U.S. private debt platform Golub Capital has provided a $170 million one-loan debt facility to support the acquisition of SureWerx, a Vancouver-based supplier of professional tools, equipment and safety products, by Riverside Co. The deal, announced last week, saw the U.S. private equity firm acquire SureWerx from Penfund, a Canadian junior capital provider. Terms weren't disclosed. Golub Senior Managing Director Greg Cashman said SureWerx's U.S. expansion and the growing need for infrastructure construction projects in North America made the company an "attractive investment."
3 min read · 07 November 2018
Vancouver-based gold and silver producer Northern Vertex Mining Corp (TSX-V: NEE) has raised an unsecured working capital facility of up to about $13 million (US$10 million). The facility will be provided by U.K. metals and mining private equity firm Greenstone Resources, the company's minority shareholder. Northern Vertex said it expects to repay the facility with the proceeds a private placement and silver stream financing associated with operating its Moss Mine project in Arizona.
5 min read · 06 November 2018
Messagepoint, a Toronto-based customer communications management company, has secured an investment from U.S. private equity firm NewSpring Capital. No financial terms were disclosed. Led by CEO Steve Biancaniello, who co-founded the company in 1998, Messagepoint provides software and services to help customers in financial services, insurance, healthcare and other regulated industries to strengthen their customer communications. The investment's proceeds will be used to expand research and development and enhance sales and marketing initiatives. Two years ago, Messagepoint, formerly known as Prinova, raised $17 million from U.S. growth equity firm Volition Capital.
3 min read · 06 November 2018
U.S. hedge fund manager GMT Capital Corp has agreed on a non-binding basis to invest up to $30 million more in Strategic Oil & Gas Ltd (TSX-V: SOG), a Calgary-based oil and gas company. As part of the recapitalization deal, GMT will also settle its existing convertible debentures of Strategic by way of a shares-for-debt agreement. Certain other holders of convertible debentures have agreed to do the same. The transaction accounts for about $111 million, or 96 percent, of outstanding debentures. Strategic said the proceeds of the GMT investment will be used to meet asset retirement obligations and advance its Muskeg oil play in Marlowe, Alberta.
6 min read · 06 November 2018
Reid Canada Inc, an affiliate of Consolidated Container Co (CCC), has acquired Polybottle Group Ltd and Humberline Packaging Inc from ABC Group Inc. Terms weren't disclosed. With facilities in Toronto, Vancouver and Edmonton, Polybottle and Humberline make plastic bottles for the food, beverage, automotive, and industrial and specialty chemical industries. Atlanta-based CCC, an affiliate of Loews Corp (NYSE: L), said the deal supports a new line of bottle products and expands its operations in Canada. ABC Group, a Toronto-based automotive systems and components maker, was acquired in 2016 by U.S. private equity firm Cerberus Capital Management.
3 min read · 06 November 2018
Bounteous, formerly known as HS2 Solutions, has acquired Demac Media, a Toronto-based provider of e-commerce solutions to merchants. No financial terms were disclosed. Bounteous, a Chicago-based full-service digital solutions agency, said the acquisition marks its expansion into Canada. Demac will be renamed Bounteous Canada and led by President Mike Brown. Bounteous secured an investment in 2016 from Mountaingate Capital, a U.S. mid-market private equity firm.
3 min read · 05 November 2018
Canadian mid-market private equity firm Ironbridge Equity Partners has sold Frischkorn Audio-Visual Corp (FMAV), a Mississauga, Ontario-based audiovisual and live event production company, to PSAV. No financial terms were released. Ironbridge invested in FMAV in 2013 and supported its national growth through three acquisitions, new sales capabilities, and improved internal systems. In a statement, PSAV, a Schiller Park, Illinois-based event experiences specialist, said FMAV CEO Bill Brown and his team will continue to operate the business under its existing name. PSAV was acquired in August by U.S. private equity firm Blackstone Group.
3 min read · 05 November 2018
OMERS Private Equity has agreed to sell MatrixCare Holdings Inc, a Minneapolis, Minnesota-based provider of long-term post-acute care software, to ResMed Operations Inc. The deal, expected to close in the fourth quarter of 2018, reflects a purchase price of $750 million. OPE bought MatrixCare in 2010 as part of its acquisition of Logibec Inc, a Montréal-based healthcare information technology company. Logibec’s Canadian operations were sold in 2015 to GI Partners.
3 min read · 05 November 2018
The federal government’s $400 million Venture Capital Catalyst Initiative (VCCI) has committed $50 million to seven Canadian venture capital firms. The recipients were chosen because they reflect new and innovative models, supply capital to under-served regions and sectors, and support emerging managers and diverse management teams. The seven firms, which will each secure between $5 million and $15 million, are: AmorChem, Brightspark, Build Ventures, Garage Capital, Highline BETA, Pique Ventures and TandemLaunch. Earlier this year, VCCI committed $350 million to five funds-of-funds managers.
4 min read · 05 November 2018
Transit, a Montréal-based transportation mobile app company, has raised $17.5 million in a Series B financing. The round was led by Alliance Ventures, the venture capital arm of Paris-based automotive alliance Renault-Nissan-Mitsubishi. It was joined by InMotion Ventures and existing investors Accel Partners and Real Ventures, which participated in last year's $5 million Series A round. Alliance Direct Investment Director Christian Noske will join the board. Founded in 2013 by CEO Sam Vermette and CTO Guillaume Campagna, Transit's platform enables multi-modal transportation, integrating public transit, ride-hailing, bike-sharing and scooter-sharing. It currently services more than 175 urban areas worldwide.
5 min read · 05 November 2018
