McRock Capital has led the Series B financing of Decisive Farming Corp, an Irricana, Alberta-based farm management software provider. The undisclosed round was joined by Export Development Canada (EDC). McRock, a Canadian industrial internet-of-things venture capital firm, also led the company's $6 million Series A financing in 2016. Founded in 2011 and led by CEO Remi Schmaltz, Decisive Farming provides precision agriculture and data analytics in an integrated platform to help increase the profitability, sustainability and technology ease-of-use of farmers. It will use the funds raised for growth through acquisitions, an enhanced sales team, and deployment of technologies including artificial intelligence.
3 min read · 10 June 2019
A group of shareholders of Hudson’s Bay Co, including Executive Chairman Richard Baker, has offered to take the Canadian department store operator private, according to a news release. The proposed deal reflects a purchase price of $9.45 per unit in cash, representing a total value of $1.74 billion, Reuters reported. The group, which owns a combined 57 percent interest in Hudson’s Bay, includes U.S. private equity firm Rhône Capital, which in 2017 agreed to invest US$500 million in the company. The deal is conditional on the sale, announced today, of Hudson’s Bay’s stake in its German real estate joint venture, and divestment of its related retail joint venture, to Signa for $1.5 billion.
1 min read · 10 June 2019
Navacord Corp has acquired Demers Insurance Ltd, a Bonnyville, Alberta-based provider of personal and small business insurance. Terms weren't released for the deal, which follows Navacord's acquisition of Future Benefits Management Inc, announced earlier this week. Demers Insurance, sold by owner Guy Demers, will operate as a division of Lloyd Sadd Insurance, a Navacord founding broker. Navacord, a Toronto-based commercial broker, in 2018 undertook a management-led buyout of its minority partner with the support of U.S. private equity firm Madison Dearborn Partners (MDP).
2 min read · 07 June 2019
Canadian healthcare private equity firm DW Healthcare Partners (DWHP) has acquired a majority stake in WillowWood, a Mount Sterling, Ohio-based designer, maker and distributor of prosthetic products and services. No financial terms were disclosed. The seller was the Arbogast family, which has owned and operated WillowWood since its founding in 1907. WillowWood said the partnership with DWHP will enable the addition of new products to its portfolio through a combination of in-house innovation and acquisitions. The deal comes on the heels of DWHP's acquisition of Spectrum Solutions LLC and Go-2 Fulfillment Co Inc, announced earlier this week.
3 min read · 07 June 2019
Platform Group, a Toronto-based capital markets financial technology company, has raised $1.5 million in a seed-stage financing. The round was led by MaRS Investment Accelerator Fund (IAF) and Blindspot, both Canadian early-stage technology investors. They were joined by strategic and professional backers. Founded in 2017 by CEO David Whyte and COO Mark Fasken, Platform is the creator of Irwin, a software product designed to help public businesses, including small- and mid-cap businesses, to target, monitor and interact with global investors. Platform will use the funds raised to scale the engineering, product, research and support teams for Irwin.
3 min read · 06 June 2019
In his 2019 Canadian venture and startup predictions, OMERS Ventures Managing Partner Jim Orlando laments the lack of big exits of VC-backed tech companies in 2018. The market in Canada appears to be doing a better job on this front this year. Exit activity since January has included some major acquisitions as well as the return of VC-backed IPOs after a nearly two-year hiatus. Perhaps the highest profile of these events was the $276 million TSX IPO of Lightspeed, a Montréal retail and restaurant POS and e-commerce solution, closed in March.
1 min read · 06 June 2019
Canadian water-focused growth equity firm XPV Water Partners has invested in Metron-Farnier, a Boulder, Colorado-based smart water technology company. No financial terms were disclosed. Founded in 1990, Metron-Farnier provides residential and commercial water meters augmented with smart meter technologies. It has installations throughout the United States and serves some of the country's largest utilities. Metron-Farnier said the partnership with XPV will help scale the company to meet market demand.
3 min read · 06 June 2019
The private equity group of Brookfield Asset Management has closed its take-private acquisition of Healthscope Ltd, a Melbourne, Australia-based private hospital operator. The deal, announced earlier this year, is valued at about $4.1 billion (A$4.4 billion). Brookfield topped an offer from a consortium led by Australian private equity firm BGH Capital. Canada Pension Plan Investment Board and Ontario Teachers’ Pension Plan were reportedly partnering with BGH. Toronto-based Brookfield is currently raising its fifth mid-market private equity fund.
2 min read · 06 June 2019
BMS, an insurance broker arm of U.K.-based Minova Insurance Holdings, has agreed to an investment by British Columbia Investment Management Corp (BCI) and Preservation Capital Partners. The deal, expected to close in the third quarter, values BMS at £500 million ($852 million). Based in London, BMS specializes in the fields of reinsurance, wholesale and direct insurance. Gordon Fyfe, CEO and CIO of BCI, a $146 billion Canadian pension system, said the investment will help grow BMS and provide region and sector diversity to BCI's private equity portfolio.
4 min read · 06 June 2019
Northleaf Capital Partners has acquired a 49 percent interest in Odfjell Holdings (US) Inc, a portfolio of bulk liquids storage terminals in the United States. No financial terms were disclosed. Odfjell SE, a Bergen, Norway-based provider of chemicals and other bulk liquids transportation and storage, will continue to hold the remaining 51 percent stake. Toronto-based Northleaf is a global private equity, private credit and infrastructure manager, overseeing more than $12 billion in capital commitments.
2 min read · 06 June 2019
