Northleaf Capital Partners has closed its private credit fund at more than US$670 million in committed capital. Northleaf Private Credit I, which was backed by new and existing institutional investors, is focused on investing in senior, unitranche, second lien, mezzanine and subordinated loans in North America and Europe, primarily in support of private equity-backed companies. More than 30 percent of the fund has already been invested in ten loans. Toronto-based Northleaf said the fund's close brings total commitments managed across the firm's private equity, infrastructure and private credit platform to more than US$10 billion.
4 min read · 07 December 2017
Sig.num, a Montréal-based medical technology startup, has raised undisclosed financing from 10 members of angel network Anges Québec and Anges Québec Capital. Founded in 2014 by CEO David Nadezhdin and CMO Deepak Bobby Jain, Sig.num has developed a contactless monitoring system for screening and treating cardiovascular diseases. The round's proceeds will be used to support the company's initial entry into the Canadian market as well as targeted sites in the United States and Europe. Technology entrepreneur and investor Jean-François Grenon was the lead angel in the deal.
3 min read · 07 December 2017
Sedgwick Claims Management Services Inc has agreed to acquire Cunningham Lindsey, a Tampa, Florida-based loss adjusting and claims management company. No financial terms were released. Memphis, Tennessee-based Sedgwick said the deal will enhance its market position as a risk and benefit solutions provider and broaden its global footprint. Sedgwick is majority owned by U.S. private equity firm KKR. Last year, Caisse de dépôt et placement du Québec invested US$500 million in the company, joining KKR and minority investor Stone Point Capital. Cunningham is being sold by CVC Capital Partners.
3 min read · 07 December 2017
U.S. private equity firm Blackstone Group has acquired a majority interest in Titus Inc, a Canadian provider of secure data classification and categorization solutions. No financial terms were disclosed; however, the Globe and Mail reported that Blackstone paid $100 million for the stake. Founded in 2005 by Tim Upton, Stephane Charbonneau and Charlie Pulfer, Ottawa-headquartered Titus provides its software solutions to over 950 enterprise customers, and millions of users, in more than 70 countries. Upton, the company's CEO, said the partnership with Blackstone will allow Titus to expand its geographic reach and accelerate its innovation strategy.
3 min read · 07 December 2017
EStruxture Data Centers Inc has acquired the Montreal Gazette's former printing facility. The investment, valued at $150 million, will result in the facility's conversion into a data centre with 30 megawatts of power capacity. EStruxture, a Montréal-based network and cloud-neutral data centre operator, said the deal is part of its strategy to expand and acquire data centres across Canada. Earlier this year, eStruxture secured $80 million in financing from Canderel and Caisse de dépôt et placement du Québec and announced its first buy, Netelligent Hosting Services. The company is also backed by Fengate Real Asset Investments.
3 min read · 06 December 2017
Carlton Group has received an undisclosed investment from HIG Growth Partners, an affiliate of U.S. private equity firm HIG Capital. Based in Toronto, Carlton delivers software-as-a-service (SaaS) solutions to the global employee recognition, performance, loyalty and reward management industries. It plans to rebrand under the name Carlton One Engagement as it prepares to launch several new initiatives, Carlton Founder and CEO Rob Purdy said. The partnership with HIG Growth will support the new strategy and help accelerate the company's growth plans, which will include strategic acquisitions.
4 min read · 06 December 2017
Aspen Technology Inc (NASDAQ: AZPN) has acquired the Cipher industrial internet-of-things cloud-native software and edge connectivity assets of RtTech Software Inc. No financial terms were disclosed for the deal, which will see RtTech's founder, President and CEO Keith Flynn, and other personnel join Aspen. Moncton, New Brunswick's RtTech will continue to build the remaining business, Entrevestor reported. RtTech has been backed by McRock Capital, which led the company's $3 million Series A financing in 2015, and New Brunswick Innovation Foundation. U.S.-based Aspen said the acquisition strengthens its asset optimization strategy.
4 min read · 06 December 2017
U.S. private equity firm Rhône Capital has closed its $632 million (US$500 million) equity investment in Canadian retailer Hudson’s Bay Co (TSX: HBC). As a result, Rhône Managing Director M. Steven Langman joined the company's board. The deal, which is linked with HBC's US$850 million sale of the Lord & Taylor Fifth Avenue building, will allow the company to repay outstanding borrowings and strengthen its balance sheet. HBC recently addressed opposition to the Rhône investment from shareholder Land & Buildings, a U.S. activist hedge fund. Langman has served with Rhône since 1996.
4 min read · 06 December 2017
Canadian early-stage venture capital firm Brightspark has raised $6 million in a round led by Kensington Capital Partners, a Canadian alternative investment firm. The proceeds will be used to advance Brightspark's investment model, launched in 2014, which leverages a network of more than 2,000 accredited investors. The firm said it expects to double the size of its team and increase its investment pace from the equivalent of a traditional $100 million fund to a $120 million fund, with deployments of $20 million to $30 million per year. Founded in 1999, Brightspark is led by Managing Partners Mark Skapinker and Sophie Forest.
4 min read · 06 December 2017
3 min read · 06 December 2017
