A new survey by EY points to an increasing appetite for merger and acquisition deals in the global oil and gas sector. The EY Oil & Gas Capital Confidence Barometer found 69 percent of energy executives expect to actively pursue an acquisition in the next 12 months, an all-time high for the survey. Additionally, 96 percent of energy executives expect the M&A market to improve or remain stable over this period, in part due to the activity of private equity firms, EY noted. The United States and Canada are the top two oil and gas investment destinations, with "resilient activity so far in 2017."
5 min read · 16 November 2017
CEDA has acquired Joe Loomis Trucking Ltd, a Dawson Creek, British Columbia operator of a fleet of hydro vacuum and combination vacuum units. No financial terms were disclosed. CEDA, a Calgary-based industrial services company providing maintenance, turnaround, construction and project services, said the acquisition will expand its offering to oil and gas customers. CEDA is a portfolio investment of OMERS Infrastructure, the infrastructure arm of the Ontario Municipal Employees Retirement System. OMERS acquired the business from Precision Drilling Corp for $274 million in 2005.
3 min read · 16 November 2017
Jeld-Wen Holding Inc (NYSE: JELD) has priced a secondary offering of 12.5 million shares at US$33.75 per unit for certain investors, including Canadian private equity firm Onex Corp. Onex, which has backed the company since 2011, said its proceeds will be about US$120 million. They add to the US$418 million collected by the firm from a secondary sale in May. Onex will continue to have an economic interest of 33 percent. Jeld-Wen, a Charlotte, North Carolina-based maker of doors and windows, wrapped up its initial public offering earlier in 2017. Onex this week closed fundraising for Onex Partners V, raising US$7.15 billion.
3 min read · 16 November 2017
Adeptmind Inc has launched its Toronto-based deep learning platform and secured a seed investment from Fidelity Investments Canada. The investment brings total funding so far to $5.5 million. Founded last year by CEO G Wu and CTO Jing He, Adeptmind is developing technology that uses deep learning techniques to help e-commerce companies improve online searches, filters and customer service.
3 min read · 16 November 2017
Onex Corp has closed fundraising for its fifth private equity flagship fund, bringing in US$7.15 billion in committed capital. Onex Partners V, the largest fund raised by the Toronto investor in its 33-year history, exceeded its US$6.5 billion target by 10 percent. It is also 25 percent larger than Onex Partners IV, which raised US$5.7 billion in 2014. Fund V secured commitments from both new and existing limited partners, including pension plans, sovereign wealth funds, and other institutional investors, as well as a US$2 billion commitment from Onex. With the fund’s close, the firm now has more than US$30 billion in assets under management.
1 min read · 16 November 2017
Adeptmind Inc has launched its Toronto-based deep learning platform and secured a seed investment from Fidelity Investments Canada. The investment brings total funding so far to $5.5 million. Founded last year by CEO G Wu and CTO Jing He, Adeptmind is developing technology that uses deep learning techniques to help e-commerce companies improve online searches, filters and customer service. It said it aims to deliver "100 percent accurate online shopping results." Adeptmind will use part of the funds raised for a scholarship program targeting university students who are contributing to the advancement of artificial intelligence.
4 min read · 16 November 2017
Canadian private equity firm Onex Corp has closed fundraising for its fifth flagship fund, bringing in $7.15 billion in committed capital.
1 min read · 16 November 2017
U.S. private equity firm Riverside Co has acquired iView Systems, an Oakville, Ontario-based provider of public safety software solutions to the global gaming and hospitality markets. No financial terms were released for the deal, which will see iView combined with Omnigo Software, a St. Louis, Missouri-based provider of public safety, incident and security management solutions. Riverside, which has backed Omnigo since October 2016, said the acquisition will extend the company's position in the gaming and hospitality verticals. In a separate release, Omnigo said iView's operations will remain located in Canada.
3 min read · 16 November 2017
Canadian vertically-integrated cannabis business TerrAscend Corp has struck a deal to raise about $52.5 million from JW Asset Management, a U.S. hedge fund manager that invests in the global healthcare sector, and Canopy Growth Corp and Canopy Rivers Corp. As a result, Jason Wild, president and CEO of JW Asset Management, will join the board. Mississauga, Ontario-based TerrAscend owns and operates Solace Health Inc, a medical cannabis producer, Terra Health Network Inc, a provider of clinical support and education programs, and Solace Rx Inc, a drug preparation agency for non-cannabis formulations. It is led by President and CEO Basem Hanna.
5 min read · 16 November 2017
Montréal artificial intelligence solutions company Element AI has helped launch a new US$45 million fund to invest in emerging AI technologies in Korea and around the world. The fund, backed by Korea's SK Telecom Co Ltd, Hyundai Motor Co and Hanwha Group, will target the most promising sectors of commercial AI applications and infrastructure, including autonomous vehicles, household robots, manufacturing, drones and hardware. It will be managed by the three Korean companies and advised by Element AI. In June, Element AI raised $137.5 million in a Series A round to create and incubate AI solutions in partnership with corporations and research institutions.
5 min read · 16 November 2017
