Benevity Inc has bought Versaic Inc, a San Mateo, California-based software company that helps manage corporate giving and social responsibility activity. No financial terms were released. Benevity, a Calgary-based online workplace giving, matching, volunteering and community investment software provider, said the acquisition, which comes on the heels of last month's buy of TrustCSR, will expand its grant management offerings. Established in 2008, Benevity in January secured an investment from General Atlantic. The company is also backed by JMI Equity.
3 min read · 29 March 2018
Swiss private equity firm Partners Group and Canadian pension fund manager OPTrust have agreed to buy a 50 percent control stake in Superior Pipeline Co, a U.S. midstream energy infrastructure company. The deal, which values the company at US$600 million, will see U.S. energy business Unit Corp (NYSE: UNT), the stake's seller, hold the remainder of the equity. Founded in 1996 and based in Tulsa, Oklahoma, Superior owns and operates three natural gas treatment plants, 13 processing plants, 22 active gathering systems, and about 1,455 miles of pipeline across the United States.
3 min read · 29 March 2018
ONCAP, the mid-market investment arm of Canadian private equity firm Onex Corp, has wrapped up its sale of Mavis Discount Tire, a Millwood, New York-based tire retailer and wholesaler. ONCAP, which acquired the company in 2014, earlier this year agreed to merge it with Express Oil Change & Tire Engineers, which is backed by Golden Gate Capital. ONCAP said it earned US$519 million in proceeds from a US$150 million investment in Mavis, resulting in a gross multiple of 3.8x in Canadian dollars (3.5x in U.S. dollars) and a 53 percent gross rate of return in Canadian dollars (48 percent in U.S. dollars).
2 min read · 29 March 2018
Swift Medical, a Toronto-based specialist in digital wound care management, has raised $11.6 million in a Series A financing. The round was led by U.S. venture capital firm Data Collective (DCVC) and joined by Canadian firms Real Ventures, Relay Ventures and BDC Capital. Founded in 2015 by CEO Carlo Perez and CTO Edwin Liang, Swift provides advanced wound care visualization and 3D measurement through its Skin and Wound software. The solution has so far been adopted by more than 1,000 healthcare facilities managing over 100,000 beds across North America. Swift plans to use the Series A's proceeds to pursued continued growth.
4 min read · 29 March 2018
Canadian steelmaker Stelco Inc (TSX: STLC) said a syndicate of underwriters has agreed to buy $217.5 million of the company's common shares from U.S. private equity firm Bedrock Industries Group. The amount bought may increase with the exercise of the secondary bought deal offering's 15 percent greenshoe option. Bedrock, which closed a restructuring deal with Stelco last June, currently holds an interest of about 84.9 percent. With the offering's close next month, this interest will be reduced to about 73.7 percent or lower. Hamilton, Ontario-based Stelco went public in 2017, raising $230 million.
3 min read · 28 March 2018
3 min read · 28 March 2018
2 min read · 28 March 2018
Stratacache Capital, the investment arm of Stratacache Inc, has agreed to acquire X2O Media, a Canadian software developer of real-time visual communication solutions. No financial terms were released for the deal, which is expected to close this month. The seller was Belgium's Barco NV, which acquired X2O in 2014. Stratacahe, a Dayton, Ohio-based digital signage solutions provider, said the deal will allow the company to its expand its portfolio as well as support X2O's global growth. X2O will continue to operate from its Montréal headquarters.
3 min read · 28 March 2018
Calgary crude oil producer Cona Resources Ltd (TSX: CONA) has agreed to be taken private by Waterous Energy Fund, a Canadian energy private equity firm and the company’s majority investor. The deal, which finalizes an initial proposal disclosed earlier in March, will see Waterous acquire those Cona common shares it does not already hold for $2.55 per unit. All board members, excluding Waterous Managing Partner and CEO Adam Waterous, and certain executive officers have agreed to vote in favour. Cona shareholders will vote at a special meeting on or about May 18.
4 min read · 28 March 2018
Golden Leaf Holdings Ltd, a Toronto-based cannabis oil solutions company, has signed a letter of intent with BlackShire Capital Corp to launch a franchise retail model focused on the cannabis sector. Golden Leaf and BlackShire, a Canadian cannabis private equity firm, aim to roll out the model under the Chalice Farms brand across North America and internationally. As part of the proposed deal, BlackShire would provide an initial $25 million for a jointly-owned management company operating in Canada and the United States. BlackShire would hold an 80 percent stake. Founded in 2014, Golden Leaf is led by CEO William Simpson.
4 min read · 28 March 2018
