U.S. alternative asset manager Anson Funds, a shareholder of Cobalt 27 Capital Corp (TSX-V: KBLT), said it will vote against the proposed acquisition of Cobalt by Pala Investments. Pala, a Swiss mining private equity firm, agreed in June to acquire the issued and outstanding common shares it does not already own of Cobalt, a Toronto-based battery metals streaming business, for $501 million. Anson said the deal undervalues Cobalt, primarily because it effectively results in the sale of the company's Voisey’s Bay cobalt stream at a discount to the price paid for the asset last year. It added that the transaction is unlikely to receive the required majority approval of minority shareholders.
6 min read · 08 July 2019
U.S. mid-market private equity firm O2 Investment Partners has invested in Frontier Dental Laboratories, a Vancouver-based provider of high-end dental prosthetics, removable dental products and implants. No financial terms were disclosed. Founded in 1982, Frontier serves more than 500 customers, most of them located in the cosmetic dentistry industry. It operates two dental laboratories in El Dorado Hills, California and Vancouver. O2 said it will help President Brent West and other members of Frontier's management team expand the company's product and service capabilities, enhance its technology, and grow its global customer base.
4 min read · 08 July 2019
BDC Capital has provided $1 million of mezzanine financing to Fredac Corp, a Québec-focused manufacturing investment firm. The proceeds will be used by Fredac to acquire Laurin Containers, a Laval, Québec-based maker of steel refuse containers in North America. No financial terms were disclosed. The acquisition is Fredac's first in the steel industry. BDC invested through its Growth & Transition Capital group. The financing was led by Director Jean-Philippe Poissant. Fredac, the investment platform of Canadian entrepreneurs Frédéric Albert and Frédéric Chabanne, in 2010 acquired Fibrobec, a Beloeil, Québec-based maker of fibreglass truck covers.
3 min read · 08 July 2019
U.S. private equity firm ATL Partners and British Columbia Investment Management Corp (BCI) have together acquired Valence Surface Technologies LLC, a Houston-based aerospace surface finishing platform. Terms weren't disclosed. Owl Rock Capital Corp and Antares Capital provided debt financing. Established in 2013, Valence provides critical surface treatments to aerospace and defence components that require complex finishing. Operating from eight U.S. facilities, it serves more than 3,000 customers. ATL said the deal will support the company's growth through both organic initiatives and add-on acquisitions.
3 min read · 08 July 2019
GFL Environmental Inc has agreed to acquire Canada Fibers Ltd, a Toronto-based operator of facilities for the recovery and processing of recyclable materials. Terms weren't released for the deal, which is expected to close in Q3 2019. Established in 1990, Canada Fibers provides its services primarily to Ontario municipalities and institutional, commercial and industrial customers. GFL, a Toronto-based waste management company, said the acquisition will create new opportunities to provide integrated collection, sorting, processing and marketing of recyclable materials. Last year, GFL was recapitalized by an investor group led by BC Partners, Ontario Teachers’ Pension Plan (OTPP) and others. The transaction valued the business at $5.1 billion.
2 min read · 05 July 2019
Aveo Group Ltd, a Sydney, Australia-based owner, operator and manager of retirement communities, said Brookfield Asset Management is the preferred party in the company's strategic review process. Aveo said it is negotiating with Brookfield Property Group, the Toronto-based alternative asset manager's real estate arm, about an indicative acquisition proposal with the view to entering a definitive agreement. The company will provide a further update later this month. Reuters reported a transaction would value Aveo at A$1.2 billion (US$844 million).
1 min read · 04 July 2019
Radical Ventures is adding to its bench strength with a fresh crop of hires, including a former operating executive in the value-creation platform of buyout giant KKR. The Toronto-based artificial-intelligence VC firm recently brought on Parasvil Patel as a principal. Patel joined from KKR-Capstone, where for four years he was part of a New York-based group that supports KKR’s global investment activity and portfolio companies. At Radical, Patel will help to source AI opportunities and support the growth of portfolio companies, something he is "uniquely skilled for,” Managing Partner Jordan Jacobs told PE Hub Canada.
2 min read · 04 July 2019
Sensibill, a Toronto-based digital receipt management platform, has raised about $41.2 million (US$31.5 million) in its latest financing, according to a report by the Globe and Mail. The round was led by Canadian artificial-intelligence venture capital firm Radical Ventures, the report said. It was joined by Information Venture Partners and First Ascent Ventures (formerly Open Text Enterprise Apps Fund), which led 2017's $17.3 million Series A financing, as well as National Bank of Canada. Founded in 2013 by CEO Corey Gross and CTO Jamie Alexander, Sensibill provides receipt management software that can be built into mobile banking apps.
1 min read · 04 July 2019
Bicameral Ventures has made an undisclosed investment in Balance, a Toronto-based financial technology startup focused on custody solutions for digital assets. The deal, the proceeds of which will be used to accelerate Balance's growth, entitles Bicameral to a board seat. Founded two years ago by CEO George Bordianu and COO Baha Nurlybayev, Balance develops solutions for securely buying, holding and trading a basket of cryptoassets. The company was part of the 2019 class of Techstars Toronto Accelerator. Based in Toronto, Bicameral invests in early-stage projects leveraging blockchain and virtualized technologies.
3 min read · 04 July 2019
Canadian mid-market private equity firm Clairvest Group has invested in the recapitalization of Durante Rentals LLC, a Flushing, New York-based construction equipment rental provider. Terms weren't released for the deal, which saw Clairvest partner with Anthony Durante, the company's co-founder and CEO. Established in 2009, Durante primarily serves small to mid-sized contractors through 10 branches across New York, New Jersey and Connecticut. The platform investment is Clairvest's third in the equipment rental sector and the ninth by Clairvest Equity Partners V. Earlier this year, Clairvest closed its sixth mid-market fund, raising about $1.1 billion (US$850 million).
3 min read · 04 July 2019
