Fiera Capital Corp (TSX: FSZ) has agreed to acquire Integrated Asset Management Corp (TSX: IAM), a Toronto-based alternative asset manager and investor in private debt, infrastructure debt and real estate. The deal, expected to close in Q2 2019, is valued at $74 million, representing an IAM enterprise value of $64 million and $10 million of cash on hand. IAM's private debt investment team will merge with Fiera Private Lending and the industrial real estate team will join Fiera Properties. Fiera, a $136.7 billion asset manager based in Montréal, said the acquisition will augment its private alternative investments platform and create a pan-Canadian private lending capability.
7 min read · 22 March 2019
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) and affiliates of Desjardins Group have acquired Regional Power Inc, a Mississauga, Ontario-based developer and operator of hydroelectric power plants. No financial terms were disclosed. The seller was Manulife Financial Corp. Regional Power's Canadian assets include three run-of-river hydroelectric projects with an installed capacity of about 70 megawatts and a pipeline of wind and hydro generation opportunities. CC&L Infrastructure, an investor in mid-market infrastructure and infrastructure-like assets, is part of Canadian asset manager Connor, Clark & Lunn Financial Group Ltd.
3 min read · 21 March 2019
Kitchener, Ontario-based robotics company Avidbots has secured $23.6 million in a Series B financing. True Ventures, a U.S. venture capital firm, led the round, which brings Avidbots' total funding to $36 million. Joining the deal were existing investors, including GGV Capital, SOSV, Real Ventures and 500 Startups Canada, as well as new investors, including Next47, BDC Capital and KCPL. Founded in 2014 by CEO Faizan Sheikh and CTO Pablo Molina, Avidbots designs and makes autonomous connected robots. Its first product, Neo, is a robotic floor scrubber deployed in commercial locations worldwide. The funds raised will be used for global growth and to invest in talent acquisition, engineering, marketing and sales.
4 min read · 21 March 2019
Caisse de dépôt et placement du Québec (CDPQ) has acquired a 27 percent stake in Hilco Trading LLC (Hilco Global), a Northbrook, Illinois-based financial services firm. Terms weren't disclosed for the deal, which initiates a long-term partnership between the two organizations. It will see CDPQ target annual investments of about US$150 million, alongside Hilco Global, in distressed assets and other special situations. CDPQ Vice President and Head of Private Equity Stéphane Etroy said the Canadian pension system's long-term strategy aligns with Hilco Global's role in transitioning "existing and often undervalued assets into profitable use."
3 min read · 21 March 2019
Hunt Valve Co has acquired Montreal Bronze Ltd, a Terrebonne, Québec-based supplier of severe-duty bronze marine valves used in naval and commercial ships. No financial terms were disclosed. Established in 1985 and led by President David Bala, Montreal Bronze also provides bronze and alloy steel products for naval, pharmaceutical and nuclear applications. Hunt Valve, a Salem, Ohio-based specialty valve maker, said the deal expands its product offering and provides access to additional U.S. Navy and international shipyards and industrial customers. Hunt Valve was recapitalized last year by U.S. private equity firm May River Capital.
4 min read · 21 March 2019
Pleatco LLC has acquired Milton Manufacturing Inc, a Milton, Ontario-based provider of spun bond, paper, felt and pleated bag filters for original equipment manufacturers. Terms weren't disclosed. Led by President Dave Brunner, Milton serves the dust collection needs of customers in North America. Pleatco, a Louisville, Kentucky-based maker of aftermarket cartridge filters for the pool and spa industry, said the purchase of Milton and APEL International Inc enables its entry into the industrial air filtration market. Pleatco has been backed since 2017 by U.S. private equity firm Align Capital Partners.
3 min read · 20 March 2019
Canadian pet-focused merchant bank Dane Creek Capital Corp has acquired Bonnie & Clyde Premium Pet Goods, a Québec City-based natural health products brand for dogs and cats. No financial terms were disclosed for the cash-and-stock transaction. Established in 2015 by Jon Caldwell, Bonnie & Clyde sells its oil and health-powder supplements through specialty pet retail stores in Canada and online channels in the United States. As a result of the deal, Caldwell will assume the role of president of United Supplements Inc, a holding company for pet supplements businesses acquired by Dane Creek. Dane Creek remains the majority owner.
3 min read · 20 March 2019
Scope AR, a San Francisco- and Edmonton-based provider of industrial augmented reality (AR) solutions, has raised about $13 million (US$9.7 million) in a Series A financing. The round, which brings total funding to $21 million (US$15.8 million), was led by Romulus Capital and joined by SignalFire, Susa Ventures, Haystack, New Stack Ventures, North American Corp and Angel List. Founded in 2011 by CEO-CTO Scott Montgomerie, President David Nedohin and Principal Graham Melley, Scope AR creates AR tools to help enterprises conduct remote tasks, training, product and equipment assembly, maintenance and repair, and field and customer support.
3 min read · 20 March 2019
Access has acquired Docu-Dépôt, a LaSalle, Québec-based document management, destruction and storage services company. No financial terms were disclosed. Established in 1991, Docu-Dépôt provides mobile secure shredding, remote document management software, and climate-control systems to businesses in Québec. Access, a Woburn, Massachusetts-based records and information management solutions provider, said the deal expands its services to 58 Canadian markets. Backed by U.S. private equity firms Berkshire Partners and GI Partners, Access acquired 10 companies in Canada last year. They include six businesses operating as Innovative Records Systems Corp.
3 min read · 20 March 2019
DigitalEd, a Waterloo-based education technology startup, has secured $7 million in bridge financing. The deal was backed by new and existing investors, including Kevin Weiss, a principal at U.S. private investment firm Dorado Capital Partners. Founded last year, DigitalEd provides online education solutions designed especially for science, technology, engineering and mathematics (STEM) courses. Led by President and CEO Jim Cooper, the company will use the funds raised in part to enhance its e-learning platform Möbius, which provides interactive courses, including automated testing and assessment, to global educational institutions and trade schools.
2 min read · 20 March 2019
