Canadian laundry business K-Bro Linen Inc (TSX: KBL) has agreed to acquire the parent of Fishers Services Ltd, a Cupar, United Kingdom-based provider of textile rental services to the hospitality, healthcare, manufacturing and pharmaceutical sectors. K-Bro agreed to pay about $59 million (£35 million). The acquisition, Edmonton-based K-Bro's largest to date and its first outside of Canada, is expected to close this month. The seller is U.K. private equity firm Caird Capital, which invested in Fishers in 2007. K-Bro CEO Linda McCurdy said the deal will allow her company to take advantage of the "significant" growth and consolidation opportunities in the U.K. market.
6 min read · 22 November 2017
U.S. technology giant Apple has acquired Vrvana, the Montréal-based maker of immersive 3D augmented reality headset Totem, according to a report by TechCrunch. The acquisition was valued at US$30 million, sources told TechCrunch. The report said the deal is important to Apple because of its strategic interest in AR technology. Vrvana was founded in 2005 by CEO Bertrand Nepveu, COO Marc-Olivier Lepage, CPO Jean-François Sicard and CTO Yan Côté. The company has secured financing from Canadian early-stage venture capital firm Real Ventures. Partner JS Cournoyer sits on Vrvana's board of directors, according to Crunchbase.
1 min read · 22 November 2017
Itafos (TSX-V: IFOS), a producer of phosphate-based fertilizers and specialty products, has launched a private placement to raise about $96 million. Zaff, a U.S. distressed private equity firm and holder of about 61 percent of Itafos’ shares, agreed to invest. Zaff will also buy any of the shares that are not otherwise purchased. Itafos said it will use the proceeds in part to fund acquisitions. These likely include an Idaho phosphate production facility that the company agreed to buy this month from Agrium Inc for US$100 million. Itafos, which is also backed by Pala Investments and J.P. Morgan, recently redomiciled from Canada to the Cayman Islands.
6 min read · 22 November 2017
Distinct Infrastructure Group Inc (TSX-V: DUG) has acquired Crown Utilities Ltd, a Winnipeg-based specialist in the installation of utility services, for $17 million. Distinct, a Toronto-based infrastructure provider for utilities and local governments, said the deal accelerates its growth and gives it a foothold in Manitoba. Distinct also refinanced its credit facility and completed a $10 million private offering of shares, part of which was used to help fund the acquisition. The investor was Canadian private equity firm SeaFort Capital. As a result, SeaFort holds a 15.8 percent interest and has a seat on the board. Distinct is also a portfolio company of Crown Capital Partners.
6 min read · 21 November 2017
Germany's Siemens AG has agreed to acquire Solido Design Automation Inc, a Saskatoon-based provider of variation-aware design and characterization software to semiconductor companies. No financial terms were disclosed for the deal, which is expected to close in December. Siemens said the buy strengthens its commitment to customers in the integrated circuit industry. Solido will now join with Mentor Graphics Corp, which was acquired by Siemens earlier this year. Founded in 2005, Solido was backed by several Canadian investors, including BDC Capital and Golden Opportunities Fund, a retail fund overseen by Westcap Management.
4 min read · 21 November 2017
Alberta Enterprise Corp (AEC) has committed $10 million to Yaletown Innovation Growth Fund, the latest vehicle of Canadian growth equity firm Yaletown Partners. The fund is targeted to raise $135 million to invest in emerging-growth technology companies across Canada that are focused on enhancing sustainability and productivity in the intelligent industrial and intelligent enterprise sectors. Last year, PE Hub Canada interviewed Yaletown Partners Brad Johns and Salil Munjal about the fund's strategy for addressing a capital gap impacting mid-stage companies. In late 2016, AEC launched a second Alberta angel co-investment fund, Accelerate Fund II, managed by Yaletown.
3 min read · 21 November 2017
Sendwithus has raised about $6.4 million (US$5 million) in a Series A financing. The round was led by BlueRun Ventures and joined by Initialized Capital and acequía capital. Existing investors Baseline Ventures, SV Angel, Maiden Lane, Y Combinator and Scott Banister also participated. Based in Victoria, British Columbia and San Francisco, Sendwithus provides a communications platform that helps organizations streamline their e-mail creation. It has supported over 10 billion e-mails sent since its 2013 founding by CEO Matt Harris and Brad Van Vugt. The company will use the funds raised to grow sales, marketing and engineering teams.
3 min read · 21 November 2017
St. John’s, Newfoundland and Labrador-based energy technology company radient360 has raised a $3.3 million seed-stage financing. The round was backed by Canadian venture capital firm Build Ventures and Canadian private equity firm Killick Capital. Launched in 2011, radient360 provides a cloud platform that digitalizes work processes and creates data analytics for asset-intensive industries, such as oil and gas. The company, led by CEO Steve Taylor, is currently working with oil and gas operators and pursuing the first global deployment of its technology. It will use the funds raise to grow sales and product development teams and open a Calgary office.
2 min read · 21 November 2017
Clear Blue Technologies Inc, a Toronto-based smart off-grid company, has secured $1.2 million in financing. The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) invested $400,000, with the balance coming from angel investors. Founded in 2011, Clear Blue combines green energy with communications and cloud technology to power and control off-grid lighting, security and mobile solutions. It will use the funds raised to expand its marketing activities and sell to a broader range of global customers. Clear Blue is led by CEO Miriam Tuerk.
4 min read · 20 November 2017
Copper Mountain Mining Corp (TSX: CMMC) has agreed to acquire the entire issued capital of Altona Mining Ltd, a mining company and owner of the Cloncurry Copper Project in Queensland, Australia. The deal values Altona at about A$93 million ($90 million). Altona's major shareholder, Matchpoint Asia Fund, a Hong Kong hedge fund, indicated that it will vote in favour. Copper Mountain, a Vancouver-based mining company and 75 percent owner of the Copper Mountain Mine in British Columbia, said the deal will create a multi-jurisdictional, mid-tier copper producer with a pro forma market cap of about $300 million.
10 min read · 20 November 2017
