Techvibes reports that Toronto's FreshBooks, Inc., a specialist in cloud accounting for small business owners, and Upverter, Inc., a cloud-engineering platform for rapid hardware design, are finalists for "Best Bootstrapped Startup" in TechCrunch's 6th Annual Crunchies Awards. Styled as the "Oscars of Tech" the Crunchies will be hosted by comedian John Oliver at San Francisco's Davis Symphony Hall on January 31, 2013.
1 min read · 25 January 2013
Canadian mid-market buyout firm Novacap confirmed its acquisition of the Boca Raton, Florida-based Host.net, Inc., reported earlier by peHUB Canada. Novacap's other investment platform, Novacap Industries, already has three US-based transactions under its belt, a process which began with the firm's investment in package labels manufacturer Smyth Companies, Inc. of Minneapolis, Minnesota, in 2010.
3 min read · 25 January 2013
Krystal Financial Corp., a Canadian PE firm focused on lower mid-market opportunities, completed two British Columbia-based transactions. In December 2012, Krystal purchased a 45% stake in Mission's Fraser Valley Building Supplies Inc., a provider of hardware and building supplies to retail consumers and contractor builders. Additionally, in January, Krystal took at 25% interest in Abbotsford's North West Rubber Ltd., which produces rubber flooring and other recycled rubber products. The financial terms of the deals were not disclosed.
2 min read · 25 January 2013
Tervita Corp. will refinance its existing senior secured credit facilities due in 2014. The announcement came on the heels of a decision by Moody's Investors Service to change its outlook for the Calgary, Alberta-based company from stable to negative, citing declining EBITDA in recent quarters. Moody's said the company must improve earnings and significantly reduce leverage. Tervita was taken private in 2007 by a consortium of private equity firms, including CAI Private Equity, Goldman Sachs Capital Partners, Kelso & Co., Vestar Capital Partners, and OSS Capital Management.
3 min read · 25 January 2013
KingSett Capital is pressing ahead with plans to acquire, directly or indirectly, units of Canadian shopping mall owner and operator Primaris Retail Real Estate Investment Trust. The Toronto, Ontario-based KingSett, a private equity firm focused on opportunities in the real estate sector, leads an investor group that includes the C$17 billion Ontario Pension Board. The previously-announced offer has been estimated to value C$4.4 billion.
2 min read · 25 January 2013
The Government of Canada has announced a new immigrant entrepreneur program that will partner newcomers with venture capitalists. The new program is dubbed the Start-Up Visa.
3 min read · 24 January 2013
BFG Supply Co, a portfolio company of Tricor Pacific Capital, has acquired certain assets of Commerce Corporation. In connection with the transaction, BFG has expanded its operating footprint with the addition of Commerce's former Grand Rapids, Michigan facility, as well as the hiring of 50 employees.
1 min read · 24 January 2013
International holiday home exchange website Love Home Swap, Inc. has completed the acquisition of the website of its Canadian competitor 1stHomeExchange, Inc. Love Home Swap closed a follow-on financing round of £800,000 (US$1.3 million) in November, 2012 led by British venture capital firm MMC Ventures.
3 min read · 24 January 2013
Alberta Investment Management Corp. (AIMCo) will actively seek new investments in technology in 2013, according to a report by The Canadian Press. CEO Leo de Bever said AIMCo will focus on "enabling technology" as a new priority, along with the pension fund's existing investment focus on such sectors as food, energy and materials. AIMCo manages C$70 billion in assets and invests on behalf of 26 pension, endowment and government funds based in Alberta.
1 min read · 24 January 2013
The Canadian assets of Big Sky Farms Inc., a Humboldt, Saskatchewan-based hog production company, have been acquired by Olymel LP, which focuses on the slaughter, processing and distribution of pork and poultry. The St-Hyacinthe, Québec-based Olymel and Ernst & Young Inc. entered into a purchase and sale agreement valued at C$65.2 million, subject to certain adjustments, in October 2012, following Big Sky Farms' being placed in receivership. Big Sky Farms has in recent years been backed by several Canadian private equity firms.
4 min read · 24 January 2013
