U.S. construction-focused technology startup Katerra Inc has raised US$865 million in a Series D financing. SoftBank Vision Fund led the round with participation from several new and existing investors, including Canada Pension Plan Investment Board (CPPIB). Founded in 2015, Menlo Park, California-based Katerra provides a service model and software platform that aim to reduce the time and costs associated with building development, design and construction. It will use the funds raised for continued manufacturing expansion and further investment in R&D.
4 min read · 24 January 2018
Altitude Sports, a Montréal-based web retailer specializing in urban and outdoor high-end clothing, has secured an investment from the growth equity group of BDC Capital. No financial terms were disclosed for the deal, which gave BDC a minority stake. Founded in 1984, Altitude is headed by Co-CEOs Maxime Dubois and Alexandre Guimond, who acquired the business in 2011. Today, it offers a selection of more than 340 brands, sold primarily through an online store, Altitude-sports.com. BDC, which has funded Altitude since 2011, will in the latest deal support the company's continued growth. BDC last year allocated $250 million to growth equity investing.
3 min read · 24 January 2018
Commercial drone provider PrecisionHawk Inc has raised US$75 million in its latest round, bringing total funding to more than US$100 million. Third Point Ventures led the round and was joined by Intel Capital, Millennium Technology Value Partners, Verizon Ventures and multiple other venture capital and strategic investors. Founded in 2010 in Toronto and now based in Raleigh, North Carolina, PrecisionHawk provides aerial data and analytics to enterprises in a range of industries. It will use the funds raised to expand its team, undertake product innovation, and make acquisitions.
4 min read · 24 January 2018
Canadian private equity firm Onex Corp has wrapped up its acquisition of SMG Holdings Inc, a West Conshohocken, Pennsylvania-based manager of convention centres, stadiums, arenas, theatres, performing arts centres and other venues. No financial terms were disclosed for the previously announced deal; however, Reuters reported Onex paid about US$1 billion and contributed about US$440 million in equity. The seller was Ares Capital Corp, which acquired SMG in 2017 from American Capital. Last November, Onex closed its fifth flagship fund, Onex Partners V, at US$7.15 billion.
2 min read · 23 January 2018
Canadian alternative equity firm Alaris Royalty Corp has invested $18.8 million (US$15 million) in Heritage Restoration Holdings LLC, a Rockland, Massachusetts-based specialty construction business focused on masonry restoration and maintenance. The deal, which facilitated a management buyout of the existing shareholder, entitles Alaris to an annual distribution of $2.81 million (US$2.25 million). Alaris made the investment in Heritage through its Small Cap Investments division, established in 2015 to invest up to $20 million in private mid-market companies.
4 min read · 23 January 2018
Deschênes Group Inc has closed its acquisition of Corix Water Products, a water and wastewater products division of Corix Infrastructure Inc. No financial terms were disclosed for the deal, which was announced last year. Montréal's Deschênes, a wholesale distributor to the plumbing, heating, electrical, waterworks, fire protection, HVAC-R and auto parts markets, said the buy adds a new line of business and grows its geographic footprint. Corix Infrastructure, a Vancouver-based provider of utility infrastructure solutions, is owned by British Columbia Investment Management Corp (bcIMC).
3 min read · 23 January 2018
Stem Inc, a Millbrae, California-based provider of energy storage solutions, has secured US$80 million in a Series D financing. The round was led by Activate Capital and joined by Ontario Teachers’ Pension Plan and Singapore's Temasek. Founded in 2009, Stem's technology pairs artificial intelligence with energy storage to help reduce electric costs for businesses. Last year, the company had more than 1,100 sites operational or in construction, with an average system size of 500 kilowatt hours, located in the United States, Canada and Japan.
5 min read · 23 January 2018
Experiential marketing agency Impact XM has acquired the software platform and related assets of Endo Networks Inc, a Toronto-based developer of sales force automation systems. No financial terms were released. Dayton, New Jersey-based Impact XM said the acquisition resulted in the launch of a new product, XM-IQ, a digital attendee engagement platform that helps marketers obtain better results from trade shows, conferences and activations. Impact XM has been a portfolio company of U.S. private equity firm AGI Partners since 2015.
3 min read · 23 January 2018
Montréal artificial intelligence solutions company Element AI has expanded to Europe, opening an AI lab in London. The office, which will be led by Dr. Julien Cornebise, formerly of DeepMind Technologies Ltd, will serve as the company's European hub, building networks with corporations, governments and research bodies to support "AI for good" and advance Element AI's global network. Its focus will include leveraging AI applications, contributing to research, and connecting talent. Last year, Element AI raised $137.5 million in a Series A financing.
5 min read · 23 January 2018
The private equity group of Brookfield Asset Management and Great Canadian Gaming Corp (TSX: GC) have closed their buy of gaming assets in the Greater Toronto Area. The deal, announced last August, had a $170 million purchase price. Ontario Lottery and Gaming Corp awarded the gaming assets, which accounted for gross revenue of more than $1 billion in 2016. Ontario Gaming GTA LP, a partnership formed by Brookfield and Great Canadian, is entitled to run the facilities for a minimum of 22 years. It plans to "undertake an ambitious growth strategy" that is expected to include enhanced gaming offerings and property expansions.
3 min read · 23 January 2018
