Desjardins Capital has teamed up with French private equity firm Siparex to give Québec and European small and medium-sized businesses access to more trans-Atlantic opportunities. Luc Ménard, COO of Desjardins Capital, the private equity and venture capital investment arm of Desjardins Group, said the partnership will supply capital and other forms of support to help Québec companies expand into the European market. Earlier this week, Desjardins Group unveiled a new fund that will invest about $500 million in Québec small businesses over five years.
3 min read · 27 October 2017
New Look Vision Group Inc (TSX: BCI) has closed its acquisition of Iris the Visual Group, a Laval, Québec-based provider of eyecare services, including eyewear, eye exams and vision correction surgery. Montréal-based New Look, which also operates in the optical retail industry, paid $120 million for the company. The deal was backed by Fonds de solidarité FTQ, which deployed $55 million, its second investment New Look. At the time of the deal's announcement in July, New Look said the combined business will have estimated annual system-wide revenue of more than $315 million and a store network of over 375 locations.
3 min read · 27 October 2017
Canadian gold producer TMAC Resources Inc (TSX: TMR) has launched a private placement deal with U.S. mining private equity firm Resource Capital Funds (RCF) and Newmont Mining Corp. The deal, which will secure close to $30 million, will be accompanied by a public offering targeted to raise about $20 million. RCF and Newmont have the right to increase their investment relative to the results of the public offering's greenshoe option. Toronto-based TMAC said the funds raised will be used to advance its Hope Bay gold project in Nunavut and other priorites. TMAC was largely owned by RCF and Newmont when it went public in 2015.
3 min read · 26 October 2017
Toronto smart building technology platform SensorSuite Inc has closed an investment with Greensoil Building Innovation Fund. No financial terms were released for the round, which will see Jamie James, the fund's managing partner, join the board. Founded in 2012, SensorSuite is an IoT company that develops wireless monitoring and energy-saving solutions for commercial and residential buildings. It will use the funds raised to accelerate sales and marketing and execute its product road map. The Greensoil fund was launched in 2015 by GreenSoil Investments. Sensor Suite is also backed by Extreme Venture Partners and BDC Capital.
3 min read · 26 October 2017
U.S. private equity firm Sverica Capital Management has agreed to sell Syscon Justice Systems Ltd, a Vancouver-based provider of offender management software solutions to governments worldwide. No financial terms were disclosed for the deal, which will see Syscon go to N. Harris Computer Corp, an affiliate of Constellation Software Inc (TSX: CSU), a Toronto-based acquirer, manager and builder of vertical market software companies. N. Harris said the deal expands its ability to serve correctional institutions in several key markets. Sverica acquired a majority interest in Syscon in July 2010.
2 min read · 26 October 2017
Corix Infrastructure Inc has agreed to sell Corix Water Products (CWP) to Deschênes Group Inc, a Montréal-based wholesale distributor to the plumbing, heating, electrical, waterworks, fire protection, HVAC-R and auto parts markets. No financial terms were released. CWP provides water and wastewater products across Canada and the United States. Deschênes said the deal will add to its offerings and increase its geographic footprint. Corix, a Vancouver-based provider of utility infrastructure solutions, is owned by British Columbia Investment Management Corp (bcIMC).
3 min read · 26 October 2017
3 min read · 26 October 2017
Canada has long had both cash-hungry startups and pension funds with an appetite for direct deals, but only recently have those two things come together. Last week, Lightspeed, a point-of-sale solution for retailers and restaurants, raised $207 million in a Series D financing, the largest for a Canadian IT company in 25 years. Caisse de dépôt et placement du Québec, a $287 billion pension system, led the round, highlighting a growing interest among formerly standoffish Canadian pension funds to invest directly in tech opportunities at home.
3 min read · 26 October 2017
Canadian financial cooperative Desjardins Group has unveiled a new fund to invest in Québec-based small businesses. The Desjardins Capital SME fund will be initially capitalized at about $100 million annually by Desjardins Private Wealth Management and Desjardins Capital and ultimately invest about $500 million over five years. It is expected to target equity and subordinated debt investments of $100,000 to $10 million to a range of developing Québec companies. Desjardins Capital oversees several private equity and venture capital funds, including retail fund Capital régional et coopératif Desjardins.
3 min read · 26 October 2017
Frontera Energy Corp (TSX: FEC) has agreed to sell its stake in Petroelectrica de los Llanos (PEL), owner of a 260-kilometre power transmission line that supplies power to Columbian oil fields and a pipeline. Frontera will sell the asset to EDEMSA for US$56 million. Most of the proceeds will be used for the company's proposed buy of Pacific Midstream Ltd for US$225 million. Frontera, a Toronto-based explorer and producer of crude oil and natural gas in Latin America, last year closed a US$500 million restructuring deal with Canadian private equity firm Catalyst Capital Group and other creditors.
3 min read · 26 October 2017
