Kersia has acquired Choisy Laboratories Ltd, a Louisville, Québec-based developer and maker of chemical, biotechnological and biosecurity hygiene solutions, for an undisclosed amount. The sellers were the Trudeau family and Champlain Financial Corp, a Canadian private equity firm. Champlain invested in 2015. Founded in 1946 by President and CEO Guy Trudeau, Choisy is primarily active in the food service and hospitality market segments in Canada and Europe. Kersia, a Dinard, France-based biosecurity and food safety company, said the acquisition grows its footprint in North America. The transaction was completed with the support of French private equity firm Ardian, which acquired Kersia in 2016.
5 min read · 18 July 2019
Montréal-based cement products company McInnis Cement has closed a $500 million refinancing of its private capital. The deal includes $300 million provided by an increase to McInnis Cement’s senior loan from a syndicate of eleven Canadian and international banks. It also includes a $200 million subordinated loan from Caisse de dépôt et placement du Québec (CDPQ) and Beaudier, an investment arm of the Beaudoin family, the company's main shareholders. The proceeds will be used to support McInnis Cement's growth and repay a bridge loan provided by BlackRock in 2016. CDPQ took a controlling stake in the company in 2016 when a cement project in Québec's Gaspé peninsula experienced cost overruns.
4 min read · 17 July 2019
RoadBotics, a Pittsburgh, Pennsylvania-based infrastructure technology company, has raised US$7.5 million in a Series A financing. The round was led by Canadian artificial intelligence (AI) venture capital firm Radical Ventures, with participation from Hyperplane Venture Capital, Wharton Alumni Angels and others. Founded in 2016, RoadBotics uses AI to help governments and engineering companies make data-driven pavement management decisions. It serves more than 150 customers in 23 U.S. states and 11 countries. RoadBotics will use the funds raised to accelerate growth and develop new products. Earlier this year, Radical launched a new $458 million (US$350 million) AI-focused fund.
5 min read · 17 July 2019
Vistara Capital Partners has led an undisclosed financing of BitTitan, a Bellevue, Washington-based managed services automation company. BitTitan helps information technology service professionals to deploy and manage cloud technologies through automation. Since 2009, it has moved more than 13 million users to the cloud for 36,000 customers in 187 countries. BitTitan will use the round's proceeds to invest in automation initiatives and accelerate growth through its global offices and partnerships. Last October, Vistara, a Canadian provider of debt and equity financing to growth-stage technology companies, launched its third fund at a target of $130 million (US$100 million).
3 min read · 17 July 2019
Clairvest Group has filed a lawsuit in a U.S. court to block the proposed merger of portfolio company Accel Entertainment Inc with TPG Pace Holdings Corp, a special purpose acquisition company (SPAC). The deal, announced in June, would result in a combined entity with an expected initial value of about US$884 million, TPG Pace said. Clairvest described the merger as an "improper action" by Accel that also violates its shareholder approval rights and does not constitute a "valid drag-along sale in accordance with Accel’s charter." In 2016, Clairvest acquired a minority stake in Accel, a Bolingbrook, Illinois-based video gaming terminal operator, investing US$32.5 million. TPG Pace is sponsored by an affiliate of U.S. private equity firm TPG.
2 min read · 17 July 2019
Ag Growth International Inc (TSX: AFN) (AGI) has agreed to make a minority investment of US$15 million in Farmobile Inc, a Leawood, Kansas-based agriculture technology company. AGI, which also entered into a new strategic commercial agreement with Farmobile, will have the right to appoint two directors as a result of the deal. Founded in 2013, Farmobile provides hardware and software for the real-time collection, organization, analysis and storage of farm data. Its other investors include European venture capital firm Anterra Capital. Based in Winnipeg, AGI is a provider of equipment solutions for agriculture bulk commodities.
3 min read · 17 July 2019
Lightspeed POS Inc (TSX: LSPD) has acquired iKentoo SA, a Geneva, Switzerland-based point-of-sale (POS) solutions provider to small businesses in the hospitality industry, for an undisclosed amount. Lightspeed, a Montréal-based retail and restaurant POS and e-commerce platform, said the deal expands its footprint by more than 3,800 customer locations mostly in Switzerland, South Africa and France. Lightspeed went public in Canada this year, raising $276 million. Going into the public launch, it was backed by Caisse de dépôt et placement du Québec, Inovia Capital and others. In April, the company raised US$55 million in credit facilities from CIBC Innovation Banking.
3 min read · 17 July 2019
Vendasta, a Saskatoon-based white-label software company, has raised $40 million in its latest financing. Canadian Business Growth Fund (CBGF) led a $25 million round. It adds to a $15 million investment made in May, led by Comporium Inc and Saskworks Venture Fund and joined by Vanedge Capital and BDC Capital's IT Venture Fund. Founded in 2008, Vendasta provides a cloud commerce platform to channel partners that assist small and mid-sized businesses with their digital needs. Its products are are sold by more than 1,200 agencies and over 25,000 salespeople. Led by CEO Brendan King, Vendasta will use the funds raised for new hires, enhancing the platform, and expanding into new customer channels.
4 min read · 17 July 2019
Subversive Capital Acquisition Corp (SCAC) has closed its initial public offering (IPO) on the Neo Exchange, raising proceeds of US$575 million, including the greenshoe option. The offering was distributed by Canaccord Genuity Corp. SCAC, a newly-formed special purpose acquisition corporation (SPAC), said it will now focus on sourcing and completing a qualifying transaction, targeting opportunities in the cannabis and related sectors. New York-based SCAC is sponsored by Subversive Capital Sponsor LLC. Its chairman is Michael Auerbach, general partner of U.S. venture capital firm Subversive Capital.
5 min read · 16 July 2019
Landr, a Montréal-based creative platform for musicians, has closed its Series B financing, raising $26 million. Sony Innovation Fund, U.S. microphone maker Shure, Investissement Québec and Fonds de solidarité FTQ led the round. They were joined by Warner Music, Plus Eight Equity Partners, Slaight Communications, YUL Ventures and PEAK Capital Partners. Founded in 2012 in partnership with Canadian company creator TandemLaunch, Landr uses artificial intelligence to help artists and labels learn about, collaborate on, master, release and monetize music online. To date, it has supported more than 2.5 million artists worldwide. Led by CEO Pascal Pilon, Landr will use the funds raised to accelerate growth, expand into new markets, and develop new products.
4 min read · 16 July 2019
