Caisse de dépôt et placement du Québec has provided $150 million in financing to La Capitale Financial Group, a Québec City-based mutual insurance company. The deal will support La Capitale's growth and strategic development plan. Founded in 1941, La Capitale, which oversees $6.4 billion in assets, operates in the personal and property and casualty insurance sectors. The Caisse has recently invested in a number of insurance companies, including U.K-based Hyperion Insurance Group, which secured over US$400 million from the pension fund this month.
2 min read · 21 December 2017
U.S. hedge fund ADW Capital Partners said it opposes the proposed sale of Imvescor Restaurant Group Inc (TSX: IRG) to MTY Food Group Inc (TSX: MTY), arguing the deal substantially undervalues the former. MTY earlier this month agreed to acquire Imvescor, which owns franchised and corporate stores under several brands, for $248 million. ADW, which owns approximately 14 percent of the outstanding shares of Imvescor, said the deal also fails to serve the company's growth potential. Another Imvescor investor, U.S. hedge fund Camac Partners, favours the acquisition. Both Imvescor and MTY are based in Montréal.
7 min read · 21 December 2017
Canadian Utilities Ltd, an affiliate of ATCO Group, has agreed to buy Electricidad del Golfo, owner of a 35 megawatt hydroelectric power station in the state of Veracruz, Mexico. The acquisition, valued at about $114 million, including debt, is expected to close in the first quarter of 2018. The seller is Conduit Capital Partners, a U.S. energy infrastructure private equity firm. ATCO, a Calgary-based diversified holding company, said the deal develops its portfolio of electricity assets and reinforces its position in Mexico's energy market.
2 min read · 21 December 2017
GreenSpace Brands Inc (TSX-V: JTR) has agreed to acquire the outstanding shares of Galaxy Nutritional Foods Inc, a North Kingstown, Rhode Island-based cheese company and owner of the Go Veggie brand. GreenSpace, a Canadian developer of natural food products, entered into a US$17.8 million deal to acquire the business, which will allow GreenSpace to launch its brands into the United States, CEO Matthew von Teichman said. The seller is U.S. private equity firm Mill Road Capital, which bought Go Veggie in 2009. As a result of the sale to GreenSpace, Mill Road will become the Toronto-based company's largest shareholder.
6 min read · 21 December 2017
Marijuana lifestyle businesses Cannabis Co Ltd, known as DOJA, and Tokyo Smoke, have agreed to combine, creating Hiku Brands Co Ltd, a Canadian retail- and brand-focused cannabis producer. The new entity, expected to have a market cap of about $175 million, will operate seven cannabis accessory stores across Ontario, Alberta and British Columbia. It will be backed by a $12.5 million financing led by Aphria Inc, allowing Hiku to scale production, expand its retail footprint and build its cannabis brands portfolio. Toronto's Tokyo Smoke, which closed a $6 million Series B round in October, has been backed by Aphria, Green Acre Capital, Globalive Capital and others.
10 min read · 21 December 2017
PrecisionLender, a U.S. pricing and profitability platform for commercial bank relationship managers, has closed a minority investment. The undisclosed deal was backed by Insight Venture Partners, which joined existing investor Georgian Partners, a Canadian growth equity firm. Georgian led the company's Series B financing last year. The funds raised will help accelerate Charlotte, North Carolina-based PrecisionLender's use of artificial intelligence and machine learning in its pricing intelligence products. Georgian's investment in PrecisionLender is led by Managing Partner Justin LaFayette.
3 min read · 20 December 2017
Ontario Teachers' Pension Plan has acquired Jasper Farms, an avocado harvester based in Busselton, Australia. No financial terms were disclosed; however, the Western Australian reported in October the deal is likely valued at about A$180 million ($176 million). Andrew Claerhout, senior managing director, infrastructure and natural resources, at Ontario Teachers', said the purchase of Jasper, one of Australia's largest avocado producers, is in line with the pension fund's focus on opportunities that meet the "growing global demand for food."
2 min read · 20 December 2017
Isodiol International Inc said it is finalizing a private placement deal of up to $30 million. It will be led by existing backer Serruya Private Equity, which invests on behalf of Canada's Serruya family, and another institutional investor. Based in Vancouver, Isodiol is a developer and maker of raw ingredients and consumer products derived from cannabis. The funds raised will support the company's global growth and strategic initiatives. Isodiol, which this week announced an agreement to acquire Biosynthesis Pharma Group, a producer of industrial hemp, raised a $25 million financing from Alumnia Partners in August.
3 min read · 20 December 2017
Groupe Solmax has acquired GSE Environmental LLC, a Houston, Texas-based maker of geosynthetic lining products and services. No financial terms were disclosed. The sellers were U.S. private equity firms Littlejohn & Co and Strategic Value Partners, which acquired GSE in 2014. The acquisition by Solmax, a Montréal-based maker of polyethylene geomembranes for industrial and environmental applications, was backed by Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ.
4 min read · 20 December 2017
Groupe Solmax has acquired GSE Environmental LLC, a Houston, Texas-based maker of geosynthetic lining products and services. No financial terms were disclosed. The sellers were U.S. private equity firms Littlejohn & Co and Strategic Value Partners, which acquired GSE in 2014. The acquisition by Solmax, a Montréal-based maker of polyethylene geomembranes for industrial and environmental applications, was backed by Caisse de dépôt et placement du Québec and Fonds de solidarité FTQ. Solmax President Jean-Louis Vangeluwe said the deal creates a "true global industry leader" capable of leading and reshaping a highly fragmented market.
5 min read · 20 December 2017
