The private equity group of Brookfield Asset Management has exercised its option to acquire an additional 2 percent ownership interest in the general partner of Teekay Offshore LP from Teekay Corp (NYSE: TK), a marine energy transportation, storage and production business based in Vancouver. As a result, Brookfield increased its GP stake to 51 percent and has obtained the right to appoint a majority of board directors. Brookfield last year acquired 60 percent of Teekay Offshore for about $938 million (US$750 million). As part of the deal, the Canadian investor took a 49 percent position in the company's GP.
4 min read · 03 July 2018
Terrapure Environmental Ltd has acquired the Canadian industrial services and waste management operations of Dartmouth, Nova Scotia-based Envirosystems Inc. No financial terms were released. Envirosystems will retain its catalyst changeout business as well as its U.S. industrial services businesses, which are being rebranded as Maviro. Terrapure, a Toronto-based provider of industrial waste management and resource recovery, said the acquisition creates a broader and more diverse suite of solutions for its domestic customers. Terrapure was launched in 2015 by Canadian private equity firm Birch Hill Equity Partners. Envirosystems was acquired in the same year by Canadian private equity firm TorQuest Partners.
3 min read · 03 July 2018
TorQuest Partners has sold yarn business Spinrite, capping an especially busy season of exits and acquisitions for the private equity firm. The Toronto investor this week announced the sale of its majority interest in Spinrite, North America’s largest consumer craft yarn maker, to Comvest Partners. Terms weren’t disclosed. Based in Listowel, Ontario, Spinrite produces tens of millions of yarn balls annually for a growing population of knitters and crocheters.
3 min read · 03 July 2018
Canadian specialty finance firm Crown Capital Partners has launched a new fund to invest in integrated energy platforms (IEP) that supply electricity under long-term contracts to mid- to large-scale users, such as manufacturers, hotels and condominiums. Crown Capital Power LP has been initially capitalized with $15 million to back eight IEPs that can provide more reliable and less expensive electricity compared to a public utility. It will begin by targeting Ontario opportunities and over time expand into other North American markets. The fund's first investment is with OOM Energy Group, a Toronto-based electricity generation company that has built, operated and maintained more than 40 IEPs.
3 min read · 29 June 2018
Focus FS, a software-as-a-service platform for safer, smarter worksites, has raised $1.4 million in financing. The round was backed by an $800,000 quasi-equity investment made by BDC Capital's Growth and Transition Capital, with additional funding coming from private and strategic sources. Founded in 2012, St. John's, Newfoundland and Labrador-based Focus FS has developed a cloud-based safety management suite to help industrial worksites gain efficiencies and lessen risk to allow projects to run smoothly. Led by CEO Jeff Brown, the company will use the funds raised to further invest in sales and marketing in key North American and global markets.
3 min read · 29 June 2018
Canadian private equity firm Waterous Energy Fund has closed its debut fund, raising $1.4 billion in committed capital, exceeding an original target of $1 billion. Waterous Energy Fund LP was launched last year by Managing Partner and CEO Adam Waterous to invest up to $500 million in late-stage control deals involving mature North American oil and gas companies with liquids-weighted, quality assets, but which have run into challenges. The fund has already invested over 60 percent of its capital in two companies. They are Strath Resources Ltd, which this month agreed to buy assets held by Paramount Resources Ltd, and Cona Resources Ltd, formerly backed by Riverstone Holdings and NGP.
2 min read · 29 June 2018
Starlight Investments and Blackstone Property Partners (BPP) have formed a joint venture to acquire a portfolio of six multi-family properties in Toronto and Montréal. No financial terms were released. The portfolio reflects a mix a high-, mid- and low-rise concrete buildings consisting of some 746 units. The partnership with Starlight marks the first investment in Canadian multi-family real estate by BPP, an affiliate of U.S. private equity firm Blackstone Group. Based in Toronto, Starlight is a real estate investment and asset management firm.
2 min read · 28 June 2018
Caisse de dépôt et placement du Québec has acquired a minority interest in BFL Canada, a Montréal-based commercial insurance brokerage and consulting services business. No financial terms were disclosed for the deal, which was backed by Fonds Relève CDPQ, a $250 million fund set up by the Caisse last year to facilitate business transfer projects. The investment will support BFL's long-term growth strategy in Canada and enable its transition and succession program in the coming years. President and CEO Barry Lorenzetti, who founded BFL in 1987, and other senior executives will continue to lead the company.
3 min read · 28 June 2018
Ziliomics Inc, a Toronto bioinformatics software startup, has raised undisclosed seed-stage financing. The Prospects Oncology Fund of Fight Against Cancer Innovation Trust (FACIT) was the investor. Created by FACIT, Ziliomics is developing web-based, modular software solutions to help physicians make treatment decisions for patients living with cancer. The proceeds of the seed round will advance the development of Heliotrope, the company's lead product, and position Ziliomics for partnerships and additional funding. FACIT, established by the Ontario Institute for Cancer Research, launched the Prospects Oncology Fund last year.
3 min read · 28 June 2018
Waterloo-based education technology startup ApplyBoard has secured over $17 million (US$13 million) in a Series A financing. The round was led by U.S. venture capital firm Artiman Ventures and joined by existing investors, including 500 Startups, Candou Ventures and Think+. ApplyBoard, founded in 2015 by CEO Martin Basiri and CMO Meti Basiri, has created an artificial intelligence-enabled marketplace to help international students apply for study at post-secondary institutions worldwide. It has so far partnered with more than 750 North American educational institutions. ApplyBoard will use the funds raised for growth and to further develop its platform.
3 min read · 28 June 2018
