BDC Capital’s Karl Reckziegel and Alison Nankivell have assumed new leadership positions as the organization evolves its $3 billion venture capital strategy. Reckziegel was recently promoted to senior vice president, venture capital, giving him oversight of the direct VC investment team. That puts the veteran BDC investment pro in charge of a $1.6 billion deal platform, one of the largest and most active in Canada, especially in underserved market segments. Reckziegel’s appointment comes as important changes are taking place in BDC’s direct VC operations, including the current efforts of the Healthcare Venture Fund and IT Venture Fund to raise capital from third-party investors.
2 min read · 29 November 2018
Crown Capital Partners has provided a $15 million loan to VIQ Solutions Inc (TSX-V: VQS), a Toronto-based technology company focused on digital media capture, workflow management and artificial intelligence tools. Founded in 2004 and led by President and CEO Sebastien Paré, VIQ has a customer base of more than 800 public and private agencies and users in over 25 countries. Crown, a Canadian specialty finance firm, said the loan's proceeds will help the company leverage its transcription services platform and undertake acquisitions. This week, VIQ acquired Net Transcripts Inc, a U.S. provider of documentation services to law enforcement and criminal justice organizations.
3 min read · 29 November 2018
U.S. private equity firm Oak Hill Capital Partners and Canada Pension Plan Investment Board (CPPIB) have agreed to recapitalize Berlin Packaging LLC, a Chicago-based supplier of packaging products and services. CPPIB will invest US$500 million in the company. The management team, including Chairman and CEO Andrew Berlin, will also invest. Additional terms weren't disclosed. The deal, which will back Berlin Packaging's growth via acquisitions and other strategic initiatives, is expected to close this year. Founded in 1898, Berlin Packaging provides customers in multiple sectors with a range of plastic, glass, metal containers, closures and dispensing systems.
4 min read · 29 November 2018
Blue J Legal, a Toronto-based software platform focused on the legal industry, has secured about $9.3 million (US$7 million) in a Series A financing. The round was led by Canadian mobile venture capital firm Relay Ventures. It was joined by LDV Partners, Mistral Venture Partners and BDC Capital. Founded in 2015 by CEO Benjamin Alarie, Blue J's platform uses machine learning and artificial intelligence to enable legal research, initially in the fields of tax and employment law. Over the past two years, it has signed on more than 100 clients. The company will use the funds raised to establish a foothold in the U.S. market, expand its product suite, and grow its go-to-market and product development teams.
3 min read · 29 November 2018
BlueLight Analytics, a Halifax-based data-driven dental technology company, has raised $3 million in a Series A financing. The round was led by CIC Capital Ventures, an investment arm of French private equity firm CM-CIC Investissement. It was joined by Canadian early-stage venture capital firm Innovacorp. Founded in 2009 at Dalhousie University, BlueLight develops technologies to improve light curing in dentistry and advance value-based dental care. Its solutions have been used in thousands of light evaluations in more than 35 countries. Led by CEO JP Furey, BlueLight will use the funds raised for scaling operations, product development, expanding its global reach, and sales and marketing.
3 min read · 28 November 2018
Canada Pension Plan Investment Board (CPPIB) has made an undisclosed investment in ChargePoint, a Campbell, California-based electric vehicle (EV) charging network. The investment was part of a US$240 million Series H financing led by Quantum Energy Partners and joined by multiple other new and existing backers. ChargePoint will use the round's proceeds to continue developing charging solutions for electric passenger vehicles and expand into electric buses, trucks, fleets and beyond. CPPIB said ChargePoint is the initial investment of a new strategy focused on technologies poised to become critical segments of the energy value chain.
3 min read · 28 November 2018
HYAS, a Victoria, British Columbia-based provider of attribution intelligence solutions for information security and cybersecurity professionals, has raised $2 million in debt financing. The source was Silicon Valley Bank (SVB), a U.S. technology debt financing firm. The deal follows the close of HYAS' $6.2 million Series A financing in August. That round was led by M12 and joined by Startup Capital Ventures, 205 Capital, Wesley Clover International and others. The company also secured funding from Susa Ventures. HYAS said the partnership with SVB will support expansion of its Comox attribution intelligence engine.
3 min read · 28 November 2018
Alignvest Acquisition II Corp (AQY), a Canadian special purpose acquisition corporation (SPAC), has agreed to combine with Sagicor Financial Corp Ltd, a St. Michael, Barbados-based financial services provider. Alignvest will acquire Sagicor's shares for US$1.75 each through a combination of cash and shares. The deal is valued at US$536 million and expected to close early next year. Founded in 1840, Sagicor provides insurance products and other financial services primarily in the Caribbean region. AQY raised $515 million in 2017 from its initial public offering and other sources. It is managed by Alignvest Management Corp, a Toronto-based alternative investment management firm.
10 min read · 28 November 2018
Canadian long-term private equity firm Altas Partners has completed its minority investment in Hub International Ltd, a Chicago-based insurance brokerage. The deal, announced last month, implies an enterprise value for Hub of more than US$10 billion. Altas joins U.S. private equity firm Hellman & Friedman (H&F), the company's largest shareholder. H&F acquired Hub in 2013 for about US$4.4 billion. Hub was established in 1998 with the merger of 11 Canadian insurance brokerages.
2 min read · 28 November 2018
Groupe Solotech Inc, a Montréal-based audiovisual and entertainment technology company, has acquired SSE Audio Group, a Redditch, U.K.-based provider of audio services. No financial terms were disclosed for the deal, which was backed by Solotech's existing investors Claridge, the family office of Stephen Bronfman, Desjardins Capital and Investissement Québec (IQ). President and CEO Martin Tremblay said the transaction, the most important in Solotech's history, will enable the company's growth in Europe and consolidate its global market position. Founded in 1977, Solotech supplies turnkey solutions for audio, video, lighting, rigging, soft goods, and control and collaboration systems.
3 min read · 28 November 2018
