THC BioMed Intl Ltd has secured a commitment of up to $12 million in funding from Alumina Partners, a U.S. private equity firm. Based in Kelowna, British Columbia, THC is a provider of scientific research, plant innovation and product development for the medical cannabis industry. The commitment, which brings the company's total available resources to $22 million, will be used for expansion, marketing and working capital. Earlier this year, THC acquired Clone Shipper LLC, a U.S. specialist in packaging products for the transportation of live plants.
3 min read · 15 August 2017
Island Capital Partners, an early-stage venture capital fund, has been launched to invest in entrepreneurs and startups in Prince Edward Island, according to a report by Entrevestor. The fund has been capitalized with $4 million, half of which was committed by the provincial government and roughly the same amount by about 20 locally-based angel investors. Island Capital has already closed its debut deal, Entrevestor said. It invested in Forestry.io, a website content manager that raised $754,000 in seed funding in April. Based in Charlottetown, Island Capital is led by a team of four investment managers: Alex MacBeath, Ron Keefe, Paul Lypaczewski and Steve Nicolle.
1 min read · 15 August 2017
Calgary-based infrastructure specialist Petrowest Corp (TSX: PRW) said it has consented to the appointment of a receiver after lenders demanded immediate repayment of all amounts owing under the company's credit facilities. Canadian specialty finance firm Crown Capital Partners, which has $25 million of loans outstanding to Petrowest, said it will work with the receiver to maximize proceeds for all stakeholders. Crown also announced it is formalizing an offer to acquire the assets of Petrowest's civil and rental divisions, which it believes should be maintained as "going concerns."
2 min read · 15 August 2017
Lift Co Ltd, a Toronto cannabis media and technology company, has raised $3 million in a Series A financing. The round's investors were not disclosed. Founded in 2014, Lift provides a range of cannabis-related education, news and information resources, including industry events, industry publications, a database of medical cannabis products, and patient reviews in Canada. Led by CEO Matei Olaru, it plans to use the funds raised to strengthen its core product offerings and "begin preparing for adult-use legalization next year.”
3 min read · 15 August 2017
Descartes Systems Group (TSX: DSG) has acquired MacroPoint LLC, a Cleveland, Ohio-based freight visibility platform for shippers, brokers and third-party logistics providers. Descartes paid about US$107 million for the company is a cash-and-stock transaction. Waterloo-based Descartes, a provider of software-as-a-service solutions to logistics-intensive businesses, said the deal expands its global logistics network with connections to more than 2 million trucking assets. MacroPoint was backed last year with a US$44 million investment by Susquehanna Growth Equity (SGE), a U.S. private equity firm. As part of the deal, SGE has become a Descartes shareholder.
4 min read · 15 August 2017
Peloton Computer Enterprises, a Calgary-based provider of well data software solutions to the oil and gas industry, has secured an undisclosed strategic investment. The deal was led by Silver Lake Kraftwerk, a technology growth capital fund managed by U.S. private equity firm Silver Lake. It was joined by Canadian private equity firm TriWest Capital Partners and HarbourVest Partners, a U.S. private-markets asset manager. Founded in 1991, Peloton today has more than 450 clients, including 21 of the 25 biggest North American exploration and production companies. Led by CEO Glen Gray, it will use the funds raised to explore new product capabilities and acquisition opportunities.
4 min read · 15 August 2017
Canadian venture capital firm Round13 Capital has closed a $95-million fund earmarked for investments in growth-stage companies. Commitments were provided by high-net-worth investors and family offices, as well as Labourers’ Pension Fund of Central and Eastern Canada and National Bank. Led by Bruce Croxon, co-founder of Lavalife, and John Eckert, co-founder of McLean Watson Capital, Round13 invests up to $5 million in Canadian technology companies looking to scale. Its new fund has already backed three Toronto startups: wireless retail service Statflo, cloud accounting platform Hubdoc, and point-of-sale restaurant app TouchBistro.
3 min read · 15 August 2017
GSO Capital Partners LP, the credit arm of U.S. private equity firm Blackstone Group, has entered into private agreements to sell all of the common shares it holds in The Stars Group Inc (TSX: TSGI), formerly known as Amaya Inc. GSO agreed to sell close to 14 million shares for $23.50 per unit, which will generate proceeds of about $328.5 million. The sale does not include any preferred shares held by GSO in the company. Earlier this month, The Stars Group, a gaming and interactive entertainment products and services provider, rebranded and moved its headquarters from Montréal to Toronto.
2 min read · 14 August 2017
The Fastway Group, a subsidiary of Mill Street & Co, has acquired Impact Tools, a Toronto-based provider of industrial power tool equipment. No financial terms were released. Fastway, which operates in the same sector, said the deal strengthens its presence in the Toronto market. Mill Street, a Canadian private investment firm, invested in Fastway last year. The company was created through acquisitions of Toronto’s Speed Fastening Systems Inc and Port Perry, Ontario’s Uxport Tools Inc.
2 min read · 14 August 2017
Canadian specialty finance firm Wellington Financial has provided US$4 million in growth capital to Agilence Inc, a Mount Laurel, New Jersey provider of cloud-based analytics for store operations and loss prevention. Founded in 2006, Agilence works with more than 118 brands encompassing over 35,000 stores. The funds raised will allow it to focus on product development and team expansion to meet the needs of U.S. retail, grocery, pharmacy and chain restaurant establishments. Last month, Wellington opened a New York City office to support financings of local venture-backed technology companies. Agilence's backers include Arrowroot Capital.
3 min read · 14 August 2017
