Encanto Potash Corp (TSX-V: EPO), a Canadian potash development and mining company, has secured a $100 million funding facility. The investor is Global Emerging Markets (GEM), a U.S. private equity firm. The facility will allow Encanto to invest over the next three years in the engineering and design phase of a mining project in Saskatchewan. The company secured the mineral rights in a joint venture agreement with Muskowekwan Resources Ltd and representatives of the Muskowekwan tribe. The facility's proceeds will also be used for the procurement and supply of third-party potash. Vancouver-based Encanto is led by President and CEO Stavros Daskos.
3 min read · 21 September 2017
Skidmore Development Group and SouthPac Partners have joined forces in the inaugural deal of both firms, investing in a maker of gourmet cinnamon rolls. Skidmore and SouthPac last week announced their acquisition of Calgary's Cinnaroll Bakeries for an undisclosed sum. The plan is to build on the company's 30 years of growth, Skidmore Managing Director and CFO Jas Boparai and SouthPac Managing Partner Jeremy South told PE Hub Canada. The Cinnaroll deal officially introduces Skidmore, the family office of British Columbia's Thomas Skidmore, and SouthPac, a Vancouver private equity firm, to the market.
3 min read · 20 September 2017
U.S. private equity firm Prospect Partners said it and other investors have sold their interests in Codel Entry Systems Inc, a Tacoma, Washington maker, marketer and distributor of exterior door entry systems, to Canada's Trimlite LLC. No financial terms were disclosed. Vancouver-based Trimlite is a manufacturer and distributor of stile and rail doors, fiberglass doors, decorative glass and other building products. It said in July it bought Codel in partnership with TriWest Capital Partners, a Canadian private equity firm. TriWest Capital Partners Fund V, which raised $500 million in 2015, acquired Trimlite last year.
3 min read · 20 September 2017
Ushr Inc, a U.S. provider of autonomous vehicle navigation solutions, has raised US$10 million in a Series A financing. The round, which was commensurate with the company's spin-off from GeoDigital Inc, was led by Forté Ventures. It was joined by other investors, including Emerald Technology Ventures and EnerTech Capital, venture capital firms with offices in Canada. Ushr has developed precise, high-definition mapping technology and software for autonomous and semi-autonomous vehicles. Based in Detroit, Michigan, the company is led by CEO Bruce Gordon.
3 min read · 20 September 2017
FoodLogiQ, a U.S. provider of traceability, food safety and supply chain transparency software, has raised a Series B financing. The round, the value of which was not disclosed, was led by Renewal Funds, a Canadian impact venture capital firm. FoodLogiQ, which has its headquarters in Durham, North Carolina, said the funds raised will support its growth in the food technology space. Launched in 2006, the company is led by CEO Dean Wiltse.
3 min read · 20 September 2017
Canadian specialty food products company Premium Brands Holdings Corp (TSX: PBH) has acquired 100 percent of the shares of Leadbetter Foods Inc, an Orillia, Ontario-based maker of specialty bacon, fresh and frozen burgers and portion-cut steaks. No financial terms were released. Vancouver-based Premium Brands said the acquisition facilitates its goal of becoming a leading specialty protein platform in Ontario and complements its Belmont Meats' burger business, which was acquired last year. Premium Brands has been a portfolio company of Canadian private equity firm Pender West Capital Partners since 2005.
3 min read · 20 September 2017
A new study by the Business Development Bank of Canada (BDC) has found that 41 percent of owners of Canadian small and medium-sized enterprises (SMEs) are likely to leave within the next five years, which is up from the mid-2000s. Most are preparing to retire, with 52 percent expecting to sell or transfer SME interests outside the family. The study found owners preparing to exit are slowing down too soon, with most showing reluctance to take risks to improve performance or undertake growth. The result may be a sale below market value. As part of its recommendations, BDC said an advanced "staging" strategy may lead to more successful exits.
4 min read · 20 September 2017
Ottawa-based cybersecurity software startup inBay Technologies Inc has raised more than $1 million in financing. Dutch venture capital firm Ramphastos Investments co-led the round with angel investors represented by Tongda One Partners, a Canadian advisory firm. Founded in 2009, inBay develops password-less authentication solutions to ensure safe and secure access to enterprise services and applications. Shane Young, the company's president and CEO, said the funds raised will help accelerate commercialization of inBay's idQ trust-as-a-service platform.
3 min read · 20 September 2017
Edesa Biotech Inc, a developer of novel dermatology and anorectal treatments, has secured $7 million in a Series A financing. Lumira Capital, a Canadian life sciences venture capital firm, led the round and was joined by Pharmascience Inc, Inveready Technology Investment Group and several Canadian family offices. The funds raised will be used to support the Markham, Ontario company's growth and development of its product pipeline. Edesa was founded in 2015 by its CEO, Dr. Par Nijhawan, a serial entrepreneur. In parallel with the round, Edesa licensed the Canadian rights to its anorectal products to a division of Pharmascience.
3 min read · 20 September 2017
Brookfield Business Partners (BBP), the listed affiliate of Brookfield Asset Management's private equity group, has launched a US$600 million equity offering. Of the total, US$400 million will be generated by BBP's issue of 6.7 million LP units and Brookfield's buy of 6.9 million REUs of BBP's holding vehicle. The Ontario Municipal Employees Retirement System (OMERS) will also be issued 6.7 million units, generating US$200 million. A greenshoe option may bring total proceeds to US$630 million. The funds raised will be used partly for recent deals and future opportunities. Brookfield last month partnered in a deal to acquire Toronto gaming assets.
4 min read · 19 September 2017
