CIBC Innovation Banking has closed a US$7 million growth financing with Parchment, a Scottsdale, Arizona-based digital credential service. Parchment offers a platform of software tools and services that allow students, academic institutions and employers to request, verify and share transcripts and credential data. The company is backed by several U.S. investors, including GSV Capital, Novak Biddle Venture Partners, Raine Group and Salmon River Capital. CIBC Innovation Banking is the technology lending arm of Canadian bank CIBC.
3 min read · 10 April 2019
Cobalt, a Montréal-based software-as-a-service incident response solution, has raised $1.3 million in financing. The round was led by Québec angel network Anges Québec, with the participation of Anges Québec Capital and other investors. Cobalt, founded in 2008 by CEO Jean-François Plante, provides an app that automates and simplifies the incident response process for physical security incidents, emergencies and cybersecurity issues. The funds raised will help the company accelerate its expansion in U.S. market.
3 min read · 10 April 2019
Fire Safety & Protection LLC (FSP) has acquired Allard Fire Protection Inc, an Ottawa-based one-stop provider of fire protection services. No financial terms were disclosed. The seller was CEO Derek Allard, who established the company in 1996. Going forward, the management of Noti-Secur, a Canadian affiliate of FSP, an Atlanta-based fire and life safety business, will oversee Allard's operations. FSP was formed in 2018 by Sunny River Management, a U.S. family office private equity investor.
2 min read · 10 April 2019
Canadian alternative asset manager Ninepoint Partners has launched a new fund focused on the U.S. mid-market private debt space. Ninepoint has engaged Monroe Capital LLC, a U.S. private credit asset management firm, as an advisor. Ninepoint Monroe U.S. Private Debt Fund, designed for institutional and wealthy investors and their advisors, will back a vehicle that invests in secured debt positions with U.S. companies with annual revenue of $10 million to $1 billion. The fund's target size was not disclosed.
3 min read · 10 April 2019
Caisse de dépôt et placement du Québec (CDPQ) has agreed to partner with the CREO Family Office Syndicate in a new initiative aimed at providing more capital to climate-related investments. No financial terms were disclosed. The partnership will focus on creating new deal opportunities, sharing expertise and exercising stronger climate leadership within the industry, CDPQ and CREO said. CDPQ said it reduced the carbon intensity of its global portfolio by 10 percent in the past year, while increasing investing in low-carbon assets by $10 billion. CREO is a New York City-based network of family offices.
3 min read · 10 April 2019
Canadian private equity firm Equicapita has acquired The Master Mechanic Inc, a Mississauga, Ontario-based franchisor of aftermarket automotive maintenance and repair service centres. Terms weren't disclosed. The sellers were owner-operators Hugh Welsford and Jamie Holmes, who acquired the company in 2004. Established in 1982, Master Mechanic has 39 franchise locations throughout Ontario. The acquisition is Equicapita’s eleventh to date, its first in the automotive aftermarket maintenance and repair service space, and its third involving a franchise business. It was led by Managing Director Adam Jezewski.
3 min read · 10 April 2019
Synapse, a Toronto-based technology provider to the learning and development market, has raised about $3.3 million (US$2.5 million) in a seed-stage financing. Generation Ventures, the venture capital arm of Canadian family office Generation Capital, led the round. It was joined by Ripple Ventures, Differential Ventures, CEAS Investments, Cathexis Ventures, Ideal Ventures and Neal Dempsey. Founded in 2016, Synapse has created a learning design system that streamlines the processes associated with planning and developing corporate training programs. Led by CEO Ryan Austin, the company will use the funds raised for growing sales, marketing and product expansion, and new hires.
3 min read · 10 April 2019
Northleaf Capital Partners has added three professionals to its global private credit team. The hires include David Jeyes, who joined as a senior credit officer in London. He was previously a senior executive leading restructurings and turnarounds for firms and banks in Europe. Brett Donner also joined as an associate in Northleaf’s Chicago office. He was previously an analyst on the global private finance team at Barings. And Joan Li was hired as a senior manager in Toronto. She joined from Canada Pension Plan Investment Board, where she was a manager, investment finance. Toronto-based Northleaf is a private-markets fund manager, overseeing more than $12 billion in commitments.
3 min read · 09 April 2019
Geotab Inc has agreed to acquire the issued and outstanding common shares it does not already own of BSM Technologies Inc (TSX: GPS), a Toronto-based provider of GPS telematics and asset management solutions. Geotab agreed to pay $1.40 per share, which represents an equity value of about $117.3 million. The deal is expected to close in Q2 2019. BSM shareholders holding or controlling about 23 percent of outstanding shares have agreed to vote for the transaction. They include U.S. hedge fund Crescendo Partners and Canadian mutual fund company Penderfund Capital Management. Based in Oakville, Ontario, Geotab is a provider of fleet management software and GPS vehicle tracking devices.
7 min read · 09 April 2019
3 min read · 09 April 2019
