True Sports Inc has acquired Accra Golf Shafts, a Kingston, Ontario-based designer, manufacturer and marketer of custom-fit golf clubs. No financial terms were disclosed. Dave Makarucha and Gawain Robertson founded Premium Golf Management Co (PGMC), Accra's parent company, in 2002. PGMC was included in the acquisition. True Sports, the parent company of True Temper, a Memphis, Tennessee-based sports products maker, said the deal increases its options in the custom club fitting environment. True Temper was acquired in 2012 by U.S. private equity firm Lincolnshire Management.
2 min read · 24 July 2019
Luci.ai, a Toronto-based artificial intelligence (AI) technology startup founded this year, has raised $500,000 in a seed-stage financing. The round's investors were not disclosed. Luci.ai also announced the launch of its AI dispatch and scheduling-as-a-service platform, LuciX, which helps businesses make deliveries and manage appointments. The technology is targeted to food delivery, groceries and retail, parcel and courier, retail and delivery, third-party logistics, home services, field service, warehouse management and other sectors. Luci.ai's founding team includes scientists, engineers and industry experts from Amazon, Alibaba, DHL and Canadian Tire.
3 min read · 24 July 2019
Shareholders and option-holders of WestJet Airlines Ltd have voted to approve its deal to be acquired by Canadian private equity firm Onex Corp. More than 92.5 percent of the votes cast at a special meeting were in favor. In May, Onex offered to buy Calgary-based WestJet, Canada’s second-largest airline carrier, for C$3.5 billion or C$5 billion including debt. The transaction is expected to wrap up later this year. Established in 1996, WestJet provides scheduled service to more than 100 destinations in the Americas and Europe and to more than 175 destinations in over 20 countries through partnerships.
4 min read · 24 July 2019
Shareholders and option-holders of WestJet Airlines Ltd (TSX: WJA) have voted to approve its deal to be acquired by Canadian private equity firm Onex Corp. More than 92.5 percent of the votes cast at a special meeting were in favour. In May, Onex offered to buy Calgary-based WestJet, Canada’s second-largest airline carrier, for $3.5 billion or $5 billion including debt. The transaction is expected to wrap up later this year. Established in 1996, WestJet provides scheduled service to more than 100 destinations in the Americas and Europe and to more than 175 destinations in over 20 countries through partnerships.
4 min read · 24 July 2019
Compass Datacenters LLC has acquired ROOT Data Center, a Montréal-based wholesale data centre provider, for an undisclosed amount. ROOT was founded in 2014. The company's CEO, AJ Byers, will join Compass as president, international. ROOT has been backed by U.S. private equity firm ABRY Partners, which invested $25 million in 2016, and U.S. investment manager Goldman Sachs, which invested $90 million a year later. Compass, a Dallas-based data centre developer and operator, said the acquisition extends its footprint into the Montréal market and adds significant scale to its platform. RedBird Capital Partners and Ontario Teachers' Pension Plan together acquired a majority stake in Compass in 2017.
4 min read · 23 July 2019
Toronto-based sports team funding app FlipGive has secured C$5 million in a Series A financing. The round was led by Canadian software venture capital firm Framework Venture Partners. Framework’s investment is the first of its C$150 million debut fund, FVP I, which held an initial close earlier this year. It was joined by iGan Partners, which invested in 2013, and FJ Labs. FlipGive is also backed by MaRS Investment Accelerator Fund. Launched in 2016, FlipGive provides a digital platform that helps North American youth sports teams, member organizations and clubs raise funds through everyday shopping with favourite brands.
4 min read · 23 July 2019
Ratio.City, a Toronto-based urban analytics platform, has raised $1 million in a seed-stage financing. U.S. early-stage venture capital firm 2048 Ventures led the round. Also investing were Riocan Real Estate Investment Trust, Tercot Developments, Rockport Capital, Smycorp Capital and Guloien Capital. Founded in 2017 by CEO Monika Jaroszonek and CTO Erin Morrow, Ratio.City provides cloud-based mapping and analysis tools to help developers and planners access data, evaluate options and make better decisions about real estate opportunities. The round's proceeds will be used to grow Ratio.City's sales team and enhance the platform by bringing on more data points and geographical locations.
3 min read · 23 July 2019
Toronto-based sports team funding app FlipGive has secured $5 million in a Series A financing. The round was led by Canadian software venture capital firm Framework Venture Partners. Framework's investment is the first of its $150 million debut fund, FVP I, which held an initial close earlier this year. It was joined by iGan Partners, which invested in 2013, and FJ Labs. Launched in 2016, FlipGive provides a digital platform that helps North American youth sports teams, member organizations and clubs raise funds through everyday shopping with favourite brands. The company will use the round's proceeds for new hires, enhanced product features, additional brand partners, marketing and member acquisition.
4 min read · 23 July 2019
Catalyst Capital Group has offered to buy up to 14.8 million common shares of Canadian retailer Hudson's Bay Co (TSX: HBC) for $10.11 per unit, or $150 million. The offer will remain open until August 16 unless it is extended, varied or withdrawn. Catalyst, a Canadian private equity firm, said it is taking the step to oppose the $1.74 billion take-private acquisition of Hudson's Bay, announced last month. Catalyst said the proposed deal, led by Executive Chairman Richard Baker, does not reflect the fair value of Hudson's Bay's shares and undervalues the company "across each of its real estate, retail and iconic brand attributes." Other shareholders that oppose the transaction include U.S. hedge fund Land & Buildings Investment Management.
8 min read · 23 July 2019
A group led by U.K. private equity firm BC Partners and Chairman and CEO Stephan Crétier have agreed to acquire Garda World Security Corp, a Montréal-based security services provider, in a $5.2 billion recapitalization. The announcement confirms an earlier report by the Wall Street Journal. The seller is U.S. private equity firm Rhône Capital, which partnered with Crétier in 2017 to acquire Garda World from Apax Partners. The deal, expected to close later this year, will see BC Partners hold a 51 percent interest in the company, while Crétier and other members of the management team will hold 49 percent. Founded in 1995 by Crétier, Garda World provides a range of physical and specialized security solutions, as well as end-to-end cash management.
5 min read · 23 July 2019
