Canada Pension Plan Investment Board (CPPIB) has invested about $200 million in Premium Brands Holdings Corp (TSX: PBH), a Vancouver-based owner of specialty food manufacturing and distribution businesses in Canada and the United States. As a result of the private placement, CPPIB will hold 7.1 percent of outstanding common shares. Premium Brands also launched a $60 million concurrent financing with certain shareholders. The proceeds of both deals will be used for debt repayment, organic and acquisition growth, and other priorities. President and CEO George Paleologou said the partnership with CPPIB will allow Premium Brands to "look beyond North America."
4 min read · 21 May 2019
The private equity group of Brookfield Asset Management has made a non-binding proposal to buy the publicly held common units it does not already own of Teekay Offshore Partners LP (NYSE: TOO), a Hamilton, Bermuda-based midstream services provider to the offshore oil industry. Brookfield offered to pay US$1.05 in cash per unit. In 2017, Brookfield acquired 60 percent of Teekay Offshore from Teekay Corp (NYSE: TK), a Vancouver-based marine energy transportation, storage and production business, for US$750 million. It also holds 51 percent of Teekay Offshore's general partner. Last month, Teekay Corp agreed to sell its general partner stake and related interests to Brookfield for US$100 million.
2 min read · 21 May 2019
2 min read · 21 May 2019
StandUp Ventures, part of a small but fast-growing group of Canadian women-focused venture firms, held the second close of its inaugural fund, raising $18 million. StandUp Ventures Fund I secured additional commitments from CIBC, Export Development Canada, Northleaf Venture Catalyst Fund II, RBC and Vancity, a news release said. The new limited partners joined BDC Capital, which helped anchor the fund’s launch in 2017. With the second close, Fund I surpassed its original goal of $15 million. The Toronto firm, overseen by MaRS Investment Accelerator Fund, is now targeting a final close of $25 million.
2 min read · 21 May 2019
Canopy Rivers has invested $1.5 million in BioLumic Ltd, a Palmerston North, New Zealand-based maker of a sustainable ultraviolet (UV) crop yield enhancement system. The investment is part of the company’s $6.7 million Series A financing, led by Finistere Ventures, a U.S. food and agriculture venture capital firm. Canopy Director Mary Dimou will join the board as an observer. BioLumic will use the funds raised to accelerate and expand its UV light treatment initiatives, including for medical cannabis applications.
4 min read · 17 May 2019
U.S. impact venture capital firm S CAP has made an undisclosed investment in Libre Naturals, a Duncan, British Columbia-based maker of allergen-free snacks and cereals. Founded in 2012 by President Alana Elliott, Libre Naturals makes granola bars, protein bars, unbaked granolas and oatmeal cups that are free of the top 10 food allergens as well as gluten-free. Libre Naturals sells its products online and through select retailers in Canada and the United States. It expects to grow distribution across new retail channels over the next few months. S CAP invests in clean technology and food and beverage companies.
5 min read · 17 May 2019
U.S. impact venture capital firm S CAP has made an undisclosed investment in Libre Naturals, a Duncan, British Columbia-based maker of allergen-free snacks and cereals. Founded in 2012 by President Alana Elliott, Libre Naturals makes granola bars, protein bars, unbaked granolas and oatmeal cups that are free of the top 10 food allergens as well as gluten-free. Libre Naturals sells its products online and through select retailers in Canada and the United States. It expects to grow distribution across new retail channels over the next few months. S CAP invests in clean technology and food and beverage companies.
5 min read · 17 May 2019
SNC-Lavalin Group Inc (TSX: SNC) has cancelled its sale to OMERS Infrastructure of a 10.01 percent stake in 407 International Inc, a Woodbridge, Ontario-based holder of a concession over 407 Express Toll Route (407 ETR). SNC-Lavalin said Canada Pension Plan Investment Board (CPPIB), which owns 40 percent of 407 ETR, exercised its right of first refusal (ROFR). As a result, the agreement with OMERS, announced in April, was terminated. The deal was valued at $3.25 billion. SNC-Lavalin said it will sell the interest to CPPIB or CPPIB and Ferrovial SA. Ferrovial, which holds a 43.23 percent stake, also sought to exercise its ROFR, but SNC-Lavalin disputes its ability to take this action.
5 min read · 17 May 2019
Version One Ventures has invested in Dolly, a Seattle, Washington-based same-day retail delivery service. Version One, a Canadian early-stage venture capital firm, backed the US$7.5 million financing of Dolly, announced this month. The round was led by Unlock Venture Partners and joined by Maveron. Launched in 2014 and led by CEO Mike Howell, Dolly provides a peer-to-peer marketplace to connect individuals and businesses with local truck owners to move, deliver or haul items. It will use the funds raised to enter new markets and facilitate plans to expand nationally and globally.
3 min read · 16 May 2019
PDFTron Systems, a Vancouver-based document processing technology company, has secured a $96 million (US$71 million) investment from U.S. growth equity firm Silversmith Capital Partners. Debt financing was provided by THL Credit. Founded in 1998 and led by CEO Catherine Andersz, PDFTron provides a software development kit that enables document processing, conversion and collaboration by enterprise customers in a range of industries. The company reports more than doubling its workforce since the start of 2018. PDFTron said the partnership with Silversmith, its first with an institutional investor, will support accelerated R&D as well as acquisitions in North America and Europe.
4 min read · 16 May 2019
