Nicola Wealth Management, a Canadian asset fund manager and private investment counsel, has launched its NWM Private Debt Fund to make direct and indirect investments in private debt opportunities. The fund's size was not disclosed. Nicola President David Sung said the fund will partner with "handpicked sub-managers" to identify diverse private debt opportunities across regions, industries and strategies. These managers include Canadian private equity firms Crown Capital Partners and Penfund, as well as U.S. firms Oaktree Capital Management and THL Credit Advisors.
2 min read · 31 October 2017
Canadian private equity firm Roynat Equity Partners and partner Tepper Holdings Inc, a Canadian holding company, have sold their majority ownership in Comtrad Strategic Sourcing, a sourcing and logistics business. The sale resulted from the recent investment in Comtrad by Ardenton Capital Corp in partnership with President and CEO Jim Long. Based in Mississauga, Ontario, Comtrad imports and distributes products from Asian suppliers to North American manufacturers and distributors. Long said his company "experienced significant growth and diversification" while owned by Roynat and Tepper.
3 min read · 31 October 2017
ROOT Data Center has raised $90 million in new financing from Goldman Sachs. Based in Montréal, ROOT is a pure-play wholesale colocation solutions provider to the global computer industry. The company, which currently operates two data centres in Montréal, plans to use the funds raised to grow into new regional markets, complete facility expansions, and meet the demands of its existing customers. Led by President and CEO AJ Byers, ROOT last year secured $25 million in growth financing from U.S. private equity firm ABRY Partners.
3 min read · 31 October 2017
Equity Financial Holdings Inc (TSX: EQI), a Toronto-based provider of residential first mortgage loans through its affiliate, Equity Financial Trust Co, has agreed to be taken private. The deal, which is being led by Canadian activist investor Smoothwater Capital Corp, implies an equity value of about $93 million. Prior to the close of the deal, Smoothwater, an existing shareholder, will be joined by Hennick & Co, Freycinet Ventures and other investors prepared to commit capital and assume a role in the privatized company. Smoothwater will remain the controlling investor. Smoothwater CEO Stephen Griggs is currently Equity's chairman.
6 min read · 31 October 2017
Innergex Renewable Energy Inc (TSX: INE) has agreed to acquire Alterra Power Corp (TSX: AXY), a Vancouver renewable energy company that oversees power plants totalling 825 megawatts of hydro, wind, geothermal and solar generation capacity. The deal, valued at $1.1 billion, including debt, is expected to close in Q1 2018. Funding of the acquisition will include a $150 million subordinated unsecured loan provided by Caisse de dépôt et placement du Québec, an existing Innergex backer. Innergex, a Longueuil, Québec developer and operator of hydroelectric facilities, wind farms and solar farms, said the deal will diversify its assets geographically and by energy source.
10 min read · 30 October 2017
Data Communications Management Corp has agreed to acquire Bolder Graphics, a Calgary-based marketing communications specialist. Data, a Brampton, Ontario-based business communication solutions provider, agreed to pay about $4.9 million in cash, a common shares issue, a note, and the assumption of debt. In connection with the acquisition, expected to close next month, Data arranged for a $5 million senior credit facility with IAM Private Debt Group, an affiliate of Canadian alternative asset manager Integrated Asset Management Corp (TSX: IAM).
4 min read · 30 October 2017
CWC Energy Services Corp (TSX-V: CWC) has agreed to acquire the Canadian service and swabbing rig assets and ongoing operations of C&J Energy Services Inc (NYSE: CJ), a U.S. oilfield services provider. CWC, a Calgary-based contract drilling and well servicing company, will pay $37.5 million in cash for the business. The deal is expected to close next month. Debt incurred by CWC as a result of the deal will be paid down in part by an equity rights offering. The private equity group of Brookfield Asset Management, which currently owns about 72.7 percent of CWC's outstanding shares, indicated it plans to participate in the offering.
7 min read · 30 October 2017
Telus International (TSX: T, NYSE: TU) has agreed to buy Xavient Information Systems, a Simi Valley, California-based IT consulting and software services company. Telus International agreed to buy 65 percent of Xavient initially with the option to acquire the remaining interest on or before December 31, 2020. The deal, valued at about US$250 million, is expected to close this year. It will add to Telus International's IT consulting and delivery capabilities, the company said. Telus International is an affiliate of Canadian telecommunications service provider Telus Corp. Last year, Telus sold a 35 percent stake to Baring Private Equity Asia.
4 min read · 30 October 2017
Creative Labs, a Vancouver media and entertainment venture studio, has started operations in partnership with Hollywood talent agency Creative Artists Agency, according to a report by Variety. The incubator is backed by funding of about $12.5 million, Variety said. The round’s investors include Boatrocker Ventures, Entertainment One, Real Ventures, Seedcamp Ventures and Telegraph Media Group. Creative Labs is led by CEO Mike Edwards, formerly the executive director of Vancouver startup accelerator GrowLab, and Chairman Leonard Brody. Creative Labs has already helped launch two companies, Belletrist, an online book club, and Ground Control, an interactive audio platform, according to the report.
1 min read · 27 October 2017
Creative Labs, a Vancouver media and entertainment venture studio, has started operations in partnership with Hollywood talent agency Creative Artists Agency (CAA), according to a report by Variety. The incubator is backed by funding of about $16 million (US$12.5 million), Variety said. The round's investors include Boatrocker Ventures, Entertainment One, Real Ventures, Seedcamp Ventures and Telegraph Media Group. Creative Labs is led by CEO Mike Edwards and Chairman Leonard Brody. It has already helped launch two companies, Belletrist, an online book club, and Ground Control, an interactive audio platform.
1 min read · 27 October 2017
