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Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) is pleased to announce that it has entered into an agreement to acquire a majority stake in the Sharp Hills wind farm (Sharp Hills, or the Project) from EDP Renewables Canada Ltd. (EDPR Canada), a subsidiary of EDP Renewables for an estimated Enterprise Value of approximately C$0.6 billion for an 80% stake and inclusive of investment tax credits. With the addition of this investment, CC&L Infrastructure will own more than 600 megawatts (MW) of wind generation assets and the Firm’s total portfolio of renewable energy projects will exceed 1.8 gigawatts (GW) of clean energy capacity across Canada, the United States, and Chile.

Located in southeastern Alberta, Sharp Hills is one of the largest onshore wind farms in Canada with approximately 300 MW of capacity, representing clean energy generation equivalent to the amount of power used by more than 160,000 Alberta homes. The newly built project recently entered into operations, with remaining construction expected to be completed by Q2 2024. The construction of this facility marked a significant investment in the province, contributing to the local economy through job creation and funding to the community. Sharp Hills is fully contracted through a 15-year power purchase agreement with a high-quality counterparty.

“The Sharp Hills wind farm is an attractive addition to our increasingly diverse portfolio of infrastructure assets. We look forward to working further with our partner, EDPR, in the safe and successful operation of this facility for years to come,” said Matt O’Brien, President of CC&L Infrastructure. “CC&L Infrastructure has a long history and significant expertise as an owner of more than 80 clean energy projects. We are excited to continue expanding our asset base and are actively pursuing further investment opportunities created by the increasing demand for renewable power and the broader energy transition that is underway.”

“We’re excited to partner again with CC&L Infrastructure, this time in Alberta,” added Sandhya Ganapathy, CEO of EDP Renewables North America. “The Sharp Hills project underscores our continuing commitment to invest in Alberta and contribute to its grid resiliency and energy security. We look forward to continued efforts focused on Canada’s energy transition.”

This is CC&L Infrastructure’s second transaction with developer EDPR, having previously acquired a 560 MW portfolio of wind and solar assets in the United States. EDPR will retain a minority equity interest in Sharp Hills and continue to operate and manage the Project. National Bank Financial Inc. advised CC&L Infrastructure as financial advisor and Torys LLP as legal counsel while CIBC Capital Markets served as the financial advisor to EDPR Canada. The transaction is subject to customary closing conditions expected to be satisfied in the coming weeks.

About Connor, Clark & Lunn Infrastructure

CC&L Infrastructure invests in middle-market infrastructure assets with attractive risk-return characteristics, long lives and the potential to generate stable cash flows. To date, CC&L Infrastructure has accumulated over $5 billion in assets under management diversified across a variety of geographies, sectors, and asset types, with over 90 underlying facilities across over 30 individual investments. CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., a multi-boutique asset management firm whose affiliates collectively manage over CAD$118 billion in assets.

For more information, please visit www.cclinfrastructure.com and follow us on LinkedIn.

About EDP Renewables North America

EDP Renewables (Euronext: EDPR) is a global leader in renewable energy development which has built a significant position in the energy landscape, establishing a presence in four global hubs – Europe, North America, South America, and Asia Pacific. With headquarters in Madrid and leading regional offices in Porto, Houston, São Paulo and Singapore, EDPR has a sound development portfolio of top-level assets and market-leading operating capacity in renewable energies. Its business mainly encompasses onshore wind, distributed and large-scale solar, offshore wind (through a 50/50 joint venture – Ocean Winds) and complementary technologies to renewables, such as hybridization, storage and green hydrogen. EDPR is a division of EDP (Euronext: EDP), a leader in the energy transition with a focus on decarbonization. EDP – EDPR’s main shareholder – has been listed on the Dow Jones Index for 16 consecutive years, recently being named the most sustainable electricity company on the Index.

For more information, please visit www.edpr.com/north-america and follow us on LinkedIn.

Contact

Kaitlin Blainey
Director
Connor, Clark & Lunn Infrastructure
(416) 216-8047
[email protected]

Tom Weirich
Lead – Marketing & Stakeholder Relations
EDP Renewables North America (EDPR NA)
(281) 825-2771
[email protected]

In 2023, we at Banyan Capital Partners continued our journey of strategic growth, investment and delivering value to our investors.

New to Banyan and recent promotions

Chris Luongo to Senior Associate	Gordon Yee to Senior Analyst	Miranda Li to Senior Analyst	Dominic Mitchell has joined as Director of Finance

These promotions and additions reflect our culture of professional growth and recognizing the contributions of our team members. Our team’s development is integral to our ongoing success and capacity for identifying and nurturing promising investment opportunities and our investment portfolio.

New platform investment

Image of dried flower arrangement.

Second Nature Designs

Founded in 1994, Second Nature is a leading manufacturer and distributor of home décor and gifting products made up of dried florals and other naturally and sustainably sourced botanicals. The company sources materials globally, manufactures its products in Hamilton, Ontario and services a recognizable customer base across North America.

We’ve partnered with Second Nature’s President and founder as well as its management team, to facilitate succession planning and execute on the business’s next phase of growth.

Portfolio spotlight

Purity Life

In November 2023, Purity Life completed its acquisition of the assets of Indigo Natural Foods Inc., a leading distributor of natural health products based in Toronto. This transaction deepens Purity Life’s market presence in Ontario and enhances its portfolio with numerous new brands.

Rack Attack

In January 2023, Rack Attack completed the acquisition of Racks Unlimited, a leading provider of vehicle rack solutions with two stores in Calgary, Alberta. This strategic acquisition allowed Rack Attack to expand its footprint in the Western Canadian market.

With the additional opening of four new stores in Kitchener, London, Winnipeg and Philadelphia, the company now has a total of 46 stores across North America.

Innovative Surface Solutions

In April 2023, Innovative was pleased to announce the appointment of David Safran as President & CEO. David was formerly the CEO of the Kissner Group and brings over 15 years of experience in the salt and derivative products industry.

Learn more about our current investment portfolio

Operating Partner Network

Since 2008, Banyan has partnered with the best operators in their industries to successfully buy and build businesses with a long-term ownership focus.

Andy O’Brien Operating Partner	Jason Grouette Operating Partner

Andy O’Brien joined Banyan as an Operating Partner in June 2023, targeting investment opportunities in the food service, food retail, consumer products and retail sectors.

This follows the addition of Jason Grouette as an Operating Partner in 2022 to target investment opportunities in the safety and industrial B2B space.

Learn more about our Operating Partner Network

Looking ahead

Banyan is poised for further growth and expansion as we move into 2024. Our focus remains on identifying new investments in middle-market businesses across North America while maintaining our commitment to long-term value creation. We will continue to leverage our expertise and network to foster strategic partnerships, ensuring sustainable success for our portfolio companies and investors.

New investments

We continue to actively seek to invest in businesses with EBITDA of at least $5 million.

Do you have an opportunity in mind? Explore our investment criteria or connect with us today.

As Chief Compliance Officer, Sabrina Lacroix builds on the strong foundation established during her tenure as Senior Compliance Manager. She brings a deep understanding of regulatory frameworks and a commitment to maintaining stringent compliance standards.

We look forward to her ongoing impact at Global Alpha.

Crestpoint Real Estate Investments Ltd. (in joint venture with Vestcor Inc.) KingSett and Reliance Properties Ltd., announced today that the iconic building, Arthur Erickson Place in Vancouver, BC has received the Canada Green Building Council’s (CAGBC’s) Zero Carbon Building – Performance Standard™ certification.

Banyan Capital Partners (“Banyan”), a leading Canadian middle-market private equity firm, is pleased to announce its acquisition of Second Nature Designs Limited (“Second Nature” or the “Company”). Second Nature marks Banyan’s second platform investment through Banyan Committed Capital LP, an evergreen investment vehicle established in December 2021.

Founded in 1994, Second Nature is a manufacturer and distributor of home décor and gifting products made up of dried florals and other naturally and sustainably sourced botanicals. The Company sources materials globally and manufactures its products in Hamilton, Ontario. The Company services a recognizable customer base across Canada and the United States.

Banyan is partnering with the Company’s President and founder, Steve Koning, who has served in this role since 1994. Along with the management team, he will retain a minority ownership in the Company.

“Banyan’s long-term investment philosophy aligns with the objectives of my team to continue to grow our business throughout North America,” said Steve Koning. “We look forward to working with a partner that shares our strategic vision and values.”

“Since founding Second Nature in 1994, Steve and his team have built a remarkable business centred on delivering exceptional products and service to customers. This investment allows Banyan to partner with an impressive team to embark on the next chapter of growth for the business,” said Simon Gélinas, Managing Director and Partner at Banyan.

About Second Nature Designs

Founded in 1994, Second Nature imports dried florals and other naturally and sustainably sourced botanicals used in design bouquets, bowl filler collections and other home décor products, serving big box stores, grocery banners, wholesalers and independent home retailers across both Canada and the US with high-quality and sustainable products.

About Banyan Capital Partners

Founded in 1998 and under current management since 2008, Banyan Capital Partners is a Canadian-based private equity firm that makes equity investments in middle-market businesses throughout North America. Through a long-term investment approach, Banyan has developed into one of Canada’s leading middle-market private equity firms with an established track record of success in providing full or partial liquidity to founders, families and entrepreneurs and helping them take their business to the next level.

Banyan is part of Connor, Clark & Lunn Financial Group Ltd., an independently owned multi-boutique asset management firm whose affiliates are collectively responsible for over $110 billion in assets under management on behalf of institutional, private and retail clients.

Canada Life Investment Management, a leader in financial services, is committed to partnering with investment managers to enhance its wealth management offerings. We at CC&L Investment Management are excited to announce our collaboration as a new subadvisor for Canada Life’s wealth products.

Read Canada Life Investment Management’s update

Banyan is pleased to share that Purity Life Health Products LP has completed its acquisition of the assets of Indigo Natural Foods Inc., a leading distributor of natural health products based in Toronto. This transaction broadens Purity Life’s distribution network and enhances its portfolio with numerous new brands.

To facilitate a smooth transition for Indigo’s customers and vendor partners, two key members of its team are joining Purity Life.

This acquisition builds on Purity Life’s strategy of growing both organically and through M&A and will strengthen Purity Life’s offering to all of its stakeholders and allow it to continue to service customers and vendors with the highest possible quality.

Scheer, Rowlett & Associates Investment Management Limited (“SRA”) is pleased to provide a personnel update.

Lloyd Rowlett will be retiring from his role as Chairman of Scheer Rowlett as of December 31st, 2023 as part of the long term succession plan that began over 7 years ago, and Ratul Kapur will continue in his capacity as President and Chief Investment Officer at SRA (commenced on January 1st 2023).

“We founded the firm 27 years ago to manage money for clients using a value investment philosophy, and as I look back it’s fulfilling to see that we’ve stayed consistent with that approach over the entire time and through a wide variety of market conditions. We’ve done our best to ensure that clients who placed their trust in us were rewarded with the full efforts of our talented and committed team. I’m very proud of the quality of the individuals we’ve attracted to the firm whose duty will be to continue to do the best they can using the same value investment process for our valued clients after my retirement. I’m pleased with the returns we’ve posted over the past few years as Ratul has taken on more of my duties. I’m also confident that under his leadership the SRA team is very well positioned to continue to deliver strong performance to our clients through the same value investing approach the firm has utilized since it was founded.” says Lloyd Rowlett.

Lloyd’s retirement is the culmination of a carefully planned succession process that involved the gradual transition of his responsibilities to Ratul Kapur, who joined the firm in 2017, became Co-Lead PM in 2020, Co-CIO in 2021 and President and CIO on January 1st, 2023.

“On behalf of the entire SRA team, we would like to thank Lloyd for his mentorship and guidance over the years and congratulate him on a successful career as an investor and in setting up our business for long term success. As value investors, we remain excited about the prospects for our clients’ portfolios going forward and will strive to live up to the example that Lloyd has set for us in terms of discipline, commitment, and hard work. We wish Lloyd a happy and healthy retirement.” Ratul Kapur.

Sain Godil, a previous recipient of a scholarship, and Global Alpha have established $30,000 bursaries to support women studying finance at Concordia’s John Molson School of Business, with the goal of increasing diversity in the finance profession and helping to break down gender barriers.

The CC&L Foundation is pleased to announce a contribution to Canadian Blood Services, exemplifying our commitment to community and creating a positive impact. With the successful conclusion of our August blood drive, we extend our appreciation to participants who supported this important initiative, led by one of our own employees Mohammad Shakeri.

Mohammad is a Specialist on the Corporate Actions team at Connor, Clark & Lunn Financial Group in Vancouver and is passionate about blood donation. He has been a blood donor for ten years, and like over half of Canadians, his close friends and family have been recipients of blood transfusions in the past. Mohammad championed the Partners for Life collaboration between the CC&L Foundation and Canada Blood Services, raising awareness of this service that can affect so many. This was the first blood donation activity at CC&L in recent years and the participation reinforces our firm-wide dedication to giving back to the communities we live and work in.

Quick facts

Each blood donation can save up to three lives.
It can take multiple donors to save a patient’s life.
Given that each process requires less than 30 minutes of each donor’s time, this an excellent investment.

There is a constant demand for blood and blood products. Rolling up your sleeves to donate at anytime is appreciated. As active participants in the Partners for Life program, our collaboration with Canadian Blood Services further strengthens our dedication to community support.

Learn more about the CC&L Foundation.

CC&L Financial Group Ltd.

Identifier: About Our Business