SemGroup Corp and U.S. private equity firm KKR have agreed to partner in the creation of a Canadian midstream infrastructure platform, SemCAMS Midstream ULC. SemGroup will contribute the shares and assets of its Canadian unit, valued at C$1.15 billion, in exchange for C$615 million and a 51 percent stake in the platform. KKR will commit C$515 million for a 49 percent stake and C$300 million to acquire perpetual preferred equity. As part of the deal, the partners have agreed to acquire Meritage Midstream ULC for C$600 million from U.S. energy private equity firm Riverstone Holdings.With the deal’s close in Q1 2019, Calgary-based SemCAMS Midstream will have assets of C$1.75 billion and own natural gas processing capacity in Alberta’s Montney region.
7 min read · 10 January 2019
SemGroup Corp (NYSE: SEMG) and U.S. private equity firm KKR have agreed to partner in the creation of a Canadian midstream infrastructure platform, SemCAMS Midstream ULC. SemGroup will contribute the shares and assets of its Canadian unit, valued at $1.15 billion, in exchange for $615 million and a 51 percent stake in the platform. KKR will commit $515 million for a 49 percent stake and $300 million to acquire preferred equity. As part of the deal, the partners have agreed to acquire Meritage Midstream ULC from Riverstone Holdings for $600 million. With the deal's close in Q1 2019, Calgary-based SemCAMS Midstream will have assets of $1.75 billion and own natural gas processing capacity in Alberta's Montney region.
8 min read · 10 January 2019
Toronto-based software studio Myplanet has raised mezzanine financing of $2 million from the growth and transition capital group of BDC Capital. Founded in 2009 and led by CEO Jason Cottrell, Myplanet's designers and developers help businesses implement software platforms from Acquia, IBM and Salesforce. Its global clients include companies in retail, technology, finance and business services sectors. The funds raised will be used for working capital needs and Myplanet's growth strategy, which includes strengthening strategic partnerships and hiring software developers.
3 min read · 10 January 2019
Canadian private equity firm Regimen Equity Partners has closed its inaugural fund at more than $60 million in committed capital. Regimen Equity Partners LP and a parallel vehicle were backed by high-net-worth individuals and three institutional investors. The fund will invest in Canadian small and medium-sized businesses over a long horizon. Managing Director Cooper Seeman said the strategy will allow Regimen to stay invested in each company for 15 years or more. Regimen, which since 2015 has acquired five companies, has offices in Vancouver, Toronto and Edmonton. It is led by Seeman and Managing Directors Gerry Bellerive and David Eisler and Vice Presidents David Koa and Paul Shaw.
2 min read · 10 January 2019
Headset, a Seattle, Washington-based provider of data and analytics to the cannabis industry, has raised US$12.5 million in a Series A financing. Poseidon Asset Management and AFI Capital Partners led the round. They were joined by Canopy Rivers, the venture capital investment arm of Canadian cannabis producer Canopy Growth Corp, which committed $4.1 million. Founded in 2015, Headset helps growers, processors and retailers turn sales data into real-time market intelligence. It will use the funds raised for enhancing products and services, global growth, and to support partnerships and strategic alliances.
4 min read · 09 January 2019
Vena Solutions, a Toronto-based provider of cloud financial planning and analysis software, has secured $115 million in its latest financing. The round was led by U.S. software growth equity firm JMI Equity. It was joined by Centana Growth Partners, which led the company's $30 million financing in 2016. Vena's other backers include Difference Capital Financial and Klass Capital. Founded in 2011 by CEO Don Mal, Chief Solutions Architect Rishi Grover and CTO George Papayiannis, Vena helps medium and large-sized companies manage their budgeting, forecasting and business planning. The funds raised will be used to accelerate Vena's growth and scale its operations.
4 min read · 09 January 2019
Penfund wrapped up its sixth mid-market fund, raising $1.15 billion, thanks to a private-debt strategy that resonated with investors. Penfund Capital Fund VI, launched in early 2018, closed in December above its $900 million target, Chairman and Partner John Bradlow and Partner Richard Bradlow told PE Hub Canada. The fund, backed by 40 new and existing limited partners in North America, Europe and Asia, is the largest in the Toronto junior-capital provider’s 40-year history, exceeding by 59 percent the $724 million its predecessor raised in 2016. The close brings assets managed by Penfund to $1.8 billion.
3 min read · 09 January 2019
Globalive Technology Inc (TSX-V: LIVE) said it will exercise a call option to acquire control of Flexiti Financial Inc, a Toronto-based point-of-sale consumer financing company, from Globalive Capital (GC). Terms weren't disclosed. Exercising the call option, obtained last year, will give Globalive Technology 41 percent ownership and 51 percent voting control over Flexiti's parent. As part of the deal, Globalive Technology intends to raise about $10 million in financing, of which GC, the investment firm of Anthony Lacavera, expects to commit $4 million. Globalive Technology, which is controlled by GC, aims to leverage artificial intelligence and machine learning technologies to optimize Flexiti's solution.
5 min read · 09 January 2019
Onex Corp has promoted Jonathan Mueller to managing director. Mueller is responsible for the Canadian private equity firm's activity in Europe's automation, aerospace and transportation industries and supports origination efforts in the German-speaking region. He has worked on several Onex investments, including KraussMaffei Group, which was sold in 2016 to China National Chemical Corp for about US$1 billion. Before joining Onex in 2011, Mueller was an associate at Boston Consulting Group.
2 min read · 09 January 2019
CIBC Innovation Banking has provided undisclosed debt financing to Ruby Receptionists, a Portland, Oregon-based virtual receptionist platform. The deal's proceeds will support the company's acquisition of ProfessionalChats, a U.S. managed online chat service, and other growth initiatives. Founded in 2003, Ruby Receptionists' technology enables personalized live virtual receptionist services for more than 8,000 small businesses in North America. It is backed by Updata Partners and StepStone Group. Last year, PE Hub Canada interviewed Mark McQueen, the CIBC group’s president and executive managing director.
3 min read · 09 January 2019
