Catalyst Capital Group said it will acquire a 10.05 percent interest in Canadian department store operator Hudson's Bay Co (TSX: HBC) for about $187 million. The Canadian private equity firm said it will complete the purchase of common shares within three business days. Catalyst first offered to buy shares of Hudson's Bay in July. It amended the offer earlier this month, increasing the transaction's value to as much as $200 million from $150 million. The purchase, which will add to Catalyst's existing holdings, is intended to block the proposed $1.74 billion take-private acquisition of Hudson's Bay, announced in June.
2 min read · 19 August 2019
Slate Asset Management LP, a Toronto-based real estate-focused alternative investment platform, has secured a non-voting minority equity investment from Goldman Sachs Asset Management. Terms weren't disclosed. Goldman Sachs invested through its Petershill unit, which buys minority stakes in managers of private equity and other alternative asset funds. Slate Founding Partners Blair Welch and Brady Welch made a long-term commitment to the business as part of the deal. Slate sponsors private and public equity funds that invest in real estate and real asset opportunities in North America and Europe. It has completed more than $11 billion of transactions and oversees $6.2 billion in assets.
3 min read · 19 August 2019
Intermedia has acquired Telax, a Toronto-based cloud contact-centre-as-a-service (CCaaS) software provider. No financial terms were disclosed. Founded in 1997 by CEO Mario Perez, Telax partners exclusively with communications service providers. Intermedia, a Sunnyvale, California-based communications-as-a-service software company, said the deal gives it omni-channel CCaaS capabilities. Intermedia was acquired in 2017 by U.S. private equity firm Madison Dearborn Partners (MDP). The sellers included Oak Hill Capital Partners.
5 min read · 16 August 2019
Braslyn Ltd has agreed to acquire the minority-held common shares of Callidus Capital Corp, a Toronto-based provider of specialty lending solutions. Braslyn, an existing investor, offered to buy shares not held by it, Catalyst Capital Group and Catalyst affiliates for $0.75 per unit. Catalyst, a Canadian private equity firm and owner of a 72.2 percent interest in Callidus, has agreed to vote in favour. The transaction, which would take Callidus private, is expected to be completed in the fourth quarter. Braslyn is an affiliate of Bahamian private investment firm Tavistock Group.
10 min read · 16 August 2019
Nudge Rewards, a Toronto-based frontline employee engagement app, has raised about $12.4 million (US$9.3 million) in its latest financing, bringing total funding to more than $20 million (US$15 million). The round was led by U.S. late-stage venture capital firm Jump Capital, with participation from existing investors BDC Capital, Brightspark, Generation Ventures and Standup Ventures. Founded in 2012 by CEO Lindsey Goodchild, CTO Dessy Daskalov and CCO Jordan Ekers, Nudge provides mobile solutions to retail, restaurant and hospitality brands to help improve frontline employee engagement and performance. The company will use the funds raised for growth and to add to its data science team.
4 min read · 16 August 2019
Scaleworks, a U.S. software-as-a-service venture equity firm, has acquired Nextopia, a Toronto-based provider of e-commerce site search, navigation and merchandising solutions. No financial terms were disclosed. Founded in 1999 by CEO Sanjay Arora, Nextopia has served more than 2,000 internet retailers, helping them increase sales and improve the customer experience. Arora will be replaced by Peter Messana, CEO of U.S.-based SearchSpring, a Scaleworks portfolio company. There are no current plans to merge the two businesses. Nextopia is the second acquisition of Scaleworks' second fund, which raised US$80 million earlier this year.
2 min read · 15 August 2019
ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, has agreed to invest in the International Language Academy of Canada (ILAC), a Toronto-based English language school. No financial terms were released for the deal, which is expected to close in the third quarter. Established in 1997, ILAC provides specialized English courses to about 20,000 students annually from more than 100 countries. Led by Co-founders and Co-Presidents Jonathan Kolber and Ilan Cohen, it operates from nine campuses in Toronto and Vancouver. ONCAP Managing Partner Mark Gordon said his firm will support ILAC's continued growth, both organically and through acquisitions.
3 min read · 15 August 2019
2 min read · 15 August 2019
Canada Pension Plan Investment Board (CPPIB) has closed its acquisition of a 10.01 percent stake in 407 International Inc, a Woodbridge, Ontario-based holder of a concession over 407 Express Toll Route (407 ETR), from SNC-Lavalin Group Inc (TSX: SNC). The deal, announced earlier this month, is valued at $3.25 billion. Of the total, $3 billion is payable on closing, with the rest to be paid over 10 years if certain financial targets are met. CPPIB first invested in 407 ETR in 2010, acquiring a 40 percent holding. The acquisition from SNC Lavalin increases the interest to 50.01 percent. SNC-Lavalin originally agreed to sell the 10.01 percent stake to OMERS Infrastructure. CPPIB exercised its right of first refusal when the agreement was cancelled in May.
3 min read · 15 August 2019
Bespoke Capital Acquisition Corp (BCAC) has closed its initial public offering (IPO) on the Toronto Stock Exchange, raising US$350 million. The proceeds will increase to US$402 million if the IPO's greenshoe option is exercised in full. The underwriters are Canaccord Genuity Corp and Citigroup Global Markets Canada Inc. BCAC, a newly-formed special purpose acquisition corporation (SPAC), is focused on acquiring one or more businesses in the cannabis industry. The London, U.K.-based SPAC is sponsored by Bespoke Sponsor Capital LP, which is controlled by U.K. private equity firm Bespoke Capital Partners. Its directors include Bespoke Founders Rob Berner and Mark Harms.
5 min read · 15 August 2019
