Brookfield Asset Management and GLP, an Asian provider of logistics solutions, have formed a 50:50 joint venture to develop solar projects on logistics and commercial rooftops in China. The initiative intends to install 300 megawatts of rooftop solar projects over the next three years, with a broader 1 gigawatt development pipeline, equivalent to the annual power consumption of about 750,000 households. Bruce Flatt, CEO of Brookfield, said the partnership represents an "attractive opportunity" for the Toronto-based alternative asset manager to expand its footprint in China’s growing renewables market.
4 min read · 21 March 2018
Brookfield Asset Management has agreed to acquire a 25 percent strategic interest in Link Financial Group, a London-based firm which oversees LCM Partners and other companies that operate a pan-European consumer and business loan servicing platform. No financial terms were disclosed for the deal, which gives Brookfield an option to acquire an additional 24.9 percent stake over time. Toronto-based Brookfield said the partnership will support the growth of Link-LCM's credit platform through expansion into new markets, diversification of its product offering, and the pursuit of investment opportunities.
4 min read · 21 March 2018
Ontario Teachers' Pension Plan has committed to acquire about 3.4 percent of the share capital of Ubisoft Entertainment SA, a French video game publisher, for about $400 million (€250 million). The acquisition forms part of a broader transaction in which Vivendi SA is selling its 27.3 percent interest in the company. China's Tencent Holdings will join Ontario Teachers' in the deal, agreeing to acquire about 5 percent of Ubisoft's capital. Neither investor will gain board representation as a result. Ontario Teachers' will invest in Ubisoft, the producer of games like Assassin's Creed, through the relationship arm of its public equities division.
6 min read · 20 March 2018
Vancouver-based specialty food products company Premium Brands Holdings Corp (TSX: PBH) has acquired four Canadian food businesses for a purchase price of $227 million, $155.9 million in cash. The companies are Concord Premium Meats Ltd, a Concord, Ontario maker of branded and customized protein solutions; The Meat Factory Ltd, a Stoney Creek, Ontario maker of branded cooked protein products; Country Prime Meats Ltd, a Lac La Hache, British Columbia maker of shelf-stable meat snacks, and; Frandon Seafood Inc, a Montréal distributor of fresh and frozen seafood. Premium Brands is backed by Pender West Capital Partners.
6 min read · 20 March 2018
Finhaven Technology Inc, a Vancouver blockchain-powered investment banking platform, has raised $1.3 million (US$1 million) in seed-stage financing. Medici Investment, a South Korean venture capital and private equity firm, was the investor. Finhaven also formally announced the launch of an equity and debt issuance platform utilizing the Ethereum blockchain for the creation of tokenized securities. It uses coding and smart contracts to ensure the legal creation, sale and resale of these securities. Finhaven earlier in 2018 struck a deal with TIMIA Capital Corp to create a TIMIA cryptocurrency-based financing platform.
4 min read · 20 March 2018
Caisse de dépôt et placement du Québec has invested $10 million in the share capital of FX Innovation, a Montréal-based provider of information technology consulting services and solutions. The funds raised will support FX Innovation's strategy to expand its activities in cloud services and other fields, and make acquisitions in Canada and the United States. The company will also invest in developing solutions for automating IT management. Established in 2002 and led by President and CEO David Marotte, FX Innovation has so far completed more than 3,500 projects.
3 min read · 20 March 2018
Canadian growth equity firm XPND Capital has acquired a 30 percent interest in Direxyon Technologies, a Montréal-based provider of financial modelling and predictive analytics software solutions that are especially adapted to the infrastructure sector. No financial terms were released. Direxyon Chairman Pierre Vigneault, who founded the company in 2001, said the partnership with XPND will support business growth and development worldwide. Direxyon, formerly known as Solutions Modex, last November appointed Mario Bottone to be its president and CEO.
3 min read · 20 March 2018
CareWorx, an Ottawa-based managed service provider, has raised $17 million in financing. The source was Kayne Partners, the private equity affiliate of U.S. alternative investment firm Kayne Anderson Capital Advisors. As a result, Kayne Managing Director Leon Chen has joined the board. Founded in 2006 by CEO Mark Scott, CareWorx provides a suite of managed services for mid-market and senior care businesses. The company will use the funds raised to accelerate growth, expand existing services and security offerings, and undertake acquisitions. CareWorx's other backers include Wellington Financial, now CIBC Innovation Banking, and EPIC Capital.
4 min read · 20 March 2018
Green Tank Technologies, a Toronto-based maker of vaporization hardware for the cannabis industry, has secured $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 · 20 March 2018
Coca-Cola Co earlier this month agreed in a non-binding letter of intent to sell its Canadian bottling and distribution business to a joint venture of Larry Tanenbaum, head of Kilmer Group, a Canadian family office, and Junior Bridgeman. No financial terms were released; however, the Globe and Mail reported the value to be about $800 million. The letter of intent, which is subject to the parties reaching a definitive agreement, is expected to result in a deal closed later in 2018. Coca-Cola Refreshments Canada operates five production facilities and over 50 sales and distribution centres. Its sale will wrap up Coca-Cola's refranchising of North American bottling operations.
6 min read · 19 March 2018
