Ontario Teachers’ Pension Plan may be interested in investing in the Toronto Blue Jays if owner Rogers Communications Inc decides to sell the Canadian baseball team, according to a report by BNN. Ron Mock, president and CEO of Ontario Teachers', this week told BNN the pension fund "may end up looking at" a Blue Jays deal. He noted Ontario Teachers' "capability of analyzing sports franchises" based on past experience with companies like Maple Leaf Sports & Entertainment (MLSE). Ontario Teachers' acquired a stake in MLSE in 1994 and sold it to BCE Inc and Rogers for $1.32 billion in 2012. Las week, Rogers CFO Tony Staffieri said the company is considering selling the Blue Jays to generate cash that could be used in its core business, Reuters reported.
1 min read · 15 December 2017
Feeney Brothers Utility Services has combined with DDS Companies, a Rochester, New York-based provider of utility, civil, engineering and telecommunications services. The merger of DDS with Feeney Brothers, a Dorchester, Massachusetts-based provider of infrastructure services to the electric, water, and telecommunications industries, will allow the companies to enhance and expand their offerings in seven states. Founded in 1988 by Brendan Feeney and Greg Feeney, Feeney Brothers is backed by Canadian private equity firm CAI Capital Management. CAI invested in the business in 2012.
3 min read · 15 December 2017
FODY Food Co has secured $2.25 million in a Series A financing. Aviro Capital, a Canadian food and agriculture venture capital firm, led the round, giving Managing Director Aki Georgacacos a seat on the board. Jonathan Ross Goodman, President and CEO of Knight Therapeutics Inc, also invested. Launched last year by CEO Steven Singer, Montréal-based FODY develops and makes low FODMAP food products for people suffering from irritable bowel syndrome (IBS). It will use the funds raised to accelerate its U.S. and Canadian online and retail distribution and develop new products. Singer previously led Claridge-backed Glutino Inc.
3 min read · 14 December 2017
Feeney Brothers Utility Services has combined with DDS Companies, a Rochester, New York-based provider of utility, civil, engineering and telecommunications services. The merger of DDS with Feeney Brothers, a Dorchester, Massachusetts-based provider of infrastructure services to the electric, water, and telecommunications industries, will allow the companies to enhance and expand their offerings in seven states. Founded in 1988 by Brendan Feeney and Greg Feeney, Feeney Brothers is backed by Canadian private equity firm CAI Capital Management. CAI invested in the business in 2012.
3 min read · 14 December 2017
Canadian specialty finance firm TIMIA Capital Corp has provided a $2 million funding facility to Wagepoint Inc, a Kitchener, Ontario-based provider of online payroll automation solutions. A first disbursement of $750,000 will be followed by a further $1.25 million linked to the meeting of certain milestones over the next 24 months. Founded in 2012, Wagepoint serves more than 4,000 small businesses across Canada and the United States. TIMIA's revenue financing, the third in the past two months, follows Wagepoint's $2 million seed investment in 2014. That round was led by Extreme Venture Partners and joined by Business Development Bank of Canada and other investors.
2 min read · 14 December 2017
The Fonds de solidarité FTQ has launched Solunov, a program to help identify, support and fund innovation by Québec businesses. Partnering with organizations like Inno Centre and Réseau TransTech, the Fonds will through Solunov assume up to 75 percent of the cost of innovation feasibility studies, up to a maximum of $250,000. It will also offer $1 million and up in unsecured, custom financing for emerging innovation projects. Based in Montréal, the $13.1-billion Fonds provides development capital to Québec companies.
3 min read · 14 December 2017
Toronto-based point-of-sale financing provider Financeit Canada Inc has closed a recapitalization round with the merchant banking division of Goldman Sachs. The undisclosed deal gives Goldman Sachs, a Financeit shareholder since 2015, a majority stake in the company. It also helped Financeit acquire Centah Inc, a Canadian provider of home improvement software. President and CEO Michael Garrity said the acquisition expands his company’s’s offering with a complete solution for the home services industry. Founded in 2011, Financeit has worked with more than 7,000 merchants and processed over $1.9 billion in loan applications.
3 min read · 14 December 2017
Maple Leaf Sports & Entertainment (MLSE) has agreed to buy the Toronto Argonauts Football Club of the Canadian Football League. No financial terms were released for the deal, which is expected to close in January. The sellers are Bell Canada and the Kilmer Group, a family office led by billionaire investor Larry Tanenbaum. Bell and Kilmer acquired the Argonauts in 2015 from sports entrepreneur David Braley. MLSE, a Toronto-based sports and entertainment company chaired by Tanenbaum, said the deal will lend financial scale and operational synergies to the club. Founded in 1873, the Argonauts won the 105th Grey Cup in November.
3 min read · 14 December 2017
Bluerush Media Group Corp announced the appointment of John Eckert, co-founder of Canadian venture capital firm Round13 Capital, to the company’s board of directors. The appointment follows Round13’s investment in Bluerush’s $1.3 million private offering in October. Eckert, a co-founder and former managing partner of McLean Watson Capital, helped launch Round13 in 2012. Earlier this year, the firm raised $95 million for its growth-stage technology fund. Bluerush, a Toronto-based digital solutions provider, also said it appointed Steve Taylor as CEO.
4 min read · 14 December 2017
Toronto-based point-of-sale financing provider Financeit Canada Inc has closed a recapitalization round with the merchant banking division of Goldman Sachs. The undisclosed deal gives Goldman Sachs, a Financeit shareholder since 2015, a majority stake in the business. It also helped Financeit acquire Centah Inc, a Canadian provider of home improvement software. President and CEO Michael Garrity said the acquisition expands his company's offering with a complete solution for the home services industry. Founded in 2011, Financeit has worked with more than 7,000 merchants and processed over US$1.9 billion in loan applications.
3 min read · 14 December 2017
