Crown Capital Partners has acquired WireIE Holdings International Inc, a Richmond, Ontario-based network operator that specializes in deploying and managing carrier-grade data networks in under-served markets. Crown, a Canadian specialty finance firm, said it acquired all the debt and equity of WireIE for a nominal amount on closing and a performance-based earn-out payment of up to $5 million. Last year, Crown provided a $10 million income streaming facility to WireIE. It said it has invested $7.6 million to date and will provide additional capital as required to fund future growth in Canada and abroad. WireIE will continue to be led by President and CEO Rob Barlow, who co-founded the business in 2007.
3 min read · 15 July 2019
Canadian private equity firm Regimen Equity Partners has invested in K&C Silviculture Ltd, an Oliver, British Columbia-based forest seedling services company. Terms weren't released for the deal, which saw Regimen partner with K&C Managing Director Brad Powell. Established in 1981, K&C operates a single-site forest seedling nursery providing growing, cold storage and logistics services. Its Canadian and U.S. customers include forestry companies, public and private landowners, and native bands. K&C is Regimen's sixth platform investment and its first in Canada’s forestry industry. In January, Regimen raised $60 million in the close of its inaugural long-life fund.
3 min read · 15 July 2019
People's United Bank has led a US$80 million senior secured credit facility for Invesque Inc (TSX: IVQ.U), a Toronto-based healthcare real estate company. The proceeds will be used to refinance existing debt associated with four senior living facilities in Pennsylvania and New Jersey. The properties are owned by a joint venture of Invesque and Heritage Senior Living LLC. Earlier this year, Invesque, formerly Main Street Health Investments, agreed to acquire Commonwealth Senior Living LLC, a portfolio company of U.S. real estate private equity firm Municipal Capital Appreciation Partners. People's United Bank is an affiliate of U.S. financial services firm People's United Financial.
4 min read · 12 July 2019
Aspen Technology Inc (Nasdaq: AZPN) has agreed to acquire Mnubo, a Montréal-based provider of artificial intelligence (AI) and internet-of-things data analytics, for $102 million. Founded in 2012 by CEO Frédéric Bastien, CTO JC Cimino, VP Growth Aditya Pendyala and VP Data Science Jean-Charles Beaudin, Mnubo is the maker of SmartObjects, a solution that helps manufacturers build better connected products and services. Aspen, a U.S. asset optimization software company, said the acquisition will enable solutions that combine process expertise with AI and machine learning. Last year, Mnubo raised a $16.5 million Series B financing led by Munich Re. McRock Capital and White Star Capital, which backed 2015's $6 million Series A round, also invested.
4 min read · 12 July 2019
Subversive Capital Acquisition Corp (SCAC) has filed a final prospectus with Canadian regulatory authorities outside of Québec for an initial public offering (IPO) on the Neo Exchange. The IPO is for Class A restricted voting units priced at US$10 per unit, for total proceeds of US$500 million, not including the greenshoe option. SCAC, a newly-formed special purpose acquisition corporation (SPAC), in June said it will target businesses in the cannabis industry or related sectors. 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 · 11 July 2019
Alaris Royalty Corp has invested an additional US$60.2 million in PF Growth Partners LLC (PFGP), a Timonium, Maryland-based Planet Fitness franchisee. Alaris, which first invested in 2014, provided US$43.7 million of preferred equity as well as US$16.5 million in exchange for a minority interest. Founded in 2007 by Victor Brick and Lynne Brick, PFGP operates 63 fitness clubs with over 530,000 members in Maryland, Tennessee, Florida, Washington D.C., Washington State and California. It plans to have more than 95 clubs by the end of 2024. Alaris, a Canadian alternative equity firm, said it has so far generated a 23 percent internal rate of return on its investment in PFGP.
7 min read · 11 July 2019
Two Canadian investment pros are enrolled in the world’s foremost school for venture capitalists. Last month, Real Ventures’ Janet Bannister and Build Ventures’ Rob Barbara joined VCs from around the globe in the 24th class of Silicon Valley educator Kauffman Fellows, a program dedicated to boosting VC skills. The goal is to equip the some 64 participants in the class with new tools and strategies for performing the daily tasks of a VC, everything from managing a fund to nurturing a startup. Upon completing the program, they will become part of an exclusive network of graduates, called Fellows. Bannister and Barbara, who enrolled with the help of scholarships provided by BDC Capital, are set to bring the number of Canadian Fellows to 11.
3 min read · 11 July 2019
Proxy advisors Glass, Lewis & Co and Institutional Shareholder Services Inc (ISS) have recommended shareholders of WestJet Airlines Ltd (TSX: WJA) vote for the company's proposed acquisition by Onex Corp. In May, the Canadian private equity firm offered to buy Calgary-based WestJet, Canada’s second-largest carrier, for $31 per share. The deal is valued at $3.5 billion, or $5 billion including debt. Glass Lewis said the proposal "represents a compelling exit valuation and an attractive market premium" for shareholders. WestJet shareholders will vote on the deal on July 23.
5 min read · 11 July 2019
Entertainment One (eOne) has agreed to acquire Daisybeck Studios, a Leeds, U.K.-based television company producing factual, factual entertainment and event programming. No financial terms were disclosed. Daisybeck Founder and Managing Director Paul Stead will continue to oversee operations. EOne, a Toronto-based entertainment content studio, said the acquisition is in line with its planned expansion of non-scripted activities in the United Kingdom. EOne is a portfolio company of Canada Pension Plan Investment Board (CPPIB). In 2015, CPPIB acquired a minority stake from Marwyn Investment Management for $290 million.
3 min read · 11 July 2019
Hudson’s Bay Co (TSX: HBC) said a special committee of its board has hired advisors to assess a $1.74 billion proposal to take the Canadian retailer private. The committee hired TD Securities as independent valuator and Centerview Partners as special advisor. It also retained J.P. Morgan Securities as financial advisor and Blake, Cassels & Graydon as legal counsel. The board formed the committee to evaluate a $9.45 per-share acquisition offer by a group led by Executive Chairman Richard Baker, announced in June. The group includes Rhône Capital and WeWork Property Advisors. Several Hudson’s Bay minority shareholders, including Land & Buildings Investment Management, oppose the deal.
2 min read · 11 July 2019
