Rival Technologies, a Vancouver-based conversational marketing technology provider, has secured more than $8.5 million in a first-time financing. The round was backed by unidentified Canadian investors. Rival, part of the Reid Campbell Group, was launched last year by CEO Andrew Reid, founder and former president of Vision Critical. The company's platform product, Chat Lab, helps organizations create mobile communities of customers, fans and employees that can be tapped for insights into preferences, opinions and habits. The round's proceeds will be used to further develop Rival's technology and grow its affiliate, research consultancy Reach3 Insights.
3 min read · 16 July 2019
Toronto-based contextual data intelligence company Flybits has raised about $46 million (US$35 million) in a Series C financing. The round was led by Point72 Ventures, the venture capital fund of U.S. billionaire Steve Cohen. It was joined by Mastercard, Citi Ventures and Reinventure, as well as existing investors Portag3 Ventures, TD Bank Group and Information Venture Partners. Founded in 2013 by CEO Hossein Rahnama, Flybits leverages data science to help banks and other financial institutions connect with customers through more personalized experiences. It will use the funds raised to grow global teams, commercialize artificial-intelligence and machine-learning patents, enhance its technology, and develop a marketplace for creating new services.
5 min read · 16 July 2019
Canada Infrastructure Bank (CIB) has agreed to provide up to $20 million in debt financing to the Township of Mapleton's water and wastewater project. The Ontario township is seeking a consortium to design, build, finance, operate and maintain its new and existing water and wastewater infrastructure for up to 20 years. CIB said its commitment will improve the cost of project financing and attract private capital expertise while ensuring risk transfer to the private sector. CIB was established in 2017 by Ottawa to invest $35 billion in infrastructure projects alongside private investors.
4 min read · 15 July 2019
Canadian mid-market private equity firm Novacap has acquired a majority interest in Spectrum Health Care, a Toronto-based provider of home health care services. Terms weren't released for the deal, which saw Novacap partner with Spectrum's management team, led by President and CEO Lori Lord. Spectrum was acquired in 2012 by Canadian mid-market private equity firm Clearspring Capital Partners. It is not known if Clearspring retains an interest. Novacap Senior Partner Marc Paiement said the partnership with Spectrum will explore opportunities to expand the company's capabilities and geographic reach. The deal was done by Novacap's industries group, which last year began raising Novacap Industries V at a $650 million-plus target.
3 min read · 15 July 2019
Aqua Terra Water Management LP has closed senior secured syndicated credit facilities totalling US$80 million with an option to increase the amount to US$100 million. Canadian financial institution ATB Financial was the lead arranger and administrative agent for the syndicate. Aqua Terra, an oilfield water management and logistics company with primary offices in Houston and Calgary, said it will use the proceeds for refinancing and to fund greenfield development projects in the Permian Basin. Aqua Terra was launched in 2013 by Bregal Partners, a U.S. mid-market private equity firm.
3 min read · 15 July 2019
Ardagh Group has agreed to combine its food and specialty metal packaging unit with Exal Corp, a Youngstown, Ohio-based manufacturer of aluminum containers. The deal, expected to close in Q4 2019, will create a Netherlands-based metal packaging business called Trivium Packaging. It will operate 57 production facilities primarily in Europe and the Americas and serve a range of end markets. When the transaction is completed, Ardagh, a Luxembourg-based maker of packaging solutions, will hold 43 percent of Trivium and receive about US$2.5 billion in proceeds. Ontario Teachers' Pension Plan, which in 2010 led the acquisition of Exal, will hold a 57 percent stake.
5 min read · 15 July 2019
DefenseStorm, an Alpharetta, Georgia-based provider of cybersecurity and cybercompliance solutions to banks, has raised US$15 million in a Series A financing. The round was led by Canadian growth equity firm Georgian Partners. Georgian Managing Partner Justin LaFayette will join the board. Founded in 2014, DefenseStorm provides cloud-based, compliance-automated solutions to help regional and community banks and credit unions achieve real-time cyber safety and soundness. DefenseStorm said it will also partner with Georgian's impact team to accelerate the adoption of applied artificial intelligence and trust and create new product capabilities.
3 min read · 15 July 2019
CIBC Innovation Banking, the technology lending arm of CIBC, has opened a new office in Austin, Texas. The location, which brings the group's North American offices to nine, will be joined by Sara Johnson, who was hired as managing director. CIBC Innovation Banking also expanded its teams in Menlo Park, hiring Holly Dungan as managing director, and Denver, Colorado, hiring Kevin Grossman as managing director, corporate finance. Dungan, Grossman and Johnson all previously worked as technology financing solutions providers in the U.S. market. PE Hub Canada last year interviewed Mark McQueen, the group's president and executive managing director, about his North American scaling strategy.
3 min read · 15 July 2019
Neo Performance Materials Inc (TSX: NEO) has agreed to acquire the assets of Asia Magnets, a Chuzhou, China-based maker of compression-moulded neodymium-iron-boron (NdFeB) magnets, for about US$9.9 million plus working capital. The purchase is being made by Magnequench, the Asian affiliate of Neo, a Toronto-based maker of rare-earth and rare-metal-based functional materials. Neo said the transaction will enable its production of NdFeB magnets for automotive, home appliance and other markets. Earlier this year, Luxfer Holdings PLC's proposed acquisition of Neo was terminated. The deal was supported by Oaktree Capital Management, Neo’s largest shareholder.
4 min read · 15 July 2019
Knowlton Development Corp (KDC/ONE) has agreed to acquire the manufacturing business and related assets of Swallowfield plc, a Wellington, U.K.-based developer and maker of personal care and beauty products. The transaction, expected to wrap up in August, reflects a purchase price of about $57 million (£35 million), subject to a working capital adjustment. KDC/ONE, a Longueuil, Québec-based custom maker of beauty, health and personal care brands, said the deal, which follows this month's acquisition of Alkos Group, will grow its European production capabilities, add technologies, diversify its customers, and bolster distribution. KDC/ONE was acquired last year by a consortium led by U.S. private equity firm Cornell Capital for more than $1 billion.
6 min read · 15 July 2019
