Canada Pension Plan Investment Board (CPPIB) has agreed to invest about US$750 million in Aqua America Inc (NYSE: WTR), a Bryn Mawr, Pennsylvania-based water and wastewater utility. As a result, CPPIB will acquire about 21.7 million newly issued shares of the company's common stock. The proceeds will support Aqua's acquisition of Peoples Natural Gas Co LLC, a Pittsburgh, Pennsylvania-based provider of natural gas services, from SteelRiver Infrastructure Partners. The deal, announced in October, is valued at US$4.3 billion, including debt.
4 min read · 29 March 2019
Doxim has acquired MessagingDirect Ltd (MDL), an Edmonton-based encrypted messaging and customer communications management technology company. Terms weren't disclosed. Led by CEO Mark Miller, MDL provides its solutions to financial services organizations and their service providers. Doxim, a Toronto-based provider of customer communications and engagement technology to financial and regulated markets, said the deal, which follows last month's acquisition of Market Connections Inc, adds secure messaging capabilities to its platform. Last year, U.S. private equity firm GI Partners acquired a majority stake in Doxim from Strattam Capital.
3 min read · 28 March 2019
A joint venture of Hudson Pacific Properties Inc (NYSE: HPP) and the property arm of Blackstone Group has agreed to acquire the 1.45 million-square-foot Bentall Centre office and retail complex in Vancouver. Terms weren't released for the deal, which is expected to close in Q2 2019. The seller is China's Anbang Insurance Group Co Ltd. Anbang acquired Bentall Centre in 2016, reportedly for $1.06 billion. Hudson, a U.S. real estate investment trust, will own 20 percent of the joint venture and be responsible for operations and development. Blackstone will own 80 percent and serve as managing partner.
4 min read · 28 March 2019
Jim Keohane, president and CEO of Healthcare of Ontario Pension Plan (HOOPP), said he will be retiring in March of 2020. Keohane joined HOOPP in 1999 as manager, equity trading, and became CEO in 2012. He will continue to lead the Canadian pension fund as it searches for a successor. HOOPP said it doubled in size, growing to $79 billion in net assets, during Keohane's tenure as CEO. Toronto-based HOOPP is the retirement plan for Ontario’s hospital and community-based healthcare sector. It invests in private equity through HOOPP Capital Partners.
3 min read · 28 March 2019
Ag Growth International Inc (TSX: AFN) (AGI) has completed its acquisition of Milltec Machinery Ltd, a Bangalore, India-based maker of rice milling and processing equipment. The purchase price was $109.5 million, with the potential for up to an additional $38.4 million based on the achievement of Ebitda targets. AGI, a Winnipeg-based provider of equipment solutions for agriculture bulk commodities, said the deal enables its entry into the rice equipment industry and establishes its platform in India. Indian private equity firm Multiples Alternative Asset Management acquired a minority stake in Milltec in 2014.
3 min read · 28 March 2019
Canada Jetlines Ltd (JET: TSX-V), a Vancouver-based ultra-low-cost carrier airline, has entered into a letter of intent to receive financing of up to $14 million. The financing, consisting of convertible debentures, is being provided by a fund managed by InHarv Partners, a South Korean venture capital and private equity firm. Once closed, the deal entitles the fund to appoint two board members. Mark Morabito, executive chairman of Canada Jetlines, said the funds raised will support the launch of the company's airline operations in Canada.
6 min read · 28 March 2019
Noverco Inc, owner of 71 percent of Énergir LP, a Montréal-based energy company, has agreed to acquire the issued and outstanding shares of Valener (TSX: VNR), Énergir's public affiliate. The deal implies an enterprise value for Valener of about $1.2 billion, including debt. Noverco is indirectly held by Caisse de dépôt et placement du Québec (CDPQ), Fonds de solidarité FTQ, British Columbia Investment Management Corp, Régime de retraite de l'Université du Québec and Enbridge Inc. CDPQ owns about 65 percent of the vehicle that holds Noverco. Énergir, formerly Gaz Métro LP, is a natural gas distributor and electricity producer operating in Québec and the United States.
6 min read · 28 March 2019
Green Tank Technologies, a Toronto-based maker of cannabis vaporization hardware, has raised $14 million in a Series A financing. The round was backed by existing investors, including Green Acre Capital, which co-led Green Tank's $4.3 million seed financing in 2018. New investors included Newstrike Brands, a Toronto-based cannabis company backed by Canadian band the Tragically Hip. Founded in 2016, Green Tank reports annual revenue growth of nearly 300 percent last year. It is now working with more than 130 global brands and has partnered with over a dozen local producers. Green Tank will use the funds raised for scaling operations, product innovation and new hires.
3 min read · 28 March 2019
Anges Québec and other private investors earlier this month invested an undisclosed amount in LifeStyle, a Montréal-based provider of turnkey collaborative spaces. Founded in 2018 by Alexis Labrecque and Philippe Gauthier, LifeStyle builds and operates co-working spaces designed for professionals in the hairdressing, esthetics and well-being sectors. The startup plans to inaugurate its first coworking space this month in Montréal's Côte-des-Neiges-Notre-Dame-de-Grâce. Anges Québec supports a network of more than 230 Québec-based angel investors.
3 min read · 27 March 2019
Canadian water-focused growth equity firm XPV Water Partners has invested in Holland Pump Co, a West Palm Beach, Florida-based specialty pump rental and dewatering solutions provider. No financial terms were disclosed. Established in 1978, Holland Pump makes, sells, rents and services pumps and other equipment for infrastructure project dewatering, sewer by-pass, as well as agricultural, mining, marine and other industrial applications in the United States. XPV Principal Sam Saintonge said his firm will help Holland Pump accelerate its growth.
3 min read · 27 March 2019
