OMERS Infrastructure has acquired a 22.4 percent interest in IndInfravit Trust, a Chennai, India-based holder of a portfolio of five operational toll road concessions. The investment, OMERS' first in India's infrastructure sector, was valued at $160 million. The toll roads were initially constructed and operated by L&T Infrastructure Development Projects Ltd (L&T IDPL), an affiliate of Larsen & Toubro Ltd. IndInfravit's other shareholders include Canada Pension Plan Investment Board, which last year added to its initial 2014 investment in L&T IDPL. OMERS opened a Singapore office in 2018 to increase its investing in the Asia Pacific region.
3 min read · 22 February 2019
Hyphen Solutions has agreed to acquire HomeFront Software, a Calgary-based provider of home builder software, and Zybertech Construction Software Services, a Calgary-based distributor of construction and real estate software. Terms weren't released for the deal, which is expected to close this month. HomeFront and Zybertech are both led by President and CEO Daryl Shenner. Hyphen, an Addison, Texas-based provider of cloud construction management software, said the buy will widen its reach in the residential construction space. Hyphen has been backed since 2016 by PWP Growth Equity, a private equity fund managed by U.S. advisory firm Perella Weinberg Partners.
3 min read · 21 February 2019
Canadian private investment firm Hillcore Group has acquired Lakeside Pacific Forest Products Ltd, a Chilliwack, British Columbia-based forestry company. No financial terms were disclosed. Lakeside’s operations are on the east and west sides of Harrison Lake, near Chilliwack. Hillcore said the acquisition is part of its forestry investment strategy that includes the consolidation of fibre supply and the creation of value-added opportunities and vertical integration.
2 min read · 21 February 2019
Baanto International Ltd, a Toronto-based developer of touch sensing solutions, has raised an undisclosed financing from Canadian intellectual-property lender Quantius. Founded in 2009, Baanto makes products that incorporate elements of its ShadowSense touchscreen technology for a range of applications, including educational and boardroom solutions, digital signage and military applications. Led by CEO Avanindra Utukuri, the company will use the funds raised for its global growth strategy. In 2014, Baanto secured $6 million in financing led by Canadian specialty finance firm Difference Capital Financial.
2 min read · 21 February 2019
2 min read · 21 February 2019
2 min read · 21 February 2019
Canadian junior capital provider Penfund has closed a $100 million second lien credit facility provided to GoodLife Fitness Centres Inc, a London, Ontario-based fitness club operator. The deal's proceeds, combined with the proceeds of a $310 million first lien term loan and revolving credit facility provided by a syndicate of banks, will be used to refinance debt. Penfund has provided and arranged more than $430 million for GoodLife in seven financings. Founded in 1979 by CEO David Patchell-Evans, GoodLife operates 400 clubs across Canada and has more than 1.5 million members. In December, Penfund wrapped up its sixth mid-market fund, Penfund Capital Fund VI, raising $1.15 billion.
3 min read · 21 February 2019
U.S. private equity firm Platinum Equity has agreed to acquire Livingston International Inc, a Toronto-based specialist in customs brokerage, freight forwarding and trade consulting. No financial terms were disclosed. The sellers are Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Sterling Partners, which acquired the listed Livingston in 2010 for $324 million. Founded in 1945 by Gerry Livingston, and today led by CEO Dan McHugh, Livingston provides its customs brokerage and trade services to more than 30,000 businesses in North America and around the world. Before going public in 2002, the company was backed by Canadian private equity firm CAI Capital Partners.
3 min read · 21 February 2019
Vancouver-based clean food technology provider Terramera has secured $13 million in subordinated debt financing from Business Development Bank of Canada (BDC). BDC invested through Ottawa’s $700 million clean technology strategy, announced last year. Terramera will use the proceeds for facilities, equipment and staffing to develop and commercialize its technologies, which focus on plant-based replacements for synthetic chemical pesticides and fertilizers to increase agricultural yields. Terramera, founded in 2010 by CEO Karn Manhas, raised an investment in 2016 from IKEA Group's venture capital arm.
3 min read · 21 February 2019
Far Resources Ltd, a Vancouver-based developer of battery metals mineral resources, has secured a draw-down equity facility of up to $12 million. The investor is Alumina Partners, a U.S. private equity firm. The funds raised will strengthen the company's balance sheet and allow it to pursue lithium exploration activities at the Zoro project in Manitoba and Hidden Lake project in the Northwest Territories. Alumina Managing Member Adi Nahmani said the deal supports Far Resources' growth plan to "better reflect the mission critical role that lithium plays in the global mobile technology market."
4 min read · 20 February 2019
