Canadian private equity firm Entrepreneur Capital has acquired a controlling interest in Spencer Supports Canada Ltd, a Montréal- and Stanstead, Québec-based operator of apparel brands HB Heller and GSL Creations. Terms weren't were released for the deal, which was done in partnership with President Markus Haug. HB Heller is a designer, maker and distributor of ladies intimates and swimwear. In 2013, it acquired GSL, a supplier of fashion clothing for ladies and teens. The platform deal is Entrepreneur's fifth of its type since 2013. Partner André La Forge said his firm will help Spencer grow organically and through acquisitions. Entrepreneur recently sold its majority stake in Voyages Traditours to Clearspring Capital Partners.
3 min read · 20 June 2019
Procurify, a Vancouver-based spend management platform, has closed its Series B financing, raising about $27 million (US$20 million). The round was led by Canadian venture capital firm Information Venture Partners. It was joined by Runa Capital, HarbourVest Partners, Manulife and BC Tech Fund, managed by Kensington Capital Partners. The company is also backed by Point Nine Capital, Nexus Venture Partners and BDC. Founded in 2012 by CEO Aman Mann, CTO Eugene Dong and CRO Kenneth Loi, Procurify provides software that helps organizations manage their expenditures. The funds raised will be used for new hires, undertaking sales and marketing initiatives, and expanding Procurify's offering globally.
3 min read · 20 June 2019
BlockCerts Blockchain, a Victoria, British Columbia-based blockchain smart contracts and transactions platform, has raised $25 million in financing. The money came from Canadian private investment firms Hillcore Group and Robson Financial Group. BlockCerts was founded in 2016 by Tim Vasko, who is also CEO of the company's parent organization Finaeos. It provides a smart contracts streaming solution, a suite of software-as-a-service solutions, and distributed ledger technology to help businesses access blockchain and secure transactions. The funds raised will support global expansion and adoption of BlockCerts' platform.
3 min read · 20 June 2019
Vancouver-based mining company Ximen Mining Corp (TSX-V: XIM) has secured a draw-down equity facility of up to $8 million from Alumina Partners, a U.S. private equity firm. Ximen will use the facility's proceeds over a 24-month period to finance further exploration and acquisition of gold assets in British Columbia. Established in 2006, Ximen owns a 100 percent interest in the Gold Drop Project, the Brett Epithermal Gold Project and the Treasure Mountain Silver Project, all located in the province.
3 min read · 20 June 2019
Canada's Weston family has hired Jim Orlando, managing partner of OMERS Ventures (OV), to run its new venture capital fund, the Globe and Mail reported. The $100 million fund will be an arm of the Westons' holding company Wittington Investments, the report said, and invest in areas of strategic interest to the family's businesses, including Weston Foods and Loblaw Cos Ltd. Orlando joined OV in 2013 and was responsible for leading its investment in Shopify. Before then, he was a managing director of OMERS Private Equity. Wittington is a cornerstone investor in the US$350 million debut fund of Radical Ventures, a Canadian artificial intelligence venture capital firm, launched in May.
1 min read · 19 June 2019
Public Sector Pension Investment Board, Canada’s fourth largest pension system, increased activity in the global private equity market last year, deploying $6.3 billion. The outlay, noted last week in PSP Investments’ fiscal 2019 report, is up 43 percent from the $4.4 billion disbursed in fiscal 2018. That helped push PE portfolio assets to $24 billion. PE investments also generated a one-year return of 16.1 percent in fiscal 2019, exceeding a benchmark of 12.3 percent. These data indicate PSP is continuing to reap the rewards of a four-year strategy that changed the way it invests in PE and infrastructure, in part by doing more direct deals.
2 min read · 19 June 2019
Desjardins Group Pension Plan (DGPP) has agreed to acquire a portion of EDF Renewables Canada Inc's stake in the Cypress Wind Project for an undisclosed amount. The acquisition will take place upon completion of construction of the project, consisting of 48 turbines with a capacity of 201.6 megawatts and to be located southeast of Medicine Hat, Alberta. It is expected to be operational by 2021. DGPP will own 40.5 percent of the project, EDF Renewables Canada, 34.5 percent, and the Blood Tribe, advised by Indigena Capital, the remaining 25 percent. DGPP is the $12.9 billion pension plan of Canadian financial co-operative Desjardins Group.
4 min read · 19 June 2019
CIX has named Lightspeed POS (TSX: LSPD) its 2019 “Innovator of the Year”. Founded in 2005 by CEO Dax Dasilva, Lightspeed is a Montréal-based retail and restaurant POS and e-commerce solution. It went public this year in Canada, raising $276 million at a valuation of $1.5 billion. Lightspeed raised more than $400 million from venture capital firms. Going into the public launch, it was backed by Caisse de dépôt et placement du Québec, Inovia Capital and others. Dasilva will accept the award and tell his story as the opening keynote speaker with Inovia's Chris Arsenault at CIX on October 16 in Toronto.
4 min read · 19 June 2019
Canopy Rivers has invested US$10 million in ZeaKal, a San Diego, California-based plant science company. The deal gives Canopy, the venture capital arm of Canadian cannabis producer Canopy Growth Corp, 8.7 percent of ZeaKal and an observer seat on its board. Founded in 2010, ZeaKal develops technology for sustainably increasing photosynthesis, improving plant yield and enhancing nutritional profiles for a variety of agricultural crops. Following Canopy's investment, the company will expand its commercial program, previously focused on row crops, to include cannabis and hemp.
4 min read · 19 June 2019
Ottawa's Competition Bureau said it is challenging Thoma Bravo's recent acquisition of Aucerna, a Calgary-based provider of planning, execution and reserves solutions to the oil and gas industry. The Bureau said Thoma Bravo now owns the two largest energy reserves software businesses in Canada, Aucerna and Quorum Software, a situation that is likely to "substantially lessen competition." The Bureau filed an application with the Competition Tribunal for an order requiring the U.S. private equity firm to sell one of its products, either Quorum's MOSAIC or Aucerna's Val Nav. Thoma Bravo announced the acquisition of Aucerna, formerly known as 3esi-Enersight, in February.
3 min read · 19 June 2019
