Calgary-based energy infrastructure company AltaGas Ltd (TSX: ALA) has agreed to acquire a 50 percent stake in the existing and future Aitken Creek natural gas processing plants of Black Swan Energy Ltd. In a separate release, AltaGas said its investment in the acquisition and new infrastructure is estimated at about $230 million. With the deal's close, the companies will enter into an agreement for the use by Black Swan of the AltaGas processing capacity, as well as transportation and marketing agreements. Black Swan, a Calgary-based energy explorer and producer, is backed by Azimuth Capital Management, Canada Pension Plan Investment Board and Warburg Pincus.
4 min read · 27 September 2018
Daisy Intelligence Corp, a Vaughan, Ontario-based artificial intelligence (AI) software-as-a-service platform, has raised $5 million in funding from Espresso Capital, a Canadian provider of technology debt financing. The deal was a result of Daisy taking first place at ElevateR Pitch, a competition for Canadian companies in an AI or related sector. Founded in 2003 by CEO Gary Saarenvirta, Daisy analyzes transaction and operational data to make automated operational decision recommendations for improving businesses. It will use the funds raised for talent acquisition and marketing and to support growth in key industries.
3 min read · 27 September 2018
Toronto private equity firm Argosy Partners is seeking up to $50 million for its fourth shotgun fund, according to a news release. Shotgun Fund IV, like its predecessors, is earmarked for purchases of equity from selling shareholders when a shotgun clause or buy-sell agreement is executed. This specialized financing helps owner-operators of mid-market companies resolve shareholder disputes and gain liquidity. Fund IV's launch follows the winding up of a prior shotgun fund as a result of last month’s sale of Logistik Unicorp, a Saint-Jean-sur-Richelieu, Québec, provider of uniform solutions, to Wynnchurch Capital.
2 min read · 27 September 2018
AbCellera, a Vancouver-based developer of therapeutic antibodies, has raised close to $13 million (US$10 million) in a Series A financing. The round was led by DCVC Bio, a U.S. biotechnology venture capital firm. Managing Partner John Hamer joined the board. AbCellera was founded in 2012 based on technology created at the University of British Columbia. Its antibody discovery engine combines a range of innovations, including artificial intelligence and microfluidic screening technology. Led by CEO Carl Hansen, the company will use the funds raised for growth, including investments to build capacity and integration of advanced technological capabilities.
3 min read · 27 September 2018
PAI Health, a Vancouver-based health software provider, has secured $9 million in its latest financing. The investors were not disclosed. PAI Health, formerly known as Mio Global, raised $20 million two years ago in a Series B round led by Hydra Ventures. Founded in 2000, PAI Health, known for its heart rate monitor wearable technology, develops personalized health engagement solutions to help users assess, monitor and increase their physical activity. The company, led by CEO Peter Taylor, will use the funds raised to expand into the insurtech sector, creating risk and cost management solutions for insurance providers.
3 min read · 27 September 2018
The National Angel Capital Organization (NACO) announced Randy Stewart Thompson, chairman and CEO of Valhalla Private Capital, has won the 2018 Canadian Angel of the Year Award. The award, sponsored by BDC Capital, recognizes an experienced angel who has made a significant contribution to the growth and development of angel investing in Canada. Thompson, who has been active as an angel, fund manager and company operator for 25 years, helped launch Calgary-based Valhalla in 2017. He oversees the investing of 100 angels and four funds with more than $30 million in deployed capital. Thompson has personally invested in 40 startups.
3 min read · 27 September 2018
Aleafia Health Inc (TSX-V: ALEF), a Concord, Ontario-based medical cannabis cultivator and clinic operator, has agreed to receive a $10 million investment from Serruya Private Equity (SPE). The deal, expected to close in October, was announced with the formation of a joint venture (JV) that will support Aleafia's entry into the adult-use cannabis industry and related retail operations in Canada. Aleafia will hold a 51 percent interest in the JV, while SPE will hold 49 percent. The JV's initial launch will include more than 20 retail locations in Ontario and a plan to expand across Canada. SPE invests on behalf of Canada's Serruya family.
4 min read · 26 September 2018
CarbonCure Technologies Inc, a Halifax-based carbon dioxide (CO2) utilization platform, has secured undisclosed financing. The round was led by Breakthrough Energy Ventures, a U.S.-based clean energy fund. It was joined by GreenSoil Building Innovation Fund as well as existing investors, including BDC Capital's ICE Venture Fund, Pangaea Ventures, 350 Capital, Innovacorp, Brightpath Capital Partners, Neo Ventures, Shaw Group, Power Generations and Carmanah Management. Founded in 2007 by CEO Rob Niven, CarbonCure develops CO2 utilization technologies for the concrete sector, helping to reduce concrete’s carbon footprint and create efficiencies. It will use the funds raised to grow its solutions portfolio and enter new markets.
5 min read · 26 September 2018
Northleaf Capital Partners has led a funding package to support the recapitalization and growth of BridgePoint Financial Services Inc, a Toronto-based provider of litigation financing solutions in Canada. Northleaf, a Canadian private-markets fund manager, acted as the sole lead arranger of a $50 million senior secured credit facility and a separate preferred equity investment, the value of which was not disclosed. Founded in 2005 by Principals Stephen Pauwels and John Rossos, BridgePoint provides customized litigation financing solutions to plaintiffs, lawyers and experts involved in advancing legal claims. The company reports financing more than 30,000 cases.
3 min read · 26 September 2018
Fengate Real Asset Investments has acquired the Heartland Petrochemical Complex’s central utility block (CUB) from Inter Pipeline Ltd (TSX: IPL), a Calgary-based energy infrastructure company. Terms weren't disclosed. The deal will see Inter Pipeline recover its development capital and Fengate assume responsibility for funding CUB construction. Capital costs are estimated at $600 million. CUB is a 102 megawatt natural gas-powered cogeneration facility capable of supplying Inter Pipeline with utilities for Heartland, a propane dehydrogenation and polypropylene plant. It is expected to be in service by mid-2021. Inter Pipeline will oversee CUB construction and operation.
3 min read · 25 September 2018
