The pending acquisition of Mobilicity (a.k.a. Data & Audio-Visual Enterprises Wireless Inc.) by Canadian telecommunications company TELUS Corp. has been approved by the Ontario Superior Court of Justice, bringing the $380 million deal closer to fruition. Mobilicity has been backed by U.S. private equity firm Quadrangle Capital Partners since 2008.
2 min read · 31 May 2013
Richmond Hill, Ontario-based transportation services manager Transplace Canada, formerly Torus Freight Systems Ltd., has a new private equity backer following the decision of the company's Frisco, Texas-based parent, Transplace Inc., to partner with New York's Greenbriar Equity Group. The financial terms of the deal were not disclosed. Torus Freight Systems was acquired in December 2012 for an undisclosed sum by Transplace and its previous private equity owner, CI Capital Partners.
4 min read · 31 May 2013
Calgary-based Second Wave Petroleum Inc., a producer of crude oil and natural gas in Western Canada, has agreed to be taken private by controlling investor Brookfield Bridge Lending Fund, which is part of the private equity group of Brookfield Asset Management. The Brookfield fund earlier in May made a cash offer of 30 cents per share. Independent members of the company's board of directors have recommended the deal, which will now go to a special meeting of shareholders and option holders in June.
6 min read · 31 May 2013
Vancouver-based Avigilon Corp., a company focused on high-definition and megapixel surveillance solutions, has acquired RedCloud Security Inc., a provider of web-based, physical and virtual access control systems located in Sterling, Virginia. The purchase price was $17 million. Avigilon, which has since 2008 been a portfolio company of British Columbia Discovery Fund, an affiliate of Canadian venture capital firm Discovery Capital Corp., went public in November 2011.
3 min read · 31 May 2013
Energy technology-focused venture capital firm EnerTech Capital Partners has received a US$20 million commitment from BDC Venture Capital, which will go towards EnerTech Capital Partners IV (Canada) LP. Other fund investors include Teralys Capital, Alberta Enterprise Corp. and Export Development Canada. EnerTech, which is expected to earmark US$50 million of its targeted US$150 million partnership for investments in Canada, has also opened new offices in Montréal and Calgary. The firm already has offices in Toronto and Conshohocken, Pennsylvania.
3 min read · 31 May 2013
Volaris Group Inc., which is an operating affiliate of Toronto software company Constellation Software Inc., has acquired Funkwerk Information Technologies York Ltd., a provider of software solutions for railway operations and infrastructure, and a U.K.-based business owned by Kölleda, Germany's Funkwerk AG. Financial terms of the transaction were not disclosed. Constellation is a portfolio investment of Canadian buyout firm OMERS Private Equity, which has backed the company since 2000.
2 min read · 31 May 2013
Spectra7 Microsystems Inc., a Toronto-based analog semiconductor company that recently established a Toronto Stock Exchange listing ( under the symbol SEV), is seeking to complete a private placement of up to $7 million. The offering is expected to close in June. Spectra7 was founded last year via a merger backed by Canadian venture capital firms. Celtic House Venture Partners led the company's start-up financing in August 2012 with the participation of Edgestone Capital Venture Fund III and Ventures West Capital.
4 min read · 31 May 2013
Toronto-based alternative assets manager Sprott Inc. has entered into a joint venture agreement with China's CITIC Private Equity Hong Kong Management to establish an offshore natural resources investment fund. The new fund will focus primarily on opportunities in equities and debt instruments of global resource companies, and will be co-managed by affiliates of Sprott and CITIC Private Equity Hong Kong.
3 min read · 31 May 2013
It is not easy making partner at a buyout firm in your 20s or even early 30s.
1 min read · 31 May 2013
OSF Global Services Inc., a Québec City-based provider of application development and technology integration solutions, has received a growth investment from the Business Development Bank of Canada. The financial details of the transaction were not published. Founded in 2003, the company also has offices in Woburn, Massachusetts and across Europe.
2 min read · 31 May 2013
