Prophix Software, a Mississauga, Ontario-based provider of corporate performance management software, has secured $10 million in debt financing. The funding was provided by BDC Capital's Growth and Transition Capital group and CIBC Innovation Banking, the technology lending arm of CIBC. Established in 1987, Prophix provides solutions that help mid-market businesses improve profitability and minimize risk by automating budgeting, planning and reporting. It has more than 3,000 customers worldwide. Led by CEO Paul Barber, Prophix will use the deal's proceeds to scale its organization and invest in key innovations and technologies, such as artificial intelligence.
3 min read · 04 April 2019
Whitehorse Liquidity Partners has raised more than half of the US$1.5 billion target set for its third secondaries fund, according to a report by the Wall Street Journal. The Canadian private equity firm has collected at least US$1.9 billion in the past two years, the report said. Last September, Whitehorse announced the close of its second secondaries fund, Whitehorse Liquidity Partners Fund II, at its US$1 billion hard cap. The Toronto-based firm was founded in 2015 by Managing Partner Yann Robard, who previously led the secondaries and co-investments program of Canada Pension Plan Investment Board. Whitehorse specializes in making preferred equity investments in private equity portfolios.
1 min read · 04 April 2019
Vance Street Capital last month acquired Measurand Group, a Fredericton-based designer and maker of geotechnical instrumentation for monitoring the deformation of soil and structures. Terms weren't disclosed. Debt financing was provided by BMO's Canadian sponsor coverage group. Founded in 1993, Measurand produces tools, including its ShapeArray products, to monitor critical assets, such as mines, tailings ponds, bridges, tunnels, geohazards, dams and levees. Vance Street, a U.S. mid-market private equity firm, said the deal complements its 2017 acquisition of RST Instruments, a Maple Ridge, British Columbia-based geotechnical instrumentation provider, from Hammond, Kennedy, Whitney & Co.
3 min read · 03 April 2019
Clearbanc, a Toronto-based provider of marketing capital for e-commerce brands, said it will supply $1 billion in growth funding through a new product, the 20-Min Term Sheet. The product will support the rapid provision of $10,000 to $10 million of non-dilutive financing to 2,000 startups in the next 12 months. Clearbanc said the 20-Min Term Sheet offers an alternative to entrepreneurs "pushing back against the traditional VC model for funding" and under-served markets. Founded in 2015 by CEOs Andrew D’Souza and Michele Romanow, Clearbanc secured about $160 million (US$120 million) last year from a syndicate of venture capital firms.
4 min read · 03 April 2019
CIBC Innovation Banking, the technology lending arm of CIBC, has provided US$5 million in working capital financing to Geoforce, a Dallas, Texas-based provider of field-asset tracking solutions. Founded in 2007, Geoforce uses hardware and software solutions to help companies in the energy, transportation and services sectors track large assets around the globe. It will use the funds raised to accelerate product delivery and execute on client growth strategies. Geoforce has been backed since 2013 by Houston Ventures, a U.S. energy technology growth equity firm.
3 min read · 03 April 2019
Canadian real estate private equity firm Tricon Capital Group has agreed to acquire a portfolio of 23 multi-family properties located primarily in the U.S. Sun Belt. The deal, valued at about US$1.4 billion, will see Tricon issue shares to unit-holders of a fund managed by Starlight Group Property Holdings Inc and assume existing debt. Tricon President and CEO Gary Berman said the acquisition will give his firm a "significant presence in U.S. multi-family, which is the largest investible property type in residential real estate." Following the transaction, Tricon's market capitalization is expected to total about $2.3 billion.
10 min read · 03 April 2019
Epiq has acquired H&A eDiscovery, a Toronto-based provider of electronic discovery litigation support. Terms weren't disclosed for the deal, which will see H&A begin operating under the Epiq brand. Epiq, an Atlanta, Georgia-based provider of professional services and technology to the legal profession, said the acquisition adds to its solutions and expertise. Epiq was acquired in 2016 by OMERS Private Equity and Harvest Partners for about US$1 billion. It was at the same time merged with OMERS-backed DTI. Last year, Epiq bought Bruneau Group, an Ottawa-based settlement administrator.
3 min read · 03 April 2019
Corus Entertainment Inc (TSX: CJR.B) has acquired the Canadian operations of Kin Community, a Los Angeles-based digital media company focused on lifestyle content for women. Terms weren't disclosed. The Kin Canada team will remain in place. Corus, a Toronto-based media and content provider, said the acquisition strengthens its position in the lifestyle space and complements its existing social digital agency, so.da. Corus led Kin's US$12 million Series C financing in 2014 and joined its US$13.5 million Series D financing in 2016. The company's other investors include Emil Capital Partners, General Catalyst and Rustic Canyon Partners.
3 min read · 02 April 2019
Paradigm Outcomes has acquired Restore Rehabilitation, an Owings Mills, Maryland-based case management company operating across the United States. No financial terms were disclosed. Paradigm, a Walnut Creek, California-based provider of catastrophic and complex case management, said the deal expands its solutions' capabilities as well as its national footprint. Last year, OMERS Private Equity acquired Paradigm from U.S. private equity firm Summit Partners.
3 min read · 02 April 2019
Hub International Ltd has acquired Del Fisher Insurance Inc, a Calgary-based broker providing personal and commercial insurance solutions, including home, auto, business and contract bonding. No financial terms were disclosed. Jeff Alderman, a Del Fisher partner, will join Hub International Barton Ltd and be a member of the Prairie-Arctic team. The company's other partners are retiring. Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, a Chicago-based insurance brokerage, joining existing owner Hellman & Friedman (H&F).
2 min read · 02 April 2019
