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September 05, 2005 01:00 AM

Ontario Teachers’ unit buys Doane Pet Care

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    TORONTO — Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, Toronto, agreed to purchase Doane Pet Care Co., Brentwood, Tenn., for C$1 billion (US$835.1 million) in cash, said Lee Fullerton, spokeswoman for the C$88 billion pension fund. The deal is expected to close in mid-November, subject to regulatory approval.

    Teachers' Private Capital, which handles C$7.3 billion in assets, all for the pension fund, and Doane Pet Care are planning a recapitalization of the company, but details are still "being sorted out," Ms. Fullerton said. Proceeds from the deal will allow the company to retire outstanding preferred stock and reduce the amount of funded debt on its balance sheet.

    JPMorgan Partners is the lead investor in parent company Doane Pet Care Enterprises Inc. JPMorgan Partners and one of its unnamed affiliates held 200,000 shares of Doane Pet Care Enterprises' 1.2 million senior preferred stock as of March 15, according to Doane's annual report.

    Brooke Harlow, spokeswoman for JPMorgan Partners, did not return a call by press time seeking comment.

    CB Richard Ellis buys

    rest of Irish affiliate

    LOS ANGELES — CB Richard Ellis Group acquired the remaining 90% of its Irish commercial real estate affiliate, CB Richard Ellis Gunne, from Gunne Commercial Real Estate for $24.6 million in cash, said Marie Hunt, director of CB Richard Ellis Gunne. The subsidiary will remain in Dublin and will be renamed CB Richard Ellis later this year, she said.

    CB Richard Ellis had an option to purchase 20% but instead bought the entire company, Ms. Hunt said. CB Richard Ellis executives would like to expand in Ireland, which has a strong real estate leasing and investing market, said Steve Iaco, director of corporate communications. It is a "good fit," he added.

    Miami Fire & Police adds $52 million private equity allocation

    MIAMI — City of Miami Firefighters' and Police Officers' Retirement Trust is adding an initial $52 million allocation to private equity, according to Robert Nagle, administrator for the $1.3 billion system. The fund will seek two to four private equity fund-of-funds managers to manage the new allocation. Funding will come from rebalancing. Milliman USA, the system's investment consultant, compiled a shortlist of managers and is expected to select finalists by the Nov. 18 investment meeting.

    IBM forms venture capital

    advisory council

    ARMONK, N.Y. — International Business Machines Corp. formed a venture capital advisory council that includes partners from Accel Partners, Darby Overseas Investments, Draper Fisher Jurvetson, Hummer Winblad Venture Partners, 3i, U.S. Venture Partners and Walden International.

    The council will identify new partnership opportunities with start-up companies, especially in the emerging markets of Brazil, Russia, India and China, according to a statement by IBM. The council is a corporate program and not part of the $41.40 billion IBM pension fund.

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