3 min read · 11 June 2018
Business communications company Mitel Networks Corp (Nasdaq: MITL, TSX: MNW) has ended the “go-shop” period provided for in its acquisition agreement with an investor group led by Searchlight Capital Partners, a U.S. private equity firm. The company said it contacted 86 potential buyers during the “go-shop” period, but that no acquisition proposal was submitted. Ottawa-based Mitel in April announced the Searchlight-led group had agreed to buy 100 percent of its common shares for about $2.6 billion (US$2 billion), including debt. A shareholders meeting to vote on deal will be held on July 10.
4 min read · 08 June 2018
Laval, Québec-based robotics automation startup Omnirobotic has secured $1 million in a seed-stage financing. The round was led by Canadian artificial intelligence solutions company Element AI and joined by Real Ventures, Alexandre Taillefer and Genik. Founded in 2016 by CEO Francois Simard and CTO Laurier Roy, Omnirobotic helps mass customization manufacturers robotize their operations and address personnel shortages. It said the proceeds of the seed round will allow the company to demonstrate its first product, OmniPainter, an autonomous painting robot targeted to the painting industry, and develop additional industrial applications.
5 min read · 08 June 2018
Australia’s IFM Investors and British Columbia Investment Management Corp have agreed to invest in GCT Global Container Terminals Inc, a Vancouver-based operator of four marine container terminals in Canada and the United States. No financial terms were disclosed for the deal, which will see IFM and BCI respectively hold 37.5 percent and 25 percent interests. They join existing GTI backer Ontario Teachers’ Pension Plan, which will continue to hold a 37.5 percent interest. Founded in 2007, GTI is led by President and CEO Doron Grosman. In 2016, Reuters reported Ontario Teachers’ was exploring potential deals, including the sale of a significant equity stake.
3 min read · 08 June 2018
Flexiti Financial, a Toronto-based point-of-sale financing and payment technology company, has acquired the Canadian private label credit card portfolio of TD Financing Services, an affiliate of TD Bank Financial Group. The portfolio is valued at about $250 million. The deal adds a million new credit card customers and 900 new merchant locations to Flexiti's client base. Globalive Capital, the investment firm of Anthony Lacavera, invested $50 million as part of the acquisition's financing and acquired control of the company as a result. Flexiti, founded in 2013 by CEO Peter Kalen, also raised $350 million in credit facilities led by Credit Suisse AG to support the buy and future growth.
3 min read · 07 June 2018
Canadian alternative assets investor Kensington Capital Partners has completed a US$85 million recapitalization of Kenona Industries LLC, a Grand Rapids, Michigan high-volume precision machining business. The deal was done by the Kensington Private Equity Fund in partnership with management and co-investors. Founded in 1988, Kenona serves the automotive industry. Its products were utilized in over 45 2017 automobile nameplates, and its components are in more than 6 million of the 17 million U.S. vehicles produced annually. Kensington Senior Vice President Martin Kent said his firm will work with management to continue Kenona's growth.
3 min read · 07 June 2018
Tricor Pacific Founders Capital has become Founders Group of Food Companies as the Vancouver firm plans to take its North American food-sector strategy to the next level. Launched in 2014 by a group of senior private equity and industry pros, Founders has spent the past three-plus years investing its own capital in businesses focused on specialty seafood and meats, prepared foods, and edible gifts and confections. The rebranding marks a milestone in the firm's progress that includes creating a portfolio of “threshold size,” Partner Derek Senft told PE Hub Canada.
3 min read · 07 June 2018
Dentalcorp Health Services ULC, a Toronto-based network of general and specialist dental clinics, has closed a debt financing of nearly $1.2 billion (US$908 million). The company said it will use the deal's proceeds to refinance debt facilities and support its growth agenda. Dentalcorp last month raised a significant, undisclosed investment from L Catterton, a U.S. consumer private equity firm. Imperial Capital Group, a Canadian private equity firm, and OPTrust Private Markets Group, which have together backed the company since 2014, continue to hold stakes.
2 min read · 07 June 2018
Desjardins Capital and Siparex Group, a French private equity firm, have launched their previously announced Transatlantic partnership, raising an initial $120 million for a jointly managed fund. Bpifrance, Capital régional et coopératif Desjardins (CRCD) and Export Development Canada (EDC) have signed on as sponsors. The Transatlantic Fund will invest in French and Québec small and mid-sized businesses, facilitating North American opportunities for the former and European opportunities for the latter. Portfolio companies will be able to tap into support systems and networks on both sides of the Atlantic.
6 min read · 07 June 2018
Australia's IFM Investors and British Columbia Investment Management Corp (BCI) have agreed to invest in GCT Global Container Terminals Inc (GCT), a Vancouver-based operator of four marine container terminals in Canada and the United States. No financial terms were disclosed for the deal, which will see IFM and BCI respectively hold 37.5 percent and 25 percent interests. They join existing GTI backer Ontario Teachers' Pension Plan, which will continue to hold a 37.5 percent interest. Founded in 2007, GTI is led by President and CEO Doron Grosman. In 2016, Reuters reported Ontario Teachers' was exploring potential deals, including the sale of a significant equity stake.
3 min read · 07 June 2018
