The British Columbia Investment Management Corp. (bcIMC) agreed to buy CAI Private Equity's interest in the Corix Group, a utilities provider, for an undisclosed price.
Corix, based in Vancouver, delivers sustainable water, wastewater and energy infrastructure services to communities throughout North America. The target is one of several investments that CAI has made in the energy and utility infrastructure sectors, including Feeney Brothers Excavation, Tervita Corp., GLM Industries and Vista Midstream Solutions.
Toronto-based CAI is currently investing out of its fourth buyout fund.
Investment banks CIBC World Markets and RBC Capital Markets managed the sale, while law firm Stikeman Elliott LLP handled legal matters for CAI.
Based in Victoria, British Columbia, bcIMC manages an investment portfolio of C$92.1 billion (U.S.$92.3 billion) as at March 31. The firm invests mainly in real estate and infrastructure assets, as well as mortgages and public equities.