Kirk Falconer

Canopy Growth to take ownership of VC-backed BC Tweed

Canopy Growth Corp (TSX: WEED) has conditionally agreed to acquire the 33 percent stake of cannabis production brand BC Tweed Joint Venture Inc not currently owned by the company. With the deal's close, Canopy will issue up to $374 million worth of shares to the minority shareholders of BC Tweed. BC Tweed was launched in 2017 in partnership with Canopy and others to develop up to 3 million square feet of greenhouse growing capacity in British Columbia. The business is a spin out of SunSelect Produce Inc, a Delta, British Columbia-based vegetable producer backed by Avrio Capital and InvestEco Capital, both Canadian food and agriculture technology investors.

Crown Capital provides $10 mln long-term loan to Mill Street

Crown Capital Partners has provided a 10-year loan of $10 million to Mill Street & Co, a Toronto-based private investment firm. Founded in 2013, Mill Street acquires privately-held small and medium-sized companies, primarily based in Southern Ontario, supplying entrepreneurs with a succession plan and liquidity. The firm's diversified portfolio of nine operating companies includes Dfendus Security Solutions Inc, an advanced security solutions provider backed by Mill Street in January. Mill Street President Noah Murad said the long-term loan from Crown, a Canadian specialty finance firm, will enable it to "further capitalize on growth opportunities."

Ontario Teachers’ buys CEO stake in music publisher Ole

Music publisher Ole said its founder and CEO, Robert Ott, has sold his stake in the company to Ontario Teachers’ Pension Plan. No financial terms were disclosed. Launched in 2004 with the backing of Ontario Teachers', Ole manages the rights of more than $550 million in music intellectual property. The catalogue of the Toronto-based business includes more than 55,000 songs and 60,000 hours of TV and film music across a range of genres. Ziad Hindo, senior managing director, capital markets, at Ontario Teachers', said the pension fund plans to further support the growth of the "iconic, Canadian-based company."

Lynx Equity acquires British furniture dealership Day 2

Canadian private equity firm Lynx Equity has acquired Day 2 Interiors Ltd, a London-based office furniture dealer and commercial furniture scheme consultant. No financial terms were released. Founded in 2001 by Managing Director Jim Meier, Day 2 manages every stage of the interior furnishing process for a wide range of organizations. Meier will remain with the company for at least five years following the change in ownership. Day 2 is Lynx's third acquisition in the United Kingdom. The investor's first two British deals, closed last year, were Label Express Ltd and Signalhome Ltd.

Highline BETA unveils accelerator program for women angels

Highline BETA has relaunched Female Funders Angel Academy, an accelerator program for women executives pursuing angel investing. Highline BETA's Female Funders will partner with the National Angel Capital Organization to sponsor an eight-week training program covering the fundamentals of angel investing. In the year following the training, Angel Academy members will be able to write their first investment cheque for startups sourced independently or through the Female Funders syndicate, and to co-invest with Highline BETA. Toronto-based Highline BETA is a startup co-creation and new venture development firm.

Triple Flag to buy Centerra's royalty, stream assets for $256 mln

Toronto-based mining company Centerra Gold Inc (TSX: CG) has agreed to sell the precious metals royalty portfolio and Kemess project silver stream of AuRico Metals Inc to Triple Flag Mining Finance Ltd. Triple Flag will pay about $256 million (US$200 million) for the assets. Centerra, which bought AuRico in January, said the deal provides the company with significant cash proceeds for enhancing its balance sheet and helping fund its growth development pipeline. Based in Toronto, Triple Flag targets streaming and royalty investments in the mining sector with the backing of Elliott Management Corp, a U.S. hedge fund manager.

Conifex to buy Blue Wolf-owned U.S. sawmills in $258 mln deal

Conifex Timber Inc (TSX: CFF) has agreed to acquire BW Group, which holds interests in the Suwannee sawmill in Cross City, Florida and the Caddo River sawmill in Glenwood, Arkansas. The deal is valued at about $258 million (US$200 million) in cash and shares. The businesses under the umbrella of BW Group are majority owned by Blue Wolf Capital Partners, a U.S. private equity firm. With the deal's close, expected in the second quarter, Blue Wolf will become an investor in Conifex, a Vancouver-based manufacturer and seller of lumber products. Blue Wolf Partner Charles Miller and Strategic Advisor George Judd will join the company's board.

PE-backed Access buys six Canadian records managers

Access, a U.S. records and information management services provider, has acquired six Canadian records management companies operating together as Innovative Records Systems Corp. No financial terms were disclosed. The companies are BCRM Services Ltd, Calgary Archives Corp, Crown Enterprises Ltd, Phoenix Recycling Inc, FileBank Record Centre Ltd and Docu Guard Ltd. Access said the deal expands its North American operations with locations in nine Canadian cities servicing more than 20 domestic markets. Woburn, Massachusetts-based Access is backed by Berkshire Partners and GI Partners.

Crown Capital puts $25 mln loan to work in Persta Resources

Canadian specialty finance firm Crown Capital Partners has provided a $25 million term loan to Persta Resources Inc, a Calgary-based oil and gas company. Established in 2005, Persta explores, develops, produces and acquires liquid-rich gas and light crude oil assets in the Western Canadian Sedimentary Basin. It holds about 120,000 net acres of land and currently produces about 3,100 barrels of oil equivalent production per day, the bulk of which is natural gas. The company, led by President and CEO Le Bo, will use the loan's proceeds for capital expenditures and to reduce its senior debt facility.

CPPIB partners in $120 mln funding of fashion brand Lulus

Canada Pension Plan Investment Board (CPPIB) has partnered in a US$120 million investment in Lulus, a Chico, California-based digitally native apparel brand for women. CPPIB invested alongside IVP, a U.S. late-stage venture capital and growth equity firm. They join existing investor HIG Growth Partners, which has backed Lulus since 2014. Lulus started out in 1996 as a vintage boutique and in 2008 transitioned to purely online sales of products from the Lulus label and a selection of designers and brands. The company uses data to anticipate demand trends and a merchandising strategy to engage its millennial customer base.