U.S. private equity firm Wynnchurch Capital has acquired Logistik Unicorp Inc, a Saint-Jean-sur-Richelieu, Québec-based provider of managed clothing services and uniform solutions to a range of corporate and governmental organizations. No financial terms were disclosed for the deal, which saw Wynnchurch partner with President and CEO Louis Bibeau, who founded Logistik in 1992. Last week, Canadian private equity firm Clearspring Capital Partners said it sold its interest in Logistik. Clearspring, which first invested in 2011, did not disclose the buyer of the stake. Wynnchurch Managing Director Morty White said his firm will focus on supporting Logistik in its "next stage of growth."
3 min read · 07 August 2018
British Columbia Investment Management Corp (BCI) earned a net 9 percent return for the fiscal year ended March 31, 2018, compared to its one-year benchmark of 7.4 percent. Net assets managed by BCI were increased to $145.6 billion in fiscal 2018 from $135.5 billion a year earlier. BCI said strong performance in illiquid investments, including infrastructure, private equity and renewable resources, contributed to the overall return. Private equity now accounts for 7.1 percent of all assets. The pension system committed $11.5 billion to illiquid assets in fiscal 2018.
4 min read · 03 August 2018
A V Gauge & Fixture Inc, a portfolio company of Canadian private equity firm Ironbridge Equity Partners, in June merged with Absolute Industrial Management Inc. Terms weren't disclosed. Based in Windsor, Ontario, Absolute Industrial designs, builds and integrates automated assembly, welding and processing equipment. AV Gauge, an Oldcastle, Ontario-based maker of specialized gauging and check fixture equipment for the automotive industry, said the merger will allow the companies to better serve customer needs. Ironbridge invested in A V Gauge last year.
2 min read · 03 August 2018
Enhance Energy Inc and Wolf Carbon Solutions Inc, an affiliate of Calgary-based energy infrastructure company Wolf Midstream Inc, have agreed to partner in the construction and operation of Alberta Carbon Trunk Line (ACTL). ACTL is a 240-kilometre pipeline that will collect carbon dioxide from Alberta industrial emitters and transport it to aging reservoirs for secure storage and enhanced oil recovery projects. Wolf will construct, own and operate the CO2 capture and pipeline transportation assets. ACTL's construction will be funded in part through an investment of up to $305 million by Canada Pension Plan Investment Board (CPPIB).
4 min read · 03 August 2018
Canadian cannabis investment firm Green Acre Capital has launched its second fund, securing more than $35 million in lead commitments. Green Acre Capital Fund II was backed by Aphria Inc, York Plains Investment Corp, Brett Wilson, Craig Lothian and several other wealthy investors. Like Fund I, which raised $25 million last year, Fund II will invest in early- and growth-stage private companies in the medical and recreational cannabis industry. It will source opportunities in Canada and abroad. Based in Toronto and Calgary, Green Acre Capital is led by Managing Directors Matt Shalhoub and Tyler Stuart.
3 min read · 03 August 2018
3 min read · 03 August 2018
Georgian Partners has raised about $715 million (US$550 million) for its fourth growth equity fund, winning a strong vote of confidence from limited partners for the firm’s North American scaling strategy. Georgian Partners Growth Fund IV closed this week at its hard cap, the Toronto investor told PE Hub Canada. The fund, Georgian's largest to date, secured 47 percent more than its predecessor, which raised about $485 million in 2016. It is also one of Canada’s largest private tech partnerships on record, according to Thomson Reuters data.
3 min read · 03 August 2018
Victoria, British Columbia-based cybersecurity company HYAS has raised $6.2 million in a Series A financing. The round was led by M12, the venture capital fund of Microsoft, and joined by Startup Capital Ventures, 205 Capital, Wesley Clover International and cybersecurity professionals Tim Eades and Tom Noonan. Founded in 2015 by CEO Chris Davis, HYAS provides attribution intelligence tools to help information security and cybersecurity professionals identify threats and the criminals behind them. Comox, the company's flagship platform, gives users access to billions of threat indicators. HYAS will use the funds raised to build out its current products and services and develop new technologies.
3 min read · 02 August 2018
The private equity group of Brookfield Asset Management has closed its acquisition of Westinghouse Electric Co LLC, a Pittsburgh-based provider of nuclear plant products and services. The deal, announced in January, reflected a purchase price of US$4.6 billion. Brookfield bought Westinghouse from Chapter 11 as a reorganized company. The prior owner was Toshiba Corp. Westinghouse reportedly went bankrupt in 2017 after a foray into nuclear plant construction projects. In March, Brookfield Senior Managing Partner Cyrus Madon told Buyouts and PE Hub Canada that Westinghouse’s focus on its “core services business” would be restored following the deal's close.
2 min read · 02 August 2018
Canadian private equity firm Clearspring Capital Partners has sold its equity interest in Logistik Unicorp Inc, a Saint-Jean-sur-Richelieu, Québec-based provider of comprehensive uniform programs to corporate and governmental organizations. The financial terms and nature of the sale were not disclosed. Founded in 1993 by President and CEO Louis Bibeau, Logistik serves the clothing and equipment supply chain needs of a range of customers, including the Canadian Armed Forces and Australian Defence Forces. Clearspring first invested in 2011. Bibeau said the partnership helped the company solidify and expand its global market presence, grow sales, and more than triple its bottom line.
2 min read · 02 August 2018
