Fonds de solidarité FTQ and Fonds régionaux de solidarité FTQ-Estrie have invested $5 million in Belt-Tech Products Inc, a Granby, Québec-based maker of seatbelt webbing for the automotive, industrial and aviation markets. The funds raised will be used to buy equipment, increase working capital for growing operations, automate Belt-Tech's plant and improve productivity through innovation. Belt-Tech President Robert Bélanger said his company is also looking into acquisitions in the U.S. industrial and military markets, and expansion in the European and Asian automotive markets.
3 min read · 06 July 2018
Fitplan Technologies, a Vancouver and Los Angeles mobile fitness platform, has raised about $6.2 million (US$4.7 million) in financing. The round was backed by Lerer Hippeau, Bullpen Capital, Advanceit and Imaginary Ventures. Founded in 2016 by CEO Landon Hamilton and President Cam Speck, Fitplan connects users with curated fitness plans, making it efficient and affordable to find the right routine, track progress and achieve results. It currently serves 167,000 users. Fitplan will use the funds raised to develop the platform, grow its user base, expand its team and bring on more personal trainers.
3 min read · 05 July 2018
CEDA has acquired Breakthrough Oilfield Services Ltd, a Dawson Creek, British Columbia-based industrial and field services company serving the oil and gas industry. No financial terms were released for the deal, which saw CEDA buy the business from owner-operator Derek Loomis. CEDA, a Calgary-based provider of maintenance, turnaround, construction and project services to a range of industries, said the acquisition complements its offerings and grows its regional presence. CEDA was acquired in 2005 by OMERS Infrastructure from Precision Drilling Corp for $274 million.
3 min read · 05 July 2018
Canopy Growth Corp (TSX: WEED) has closed its acquisition of a 33 percent stake of cannabis production brand BC Tweed Joint Venture Inc not owned by the company. Canopy Growth issued $374 million of shares to BC Tweed's minority investors. Payments will be released over three years with the achievement of milestones. Launched in 2017, BC Tweed today has over 1.7 million square feet of licensed production to meet forthcoming recreational cannabis demand. It was spun out of SunSelect Produce Inc, a Delta, British Columbia-based vegetable producer backed by Canadian investors Avrio Capital and InvestEco Capital.
3 min read · 05 July 2018
Export Development Canada (EDC) has launched a co-investment initiative to support Canadian growth-stage clean technology companies. The Cleantech Co-Investment Program (CCIP) will partner with private investors to back companies with about $1 million in revenue and the potential to continue growing and access the global market. CCIP's debut deal was with Pyrowave, a Toronto and Montréal developer of a recycling technology that converts waste plastics into high-value end products. CCIP, Ecofuel, an affiliate of Cycle Capital Management, and a European investor provided $1 million in financing.
4 min read · 05 July 2018
Fonds de solidarité FTQ reported comprehensive income of $1 billion for its fiscal year ended May 31, 2018. It posted an overall annual return of 7.5 percent, driven by an investment portfolio return of 14.1 percent. As a result, total net assets of the Montréal-based development-capital investment firm increased to $14.3 billion. During the year, the Fonds invested $1.1 billion, primarily in Québec-based businesses. At the end of May, it had 2,839 partner companies and 667,417 shareholders.
3 min read · 05 July 2018
Cirque du Soleil Entertainment Group has acquired VStar Entertainment Group, a Fridley, Minnesota-based live entertainment provider, and VStar's Florida circus arts affiliate Cirque Dreams. No financial terms were disclosed. Cirque, a Montréal-based live performance company, said the buy will expand its audiences with creative content designed for children and families. The deal follows last year's acquisition of Blue Man Productions, reportedly for US$65.5 million. Cirque was bought in 2015 by a group led by TPG Capital and joined by Fosun Capital Group and Caisse de dépôt et placement du Québec.
5 min read · 05 July 2018
MetaOptima Technology, a Vancouver digital health technology company, last month raised about $8.5 million in funding. The round's investors were Skip Capital and AirTree Ventures. Founded in 2012 by CEO Maryam Sadeghi and CTO Majid Razmara, MetaOptima develops intelligent dermoscopy tools for smart skin imaging, analytics and management, and skin cancer early detection. It will use the funds raised to advance its technology, including DermEngine, a cloud dermoscopy and skin care platform that serves patients, physicians and service providers.
3 min read · 04 July 2018
Relentless Venture Fund (RVF), a health technology venture capital fund managed by Relentless Pursuit Partners, has secured an undisclosed founding investment from Vancity. RVF will invest in early-stage financings of preventative and proactive technology solutions that help optimize health, activity and longevity. Its debut investment backed the $33.2 million round of Vancouver-based medical data company Canary Medical Inc, announced in May. RVF is led by General Partner Brenda Irwin. She is also managing partner of Vancouver investment and consulting firm Relentless.
3 min read · 04 July 2018
Toronto-based insurance brokerage Navacord Inc has agreed to a management-led buyout of its minority partner with the support of U.S. private equity firm Madison Dearborn Partners. No financial terms were released for the deal, which is expected to close in Q3 2018. Founded in 2014, Navacord partners with regional brokers offering capabilities in commercial property and casualty insurance and employee benefits consulting. It trades under nine brands in Ontario, Alberta and British Columbia. The company said Madison Dearborn's investment will accelerate its organic growth and the addition of future broker partners in Canada.
4 min read · 04 July 2018
