Business Development Bank of Canada (BDC) is financing $325,000 in loans to be provided by Rise Asset Development to support entrepreneurs with mental health and addiction challenges. The amount will be disbursed over two years through loans of $5,000 to $10,000. It will allow Rise, a Toronto-based provider of low-interest small business loans and mentorship to individuals living with mental illness and addictions, to expand its program in Canada. Rise has extended more than $1 million in loans since it was founded in 2010 by the Rotman School of Management and the Centre for Addictions and Mental Health.
4 min read · 22 March 2018
Toronto-based specialty aviation services provider Discovery Air Inc has been granted protection under the Companies' Creditors Arrangement Act (CCAA) and will undertake a court-supervised the sale of its equity interest in affiliate companies and a former defence business. KSV Kofman Inc was appointed as the CCAA monitor. Canadian private equity firm Clairvest Group, which took Discovery Air private in 2017, has submitted bids to buy the company's affiliate interests as a stalking horse purchaser. Clairvest has also agreed to provide funding to Discovery Air as the company begins its restructuring process.
3 min read · 22 March 2018
OMERS Infrastructure Management has agreed to acquire Leeward Renewable Energy LLC, a Dallas-based owner, operator and developer of wind power projects in the United States. No financial terms were released for the deal, which is expected to close in Q3 2018. The seller is ArcLight Capital Partners, which acquired Leeward in 2015. Leeward currently oversees 19 operating projects with a total installed capacity of 1.7 gigawatts. OMERS Infrastructure, the infrastructure arm of the Ontario Municipal Employees Retirement System, recently recruited Blackstone Group’s Michael Ryder as head of its Americas team.
3 min read · 22 March 2018
Clean technology venture capital firm Cycle Capital Management has promoted Shirley Speakman to the position of senior partner. Speakman, who joined Cycle in 2014, has since 1995 held several senior roles in corporate finance and the venture capital industry, including as a director of MaRS Investment Accelerator Fund. Andrée-Lise Méthot, Cycle's founder and managing partner, said Speakman's promotion "consolidates the gender parity of our partnership." Cycle, which has offices in Montréal, Toronto and Qingdao, China, as well as a U.S. market presence, manages more than $350 million in assets.
3 min read · 22 March 2018
IS5 Communications Inc, a Toronto-based provider of integrated services and solutions for industrial Ethernet products, has raised an undisclosed financing. The round was led by Phoenix Contact Innovation Ventures, the venture investment arm of Phoenix Contact Group, a German maker of components and systems for electrical connection and industrial automation technology. The round's proceeds will help further develop and commercialize iS5Com's RAPTOR platform, which allows users to securely connect and manage their mission-critical networks. The company was founded in 2012 by CEO Clive Dias.
3 min read · 21 March 2018
Profound Medical Corp (TSX-V: PRN), a Toronto-based medical device company focused on treatments for prostate cancer and other diseases, has raised $34.5 million in the close of a bought deal financing. Canadian life sciences venture capital firm Genesys Capital, Profound's founding investor, confirmed its participation in the offering with PE Hub Canada. Profound, which went public in 2015, said it will use the proceeds to advance clinical trials and commercialization of its TULSA-PRO and Sonavelle systems, and support R&D and acquisitions. Led by CEO Arun Menawat, Profound is also a portfolio company of BDC Capital's Healthcare Fund.
3 min read · 21 March 2018
Canadian comedian Howie Mandel and U.S. talent agency ICM Partners have formed an investor group to acquire Just For Laughs Group, a Canadian comedy enterprise that produces the world's largest comedy festival annually in Montréal along with international tours, TV specials and festivals. No financial terms were disclosed. The new owners said they are negotiating with Québec investors about joining their group, which intends to support Just For Laughs' continued growth under existing management. Founded in 1983, Just For Laughs has affiliates in the United States and France as well as production and distribution businesses in more than 135 countries.
4 min read · 21 March 2018
Green Tank Technologies, a Toronto-based maker of vaporization hardware for the cannabis industry, has secured C$4.3 million in a seed-stage financing. The round was led by Green Acre Capital, a Canadian cannabis investment firm, and Casa Verde Capital, the venture capital firm of U.S. rapper Snoop Dogg. Alan Gertner and Lorne Gertner, founders of Tokyo Smoke, now Hiku Brands, also invested. The funds raised will be used for Green Tank’s product development, market expansion and the growth of WeCannect, a cannabis-focused discovery and networking platform. Green Tank was founded in 2016 by Corey Koffler and Dustin Koffler.
4 min read · 21 March 2018
Vision Critical has acquired certain assets of Aida Software Corp, a Vancouver-based startup that specializes in applying artificial intelligence to customer experience and support applications. No financial terms were released. Vision Critical, a Vancouver-based provider of customer intelligence software, said the buy will accelerate development and integration of machine learning and AI-related applications for its Sparq 3 platform. Aida's team, including Founder and CEO Jenny Yang, will join Vision Critical as a result of the deal. Vision Critical, which last year bought Pressly, is backed by Georgian Partners, OMERS Ventures, Telus Ventures, W Capital Partners and others.
3 min read · 21 March 2018
Morgan Stanley Energy Partners (MSEP) has made an undisclosed investment in Specialized Desanders Inc (SDI), a Calgary-based oilfield equipment company which serves customers in the North American and global energy industry. The deal will see MSEP partner with CEO Chris Hemstock and SDI's management team. Founded in 2001, SDI specializes in oilfield equipment that removes sand and other solids during the well flowback and production process. MSEP, the energy private equity affiliate of U.S. financial services firm Morgan Stanley, said the investment will support the company's growth and expand its suite of sand management solutions.
4 min read · 21 March 2018
