Stem Inc, a U.S. artificial intelligence-enabled energy storage provider, has raised $200 million from Ontario Teachers’ Pension Plan. The deal's proceeds will support Stem's acquisition of Ontario energy storage projects and delivery of the company's systems, which help manufacturers and other industrial customers control energy consumption costs. Ontario Teachers’ Senior Managing Director Dale Burgess said the investment attests to the value of a "firm and competitive financing solution for industrial customers in Ontario." The pension fund also backed Stem’s Series D financing, which closed this week at nearly US$110 million.
4 min read · 24 July 2018
Town & Country Holdings Inc (T&C) has acquired Amalgamated Textiles USA, a Montréal-based supplier of window treatments and hardware. No financial terms were disclosed for the acquisition, which was announced alongside T&C's buy of Home Dynamix LLC, a U.S. wholesaler of floor rugs, mats and bedding. Lakewood, New Jersey-based T&C is the parent of Town & Country Living, a supplier of table linens, kitchen textiles, rugs and other products. The company said the deals add to its product line and expand its retail footprint. T&C was acquired in January by U.S. private equity firm HIG Capital.
5 min read · 24 July 2018
League, a Toronto-based digital employee health benefits platform, has secured $62 million in its latest financing. Telus Ventures led. It was joined by Wittington Ventures, a new investor, as well as OMERS Ventures, Infinite Potential Group, RBC Ventures, Real Ventures and BDC IT Venture Fund, all of them existing backers. Founded in 2014 by CEO Michael Serbinis, League uses cloud infrastructure to connect businesses and employees with health insurance, flexible spending accounts, health content, curated health journeys and on-demand, live health support. The company, which last year expanded into the United States, will use the funds raised to open new offices, begin European operations, and enhance its technology.
4 min read · 24 July 2018
Canadian private investment firm Hillcore Group has acquired a controlling interest in Panels and Pipes Inc, a Timmins, Ontario-based industrial scaffolding and mechanical insulating contractor. No financial terms were released for the deal, which closed on July 12. Founded in 1999 by Jean-Paul Legault, Panels and Pipes primarily services major projects, maintenance and turnaround support activity in the industrial construction sector of Western Canada and Ontario. Panels and Pipes join's Toronto-based Hillcore’s industrial group, which includes Waiward Steel LP and Academy Group.
2 min read · 23 July 2018
Canadian private equity firm Altas Partners has hired David Brent as a partner. Brent joins the firm from U.S. alternative asset manager Apollo Global Management. Working from Apollo's London and New York offices, he focused on sourcing, evaluating and executing private equity opportunities across a range of industries. Brent began his career in the leveraged finance group of Bank of America Merrill Lynch. Earlier this year, Toronto-based Altas acquired University of St. Augustine for Health Sciences for US$400 million. The deal was the third done so far by Altas Partners Holdings LP, which raised US$1 billion in 2016.
1 min read · 23 July 2018
Canada Pension Plan Investment Board (CPPIB) has partnered with Boston Properties Inc (NYSE: BXP) in a joint venture to buy Santa Monica Business Park, a Santa Monica, California office and retail business park. The 47-acre property was acquired for about US$627.5 million, including US$11.5 million of seller-funded leasing costs. As part of the joint venture, CPPIB will invest US$147.4 million to obtain a 45 percent interest. Hilary Spann, CPPIB managing director and head of Americas real estate investments, said the deal gives the pension fund "immediate scale" in the West Los Angeles office market.
4 min read · 23 July 2018
Caisse de dépôt et placement du Québec and Australia's AMP Capital have agreed to provide an initial US$500 million to Tillman Infrastructure, a U.S. cellular tower and telecommunications infrastructure company. The initial investment will support the construction of new telecommunications towers across the United States. The agreement calls for the Caisse and AMP to invest up to US$1 billion according to future growth needs. New York-based Tillman began construction on its first sites in 2017 and is now building in more than three dozen states.
4 min read · 23 July 2018
La Maison Simons Inc has bought Rituels.ca, a Québec City-based company specializing in traditional shaving and grooming products and accessories for men. Terms weren't disclosed. Simons, a Québec City-based apparel retail store operator, said the acquisition, the first in its 178-year history, will enhance its product range for male customers. Rituels Founding President Michael Carpentier will continue to lead the brand as a Simons executive. Earlier this year, Caisse de dépôt et placement du Québec and Investissement Québec invested $44 million in Simons, gaining a stake in the company.
4 min read · 23 July 2018
Toronto-based medical device developer Thornhill Medical has raised an undisclosed Series A financing. The round was led by Yonghua Capital, a Chinese private equity firm. Thornhill, spun out of University Health Network in 2003, develops and manufactures devices in the areas of vascular diagnostics, emergency medical services and field medicine, and patient safety. The company will use the funds raised for its released line of emergency mobile products, sales and marketing, and continued clinical research in non-invasive cardiac and brain stress testing. Thornhill is led by President and CEO Kipton Lade.
3 min read · 20 July 2018
4 min read · 20 July 2018
