Calgary-based oilfield service company STEP Energy Services Ltd (TSX: STEP) has closed a bought-deal equity financing, raising proceeds of about $56.3 million. The company plans to use the funds raised for its proposed acquisition of Tucker Energy Services Holdings Inc, a U.S. provider of fracturing and completion solutions. The deal, announced last month, has a total cash consideration of about $350 million (US$275 million). STEP is a portfolio company of Canadian energy private equity firm ARC Financial Corp.
4 min read · 16 March 2018
Montréal-based Alithya Group Inc has agreed to merge with U.S.-based Edgewater Technology Inc (Nasdaq: EDGW) to create a new North American digital technology consulting business. The new entity, expected to list in Canada and the United States, will emerge from a shares exchange under the name Alithya and led by Alithya CEO Paul Raymond. With the deal's close, expected in Q3 2018, Alithya investors will hold about 58 percent of the new company's outstanding shares and Edgewater investors will hold the rest. Alithya's backers include Capital régional et coopératif Desjardins, Fonds de solidarité FTQ, IQ, Telus Ventures and iA Financial Group.
10 min read · 16 March 2018
Ontario Teachers' Pension Plan has appointed Datuk Ben Chan to the role of regional managing director, Asia Pacific, effective June 1st. Operating from Hong Kong, Chan will lead Ontario Teachers' investment activity in the Asia-Pacific region and support portfolio companies located there. He joins the Canadian pension fund from Khazanah Nasional Berhad, the sovereign wealth fund of Malaysia, where he served as executive director, investments, as well as co-head of investments, and led deal-making in China.
2 min read · 15 March 2018
Secure Exchanges, a Drummondville, Québec-based e-mail security platform, has closed its first round of financing. No financial terms were disclosed. The deal was led by Patrick d’Astous on behalf of members of Anges Québec. Founded in 2013 by Cédric Boivin, the startup's CEO, and Hughes Boivin, Secure Exchanges' technology ensures the privacy and security of an e-mail without reliance on a third-party application. The funds raised will be used by the company to complete proof of concept, enhance the solution, and commercialize it for mid-sized and large businesses in the insurance, legal and accounting industries.
2 min read · 15 March 2018
Merchant Advance Capital, a Vancouver-based online small business finance firm, has closed a $30 million delayed draw term loan facility. The source of the funding was Comvest Credit Partners, the credit affiliate of Comvest Partners, a U.S. private equity and debt firm. The loan facility will be used by Merchant to refinance existing debt and for growth capital. Founded in 2010 by President and CEO David Gens, Merchant utilizes technology and data science to reduce risk and offer lower fees and flexible repayment schedules to small and medium-sized companies in Canada.
3 min read · 15 March 2018
Brookfield Infrastructure Partners has closed its sale of a 27.8 percent stake in ETC Transmission Holdings SL, the parent company of Transelec SA, a Chilean power transmission business. The deal, announced late last year, was valued at US$1.3 billion. The buyer was Chinese state-owned China Southern Power Grid International (HK) Co Ltd. Based in Santiago, Transelec is Chile's largest power transmission operation, with more than 10,000 kilometres of electricity lines serving about 98 percent of the population. Brookfield Infrastructure was part of a group that acquired Transelec in 2006.
2 min read · 15 March 2018
Hootsuite has secured about $65 million (US$50 million) in growth funding via a credit financing agreement with CIBC Innovation Banking. Hootsuite, a Vancouver-based social media management platform, said the additional capital will help the company to continue to expand in the Asia-Pacific region, Europe and Latin America, and enhance its offering for such key industries as financial services, government and healthcare. Founded in 2008 by CEO Ryan Holmes, Hootsuite reports having more than 16 million customers, including most of the Fortune 1000. CIBC Innovation Banking launched in January with the bank's buy of the assets of Canadian specialty finance firm Wellington Financial.
3 min read · 15 March 2018
3 min read · 15 March 2018
Whitney Rockley is that rare individual in Canada’s venture market: a female investment pro of more than two decades experience, 16 of those years spent in senior roles in VC firms on both sides of the Atlantic. She also happens to be the first woman chair of the Canadian Venture Capital & Private Equity Association. And her current position may be the most important of her career: managing partner of McRock Capital, a Toronto firm she co-founded with Scott MacDonald in 2012.
3 min read · 15 March 2018
Calgary junior energy company Marquee Energy Ltd (TSX-V: MQX) said it has begun a review of strategic alternatives to enhance shareholder value. The company, focused on light oil development and production in the Michichi area of Alberta, said the alternatives may include a sale of all or a portion of its assets, a business combination, a royalty, a joint venture, strategic investment or other deal. Marquee has engaged GMP Securities LP as a financial advisor to support the review. Last year, Marquee secured a $30 million special situations term loan from Crown Capital Partners.
3 min read · 14 March 2018
