Radiant Communications Corp., a Vancouver-based provider of managed network and cloud hosting solutions, has received a second take-private offer from Frontier Networks Inc., a custom data and networking programs company based in Toronto. The bid follows one made by Canadian private equity firms Maxam Capital Corp. and PenderFund Capital Management. That deal, which involves shares not already owned by Maxam and Pender, provides consideration to minority shareholders of approximately C$4.5 million and implies an equity value for the company of approximately C$12.9 million.
2 min read · 24 April 2013
Toronto-based Integrated Asset Management and its private corporate debt group, Integrated Private Debt Corp., have closed a $15 million senior loan with Skyline Blue Mountain Village Inc. The funds raised by Skyline will be used to assist with its acquisition from Intrawest ULC of retail property located within Ontario's Blue Mountain Resort Village. Intrawest has been a portfolio company of U.S. private equity firm Fortress Investment Group since 2006.
2 min read · 24 April 2013
ProSep Inc., a Montréal-based technology-focused process solutions provider to the oil and gas industry, has completed is sale of a 51% investment in ProSep Kolon Company Ltd., a South Korean joint venture with Kolon Group, for $5 million. ProSep is backed by Canadian and European venture capital firms, including Cycle Capital Management, Fondaction (CSN), Investissement Québec and Truffle Capital.
1 min read · 23 April 2013
Annapolis Capital, a Calgary-based energy-focused private equity firm, announced that Malcolm Adams will join the firm in August, 2013 as senior vice president - technical. Mr. Adams was most recently vice president of corporate development at Calgary oil company Surge Energy Inc., and prior to then, was vice president at ARC Financial Corp. The $150 million Annapolis Energy Fund VI, closed in 2011, is currently pursuing early-stage Canadian oil and gas investment opportunities.
2 min read · 23 April 2013
Toronto-based theScore Inc., a publicly-traded company founded in 2012 and focused on providing a full digital service to sports fans across all major mobile platforms, has received $16 million in funding. The deal, led by Canadian venture capital firm Relay Ventures, included theScore's existing investors Levfam Holdings Ltd. and Rogers Media Inc. The company will use proceeds from the investment to accelerate development and marketing of its mobile sports platforms and expand sales and marketing in the United States.
4 min read · 23 April 2013
The Sentient Group, a natural resources-focused private equity firm based in the Cayman Islands and with an office in Montréal, has acquired control over securities in North American Nickel Inc. (NAN) as part of a $7 million private placement in the company. Sentient currently controls of 28.34% of outstanding NAN shares. The North Vancouver-based NAN is a mineral exploration company with 100% ownership of projects in Canada and Greenland.
2 min read · 23 April 2013
Credit Suisse Group AG has agreed to sell a private equity business to The Blackstone Group, the latest move by an investment bank to sell a business with illiquid assets in order to appease regulators and bolster its balance sheet. The Volcker Rule—-named after former Federal Reserve Chairman Paul Volcker and part of the Dodd-Frank financial reform law—is expected to limit bank investments in private equity funds and was cited by Switzerland’s Credit Suisse last summer as a reason for exploring a sale.
2 min read · 23 April 2013
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has provided funding to the Peterborough Region Angel Network, an incorporated not-for-profit network of individuals based in Peterborough, Ontario. FedDev provided $75,000 to the angel organization, which will use the money in part to double its membership base to a projected 34 angel investors active in local early-stage, entrepreneurial companies.
3 min read · 22 April 2013
A group of investors led by Toronto-based infrastructure investor Aquila Infrastructure Management has acquired a minority interest in Thames Water Utilities Ltd., a water and sewerage company in the United Kingdom. Financial details of the acquisition were not published. The consortium is comprised of Aquila's fund, The Infrastructure Coalition, and five other investors, including TIAA-CREF, New Brunswick Investment Management Corp., and Teachers' Retirement Allowances Fund.>
2 min read · 22 April 2013
Waterloo, Ontario's KiK Interactive Inc., which has developed a smartphone messaging platform that integrates HTML5 apps, has raised a Series B financing round totaling $19.5 million. The deal was led by U.S. venture capital firm Foundation Capital with the participation of existing investors RRE Ventures, Spark Capital and Union Square Ventures, which accounted for the company's Series A round in 2011. Foundation Capital partner Anamitra Banerji has also joined KiK's board of directors.
4 min read · 22 April 2013
