BlackBridge Group, a provider of end-to-end technology and services across the geospatial value chain, has secured $22 million in funding. The investors are BDC Subordinate Financing, an investment arm of the Business Development Bank of Canada, and the Bank of Montreal. Proceeds will be used for the development of the company's next generation of satellites, RapidEye+, and for the renewal of existing credit facilities. Based in Lethbridge, Alberta, BlackBridge in 2011 acquired its German competitor RapidEye AG. BDC Subordinate Financing provides quasi-equity investments to small and medium-sized businesses in Canada.
2 min read · 16 May 2014
1 min read · 16 May 2014
Specialty lending platform Callidus Capital Corp (TSX: CBL), which in April completed a $252 million initial public offering, has hired Steve Parker, an asset-based lender located in Seattle, to be its senior originator. Parker is the first U.S.-based employee of the firm, which is considering additional hires. In its Q1 2014 fiscal report, the Toronto-based Callidus also said it has gross loans receivable of $480 million, with a committed amount of $588 million. It also has a pipeline of potential new loans of about $420 million, of which it has signed back term sheets for $250 million. Callidus is majority-owned by Canadian private equity firm Catalyst Capital Group.
7 min read · 15 May 2014
The previously announced $1.83 billion acquisition of Canada Bread Co Ltd (TSX: CBY) by Mexican bread maker Grupo Bimbo has been approved by Canadian and U.S. regulatory agencies and is likely to close before the end of May. Based in Toronto, Canada Bread is a manufacturer of value-added flour-based products, and 90% owned by Maple Leaf Foods Inc (TSX: MFI). Maple Leaf is a portfolio investment of Canadian private investment firm West Face Capital.
3 min read · 15 May 2014
The Canadian online payment processor Kubra, which is backed by the Clairvest Group, is up for sale, five sources said.
1 min read · 15 May 2014
U.S. growth equity firm Spectrum Equity has acquired a substantial minority stake in Verafin Inc for $60 million. RBC Capital Markets was the placement agent on the transaction. Based in St. John’s, Newfoundland, Verafin is a provider of compliance, anti-money laundering and fraud detection software solutions to the financial services industry. Update: Proceeds from the deal will support the company’s continued growth and investment in its software-as-a-service (SaaS) platform. Founded in 2003, Verafin is also backed by Canadian venture capital firms RBC Venture Partners, the investment arm of the Royal Bank of Canada, and Killick Capital.
3 min read · 15 May 2014
Ainsworth Lumber Co Ltd (TSX: ANS) and Louisiana-Pacific Corp (NYSE: LPX) have terminated their previously announced deal whereby Louisiana-Pacific was to acquire the Vancouver-based manufacturer of home-building products for US$1.1 billion. The decision was made due to conflicts with regulatory authorities about required divestitures. As the termination agreement was mutual, no termination fee will be payable by either party. Ainsworth is currently owned by the private equity division of Brookfield Asset Management, which invested in the company's restructuring in 2008. Louisiana-Pacific is based in Nashville, Tennessee.
5 min read · 14 May 2014
Steve Lefkowitz, president and COO of CI Capital Partners, is leaving the firm, according to a letter to LPs.
2 min read · 14 May 2014
Sometime in 2006 or 2007, Barney Frank, the former chairman of the House Financial Services Committee, got an education from Kohlberg Kravis Roberts co-founder Henry Kravis on what was wrong with the markets.
3 min read · 14 May 2014
Sears Holdings Corp said it is considering the sale of its 51 percent stake in Sears Canada Inc, a move that could mean all of the Canadian department store operator goes up for sale, Reuters reported. Potential buyers include landlords and pension funds that want to use mall space occupied by Sears Canada, along with private equity and turnaround groups, such as Sun Capital, Hilco and Gordon Brothers. Large retailers are also potential suitors. Sears Canada, which has a market value of $1.6 billion, said it would cooperate "to achieve value for all shareholders."
3 min read · 14 May 2014
