Canada Pension Plan Investment Board (CPPIB) has partnered with Singapore sovereign wealth fund GIC to acquire a prime office building in Seoul, South Korea for about $492 million (US$380 million). The property, Kumho Asiana Main Tower, is being sold by Kumho Asiana Group, parent of Asiana Airlines. CPPIB and GIC will each own a 50 percent stake in the property, which will be managed by DWS. Jimmy Phua, a managing director and head of real estate Asia at CPPIB, said the deal is an opportunity to invest in one of Asia's largest office markets.
3 min read · 09 May 2018
Toronto-based biomimetic innovation platform BiomeRenewables has secured $3 million in funding from the Government of Ontario's Low Carbon Innovation Fund (LCIF) and unidentified private investors in the wind industry. Founded in 2015 by CEO Ryan Church, BiomeRenewables is an industrial design group developing solutions to address technical and productivity challenges faced by renewable energy technologies. It will use the funds raised to validate the company's aerodynamic PowerConeTM technology in a full-scale wind turbine pilot study.
2 min read · 09 May 2018
Resson, a Fredericton, New Brunswick-based provider of predictive analytics to the agricultural industry, has raised $14 million in a Series C financing. The round was led by Indian vehicle maker Mahindra & Mahindra Ltd, which joins existing strategic partners McCain Foods Ltd and Monsanto Co. They and Build Ventures, Rho Canada Ventures, BDC Capital, East Valley Ventures and New Brunswick Innovation Foundation also backed the Series C. Resson uses machine learning, big data analytics and computer vision to help growers of crops make better-informed decisions and increase productivity. Founded in 2013, the company is led by CEO Jeff Grammer.
4 min read · 08 May 2018
A study by the Business Development Bank of Canada (BDC) has found only 4 percent of Canadian small and medium-sized enterprises (SMEs) can be classified as high performing. The study, based on data for 950,000 SMEs with less than $100 million in annual sales, suggests that companies with the best results are focused on productivity and innovation, invest in equipment, including information and communication technologies, offer employees competitive wages, expand globally and control debt. The BDC study identifies specific strategies that small, mid-sized and larger companies should adopt to improve their performance.
4 min read · 08 May 2018
407 International Inc has agreed to issue $500 million in senior notes through the company's $1.8 billion medium-term notes program. A syndicate led by RBC Dominion Securities Inc and BMO Nesbitt Burns Inc will facilitate the deal. The proceeds will be used to fund a series reserve account, repay debt, and for other priorities. Woodbridge, Ontario's 407 International, the operator of toll highway Highway 407, is owned by Ferrovial SA, Canada Pension Plan Investment Board (CPPIB) and SNC-Lavalin. CPPIB struck a deal in 2010 to acquire its 40 percent interest.
2 min read · 08 May 2018
OMERS Ventures said it plans to expand its footprint beyond the North American market by opening offices in London and Singapore. The firm is currently looking to identify a team based in London to gain access to emerging technology investment opportunities in Europe, including in the United Kingdom, Germany and France. Once that team is built out, it will create an Asia-focused team based in Singapore. OMERS Ventures, the $800-million venture capital investment arm of the Ontario Municipal Employees Retirement System, earlier this year said it is also looking to open an office in Silicon Valley.
3 min read · 08 May 2018
Montréal-based telecommunications and media company Québecor Inc (TSX: QBR.A-B) has agreed to repurchase all of the share capital held in its media subsidiary by Caisse de dépôt et placement du Québec. The deal, which values the Caisse's 18.47 percent stake at $1.69 billion, completes a process begun in 2012. It gives Québecor 100 percent of the subsidiary. Caisse President and CEO Michael Sabia said the deal, expected to close in June, will allow the pension fund to re-allocate resources to new Québec investment opportunities. The Caisse will retain an interest in the business through Québecor's partial payment by way of convertible debentures.
6 min read · 08 May 2018
CGI Group Inc (TSX: GIB.A, NYSE: GIB) has agreed to purchase for cancellation about 3.6 million Class A subordinate voting shares held by Caisse de dépôt et placement du Québec. The deal, which prices shares at $75.06 per unit, has a value of $272.8 million. With the close, the Caisse will hold about 15.1 percent of total outstanding shares. Executive Vice President Christian Dubé, who oversees the Caisse's private equity portfolio in Québec, said the pension fund will remain one of CGI's main investors and continue to support the company's growth. Montréal-based CGI is an information technology and business consulting services provider.
3 min read · 08 May 2018
Photonic quantum computing startup Xanadu has raised $9 million in a seed-stage financing. The round was led by OMERS Ventures and joined by Golden Ventures and Real Ventures. Founded in 2016 by CEO Christian Weedbrook, Toronto-based Xanadu designs and integrates quantum silicon photonic chips into existing hardware to create full-stack quantum computing. The result is expected to be increased capacity for solving problems in machine learning, chemistry, finance, sensing and drug discovery. Xanadu also announced that Seth Lloyd, an MIT professor and quantum computing expert, has joined the company as chief scientific advisor.
3 min read · 08 May 2018
Javelin Technologies Inc, an Oakville, Ontario-based provider of 3D design engineering, data management and 3D printing, has merged with Cimetrix Solutions Inc, an Oshawa-based provider of additive manufacturing and laser scanning solutions. No financial terms were disclosed. The combined business, which will take Javelin's name and serve 6,000 customers in Canada, will be led by Javelin Managing Directors John Carlan and Ted Lee and Cimetrix President and CEO James Janeteas. Javelin, founded in 1997, also said Canadian private equity firm CAI Capital Partners has made an undisclosed investment in the company.
4 min read · 07 May 2018
