Canada ranks in the top quartile of G20 countries when it comes to fostering entrepreneurship, says a new report by Ernst & Young. The findings of EY G20 Entrepreneurship Barometer 2013 are based on a survey of 1,500 entrepreneurs, who answered questions about tax burdens, access to financing, education and training systems and other factors. Access to financing was a primary concern for 70% of respondents. The other top-quartile countries were Australia, South Korea, the United Kingdom and the United States.
6 min read · 28 August 2013
Montréal-based security services company Garda World Security Corp. has agreed to acquire G4S Cash Solutions (Canada), the Toronto-based subsidiary of G4S International Holdings, for $110 million. The deal, which is expected to close before the end of this year, will see G4S Cash Solutions (Canada) form part of Garda World's Cash Services platform, which provides cash processing solutions to businesses. Garda World was taken private for $1.1 billion by British buyout firm Apax Partners and Stephan Cretier, the company's chairman and CEO, in November 2012.
2 min read · 28 August 2013
Doug Pearce, CEO and CIO of British Columbia Investment Management Corp. (bcIMC) has decided to retire in 2014, following 25 years with the Victoria-based public pension fund manager. Pearce will continue to lead bcIMC until the board of directors have named a successor, which is expected to happen by March 31, 2014. During Pearce's tenure, assets managed by bcIMC grew from $15.9 billion (1988) to over $100 billion (2013), and investments were widely diversified to include a high proportion of global alternative assets, including infrastructure, private equity and real assets.
3 min read · 28 August 2013
Ontario Teachers' Pension Plan said Wednesday that it has sold 20% of its ownership stake in Glass, Lewis & Co. to Alberta Investment Management Corp. No financial terms were disclosed. Headquartered in San Francisco, Calif., Glass Lewis is an investment research and global proxy advisory and voting services firm. Update: Ontario Teachers acquired the company from Shanghai, China's Xinhua Finance Ltd. in October 2007 for a purchase price of US$46 million.
3 min read · 28 August 2013
Canadian private equity firm Wesley Clover International Corp. (WCIC) has acquired an additional ownership interest in Ottawa-based mobile data solutions company ProntoForms Corp. (TSX Venture: PFM), formerly known as TrueContext Mobile Solutions Corp. Following the deal, WCIC will own up to 28.79% of the company's outstanding common shares. ProntoForms was founded in 2001, and has been venture-backed since then by such investors as WCIC and Skypoint Capital.
2 min read · 26 August 2013
As recently reported by peHUB Canada, Markham, Ontario's Serruya family, which manages a private equity fund that invests in retail franchises, has bought a majority stake in Kahala Corp., a Scottsdale, Arizona-based fast food restaurant company. The undisclosed deal was confirmed as closed on August 19, 2013. Kahala owns Canadian brand Cold Stone Creamery, an ice cream chain that has a business partnership with Tim Hortons. Private equity firm Delavaco Group was reported as partnering in the Kahala acquisition.
3 min read · 26 August 2013
Acheson, Alberta-based Mobile Data Technologies Ltd., which designs and builds data acquisition and control systems for the oil and gas industry, has secured an undisclosed investment from Accelerate Fund and several angel investors. Proceeds of the investment will be used to continue the company's product expansion plan, which primarily targets U.S. customers. Accelerate Fund is an angel co-investment fund managed by Canadian venture capital firm AVAC. Alberta Enterprise helped launch the fund in 2012 with a $10 million commitment.
3 min read · 26 August 2013
Onex Corp. said Monday that it has entered an agreement to sell its majority stake in TMS International Corp. to an affiliate of The Pritzker Organization. According to the proposed deal, Onex will sell their 23.4 million TMS shares for US$410 million. The transaction is expected to close in the fourth quarter of 2013. Based in Pennsylvania, TMS is a provider of outsourced industrial services to steel mills in North America. Onex is a private equity firm with offices in Toronto, London and New York. Update: Onex has invested US$249 million in the company since 2007.
3 min read · 26 August 2013
First Solar Inc. said Monday that it has sold three Ontario-based solar power plants to an investment partnership led by GE Energy Financial Services. No financial terms were disclosed. The ABW Partnership, which is comprised of GE Energy Financial Services and Alterra Power Corp., raised debt for the acquisition while Manufacturers Life Insurance Co. served as agent and lead arranger. Update: The debt syndicate consists of The Great-West Life Assurance Co., Sun Life Assurance Co. of Canada and Caisse de dépôt et placement du Québec.
4 min read · 26 August 2013
It’s possible you haven't heard a lot about the Private Markets Group at OPTrust, the Toronto-based investor and manager of $15 billion in assets on behalf of OPSEU Pension Plan. That’s because up until it now has kept a low profile. Things appear to be changing, however. After posting some impressive performance numbers last year, the group seems ready to emerge from its shell and take on new challenges – including doing more direct deals.
4 min read · 26 August 2013
