Vertex Resource Group Ltd (TSX-V: VTX) has acquired the business of TSL Industries, a Kola, Manitoba-based provider of vacuum, hydro vac, fluid hauling, hot oiling and pressure truck services. No financial terms were released. TSL, established in 2001, serves the oil and gas industry as well as other sectors, such as utilities. Vertex, a Sherwood Park, Alberta-based environmental and industrial services provider, said the deal grows its service offering and presence in Manitoba. Vertex last year closed an $85.8 million qualifying transaction to go public with the backing of Canadian energy private equity firm 32 Degrees Capital.
2 min read · 11 June 2018
Canada Pension Plan Investment Board (CPPIB) plans to issue an inaugural green bond. The initiative, the first by a pension fund, CPPIB said, will provide additional funding for increasing holdings in renewables and energy-efficient buildings. Any green bonds issued in Canada will be issued on a private placement basis and only to certain qualified accredited investors. CPPIB has over the past year announced plans to invest more than $3 billion in the renewable energy sector.
3 min read · 11 June 2018
Clearwater Capital Management has urged AutoCanada Inc (TSX: ACQ), a Canadian automobile dealership group, to initiate a strategic review. In a letter addressed to the chairman, Roland Keiper, president of the Toronto-based hedge fund, expressed concern about AutoCanada's first quarter performance, a concern he says is held by other shareholders. He said AutoCanada's board should form a special committee to consider options that offer the "potential opportunity to sell at an attractive premium and avoid the risk of further operating performance risks." AutoCanada is based in Edmonton.
5 min read · 11 June 2018
U.S. predictive endpoint security platform CounterTack has acquired GoSecure Inc, a Montréal-based cybersecurity managed detection and response provider. No financial terms were disclosed. Founded in 2002 and led by President and Chairman Pascal Fortin, GoSecure has been a CounterTack channel partner. Its acquisition will enhance the Waltham, Massachusetts-based company's enterprise service offerings. Founded in 2011, CounterTack has raised US$92.4 million in venture capital, according to Crunchbase, including last year's Series D financing led by Singtel Innov8 and SAP National Security Services.
4 min read · 11 June 2018
Canadian pet-focused merchant bank Dane Creek Capital Corp has acquired Spring Meadows Natural Pet Food, a Saskatoon-based maker of frozen raw pet food for dogs and cats. No financial terms were disclosed for the all-cash deal. Founded in 2014 by Brett Flahr and Regan Sloboshan, Spring Meadows partners with local farmers to develop its product line for specialty retailers, primarily in Western Canada. Flahr will continue as the company's president. Spring Meadows is Dane Creek's fourth acquisition of a Canadian raw pet food manufacturer in the past 12 months. Earlier in 2018, the firm bought Naturawls Pet Products and Pets4Life.
4 min read · 11 June 2018
Davis-Standard LLC has acquired Brampton Engineering Inc, a Brampton, Ontario-based provider of multi-layer air-blown and water-quenched film systems, film winding, and other film production solutions. No financial terms were released. Established in 1973, Brampton is led by President and CEO Gary Hughes. Pawcatuck, Connecticut-based Davis-Standard is a manufacturer of plastic and rubber extrusion and converting systems. It was acquired in 2011 by ONCAP, the mid-market investment platform of Canadian private equity firm Onex Corp.
2 min read · 11 June 2018
Canadian private equity firm Onex Corp has hired Ted Larkin as a managing director. Larkin, who is based in the firm's Toronto headquarters, will be responsible for business and relationship development in Canada. Before joining Onex, he spent more than 30 years working in a range of senior roles at UBS Investment Bank, mostly recently as the managing director of the Toronto investment banking group. Last November, Onex closed its fifth flagship private equity fund, Onex Partners V, securing US$7.15 billion in committed capital.
2 min read · 11 June 2018
Canadian family office Walter Group of Companies has launched Walter Asset Management, a new North American private equity platform that will invest in small and mid-sized players in the asset management sector. The Montréal-based evergreen platform is expected to raise initial capital of $100 million, $40 million of which will be supplied by Walter Group. Sylvain Brosseau, the former head of Fiera Capital Corp, will lead Walter Asset Management. He will also commit capital. Walter Group, a sponsor of Walter Capital Partners, said the platform will help fill a key gap in the asset management space, which is currently undergoing consolidation.
3 min read · 11 June 2018
Statflo, a Toronto-based sales acceleration platform, has raised $12 million in a Series A financing, bringing total funding to $16.5 million. Elsewhere Partners led the round and was joined by existing investors Round13 Capital and Globalive Capital, and new investors Generation Ventures, Johannes Gnauck and Marco Schnabl. Elsewhere's Sam Kentor and Generation's Laura Lenz have joined the board as a result. Founded in 2012, Statflo's compliant one-to-one outreach tool allows wireless and technology retail stores, along with their indirect channels, to proactively drive more store traffic. It will use the funds raised to develop IP and pursue growth.
4 min read · 11 June 2018
Luge Capital has launched to invest in early-stage fintech companies with the backing of one of Canada’s largest institutions and the support of one of its top venture firms. Luge today said it raised an initial $75 million for its inaugural fund. It plans to secure the rest of the $100 million target over the next few months. The fund raised capital commitments from five limited partners: Caisse de dépôt et placement du Québec, Desjardins Group, Sun Life Financial, Fonds de Solidarité FTQ and La Capitale.
3 min read · 11 June 2018
