Maison Le Grand, a Montréal-based maker of artisanal, plant-based food products, has secured undisclosed financing from Fondaction and InvestEco Capital Corp, according to a statement by Fondaction. Founded by CEO Tatiana Bossy and Bernard Le Grand, Le Grand manufactures fresh pesto, sauces, soups and hummus made from natural ingredients. The company will use the deal's proceeds to expand across Canada and the United States and launch new products. Montréal-based Fondaction is a labour-sponsored growth capital provider. Toronto-based InvestEco is a sustainable food and agriculture venture capital firm.
1 min read · 19 March 2019
United Steelworkers Local 6254 and Bedrock Industries have reached an agreement-in-principle on a collective agreement renewal that will restart the Pointe-Noire iron ore pellet plant in Sept-Îles, Québec. The plant was shutdown in 2013 by U.S. mining company Cliffs Natural Resources Inc, now Cleveland-Cliffs Inc, which filed for creditor protection in 2014. Currently owned by Société ferroviaire et portuaire de Pointe-Noire, the plant will be taken over by Bedrock, a U.S. private equity firm, when an agreement between the two firms is finalized. Bedrock, a metals, mining and natural resources investor, is an affiliate of Lindsay Goldberg.
2 min read · 19 March 2019
Generac Holdings Inc (NYSE: GNRC) has acquired Neurio Technology Inc, a Vancouver-based intelligent energy management technology company. Terms weren't disclosed. Founded in 2005 and led by CEO Keith Marett, Neurio provides software, hardware and data science solutions to optimize energy consumption and reduce energy-related costs in the home. Generac, a Waukesha, Wisconsin-based maker of power generation equipment products, said the acquisition accelerates its connectivity and remote monitoring strategy. Neurio was backed by BDC Capital's ICE Venture Fund and other investors. The BDC fund provided Neurio with $1.5 million of seed-stage financing in 2014.
2 min read · 19 March 2019
Hugh O’Reilly has resigned as president and CEO of OPTrust, effective immediately. O’Reilly left to "pursue other interests," OPTrust said. O’Reilly has led the Canadian pension fund manager since 2015, when he joined from the pension benefits and insolvency practice group of law firm Cavalluzzo Shilton McIntyre Cornish LLP. CFO Doug Michael stepped in as interim president and CEO. With assets of more than $20 billion, OPTrust invests and manages OPSEU Pension Plan. It invests in private equity and infrastructure through OPTrust Private Markets Group.
2 min read · 18 March 2019
Canopy Rivers has agreed to partner with LeafLink in a joint venture to deploy the U.S. company's cannabis business-to-business software platform to global markets. Canopy Rivers invested an initial US$2 million in LeafLink Services International ULC and has the option to invest an additional US$6 million. LeafLink invested an initial US$1 million. The initial investment gives Canopy, the venture capital arm of Canadian cannabis producer Canopy Growth Corp, an 18 percent stake in the joint venture. Based in Los Angeles, LeafLink serves more than 950 U.S. cannabis brands. Its investors include Lerer Hippeau, Nosara and Casa Verde Capital.
4 min read · 18 March 2019
Bridgit, a Kitchener, Ontario-based construction software provider, has secured $6.2 million in financing, according to a report by the Globe and Mail. The round was led by BDC Capital's Women in Technology Venture Fund. It was joined by MaRS Investment Accelerator Fund, Innovation Grade Ventures, Salesforce Ventures, Sands Capital Ventures, StandUp Ventures and Vanedge Capital. Bridgit is also negotiating debt financing with CIBC Innovation Banking that will bring new funds raised to $7.75 million, the report said. Founded in 2013 by CEO Mallorie Brodie and Lauren Lake, Bridgit provides software that simplifies communication and site management for developers, general contractors, subcontractors and property owners.
1 min read · 18 March 2019
Caisse de dépôt et placement du Québec (CDPQ) has launched a $250 million fund to invest in growing Québec companies with artificial intelligence (AI)-enabled product offerings. The fund, managed by the Canadian pension system's venture capital and technology team, will invest directly in expansion-stage companies with sound business models, growth potential, seasoned management and dedicated teams with AI experience. Target opportunities will include companies emerging from early stages of development in the portfolios of CDPQ-backed venture capital firms.
4 min read · 18 March 2019
Fonds de solidarité FTQ said it will invest $1 billion annually over the next three years with a focus on helping Québec businesses reduce their carbon footprint and adopt new technologies. The Montréal-based growth capital provider will do this partly by backing Québec startups, such as Kaloom, Mnubo and Worximity, focused on energy efficiency, cleaner industrial processes and technologies, less energy-hungry equipment, and more efficient transportation systems. Fonds de solidarité FTQ said the $1 billion annual target represents a nearly 30 percent increase over the pace of its investing during the past five years.
3 min read · 18 March 2019
Public Sector Pension Investment Board (PSP Investments) and QuadReal Property Group have agreed to invest in the Cherry Park Partnership, a London, U.K.-focused rental housing scheme. PSP and QuadReal are partnering with Unibail-Rodamco-Westfield (URW) in the €750 million ($1.1 billion) scheme, which will develop and operate new residential properties adjacent to Westfield Stratford City in London. PSP and QuadReal, which is owned by British Columbia Investment Management Corp (BCI), will each take a 37.5 percent stake in Cherry Park. URW will hold a a 25 percent interest.
5 min read · 18 March 2019
IPipeline has acquired Bluesun, a Toronto-based maker of software products to automate business processes for MGAs, national accounts, mutual fund dealers, banks and insurers. No financial terms were disclosed. Founded in 2001 by CEO Simon Tomlinson and Chairman Stewart Wigg, Bluesun has a client base that includes nearly 70 percent of Canadian life insurers and agencies. IPipeline, an Exton, Pennsylvania-based provider of cloud software solutions to the life insurance industry, said the deal extends its reach into the Canadian market. U.S. private equity firm Thoma Bravo acquired iPipeline in 2015 from the company's venture capital investors.
4 min read · 18 March 2019
