Calgary crude oil producer Cona Resources Ltd (TSX: CONA) has agreed to a proposal to be taken private by Waterous Energy Fund, the company's majority investor. Waterous, a Canadian energy private equity firm, proposed to acquire the common shares it does not already hold for $2.55 per unit. Cona's board, excluding Adam Waterous, managing partner and CEO of Waterous, approved the proposal but said a definitive agreement must still be reached. Last year, Waterous acquired a 67 percent interest in the company, then known as Northern Blizzard Resources Inc, for $244 million. The sellers were Riverstone Holdings and NGP Energy Capital Management.
3 min read · 07 March 2018
Poka, a Québec City-based social industrial platform, has raised $10 million in its latest financing, according to a report by BetaKit. The round was led by Espace CDPQ, an entrepreneurial hub created by Caisse de dépôt et placement du Québec, the report said. It was joined by Robert Bosch Venture Capital GmbH (RBVC), the Leclerc family, and Poka's original seed investors iNovia Capital and Uncork Capital. Founded in 2013 by CEO Alexandre Leclerc and CTO Antoine Bisson, Poka helps manufacturing companies with communications and training through a web and mobile application that collects and shares comprehensive factory data and procedures in real time. Update: Poka confirmed the financing in a release issued after the BetaKit report, noting that RBVC co-led with Espace CDPQ.
1 min read · 07 March 2018
Axis Auto Finance has agreed to acquire Trend Financial Corp, a Toronto-based sub-prime automotive lender, for about $29.3 million in cash and shares. The deal is expected to close on or about April 2. Ilja Troitschanski, founder and president of Axis, an alternative auto financing firm also based in Toronto, said the acquisition will double the firm's portfolio of net finance assets to approximately $110 million. It was also announced by Axis that ECN Capital's Todd Hudson has been hired as CEO to lead the organization alongside Troitschanski.
8 min read · 07 March 2018
Newterra Ltd has acquired Aeration Industries International LLC, a Chaska, Minnesota-based provider of wastewater aeration and mixing solutions. No financial terms were released for the deal, which saw Aeration sold by Granite Equity Partners, a U.S. private equity firm that has owned the business since 2010. Newterra is a Brockville, Ontario-based specialist in decentralized and modular water, wastewater, and groundwater remediation solutions. It said the deal will diversify revenue, support growth, and increase or add a presence in the industrial wastewater treatment and aquaculture markets. Newterra is backed XPV Water Partners and other investors.
3 min read · 07 March 2018
Ecobee Inc, the Toronto-based maker of a smart Wi-Fi thermostat, has secured $80 million in a Series C financing, bringing its total funding to date to about $188 million. Energy Impact Partners led the latest round. It was joined by Amazon Alexa Fund, EDC, GXP, Northleaf Capital Partners, Ontario Capital Growth Corp, Relay Ventures, Tech Capital and Thomvest. Since its founding in 2007, Ecobee said it has won more than a third of the smart thermostat market and shown over 100 percent year-over-year growth. Led by President and CEO Stuart Lombard, it will use the funds raised to advance its product suite using voice capabilities, sensor technology and artificial intelligence.
4 min read · 07 March 2018
Canada’s venture capital market saw 11 percent growth in 2017 with $3.5 billion invested in 592 financings, compared to $3.2 billion invested in 2016, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). Domestic market activity is now about twice the size it was five years ago, the CVCA said. A key factor in 2017 results was rounds sized $50 million-plus, though activity at the smaller end of the deal spectrum also saw growth. Led by the $207 million Series D financing of Lightspeed, Canada's information technology sector accounted for the largest share of VC invested last year (71 percent).
4 min read · 06 March 2018
Canada’s private equity market rebounded in 2017, with $26.3 billion invested in more than 603 deals, up 90 percent compared to $13.8 billion invested the year before, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). Large-caps played a crucial role in 2017 trends, with the number of deals sized $500 million or more, such as the $4.8 billion buyout of DH Corp, doubling year over year and taking 60 percent of the total invested. The report found Canada's industrial-manufacturing sector accounting for the largest share of PE deals last year (19 percent), followed by the information technology sector (16 percent).
4 min read · 06 March 2018
Panache Ventures, a new Montréal-based early-stage venture capital firm, has launched its debut fund. Panache Ventures I, which raised $25 million in an initial close, will invest in pre-seed and seed opportunities in artificial intelligence-machine learning, blockchain, cybersecurity, financial technology and other sectors. Managing Partners Mike Cegelski and Patrick Lor, Partner David Dufresne and Associate Nicolas Jacques-Bouchard, who helped launch 500 Startups Canada two years ago, will lead the firm. Panache has already backed 11 of a planned 140 Canadian startups to receive investments over the next four years. It will soon add a Toronto-based team member.
2 min read · 06 March 2018
Commercial knife sharpening company Cozzini Bros Inc has entered into a strategic partnership with Maestranzi Brothers Grinding & Supply LLC, a Harwood Heights, Illinois-based cutlery, sharpening services and food equipment machine repair business. No financial terms were disclosed for the deal, which will see the joint company operate under the Cozzini name. Cozzini, which is based in Des Plaines, Illinois, said the merger will strengthen its ability to respond to customer needs and provide additional services. Last year, Birch Hill Equity Partners acquired a majority stake in Cozzini, providing Audax Private Equity with an exit.
3 min read · 05 March 2018
Blue Ant Media Inc has acquired Australian Geographic magazine and its associated assets, from publisher Bauer Media Australia. No financial terms were disclosed. The deal will see the bi-monthly Australian wildlife and nature magazine, which has a readership of more than 540,000, continue to operate from Sydney. Blue Ant, a Toronto-based content producer, distributor and channel operator, said the deal reinforces its footprint in the Australian market. Founded in 2011, Blue Ant's backers include Difference Capital, Gibraltar Ventures, Kensington Venture Fund and Relay Ventures.
3 min read · 05 March 2018
