PRIVATE EQUITY — BUYOUTS & VENTURE CAPITAL INVESTMENT
Canada has long been an attractive market for private equity and venture capital investors. A relatively stable economy and an abundance of capital have attracted international companies and financiers to explore investment opportunities and launch businesses in the Canadian market. Tapping into McMillan’s knowledge and experience allows them to maximize opportunities and mitigate risks.
McMillan’s private equity and venture capital industry lawyers have been active in the Canadian markets for many years and bring an unmatched commitment to helping clients execute transactions efficiently. Our private equity group has extensive experience working with private equity funds and financial institutions in acquisitions and dispositions, acting regularly for sponsors in fund formation and working closely with US and international law firms in cross-border private equity transactions.
PRIVATE EQUITY STRUCTURING AND FORMATION
McMillan’s private equity and venture capital industry team has extensive experience serving as counsel to sponsors and managers in the formation and operation of private equity funds. Our lawyers maintain in-depth, current market knowledge of the deal terms and trends that drive the industry. We collaborate with McMillan colleagues in specialty areas such as Capital Markets, Government and Public Policy, and Financial Services to bring a fully informed point of view to every client matter.
McMillan professionals help clients lead by advising on Funds Formation strategies and structures; negotiating and drafting fund documentation including partnership and subscription agreements; providing tax planning counsel; advising on disclosure requirements; advising on applicable securities laws and regulations; and advising on the operation of Funds at different stages in their life-cycle, including fund amendments and terminations.
CONSORTIA
McMillan has significant experience working with consortia, as well as individual participants. Our lawyers bring a combination of private equity experience and strong negotiation skills, which are vitally important to making club deals succeed. Our focus is on helping consortia members find common ground in order to maximizes the return on their investments.
McMillan professionals represent consortia on bidding, negotiating and closing deals; negotiate consortium agreements to define the legal relationship among members, as well as the fiduciary duties of each; structure consortia including tax planning and financing; advise consortium members on their respective governance rights related to the bid; and define exit strategies and criteria for consortium members, including agreement on competing bids once members have exited.
News
INSIGHTS (57 Posts)
Alberta Eliminates Director Residency Requirements
With the proclamation of the Red Tape Reduction Implementation Act (Alberta) into law on March 29, 2021, director residency requirements have been eliminated.
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Mar 29, 2021
Ontario’s Capital Markets Modernization Taskforce Looks to Level the Playing Field
This bulletin focuses on Ontario’s Capital Markets Modernization Taskforce's recommendations aimed at ensuring a level playing field.
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Mar 10, 2021
LIBOR Newsflash: FCA Announces Dates for Official Cessation and Loss of Representativeness of LIBOR
FCA announces dates for the official cessation and loss of representativeness of LIBOR. Implications for Lenders.
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Mar 10, 2021
iAnthus Decision Changes the Landscape for Corporate Plans of Arrangement under the BCBCA by Permitting Third-Party Releases
The iAnthus decision affirmed by the Court of Appeal holds that a British Columbia company can use the BCBCA to restructure and obtain 3rd party releases.
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Feb 23, 2021
LIBOR Newsflash: Announcement on Official Cessation of LIBOR is Expected Soon
IBA and FCA expected to make announcement about the official cessation of LIBOR. Timelines for ceasing new issuances of LIBOR loans.
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Feb 18, 2021
2021 Canadian Merger Notification and Investment Canada Act Review Thresholds Decrease
The 2021 updates to the merger thresholds under Canada's Competition Act and Investment Canada Act have been announced.
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Feb 12, 2021
Canada Freezes Shandong out of the Arctic
Canada blocked Shandong Gold's acquisition of TMAC Resources following a national security review under the Investment Canada Act.
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Dec 22, 2020
B.C. Technology Sector Makes the Grade – But Not Yet Top of the Class
In November 2020, KPMG released the B.C Tech Report Card 2020. The Report Card outlined the current state of the British Columbia technology sector.
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Dec 2, 2020
Do Not Go Directly to Jail – Just Yet Anyway: Competition Bureau Confirms its View that Buy-Side Agreements between Competitors are not Criminally Unlawful
On November 27, 2020, the Competition Bureau clarified its view that the criminal cartel provisions of the Competition Act do not apply to buy-side agreements.
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Nov 30, 2020
Oil and Gas Sector Consolidation Invites Competition Bureau Reviews
With the recent surge in M&A activity in the oil and gas sector, the Competition Bureau may call on industry participants to investigate some of these deals.
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Nov 17, 2020
Mandatory Indoor Face Coverings: What Ontario Employers Need to Know
Mandatory Indoor Face Coverings: What Ontario Employers Need to Know
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Oct 6, 2020
Ontario Modernizing its Business Corporations Act
Ontario Modernizing its Business Corporations Act
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Oct 1, 2020
The Uncertain Consequences of Waiving Consequential Damages in M&A Agreements
This bulletin discusses issues with the use of the term "consequential damages" in exclusion clauses and limitation of liability clauses.
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Aug 21, 2020
Ontario Amends Employment Standards Legislation in Response to COVID-19
Ontario passes new protected leave of absence for employees impacted by COVID-19, and suggests COVID-19
cases should be reported as occupational illnesses.
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Aug 5, 2020
Heading for the Exit: Preparation for the Sale of your Business
Heading for the Exit: Preparation for the Sale of your Business
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Jul 27, 2020
Material Adverse Effect Clauses in a COVID-19 World
Review and analysis of recent developments where parties try to rely on MAE clauses as a mechanism to avoid closing a transaction.
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Jun 23, 2020
Privacy Penalties – Canadian Competition Bureau Wades Into Privacy Enforcement
Organizations operating in Canada are advised to immediately review their privacy-related policies and marketing to avoid false or misleading representations
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May 26, 2020
Federal Government Relief Programs for Small and Medium Enterprises
Federal Government Relief Programs for Small and Medium Enterprises
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Apr 24, 2020
Alberta Government Passes Bill 12, Liabilities Management Statutes Amendment Act, 2020 – What You Need to Know
What you need to know about the Alberta Government's Bill 12 in relation to Liabilities Management Statutes Amendment Act, 2020.
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Apr 21, 2020
Opportunities in Challenging Times: The Failing Firm Provision of Canada’s Competition Act
This bulletin analyzes the failing firm merger provision of Canada's Competition Act in anticipation of the negative economic impact of COVID-19.
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Mar 30, 2020
Unbearable Lite-ness: Lenders’ Remedies in the Age of Missing Covenants
The author discusses the recent trend toward borrower-friendly loan documents and the remedies available to lenders in Canada.
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Mar 23, 2020
Coronavirus: Harbinger of a New (Old) Approach to Restructuring in Canada?
Restructuring options and challenges in the time of COVID-19.
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Mar 20, 2020
What’s Market in Canada, eh? A New Canadian Private Target M&A Deal Points Study
Key takeaways from the ABA's 2019 Canadian Private Target M&A Deal Points Study
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Jan 25, 2020
“Can I Tell You Something in Confidence?” Legal Privilege in M&A Transactions
The authors discuss challenges to maintaining legal privilege in M&A transactions. Parties in Ontario can learn from the experience of other jurisdictions.
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Jan 22, 2020
Challenges and Opportunities for Canadian Investors in Brazilian Insolvency Proceedings: Lessons from the IBA’s 2019 Global Restructuring Conference
The authors discuss unique aspects of Brazil's insolvency regime relevant for Canadian investors, including the role of equity, DIP loans, and jurisdiction.
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Jan 21, 2020
Antitrust Merger Control in Canada: Tips for Private Equity Investors
This article provides thought-provoking and practical advice to Private Equity investors for minimizing antitrust risks to proposed transactions in Canada.
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Nov 21, 2019
Amendments to the CCAA, BIA and CBCA Now in Force
Authors discuss changes in 2019 to Canadian corporate and restructuring statutes and their possible implications for insolvency practice in Canada
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Nov 19, 2019
Employees’ Duty to Mitigate: Comparable Employment Does Not Mean Any Employment
The Ontario Court of Appeal has confirmed in a recent decision that an employee’s duty to mitigate following a without cause termination does not require the employee to accept a notably lesser position with the same employer.
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Jul 24, 2019
Don’t Count Your Efficiencies Before They Hatch: Exploring The Factors That Impact A Railway’s Operating Ratio
Canadian Pacific Railway (“CP”) has significantly reduced its operating ratio in the past few years.
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Jul 22, 2019
On the Record: Private Corporations in British Columbia Will Soon be Required to Collect and Disclose Shareholder Information
On April 2, 2019, the Government of British Columbia (the “Government”) introduced Bill 24, the Business Corporations Amendment Act, 2019 (the “Bill”).
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May 16, 2019
Canadian Corporate & Restructuring Legislation: Changes Could be on the Way
Bill C-97 (the “Bill”) was introduced in Parliament to implement the federal budget tabled by the Liberal government on March 19, 2019.
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May 10, 2019
Getting the Deal Through (Canada Chapter) – Private Equity 2019 – Fund Formation
A limited partnership is typically used for private equity funds in Canada.
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May 2, 2019
Getting the Deal Through (Canada Chapter) – Private Equity 2019 – Transactions
A wide range of private equity transactions is common in Canada, including going-private transactions, private investments in public companies and private company buyouts.
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May 2, 2019
Regulations Implementing theTransportation Modernization Act
On April 1, 2019, the Canadian Transportation Agency (“Agency”) announced the publication of proposed regulations (the “Proposed Regulations”) in the Canada Gazette to implement certain aspects of the Transportation Modernization Act (Bill C-49) (“TMA”).
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Apr 11, 2019
Amendments to the Canada Shipping Act, 2001 and Marine Liability Act
On December 13, 2018, Bill C-86, A second Act to implement certain provisions of the budget tabled in Parliament on February 27, 2018 and other measures, otherwise known as the Budget Implementation Act was given royal assent.
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Feb 13, 2019
The Alberta Securities Commission Expands Prospectus Exemptions for Distributions Outside Alberta
The ASC has updated ASC Rule 72-501 Distributions to Purchasers Outside Alberta and its companion policy to facilitate cross-border investment.
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Aug 22, 2018
Finance Proposes Amendments to Limit Holding Company – Input Tax Credit Claims (“ITC”) and Seeks Consultations on Further Possible Changes
Dept of Fin proposed amendments describing conditions for when taxable acquisitions imports of property or services by holding companies could make ITC claims
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Aug 7, 2018
Canada’s Use of its National Security Power
The Government of Canada's decision to reject the proposed acquisition of Aecon, a major Canadian construction services firm, by China Communications
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Jun 1, 2018
An Update on CSA Policy Initiatives to Reduce Regulatory Burden for Reporting Issuers
An Update on CSA Policy Initiatives to Reduce Regulatory Burden for Reporting Issuers
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Apr 17, 2018
2018 Canadian Merger Notification Threshold Increases
The 2018 increases to the merger thresholds under Canada's Competition Act and Investment Canada Act have been announced.
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Feb 14, 2018
Securities Regulators Ban Short-Term Binary Options
Securities Regulators Ban Short-Term Binary Options
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Oct 24, 2017
HKEX’s Proposed New Board Presents Unique Opportunities for Early Stage Tech Canadian Companies
HKEX's Proposed New Board Presents Unique Opportunities for Early Stage Tech Canadian Companies
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Jul 19, 2017
Investment Canada Act Threshold Increases to $1 Billion (Cdn)
Investment Canada Act Threshold Increases to $1 Billion (Cdn)
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Jun 22, 2017
What’s Market in Canada, eh? A Comparison of Two Canadian Private Target M&A Deal Point Studies
What's Market in Canada, eh?
A Comparison of Two Canadian Private Target M&A Deal Point Studies
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Jun 14, 2017
Bill C-49: Is the Line Haul Interswitching Remedy Really New?
Regulators Rethink "Best Interest" Standard for Registrants
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May 30, 2017
Proxy Access in Canada — Another US Corporate Law Practice Makes Its Way Up North
Proxy Access in Canada -- Another US Corporate Law Practice Makes Its Way Up North
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May 17, 2017
Bill C-49: Government of Canada Proposes to Amend the Canada Transportation Act
Bill C-49: Government of Canada Proposes to Amend the Canada Transportation Act
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May 16, 2017
China-Canada: Opportunities in Cross-Border Venture Capital
McMillan will be hosting a luncheon seminar which will provide an overview of the China Angels Mentorship Program (CAMP).
Details
May 12, 2017 - 12:00 pm to 1:30 pm
The US Trust Indenture Act, Out of Court Restructurings and the Marblegate Decision
The US Trust Indenture Act, Out of Court Restructurings and the Marblegate Decision
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Apr 4, 2017
The Concerns with Social Media use by Reporting Issuers in Canada
The Concerns with Social Media use by Reporting Issuers in Canada
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Mar 15, 2017
CSA Provides Cybersecurity Risk Disclosure Guidance and Best Practices for Reporting Issuers
CSA Provides Cybersecurity Risk Disclosure Guidance and Best Practices for Reporting Issuers
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Jan 6, 2017
Arbitration Clauses and Shareholder Disputes: Clarity from the Ontario Court of Appeal
Arbitration Clauses and Shareholder Disputes: Clarity from the Ontario Court of Appeal
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Oct 24, 2016
Tips for Startups – Intellectual Property and its Value to Your Company
Tips for Startups – Intellectual Property and its Value to Your Company
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Aug 8, 2016
Prospectus Exemption for Start-Up Businesses
Prospectus Exemption for Start-Up Businesses
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Aug 2, 2016
Canada Revenue Agency Frowns Upon the Use of US LLPs and LLLPs
Canada Revenue Agency Frowns Upon the Use of US LLPs and LLLPs
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Jul 12, 2016
Tips for Startups – Understanding the Stages of Equity Financing
Tips for Startups – Understanding the Stages of Equity Financing
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Jul 11, 2016
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