Centric Health Corp (TSX: CHH) has agreed to sell its surgical and medical centres business to Kensington Private Equity Fund (KPEF) and Kensington Capital Advisors, KPEF's manager. The deal, which reflects a cash purchase price of $35 million, is expected to close by September 30th. Centric Health, a Toronto-based provider of pharmacy and other healthcare services to Canadian seniors, said it will use the proceeds to repay a portion of outstanding credit facilities and for working capital purposes. KPEF and Kensington Capital Advisors are affiliates of Canadian alternative investment firm Kensington Capital Partners.
3 min read · 12 August 2019
Corvus Energy, a Richmond, British Columbia-based developer of maritime energy storage solutions, has raised additional, undisclosed financing. The investor was Shell Ventures, the venture capital arm of Anglo-Dutch energy and chemical group Royal Dutch Shell plc. Founded in 2009, Corvus provides energy storage in the form of modular lithium-ion battery systems for maritime, offshore, subsea and port applications. Its solutions optimize energy consumption and reduce costs and emissions. Led by CEO Geir Bjørkeli, Corvus will use the funds raised to expand internationally and further enhance its technology. Corvus' other backers include Equinor Technology Ventures and Norsk Hydro.
4 min read · 12 August 2019
Caisse de dépôt et placement du Québec has made an undisclosed equity investment in Golf Avenue, a Montréal-based online retailer of pre-owned golf equipment. The deal's proceeds will fund the company's continued growth in the United States and Europe and the addition of new technology to its digital platform. The proceeds will also support the launch of Cycling Avenue, a new product for re-selling pre-owned bicycles, such as road bikes, mountain bikes and hybrid models. Founded in 2006 by Pierre-Luc Laparé and Marc-Antoine Bovet, Gold Avenue offers a selection of more than 50,000 new and used golfing products.
3 min read · 09 August 2019
Reebee, a Kitchener, Ontario-based retail technology company, has secured undisclosed financing led by RHI Group, a Canadian digital marketing investment firm. M33 Growth, a U.S. venture capital and growth equity firm, also invested. Founded in 2012 by Tobiasz Dankiewicz and Michal Martyniak, reebee provides brick-and-mortar retailers with an interactive, online marketing platform that helps them reach shoppers. The platform has so far engaged some 5 million users. The funds raised will help accelerate reebee’s growth strategy. RHI Group, led by Executive Directors Alex Moorhead and Brian Sinclair, was recently capitalized by M33 Growth.
4 min read · 09 August 2019
SalonScale Technology, a Saskatoon-based mobile app for the hair salon industry, has closed its seed-stage financing, raising more than $1 million. The round's Canadian and U.S. investors included Conexus Venture Capital Fund, a recently launched $30 million fund focused on Saskatchewan's startup ecosystem. Founded last year by CEO Alicia Soulier, SalonScale provides an app, paired with a Bluetooth scale and web dashboard, to help salons manage the costs and usage of hair colouring. The company will use the financing's proceeds to grow its operations in North America and worldwide.
2 min read · 09 August 2019
DW Healthcare Partners (DWHP) has acquired a majority stake in Cefaly Technology SPRL, a Liège, Belgium-based maker and marketer of neuro-modulating medical devices for the prevention and treatment of migraines. No financial terms were disclosed. Pierre Rigaux, who co-founded Cefaly in 2004, said the partnership with DWHP will facilitate the company's next stage of growth. With the deal, Jen Trainor was appointed CEO, replacing Rigaux. DWHP, a Toronto- and Park City, Utah-based healthcare private equity firm, said Cefaly is the inaugural investment of DW Healthcare Partners Fund V, which earlier this year raised US$610 million.
3 min read · 08 August 2019
Pestell Group has acquired Winnipeg-based Pro-Ag Products and Verus Animal Nutrition, which together provide feed ingredients, feed additives and animal nutrition products in the North American market. Terms weren't disclosed. Antares Capital, BMO Sponsor Finance and PennantPark led the debt financing. Based in New Hamburg, Ontario, Pestell is an animal feed minerals and ingredients distributor, animal litter and bedding products maker, and dental pet treats co-maker. It said the acquisition expands its geographic presence in Western Canada and product portfolio. Pestell was acquired last year by U.S. mid-market private equity firm Wind Point Partners.
4 min read · 08 August 2019
Canadian Tire Corp Ltd (TSX: CTC, CTC.A) has agreed to acquire the Canadian business of Party City, a Rockaway, New Jersey-based specialty party goods retailer. Canadian Tire agreed to pay $174.4 million for the business, which has 65 retail stores in seven provinces. The deal is expected to close in Q3 2019. Canadian Tire, a Toronto-based provider of retail goods and services, said the purchase will make it a one-stop shopping destination for party and celebration needs. It plans to expand Party City's store network in Canada. Party City was acquired in 2012 by U.S. private equity firm Thomas H. Lee Partners (THL) for US$2.69 billion. The company went public in 2015, with THL remaining a shareholder.
5 min read · 08 August 2019
Canadian private equity firm Equicapita has acquired a 70 percent interest in Wingenback Inc, a Calgary-based industrial and commercial logistics business, for an undisclosed amount. The deal, which will support the company's growth, saw Equicapita partner with Wayne Wingenbach, who will remain as president, and the management team. Established in 1975, Wingenback provides businesses and organizations in Canada with solutions in ATM-related products, industrial moving and project management services. It has customers in a range of industries, including financial services. The acquisition is Equicapita’s twelfth to date and its first in the industrial and commercial logistics space.
3 min read · 08 August 2019
CIBC Innovation Banking has provided undisclosed debt financing to Bridgit, a Kitchener, Ontario-based construction software provider. The funding came alongside Bridgit's Series A round. This year, the company was reported to be negotiating debt financing that would increase its latest round to $7.75 million. CIBC Innovation Banking said the proceeds will support the launch of a new product, Bridgit Bench, a resource planning platform for general contractors. Founded in 2014 by CEO Mallorie Brodie and COO Lauren Lake, Bridgit provides end-to-end productivity and performance solutions for construction operations managers and their teams.
3 min read · 08 August 2019
