Only 14 percent of all partners at Canadian venture capital firms are women, according to a report released by Highline BETA’s Female Funders and Hockeystick. This compares with 7 percent of partners at the top 100 U.S. venture capital firms. Women in Venture, produced in partnership with National Angel Capital Organization (NACO), also found that top Canadian funds run by teams without female partners accounted for 84 percent of capital committed. Lauren Robinson, executive director of Female Funders, said that while Canada is "leading the conversation" about women entrepreneurs "we also need to consider who’s on the other side of the table.”
4 min read · 11 July 2018
European private equity firm CVC Capital Partners said it acquired common shares in The Stars Group Inc (TSX: TSGI, Nasdaq: TSG), a Toronto-based provider of technology product offerings to the gaming and interactive entertainment industries. The acquisition gives CVC about 12.4 percent of the company's issued and outstanding shares. It is linked with Stars Group's buy of U.K. online gaming business Sky Betting and Gaming (SBG), which closed this week. The US$4.7 billion deal was announced in April. CVC acquired a majority interest in SBG from Sky Plc in 2015.
2 min read · 11 July 2018
BDC Capital’s Women in Technology Venture Fund (WIT) has closed new investments in four women-led technology companies. The fund invested in AvenueHQ, a Vancouver real estate marketing software provider co-founded by COO Rebecca Troelstra; Lufa Farms, a Montréal developer of urban greenhouse facilities co-founded by Lauren Rathmell; Tealbook, a Toronto supplier intelligence provider to enterprises founded by CEO Stephany Lapierre, and; Unsplash, a Montréal free-for-use curated photo platform co-founded by Stephanie Liverani. The $200 million WIT fund has so far invested in 14 women-led companies.
4 min read · 11 July 2018
Canadian business communications provider Mitel Networks Corp (TSX: MNW, Nasdaq: MITL) said its shareholders have approved the company's acquisition by an investor group led by U.S. private equity firm Searchlight Capital Partners. About 97.5 percent of the shares voted at a meeting today were cast in favour of the deal, which was announced in April at a value of about $2.6 billion (US$2 billion), including debt. It is expected to close in the second half of this year. Based in Ottawa, Mitel provides business connections for more than 70 million users in over 100 countries.
2 min read · 10 July 2018
MAV Beauty Brands Inc, the holding company for Toronto-based beauty specialist Marc Anthony Cosmetics Inc, has closed its initial public offering in Canada. The company raised about $242 million in treasury and secondary proceeds. As reported last month by PE Hub Canada, the IPO’s forthcoming greenshoe option could bring total proceeds to as much as $278 million. Marc Anthony's common shares will begin trading today on the Toronto Stock Exchange under the symbol MAV. Founded in 1995 and led by Marc Anthony Venere, Marc Anthony develops, markets and distributes hair-care and body-care products. It was acquired in 2016 by U.S. private equity firm TA Associates.
3 min read · 10 July 2018
U.S. private equity firm Blue Wolf Capital Partners has completed its sale of Suwannee Lumber and Caddo River Forest Products to Conifex Timber Inc (TSX: CFF), a Vancouver-based manufacturer and seller of lumber products. As a result of the $262 million (US$200 million) cash-and-stock deal, announced in May, Blue Wolf Partner Charles Miller and Strategic Advisor George Judd have taken seats on Conifex’s board. In a separate release, BW SLC Holdings LLC, a Blue Wolf affiliate, said it acquired common shares and warrants in Conifex. The transaction will give BW SLC ownership of up to 21.59 percent of the company's issued and outstanding shares.
4 min read · 10 July 2018
Distribution International Inc (DI) has acquired certain assets of Frost Insulation Supplies Inc, a Surrey, British Columbia-based provider of mechanical insulation and related supplies to specialty insulation and heating, ventilation and air conditioning (HVAC) contractors. No financial terms were disclosed for the deal, which was done by DI's Canadian affiliate Crossroads C&I Distributors Inc. DI, a Houston-based distributor of insulation-related fabricated products, HVAC products and safety supplies, said the deal aligns with its consolidation strategy in North America's mechanical insulation market. DI is backed by U.S. private equity firm Advent International, which acquired the company in 2014.
3 min read · 10 July 2018
Metamaterial Technologies Inc (MTI), a Halifax-based smart materials and photonics company, has acquired Medical Wireless Sensing Ltd, a U.K. developer of wireless devices for medical diagnostics and monitoring. No financial terms were disclosed. MTI CEO George Palikaras said the deal provides his company with complementary advanced materials technology, intellectual property and new opportunities, including an ability to help design and develop low-cost, energy-saving medical equipment. Founded in 2011, MTI last year secured an $8.3 million Series A financing led by Radar Capital and joined by Innovacorp and others.
3 min read · 10 July 2018
Interaxon Inc, a Toronto-based developer of brainwave-sensing technology, has acquired Meditation Studio, a U.S. app that provides users with expert-guided meditations and related resources. No financial terms were released. Interaxon CEO Derek Luke said the deal expands his company's direct-to-consumer offerings and reinforces its contribution to brain health. It now offers a database of more than 400 guided meditations and courses. Interaxon, the maker of the Muse sensory headband, last year secured about $14.8 million in a Series B-1 financing led by Trend Forward Capital, Export Development Canada and OMERS Ventures.
3 min read · 10 July 2018
Chronogolf, a Montréal-based provider of software and marketing solutions to golf courses, has closed its third financing round, raising $2 million. The investors were not disclosed. Chronogolf has previously been backed by Anges Québec, BDC Capital, iNovia Capital and Telegraph Hill Capital. Founded in 2012 by Co-CEOs Guillaume Jacquet and JD St-Martin, Chronogolf serves more than 500 golf-course operators in North America and Europe, providing online booking, electronic tee-sheets, member and tournament management, customer loyalty and point-of-sale solutions. It said it will continue expanding globally and invest in further technology enhancements.
3 min read · 10 July 2018
