Montréal-based information technology modernization specialist Fresche Solutions has raised about $77 million (US$60 million) in fresh funding. National Bank of Canada (NBC) was the lead arranger, sole book runner and administrative agent for the deal, backed by a syndicate of NBC, Investissement Québec and TD Bank. The proceeds will be used for the company's operations, organic growth and acquisition strategy. Fresche helps organizations modernize and extend the life of applications and databases that run on IBM Power Systems. Led by President and CEO Andy Kulakowski, the company has previously raised funding from Fonds de solidarité FTQ and Fondaction CSN.
5 min read · 24 May 2018
FirePower Equity, a division of FirePower Capital, recently acquired Interwork Technologies Inc, a Toronto-based specialty distributor of cyber security and service provider solutions. No financial terms were released for the deal, which resulted in FirePower's Anthony Lipschitz becoming the company's chairman. Established in 1991 and led by President and General Manager Joe Graci, Interwork serves vendors and solution providers in Canada and the United States. It said the acquisition will help the company "address under-served areas in the channel." Last year, PE Hub Canada profiled Toronto-based FirePower’s private capital division, launched in 2016.
3 min read · 24 May 2018
Onex Credit Partners LLC, the credit investment arm of Canadian private equity firm Onex Corp, has priced its 15th collateralized loan obligation (CLO) offering at about US$615 million. The transaction will be issued by a special purpose vehicle, backed by a diversified portfolio of broadly syndicated leveraged loans. With the offering's close, Onex Credit Partners will oversee more than US$10 billion. Last November, Toronto-based Onex wrapped up its fifth flagship fund, Onex Partners V, raising US$7.15 billion.
2 min read · 24 May 2018
U.S private equity firm The Riverside Co has made an investment in Destiny Solutions, a Toronto-based provider of student lifecycle management software. No financial terms were disclosed. Founded in 1995 and led by CEO Shaul Kuper, Destiny allowed the University of Toronto to be the first post-secondary institution to take enrollments online in 1997. It has since designed enterprise software focused on the non-traditional higher education market. Riverside said it will support Destiny's North American and global expansion through increased platform functionality, sales and marketing, new products and services, and add-on acquisitions.
3 min read · 24 May 2018
Canadian specialty finance firm Crown Capital Partners has provided a $10 million loan to WireIE (Canada) Inc, a Richmond, Ontario-based network operator that specializes in deploying and managing carrier-grade data networks in rural and remote areas. Founded in 2007, WireIE builds, owns and operates data networks for customers in the telecom carrier, oil and gas, utility and government sectors in Canada and around the globe. Rob Barlow, the company's president and CEO, said the proceeds of Crown's 10-year loan will help accelerate growth. WireIE is a portfolio investment of Covington Funds, a Canadian venture capital firm.
3 min read · 24 May 2018
Trescal SA, recently acquired by OMERS Private Equity (OPE), has bought RS Calibration Services Inc, a Pleasanton, California-based calibration, qualification and validation laboratory dedicated to the life sciences industry. No financial terms were disclosed. Trescal, a Paris-based provider of calibration services for the test and measuring equipment market, said the deal increases its coverage in California and ability to service life sciences companies. OPE last year agreed to acquire a majority stake in Trescal in a transaction that valued the business at about €670 million (US$787 million). The deal closed in April.
3 min read · 24 May 2018
Canada Infrastructure Bank has appointed Pierre Lavallée to be its president and CEO effective as of June 18. In the role, Lavallée will oversee the strategy and day-to-day operations of the bank, set up in 2016 by the federal government to provide access to $35 billion and tap private financing for Canadian infrastructure projects. He joins the bank from Canada Pension Plan Investment Board (CPPIB), where he most recently served as senior managing director and global head of investment partnerships. Lavallée left CPPIB earlier this month, resulting in the pension fund's appointment of Shane Feeney to an expanded role as head of global private investments.
3 min read · 24 May 2018
Capital pool company Corporate Catalyst Acquisition Inc has agreed to amalgamate with Globalive Technology Partners (GTP), a Toronto-based operating and investment platform focused on developing blockchain and machine learning technology stacks with partner companies. With the deal's close, the new entity's board will conditionally consist of GTP CEO Anthony Lacavera, founder of Wind Mobile and head of Globalive Capital, and the founders of Mundo Inc and VRG Capital, who together launched GTP earlier this year. It was also announced that GTP has wrapped up a $30 million private placement of subscription receipts in connection with the going public transaction.
5 min read · 23 May 2018
Toronto-based financial technology company NorthOne has raised $2 million in a seed-stage financing. The round was backed by Peter Graham, Tom Williams and Canadian venture capital firm Ferst Capital Partners, an existing investor. Founded in 2016 by CEO Eytan Bensoussan and COO Justin Adler, NorthOne is developing a mobile, API-enabled banking platform to provide small and medium-sized enterprises, startups and freelancers in Canada with financial management tools. More than 3,000 businesses have signed up for the platform ahead of its launch. NorthOne will use the funds raised to grow its team and prepare for the launch, slated for late 2018.
3 min read · 23 May 2018
Swiss private equity firm Partners Group has agreed to acquire a stake in GlobalLogic Inc, a U.S. provider of digital product development services, from U.K. private equity firm Apax Partners. The transaction values the business at more than US$2 billion. With the deal's close, Partners Group will become an equal shareholder in GlobalLogic with existing investor Canada Pension Plan Investment Board (CPPIB). Last year, CPPIB announced it had acquired a 48 percent stake in the San Jose, California-based company from Apax for an undisclosed amount.
5 min read · 23 May 2018
