CDPQ Gains Stake in GSE Environmental Through Groupe Solmax
Canadian geomembrane producer Groupe Solmax Inc. has acquired a majority stake in its Houston-based rival, GSE Environmental Inc., from Littlejohn & Co., LLC and Strategic Value Partners, LLC, under undisclosed terms. The two private investment firms, both of which are based out of Connecticut, acquired GSE after the company sought bankruptcy in 2014. Caisse de dépôt et placement du Québec (CDPQ) and development capital firm Fonds de solidarité FTQ provided financing on the transaction, earning them minority equity positions in GSE.
In 2014, GSE had received up to US$ 45 million in debtor-in-possession financing.
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Blackstone Real Estate Advisors, part of the Blackstone Group, acquired the 740-room Arizona Biltmore hotel, located in Phoenix, for US$ 403.4 million. The deal closed on April 20, 2018.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
Mubadala Investment Company, through its unit Mubadala Capital, purchased a minority stake Phoenician Capital, LLC. Although terms and size of the deal were not disclosed, the agreement grants Mubadala Capital rights to invest in a fund managed by the New York-based firm, which generated respective returns of 40.8% and 33.0% in 2016 and 2017, against benchmarks of 12.0% and 21.8% for the S&P 500. The hedge fund runs the Phoenician Offshore Fund Ltd.
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In the 2010s, Fisher Investments, an investment firm run by Ken Fisher, moved a large number of employees from the Woodside and San Mateo campuses to a town called Camas in Washington, near Portland. Vanguard has a large operational presence in Arizona, while Charles Schwab Corporation has expanded its technology operations and client services in places like Denver, Dallas, Austin and Phoenix. Dimensional Fund Advisors moved its headquarters in 2008 from Santa Monica, California to Austin.
While asset managers reap profits and try to lower employee head count costs, looking to fly-over country seems appealing.
The Pacific Investment Management Company (PIMCO), part of the Allianz family, selected Austin, Texas as its new office to hire more client services and technology talent. The PIMCO Austin office will open later in 2018. PIMCO is headquartered in Newport Beach, California, with an office in New York City.
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