finance, including Canadian and cross-border loan and credit facilities;
- acquisition financings;
- alternative lender led financings, including sponsor debt investments;
- public and private high-yield bond offerings;
- syndicated loan financings;
- asset-based financings;
- first and second lien financings;
- unitranche and mezzanine financings;
- cross-border, foreign and multicurrency financings;
- complex inter-creditor arrangements; and
- restructurings and workouts.
Preparation for Exit
Private equity always moves forward and Bennett Jones is frequently called upon to assist companies and investment funds on the last step of the investment cycle—the exit. Anticipating the exit, the importance of cash-on-cash returns and the time value of money to financial sponsors, plays a critical role in the negotiation and execution of the original investment itself.
Understanding the importance of a clean exit is integral to structuring shareholder arrangements, incentive plans and subsequent liquidity rights (i.e., registration rights). Bennett Jones brings that knowledge and approach to bear, commencing at the term sheet level of an initial investment. We have helped domestic, U.S. and international investment funds on numerous exits, including through:
- running and facilitating the entire suite of legal issues for a competitive auction process for the sale of a company;
- initial Public Offerings (IPOs) on a Canadian, U.S. or international stock exchange;
- Reverse Takeovers (RTOs) and Qualifying Transactions on the TSX, TSX-Venture or other Canadian exchanges;
- MBOs, asset and or share sales pursuant to an M&A process or strategic acquisition; and
- Secondary Transactions.
Bennett Jones