Integrated Asset Management Corp (IAM) has provided a $36 million loan to Wolverine Management Services Inc (TSX-V: WEII), a Nisku, Alberta-based energy and infrastructure service company. The proceeds of the deal, IAM's fifth with Wolverine, will be used to fund a $50 million acquisition of an environmental services unit from an unidentified midstream business. Founded in 1952, Wolverine provides midstream environmental services and oilfield services and rentals in Western Canada and the United States. In January, IAM, a Canadian alternative asset management firm, closed its sixth private corporate debt fund, raising $843 million.
2 min read · 05 March 2019
WealthEngine, a Bethesda, Maryland-based provider of wealth intelligence and prospect research, has raised US$6.5 million of debt financing from CIBC Innovation Banking. The company will use the funds raised to expand its analytics tools, which help companies in the for-profit and not-for-profit sectors target, segment and engage with customers and donors. WealthEngine is backed by several U.S. venture capital firms, including Novak Biddle Venture Partners, Signatures Capital and Streamlined Ventures. CIBC Innovation Banking is the technology advisory and lending arm of Canadian banking institution CIBC.
2 min read · 05 March 2019
Alberta Investment Management Corp has closed its acquisition of a majority stake in Eolia Renovables de Inversiones SCR SA, a Spanish renewable energy company. Terms weren’t released for the deal, which was announced in November. It saw the Canadian pension fund acquire more than 90 percent of Eolia from U.S. private equity firm Oaktree Capital Management. Oaktree acquired the business, a developer, builder and operator of wind farms and solar photovoltaic plants, in 2015.
3 min read · 05 March 2019
Cologix has acquired Metro Optic, a Montréal-based provider of interconnect solutions for the enterprise, carrier and cloud markets. No financial terms were disclosed. The seller was Exelerence Holdings, a holding company focused on the internet infrastructure sector. Exelerence is backed by Canadian growth equity firm Tandem Expansion Fund. Cologix, a Denver, Colorado-based interconnection and data centre company, said the deal adds data centre capacity and strengthens its ability to support wholesale, carrier and hyperscale customers. Cologix was acquired in 2017 by U.S. infrastructure investment firm Stonepeak Infrastructure Partners.
3 min read · 05 March 2019
TIMIA Capital Corp has supplied a $2 million facility to BasicGov Systems Inc, a Vancouver-based government software solutions provider. The three-year investment facility was advanced in full to the company. Led by CEO Mike Togyi, BasicGov offers a cloud-based operations management platform that enables governments of all sizes to modernize licensing, inspection, planning, permitting, code enforcement, fund accounting and payment-billing systems. Vancouver-based TIMIA provides growth financing to technology companies in exchange for a royalty on revenue.
3 min read · 05 March 2019
Alberta Investment Management Corp (AIMCo) has closed its acquisition of a majority stake in Eolia Renovables de Inversiones SCR SA, a Spanish renewable energy company. Terms weren't released for the deal, which was announced in November. It saw the Canadian pension fund acquire more than 90 percent of Eolia from U.S. private equity firm Oaktree Capital Management. Oaktree acquired the business, a developer, builder and operator of wind farms and solar photovoltaic plants, in 2015. Eolia said the partnership with AIMCo will help it develop and strengthen its platform and capitalize on growth opportunities in the Spanish market.
4 min read · 05 March 2019
NFP Corp has acquired PBL Insurance Ltd, a Windsor, Ontario-based provider of property and casualty and employee benefits services. No financial terms were released for the deal, which closed last month. PBL President and CEO Michael Robinson will join NFP as a managing director with a focus on commercial lines. NFP, a New York-based insurance broker and consulting business, said the acquisition furthers its Canadian expansion. In December, the company bought Mass Insurance Brokers Ltd and Easyway Insurance Brokers Inc. NFP was acquired in 2013 by U.S. private equity firm Madison Dearborn Partners for about US$1.3 billion.
3 min read · 05 March 2019
Caisse de dépôt et placement du Québec (CDPQ) has agreed to invest about US$250 million in ECL Finance Ltd, a non-banking financial company affiliated with Indian financial services provider Edelweiss Group. The deal is intended to establish a large and diversified credit platform in India, with a focus on the retail sector. The proceeds of CDPQ's investment will help ECL Finance capitalize on credit opportunities, invest in technology, grow organically and undertake acquisitions. The initiative builds on a 2016 partnership which saw CDPQ agree to invest up to US$700 million in stressed assets and private debt opportunities in India.
5 min read · 05 March 2019
Australian mining company BHP has invested $7.9 million (US$6 million) in Carbon Engineering Ltd (CE), a Squamish, British Columbia-based emissions reduction company. The investment comes two months after CE secured undisclosed financing from Occidental Petroleum Corp and Chevron Corp. The company told Reuters it expects to raise US$60 million by the end of Q1 2019. CE makes technologies that remove carbon dioxide from the air and convert it into clean transportation fuels. It emerged in 2009 from research conducted at the University of Calgary and Carnegie Mellon University. Led by CEO Steve Oldham, CE will use the funds raised for its global commercialization strategy.
4 min read · 05 March 2019
Quorum Information Technologies Inc (TSX-V: QIS), a Calgary-based provider of automotive dealership software and services, has closed a $15 million debt financing facility. The facility was provided by BDC Capital's growth and transition capital group. The deal's proceeds will be used to retire a bridge loan facility from Covington Capital. They will also be used to fund Quorum's January purchase of Oasis Auto Complete Systems Ltd, a London, Ontario-based provider of automotive dealership software and hardware, as well as potential future acquisitions.
4 min read · 04 March 2019
