Canadian revenue financing firm TIMIA Capital Corp has provided a $1 million investment facility to Aprio Inc, a Vancouver-based provider of board management software. TIMIA has deployed an initial $400,000 and will supply a further $600,000 when certain milestones are met. Founded in 2003, Aprio's technology helps organizations to efficiently run board meetings, keep directors up to date, and keep information secure. The company, led by President and CEO Ian Warner, will use the funds raised to increase sales and marketing.
3 min read · 24 October 2018
Ontario Teachers' Pension Plan has promoted Danilo Simonelli to managing director, alternative investments. Simonelli will be responsible for managing the pension system's allocation to global hedge funds across multiple strategies. Before joining Ontario Teachers' in 2005, Simonelli worked in the debt capital markets origination group at JPMorgan. Ontario Teachers' also promoted Gillian Brown to senior managing director, capital markets, and Saurabh Rastogi to managing director, liquidity and counterparty credit risk management.
3 min read · 23 October 2018
Cardone Industries, a Philadelphia-based supplier of re-manufactured and new automotive parts, has recapitalized its credit facilities with Citizens Bank and Brookfield Principal Credit. Terms weren't disclosed. Cardone said the deal will help it expand capabilities, bolster its geographic footprint, and further strengthen its balance sheet. Brookfield Principal Credit is the private credit business of Canadian alternative assets manager Brookfield Asset Management.
3 min read · 23 October 2018
Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ have invested $112 million in Ocean Group, a Québec City-based maritime services provider. The investment, equally shared by the Caisse and the Fonds, will give them a minority stake in the company. Established in 1972 by Chairman Gordon Bain, Ocean engages in shipbuilding and repair, harbour towing and transportation, and rental of marine equipment and dredging. It operates primarily in Canada and the Caribbean region. Led by President and COO Jacques Tanguay, Ocean will use the deal's proceeds to expand its Canadian activities, grow globally, and acquire new equipment.
3 min read · 23 October 2018
U.S. energy private equity firm SCF Partners has hired Chad Robinson as a managing director. Robinson will lead the Houston-based investor's Canadian office in Calgary. Robinson joins SCF from Canadian energy private equity firm Resource Merchant Capital (RMC), which he helped found in 2013 and lead as a managing director. Previously, he was an owner and CFO of Pacesetter Directional Drilling, sold to Schlumberger in 2015, as well as a partner and vice president, corporate finance, at Stonebridge Merchant Capital.
3 min read · 23 October 2018
Toronto-based environmental services provider GFL Environmental Inc said it is planning to commence a private offering of US$400 million in senior notes. The offering's proceeds will be used to help finance GFL's proposed acquisition of Waste Industries, a U.S. solid waste management company. The previously announced deal, which values Waste Industries at about $3.65 billion, will also be funded by up to US$1.3 billion in senior secured loans and equity contributions. Earlier this year, GFL was recapitalized by a consortium led by BC Partners and Ontario Teachers’ Pension Plan.
3 min read · 23 October 2018
Vancouver-based game studio Phoenix Labs has secured an undisclosed amount in a Series C financing. The round was led by U.S. venture capital firm Sapphire Ventures. It was joined by other existing investors, including Everblue Management. The company's other backers include GGV Capital, Next Frontier Capital, Ridge Ventures and Signia Venture Partners. Founded in 2014 by Jesse Houston, Sean Bender and Robin Mayne, Phoenix Labs develops online multiplayer experiences for gamers. It will use the funds raised to expand its Vancouver and San Mateo, California studios, increase live service operations and development of new content for its debut title, Dauntless, and explore new platforms.
3 min read · 23 October 2018
Assent Compliance, an Ottawa-based supply-chain data management company, has secured a $130 million investment from Warburg Pincus, a U.S. private equity firm. As a result, Warburg's Justin Sadrian and Sam Lipsick will join the board. BDC Capital, Greenspring Associates, OpenText Enterprise Apps Fund and Volition Capital, which backed Assent's Series A and B rounds, will remain as investors. Assent provides cloud-based enterprise supply-chain data management software to help companies manage and reduce third-party market access, reputational, financial and operational risks. It will use the deal's proceeds to enhance the platform and expand product compliance, vendor management and social responsibility solutions.
5 min read · 23 October 2018
Pivotal Payments, a Montréal-based provider of payment processing solutions, has been rebranded as Nuvei. Nuvei said the rebranding reflects its focus on partner growth initiatives and creates a "first-ever community of payment experts." It also merges the company’s corporate arm with its GlobalOnePay division. As reported by PE Hub Canada, Nuvei was backed last year by Novacap and Caisse de dépôt et placement du Québec (CDPQ). The deal valued the business at about $525 million.
3 min read · 23 October 2018
ESentire has acquired Versive, a Seattle, Washington-based cybersecurity artificial intelligence company. No financial terms were disclosed. Cambridge, Ontario-based eSentire said the acquisition will add advanced AI capabilities to its managed detection and response service platform, allowing it to more effectively address security threats. Last year, eSentire secured financing from U.S. private equity firm Warburg Pincus, providing exits to its venture capital investors. Georgian Partners continues to back the company. Founded in 2012, Versive has raised about US$55 million from Bloomberg Beta, Formation 8, Goldman Sachs, Madrona Venture Group, Vulcan Capital and others.
4 min read · 23 October 2018
