Saint-Georges, Québec-based Manac Inc., a manufacturer of vans, flatbeds and specialty trailers in North America, has filed a prospectus for an initial public offering of its subordinate voting shares on the Toronto Stock Exchange. Manac is currently a portfolio investment of New York-based mid-market private equity firm American Industrial Partners (AIP), which acquired a 50% interest in the company in 2012. Manac previously received investments from the Fonds de solidarité des travailleurs du Québec FTQ.
2 min read · 24 August 2013
Vancouver-based Huldra Silver Inc., a silver mining company, has received the first tranche of a $4.8 million debtor-in-possession loan from its primary creditor, Waterton Global Value LP, managed by Canadian private equity firm Waterton Global Resource Management. Huldra also announced it has agreed to seek advice from Haywood Securities Inc. concerning its financial affairs and other matters. The company is currently under the protection of the Companies' Creditors Arrangement Act.
8 min read · 24 August 2013
Ottawa-based 360pi, a software developer focused on retail price and product intelligence, has raised US$4.1 million from U.S. venture capital firm Silverton Partners and other investors. The new funding will allow 360pi to execute and grow its business. Concurrent with the deal, Silverton's Morgan Flager will join the company’s board of directors. Earlier in 2013, 360pi received investments totaling $2.5 million from MaRS Investment Accelerator Fund, angel investors and the Federal Economic Development Agency for Southern Ontario.
3 min read · 24 August 2013
CarProof, a London, Ontario-based provider of comprehensive used vehicle history reports, has sold a minority investment stake to U.S. private equity firm Hellman & Friedman. The financial terms of the transaction were not published. Carproof was established in 2000. Hellman & Friedman also recently agreed to acquire Canadian-born insurance brokerage Hub International Ltd. for approximately US$4.4 billion from Apax Partners and Morgan Stanley Principal Investments.
3 min read · 24 August 2013
Waterloo, Ontario-based Open Text Corp. (NASDAQ: OTEX, TSX: OTC), a provider of enterprise data management software, has acquired Cordys B.V. for US$33 million. The Netherlands-based Cordys, a specialist in business process management software, was formerly a portfolio company of U.S.-based Argonaut Private Equity. In April 2007, Argonaut led a US$80 million equity financing of the company.
6 min read · 24 August 2013
Toronto-based alternative assets manager Brookfield Asset Management has closed its fifth timberland partnership, Brookfield Timberlands Fund V LP, raising commitments totaling US$1 billion, or 33% above the partnership's original target of US$750 million. Fund investors included sovereign wealth funds, pension plans, insurers and other institutional investors. Brookfield itself committed US$250 million to the partnership, which will invest in timber assets in the United States, Brazil and Australia, and may also pursue opportunities in Canada, Chile, Uruguay and New Zealand.
5 min read · 24 August 2013
Canadian pension fund manager the Caisse de dépôt et placement du Québec has appointed Rashad Kaldany to the position of executive vice-president, emerging markets. Kaldany was previously COO at the International Finance Corp., the financial arm of the World Bank Group.
2 min read · 24 August 2013
Toronto-based Renewable Energy Developers Inc. (TSX: RDZ) (TSX: RDZ.DB), a developer, owner and operator of renewable energy projects, has acquired four Ontario wind projects, representing gross capacity of 50 megawatts, from Ottawa's Wind Works Power Corp. The company and a financial partner provided secured loans to the projects in 2012, and are expected to share ownership once they are completed. Last month, Renewable Energy Developers agreed to be bought by Capstone Infrastructure Corp. for approximately $70 million in cash and stock.
3 min read · 24 August 2013
Toronto-based Antibe Therapeutics Inc. (TSX VENTURE:ATE), a developer of pharmaceuticals focused on diseases characterized by inflammation, pain and vascular dysfunction, has completed the final tranche of its initial public offering on the TSX Venture Exchange. Proceeds of $3 million were raised in total. Founded in 2004, the company has been backed by several private investors, including Canadian early stage venture capital firm Hero Ventures, which invested in Antibe in 2008.
4 min read · 24 August 2013
A new report by Osler Hoskin & Harcourt LLP raises a warning flag to investors about federal proposals regarding tax treaty abuse. The proposals, released this month in a government consultation paper, have also been considered from a private equity perspective. Osler Partner John Groenewegen has highlighted some of the specific implications to PE firms that use intermediate investment vehicles when making investments in Canada. If enacted, the measures may deny tax treaty benefits to these vehicles and lead to taxation at full Canadian rates. They may also lead to reciprocal changes by foreign governments, impacting the deal activity of Canadian PE firms abroad.
3 min read · 23 August 2013
