Bluerush Media Group Corp (TSX-V: BTV) 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 · 13 December 2017
Canada’s market for initial public offerings came roaring back this year from a dismal 2016, due in no small part to new issues backed by private equity and venture capital funds. This year “was a breakthrough year in the IPO market, one of the best of the past decade,” Dean Braunsteiner, national IPO services leader at PwC Canada, told PE Hub Canada. Braunsteiner gives some of the credit to PE and VC funds investing in the wake of the 2007-2009 recession and now on the lookout for liquidity opportunities. This trend, combined with pent-up demand and rising share prices late last year, created a “perfect storm,” he said. Taken together, a dozen Canadian PE- and venture-backed IPOs collected $2.3 billion in 2017.
3 min read · 13 December 2017
U.S. e-commerce business eBay Inc has agreed to acquire Terapeak Inc, a Canadian e-commerce supply, demand and pricing data and analytics platform. No financial terms were disclosed. With the deal's close, expected before the end of this year, eBay said it will begin integrating functionality from Terapeak into its Seller Hub to help merchants manage and scale their operations. Launched in 2004 by Andrew Sukow and Anthony Sukow, Terapeak has its offices in Victoria, British Columbia and Toronto. It has been backed by Canadian growth equity firm Georgian Partners and other investors. Georgian invested $4 million in the company in 2010.
3 min read · 13 December 2017
ESS Inc, a U.S. maker of safe, low-cost and long-duration flow energy storage systems, has secured US$13 million in a Series B financing. The round was backed by new investors, including European chemical company BASF SE and Canadian venture capital firm Cycle Capital Management. They were joined by existing investors, including Canadian venture capital firm Pangaea Ventures, which led the company's Series A in 2015. The funds raised will allow ESS to expand and automate the manufacturing process of its iron flow battery and support business development. Portland, Oregon-based ESS was founded in 2011.
3 min read · 13 December 2017
Canadian software provider Corel Corp has acquired ClearSlide Inc, a San Francisco software-as-a-service platform that helps sales, marketing and service teams engage with customers. No financial terms were released. Vector Capital-backed Corel said it will invest in the development of ClearSlide's cloud-based technology and support its growth into new markets. Founded in 2009, ClearSlide serves more than 2,000 companies with nearly 1 billion minutes of engagement from customers. It has raised close to US$90 million from Bessemer Venture Partners, Felicis Ventures, Greylock Partners, Social+Capital Partnership and others, according to Thomson Reuters.
3 min read · 13 December 2017
Canadian private equity firm Clairvest Group has introduced changes to its top leadership. Co-CEO and Managing Director Jeff Parr will transition to vice chairman and managing director, while Managing Director Michael Wagman will become president and managing director. Wagman will also join Clairvest's board. Ken Rotman will continue to lead the firm as CEO and managing director. Rotman and Parr co-led Clairvest for 22 years. Founded in 1987, the Toronto-based firm has under its current management team invested $1 billion in 42 mid-market companies.
2 min read · 13 December 2017
GaN Systems Inc, an Ottawa-based maker of Gallium nitride (GaN) power semiconductors, said Asian power systems business Delta has joined the strategic investment led earlier this year by BMW i Ventures. No financial terms were released. The funds raised will be used by the company to expand global sales and accelerate product innovation. Led by CEO Jim Witham, GaN produces GaN transistors to support data centre servers, renewable energy systems, automotive products, industrial motors and consumer electronics. It is also backed by BDC Capital, Chrysalix Venture Capital, Cycle Capital Management, RockPort Capital and Tsing Capital.
3 min read · 12 December 2017
Cycle Capital Management and Qingdao City Construction Investment Group have held the first close the Qingdao Chengtou Haisi Cycle Equity Investment Fund. The RMB 600 million ($116 million) fund, launched in 2014, will invest in growth-stage industrial technology companies located in China, Canada and elsewhere in North America. It has already made its debut investment, deploying RMB 50 million to Haier-Ririshun Lejia, an affiliate of Qingdao-based consumer electronics and home appliances company Haier. Cycle is a Montréal-based clean technology venture capital firm.
4 min read · 12 December 2017
Canadian private equity firm Onex Corp has agreed to acquire SMG Holdings Inc (SMG World), a West Conshohocken, Pennsylvania-based manager of convention centers, stadiums, arenas, theatres, performing arts centers and other venues. No financial terms were released for the deal, which is expected to close in early 2018. Founded in 1977, SMG provides management services to nearly 240 venues worldwide. It was bought in 2007 by American Capital, which was bought earlier this year by Ares Capital Corp. Onex is acquiring SMG through Onex Partners IV, which raised $5.7 billion in 2014. Onex Partners V closed last month at $7.15 billion.
2 min read · 12 December 2017
MTY Food Group Inc (TSX: MTY) has agreed to buy Imvescor Restaurant Group Inc (TSX: IRG) in a cash-and-stock deal valued at $248 million. Montréal-based MTY said the deal, expected to close in the first half of 2018, will create a diversified franchisor with a "strong balance sheet and highly scalable portfolio of recognized restaurant brands and concepts." The combined entity will have more than 5,700 stores under 75 brands and about $2.9 billion in system sales. Imvescor investors representing about 18 percent of issued and outstanding shares have agreed to support the deal. They include U.S. hedge fund Camac Partners.
8 min read · 12 December 2017
