Tiny Capital, a Canadian technology holding company, has acquired a majority stake in Pixel Union, a Victoria, British Columbia-based e-commerce apps and themes agency and partner in the Shopify ecosystem. The purchase price was not disclosed. Tiny said it led an investment alongside Freemark Partners, Saltwater and Syrus Partners to rebuy Teligence Capital’s stake in Pixel Union. It also committed $25 million to acquire related businesses. Tiny founded Pixel Union in 2009 and sold it to Teligence in 2014. Pixel Union CEO Ben Moore will continue to run the company as it seeks to increase its interests in the Shopify ecosystem.
2 min read · 11 April 2019
Vivid Seats has acquired Fanxchange, a Toronto-based ticket marketplace, for up to $85 million. Founded in 2009 by Brandon Koffler and Shawn Brookes, Fanxchange provides live event ticketing solutions for loyalty programs, financial institutions, travel and hotel providers, concierge services, e-commerce platforms and other distribution partners. Vivid Seats, a Chicago-based ticket marketplace, said the deal will enhance its portfolio. Fanxchange was backed by Azure Capital Partners and Plaza Ventures, which led its 2016 Series B financing, Gibraltar & Co, which led its 2014 Series A financing, and others. Vivid Seats is majority owned by U.S. private equity firm GTCR. It is also backed by Vista Equity Partners.
3 min read · 11 April 2019
Northleaf Capital Partners has raised an additional $800 million for its global private credit investment program, increasing managed commitments to more than $2.2 billion. The program, led by Managing Director and Head of Private Credit David Ross, includes first lien, unitranche and second lien loans to a portfolio of mid-market companies in North America and Europe.The new commitments include an initial $500 million-plus raised for a recently launched evergreen private credit fund. Northleaf Senior Private Credit, focused on building a portfolio of senior secured loans, will complement the closed-end program. Toronto-based Northleaf currently oversees more than $12 billion in private equity, private credit and infrastructure commitments.
4 min read · 11 April 2019
POET Technologies Inc, a Toronto-based semiconductor development and manufacturing company, has closed a bridge loan of up to $6.6 million. The source of the financing is Espresso Capital, a Canadian technology venture debt provider. Led by CEO Suresh Venkatesan, POET designs and makes optical light source products for the sensing and data communications markets. The company previously said it expects the proceeds to be used for advancing its optical interposer platform, working capital and other priorities.
3 min read · 11 April 2019
Integrated Asset Management Corp (IAM) has provided a $22 million loan to Lagasco Inc, a London, Ontario-based oil and gas production and exploration company. The funds raised will be used by Lagasco to acquire a portfolio of producing assets in Southwestern Ontario. The deal will make Lagasco, a family-owned business established in 1976, the largest oil and gas producer in Ontario, IAM said. Last month, IAM, a Toronto-based alternative asset manager and investor in private debt, infrastructure debt and real estate, agreed to be acquired by Montréal-based asset manager Fiera Capital Corp.
2 min read · 11 April 2019
MTY Food Group Inc (TSX: MTY) has agreed to acquire Papa Murphy’s Holdings Inc (Nasdaq: FRSH), a Vancouver, Washington-based franchisor and operator of the Take ‘n’ Bake pizza brand. MTY agreed to pay US$6.45 per share, representing a total value of about US$190 million, or $253.2 million, including debt. The deal is expected to close in Q2 2019. MTY, a Montréal-based franchisor and operator of quick-service and casual dining restaurants, said the acquisition will support its U.S. market expansion goals. Papa Murphy’s was taken public in 2014 by Lee Equity Partners. The U.S. private equity firm continues to hold a stake in the business.
8 min read · 11 April 2019
Toronto-based early childhood technology startup HiMama has raised C$7.25 million in a Series A financing. The round was led by Canadian growth-stage venture capital firm Round 13 Capital. Round 13 Managing Partner Bruce Croxon will join the board. Founded in 2013 by CEO Ron Spreeuwenberg and CTO Alana Frome, HiMama provides technology that helps child care directors and owners empower their staff, support parents, improve learning outcomes, and grow their business.
3 min read · 11 April 2019
FINCAD, a Vancouver-based provider of enterprise solutions for derivative and fixed income portfolios, has raised about $16 million (US$12 million) in financing. The deal was led by Canadian technology growth capital firm Vistara Capital Partners, with a senior bank facility provided by CIBC Innovation Banking, the technology lending arm of CIBC. Vistara Managing Partner Randy Garg will become a board observer. FINCAD, led by President and CEO Bob Park, will use the funds raised to grow its F3 enterprise analytics platform, which supports modelling, pricing, valuation and risk management of portfolios in all asset classes.
4 min read · 11 April 2019
Northleaf Capital Partners has raised an additional US$800 million for its global private credit investment program, increasing managed commitments to more than US$2.2 billion. The program, led by Head of Private Credit David Ross, includes first lien, unitranche and second lien loans to a portfolio of mid-market companies in North America and Europe. The new commitments include an initial US$500 million-plus raised for a recently launched evergreen private credit fund focused on building a portfolio of senior secured loans and intended to complement the closed-end program. Toronto-based Northleaf currently oversees more than US$12 billion in private equity, private credit and infrastructure commitments.
4 min read · 11 April 2019
U.S. activist investors want Calgary-based power company TransAlta Corp to postpone an annual shareholders' meeting and hold a vote on its deal with Brookfield Asset Management, according to a report by the Globe and Mail. In March, TransAlta agreed to receive $750 million from Brookfield to use toward becoming a clean energy producer by 2025. Mangrove Partners, Bluescape Energy Partners and Cove Key Management argue the deal undervalues the company’s assets and prevents the potential for better opportunities, the Globe said. Mangrove applied to securities regulators, requesting a vote among shareholders without an interest in the transaction.
1 min read · 10 April 2019
