Morneau Shepell Inc (TSX: MSI) has agreed to acquire all of the outstanding shares of LifeWorks Corp Ltd, an Atlanta, Georgia-based employee assistance program and wellness provider. The cash-and-stock deal, expected to close this month, is valued at about $426 million. Morneau Shepell, a Toronto-based human resources consulting and technology company, said the acquisition will bolster its global footprint. LifeWorks was formed in 2016 through a joint venture between Work Angel Technology Ltd and Ceridian HCM Holding Inc. When Ceridian went public earlier this year, it spun out LifeWorks to existing shareholders, including Thomas H. Lee Partners and Cannae Investors.
9 min read · 10 July 2018
Denham Capital, a U.S. resources and energy-focused private equity firm, has secured US$558 million for its first stand-alone mining fund. The Denham Mining Fund, backed with commitments from global institutional investors, will target deal opportunities in base metals, metallurgical coal, and industrial and specialty minerals in four regions, including Canada. Last year, Denham sold its interest in Vancouver-based mining company JDS Silver Holdings Ltd for US$250 million.
3 min read · 09 July 2018
Tilray, a Nanaimo, British Columbia-based cannabis cultivator, processor and distributor, has priced its recently filed initial public offering in the United States. Tilray, which plans to list on the Nasdaq Global Select Market under the symbol TLRY, is selling Class 2 common stock at an initial price of US$14 to US$16 per unit. The IPO is expected to raise as much as US$165.6 million ($217 million) in proceeds, assuming its greenshoe option is fully exercised. Founded in 2014, Tilray is owned by U.S. cannabis private equity firm Privateer Holdings. Earlier this year, the company closed a $60 million Series A financing backed by unidentified institutional investors.
3 min read · 09 July 2018
Toronto-based cannabis software provider Ample Organics Inc has raised an undisclosed investment from David Thomson's Osmington Inc and Green Acre Capital, a Canadian cannabis-focused investment firm. Founded in 2014 and led by President and CEO John Prentice, Ample Organics provides software for cannabis seed-to-sale tracking and reporting. The company's other products include AmpleCare, a patient registration platform for licensed producers, and AmplePayments, a cannabis payments and credit solutions platform. The funds raised will be used to support Ample Organics' domestic and international growth strategy.
3 min read · 09 July 2018
Hub International Ltd has acquired Optimum Group Benefits & Insurance Services Ltd of Coquitlam, British Columbia and Wm. W. Hammond Insurance Agency Inc of Leamington, Ontario. No financial terms were released for the deals, which bring Hub's acquisitions of Canadian employee benefits brokerages since January to seven. Hub, a Chicago-based insurance company, said the transactions will help it build a complete mid-market employee benefits platform in Canada. It expects the platform to reach $100 million in revenue by 2021 through acquisition and organic growth. Hub was acquired in 2013 by U.S. private equity firm Hellman & Friedman (H&F) for about US$4.4 billion.
4 min read · 09 July 2018
U.S. timberland investor CatchMark Timber Trust Inc (NYSE: CTT) has announced the close of a US$1.39 billion acquisition of 1.1 million acres of East Texas timberlands. CatchMark led a joint venture, operating as Triple T Timberlands, with a consortium of institutional investors, including British Columbia Investment Management Corp (BCI). The joint venture acquired the property from Campbell Global. CatchMark said the U.S. timberland deal is one of the largest of the past decade.
2 min read · 09 July 2018
BCE Inc (Bell Canada) has agreed to acquire Axia NetMedia Corp, a Calgary-based services provider on fibre communications infrastructure and the operator of Alberta SuperNet. Terms weren't disclosed. The seller is European private equity firm Partners Group, which acquired Axia in 2016 in a $272 million take-private deal. According to a report by the Canadian Press, Partners Group will divest Axia’s Canadian assets but remain invested in the company's affiliate in France. BCE, a Canadian telecommunications business, said the transaction will allow it to assume all operations of Alberta SuperNet, a government initiative providing broadband network connectivity to urban and rural communities in the province.
3 min read · 09 July 2018
Cochrane, Alberta-based industrial internet-of-things (IIoT) solutions provider mcThings has raised undisclosed financing from Accelerate Fund II. Founded in 2014 and led by President and CEO Tom Groenland, mcThings helps businesses to affordably create and deploy IIoT solutions by combining low-cost, battery-powered devices, field-programmable sensors, network gateways, and a cloud management and security platform. It will use the funds raised to continue growing and enhance sales capacity. Accelerate Fund II, an early-stage angel co-investment fund, is managed by Canadian private equity firm Yaletown Partners.
4 min read · 09 July 2018
Calgary-based energy explorer and producer Strath Resources Ltd has closed its acquisition of oil and gas properties and related infrastructure in the Resthaven/Jayar area of Alberta’s Kakwa region. The seller was Paramount Resources Ltd (TSX: POU). The cash-and-stock deal, announced in June, had a total consideration of $340 million. The cash portion, totalling $170 million, was funded by Strath's majority owner, Canadian energy private equity firm Waterous Energy Fund. Last week, Waterous said it closed its inaugural fund, Waterous Energy Fund LP, raising $1.4 billion.
2 min read · 06 July 2018
Canadian alternative equity firm Alaris Royalty Corp said End Of The Roll Discount Carpet & Flooring, a Kelowna, British Columbia-based flooring retailer, has repurchased Alaris' 13-year investment. Alaris originally invested $7.2 million in the company's succession plan in 2005. Together with the proceeds from the repurchase and royalties collected over time, the investor generated $22.2 million with the exit, as well as an internal rate of return of about 22 percent. Established in 1986, End of the Roll has more than 50 franchise locations across Canada.
3 min read · 06 July 2018
