The Big Push, an all-female led business accelerator, has launched to support women founders raising venture capital funding. Led by Founder and CEO Sharon Zohar, The Big Push offers an equity-for-service model to prepare women-led startups in the Toronto-Waterloo corridor for early-stage investment. It will provide hands-on services, support, and resources to female founders through a network of female executives with a range of market experience. The accelerator's program, which spans four to six months, will enagage 10 startups per year, beginning with Artery, a platform that brings artists and audiences together.
5 min read · 26 October 2017
Canadian energy company TransCanada Corp (TSX, NYSE: TRP) has agreed to sell its Ontario solar portfolio to Axium Infrastructure. Axium, a Canadian infrastructure investment firm, agreed to pay about $540 million for the portfolio, which consists of eight facilities with a total generating capacity of 76 megawatts. The deal is expected to close this year. In a separate release, Axium said the acquisition will increase its portfolio investments to 39 solar installations located across Canada and the United States.
2 min read · 25 October 2017
Lendified, a Toronto online small business loans provider, has agreed to access a $60 million credit facility provided by ClearFlow Commercial Finance. The deal increases Lendified’s lending capacity to $85 million, the company said. Founded in 2015 by CEO Troy Wright and President Kevin Clark, Lendified operates an online marketplace that aims to supply fast and affordable working capital loans of $5,000 to $150,000 to Canadian small businesses. It reports receiving more than $220 million in loan requests to date. Last year, Lendified secured a $20 million credit facility from Liquid Capital Corp.
3 min read · 25 October 2017
Montréal specialty pharmaceutical company Searchlight Pharma Inc has secured an undisclosed investment from Emerillon Capital, managed by CIC Capital Canada, and Fonds de solidarité FTQ. The investment will support the company's organic and acquisition-based growth and therapeutic area expansion. Founded in 2015, Searchlight has a core focus on women's health, urology, and pediatrics. It has so far closed nine deals that have contributed 15 marketed products, with additional pipeline candidates expected to launch over the next 12 to 18 months. Searchlight is led by President and CEO Mark Nawacki.
4 min read · 25 October 2017
Canadian apparel and lifestyle brand Roots Corp has wrapped up its initial public offering and will commence trading on the Toronto Stock Exchange under the symbol "ROOT". The IPO raised more than $200 million in proceeds, most of which will go to selling shareholders, including U.S. private equity firm Searchlight Capital Partners, which acquired Roots in 2015. Exercise of the IPO's greenshoe option may increase the amount raised to as much as $230 million. As a result, Searchlight will reduce its ownership of the company to 47.7 percent of issued and outstanding shares, or 42.9 percent if the greenshoe option is exercised, according to the prospectus.
3 min read · 25 October 2017
Kindred Systems Inc, a Vancouver-based developer of human-like intelligence in machines, has secured about $28 million in a Series B financing, bringing its total funding to $44 million. Tencent Holdings led and was joined by existing investors Eclipse Ventures and First Round Capital. Kindred is designing robots-as-a-service technology, such as its first commercial offering, Kindred Sort, which is targeted for use in retail distribution and e-commerce fulfillment centers.
3 min read · 25 October 2017
The Ontario Municipal Employees Retirement System (OMERS) said it will open an office in Singapore in January 2018. The initiative recognizes Singapore's position as a major financial hub, OMERS President and CEO Michael Latimer said. It is also part of the $85-billion pension fund's plan to identify more opportunities in emerging markets, including both direct deals and opportunities leveraged with new local investment partners. OMERS sees particular potential in the Asia-Pacific region, Latimer said.
3 min read · 24 October 2017
Cinnaroll Bakeries Ltd, a Calgary-based bakery and maker of gourmet cinnamon rolls, has appointed Brad Turner as its CEO. Turner, a business executive with 25 years of experience, joined the company from WestJet, where he served as director of sales strategy and distribution. In September, Cinnaroll was acquired by Canadian family office Skidmore Development Group and Canadian private equity firm SouthPac Partners. In a PE Hub Canada interview, Skidmore's Jas Boparai and SouthPac's Jeremy South said they expected to soon hire a new chief executive for the company.
2 min read · 24 October 2017
MIE Holdings Corp, a Hong Kong holding company, said an affiliate has closed its acquisition of CQ Energy Canada Partnership, a Canadian oil and gas exploration and production business, from the United Kingdom's Centrica Plc. The deal, announced in June, saw Centrica sell the business to an MIE-led consortium for $722 million. The consortium included Can-China Global Resources Fund, a private equity fund managed by Hong Kong's MEC, and Switzerland's Mercuria Energy Group Ltd. The partnership reflects mostly Western Canadian natural gas assets that currently pump the equivalent of 56,070 barrels of oil a day.
3 min read · 24 October 2017
Tokyo Smoke, a Toronto-based cannabis lifestyle and retail brand, has increased the size of its Series B financing to $6 million. The round, which is now closed, brings total funding over the past 10 months to more than $10 million. As reported in August, the Series B was led by Aphria Inc, a Canadian medical cannabis producer, and Green Acre Capital, a Canadian cannabis-focused investment firm. Paul Rowan, a founding partner of Umbra, also invested. Founded in 2015, Tokyo Smoke said it will use the funds raised to continue retail expansion, marketing and acquisitions in anticipation of cannabis legalization in Canada.
3 min read · 24 October 2017
