Teine Energy Ltd., a Calgary-based oil and gas company focused on finding and developing high net-back, large hydrocarbon in place properties in Western Canada, has obtained a US$300 million senior secured second lien loan. Proceeds will be used to refinance the company's revolving credit line, fund a drilling program and for general corporate purposes. Tiene Energy is majority owned by Canada Pension Plan Investment Board, an investor in the company since 2010.
2 min read · 24 May 2013
Canadian private equity firm Persistence Capital Partners, which focuses on healthcare-related opportunities, has raised $90 million in the first close of its second fund, Persistence Capital Partners II LP. Commitments to the fund, targeted for $225 million, came mainly from Canadian institutional investors. PCP II will provide growth capital and undertake buyouts, re-caps and consolidations involving healthcare companies with between $5 million and $50 million in revenues.
2 min read · 24 May 2013
Toronto-based ViXS Systems Inc., a developer of high-performance semiconductors for media solutions, has completed its previously announced going-public transaction through an amalgamation agreement with capital pool company W7 Acquisition Corp. As a result of the deal, ViXS raised a total of $57.4 million. The company was founded in 2001 with the backing of Celtic House Venture Partners. Other investors include Export Development Canada, New Enterprise Associates and Novacap.
5 min read · 24 May 2013
Canadian mid-market private equity firm Fulcrum Capital Partners has made an equity investment in Nilex Civil Environmental Group, an Edmonton, Alberta-based provider of environmentally-friendly construction materials, technologies and services to the civil, resource and environmental industries. The value of the equity investment was not published.
2 min read · 24 May 2013
Toronto-based mid-market private equity firm Signal Hill Equity Partners announced the appointments of Mayank Chadha as the firm's director of operations, and Sundri Sengupta as the firm's director of human resources. Mayank Chadha previously worked in McKinsey & Co.'s manufacturing center of competence, while Sundri Sengupta has over 12 years of experience in developing and integrating human resources solutions for local and international businesses.
3 min read · 24 May 2013
Debt holders in mobile service provider Mobilicity, a.k.a. Data & Audio-Visual Enterprises Wireless Inc., have approved the company's acquisition by Canadian telecommunications company TELUS Corp. for $380 million. As previously announced, the purchase price will be applied to repay all of the company's first and second lien debt, with the remainder being used to repay certain other unsecured debt securities. Mobilicity's other backers include U.S.-based private equity firm Quadrangle Capital Partners.
2 min read · 24 May 2013
The federal Minister of Finance Jim Flaherty has established a panel of experts to advise on key elements of the $400 million Venture Capital Action Plan (VCAP), which was announced in January. Among the duties of the panel, which is chaired by Canadian PE pro Samuel L. Duboc, will be to advise on the selection of private sector managers for up to four venture capital funds-of-funds. The other panelists are Jim W. Davidson, Gilles Duruflé, Robin Louis and Annette Verschuren. VCAP panelist bios are here.
2 min read · 24 May 2013
Montréal-based Revision Military Inc., a developer and manufacturer of ballistic eyewear, head protection systems and other protective equipment designed for military and tactical use, has received a $12 million joint investment from the Business Development Bank of Canada and the Caisse de dépôt et placement du Québec. The company, which has clients in the Canadian, American, British, German and Swiss armed forces, operates three production plants in Canada and the United States.
2 min read · 24 May 2013
Valcourt, Québec-based Bombardier Recreational Products Inc. (BRP), which develops, manufactures and distributes power-sports vehicles, such as Ski-Doos and Sea-Doos, has priced its initial public offering of subordinate voting shares at $21.50 per share. The IPO is expected to generate gross proceeds totaling around $262 million. BRP was acquired by Bain Capital, the Caisse de dépôt et placement du Québec and members of the Bombardier family for $960 million in 2003.
4 min read · 24 May 2013
Ottawa, Ontario-based N-able Technologies Inc., a provider of remote monitoring and management automation solutions for managed service providers and information technology departments, has been acquired by software company SolarWinds Inc. of Austin, Texas. The purchase price was $120 million. N-able has been a portfolio investment of U.S. technology-focused private equity firm Accel-KKR since October 2011.
6 min read · 24 May 2013
