Bryce, Douglas A.
Osler, Hoskin
& Harcourt LLP
(416) 862-6465
dbryce@osler.com
Mr. Bryce's practice focuses
on M&A, corporate fi nance
and general securities and
corporate advice.He has
advised on many of Canada's
most signifi cant M&A
transactions of recent years,
and is currently co-chair of
the fi rm's mining group.
Cardarelli, Corrado
Torys LLP
(416) 865-7386
ccardarelli@torys.com
Mr. Cardarelli is the chair
of the fi rm's Tax Practice.
He specializes in corporate,
partnership, trust, foreign and
general business taxation.
His practice largely involves
structuring domestic, cross-
border and international
business transactions.
Carfagnini, Jay A.
Goodmans LLP
(416) 597-4107
jcarfagnini@goodmans.ca
Mr. Carfagnini's practice
includes a focus on corpor-
ate reorganizations, with an
expertise in cross-border and
international transactions
involving the US and the
UK. He has been an ad-
visor in most recent major
Canadian restructurings.
Cameron, Gordon K.
Blake, Cassels
& Graydon LLP
(613) 788-2222
gord.cameron@blakes.com
Mr. Cameron's adminis-
trative practice includes
appearing before the
NEB, OEB, CITT and
other federal tribunals.
His commercial litigation
practice embraces public
procurement, contractual
and shareholder disputes,
and employment law.
Carelli, Robert
Stikeman Elliott LLP
(514) 397-2408
rcarelli@stikeman.com
Head of the Montréal Se-
curities Group. Focuses on
securities, corporate fi nance,
public/private M&A
and corporate govern-
ance. Advises issuers and
underwriters on public
off erings and private place-
ments, boards of directors
and private-equity funds.
Castiel, Peter
Stikeman Elliott LLP
(514) 397-3272
pcastiel@stikeman.com
Mr. Castiel is head of the
Montréal M&A group.
Focuses on cross-border
M&A and corporate fi nan-
cings. Advises private-equity
funds, sovereign wealth
funds, leading public and
private companies in con-
nection with acquisitions,
divestitures and investments.
owner-managed companies with an enter-
prise value in the range between $25 and
$50 million. O en, the small
US private-
equity shops buying them manage in the
$300–$400 million range, says Belsher,
who currently has a number of these types
of deals underway.
"It's all about private-equity funds that
have been formed with fund managers
sitting on a few hundred million dollars'
worth of equity
ready to invest.
! ey need to
fi nd bite-sized
pieces to invest
in to build a portfolio," Belsher says. "With
the current state of the Canadian dollar
against the US dollar, and a plethora of
privately owned Canadian businesses with
succession issues, these US funds are in-
creasingly looking northward and investing
to Canada."
Private-equity and inbound investment
activity is being fuelled by a combination of
dry powder, strong credit markets and low
interest rates, with several prevalent themes
present, says Pressman. "! ese include
private-equity exit strategies including
sponsor-to-sponsor deals where one fund's
exit is another fund's investment strategy.
Sales to strategic buyers and
IPOs have been
traditional exit strategies for private equity.
In volatile markets, sponsor deals are o en
faster to execute and fi nance. In current
markets, we're seeing more interest in stra-
tegic sales."
Pressman says in the energy and re-
sources commodity sector, in particular,
private equity is allocating its capital in
mid-market transactions. "Where there's
FOREIGN INVESTMENT
|
9
"THERE SEEMS TO BE A LOT OF
CASH AVAILABLE, LOOKING FOR
EQUITY-TYPE RETURNS AND GOING
INTO VARIOUS TYPES OF FUNDS
AND AVOIDING LOW DEBT RETURNS,
ESPECIALLY AT THE RETAIL AND
PENSION FUND LEVELS. BORROWING
COSTS FOR GOOD CREDITS ARE
STILL PRETTY LOW, EVEN IF CREDIT
REQUIREMENTS MAY BE GOING UP."
– Jeff Barnes, Borden Ladner Gervais LLP
