GF Piping Systems, a division of Switzerland's Georg Fischer Ltd, agreed to buy a 49 percent stake in Urecon Ltd, a Coteau-du-Lac, Québec-based developer of pre-insulated piping systems for freeze protection, chilled water and district heating markets. No financial terms were disclosed. GF said the deal will expand its North American footprint and accelerate the introduction of its pre-insulated piping system package for cooling and air-conditioning. Founded in 1969, Urecon was acquired in 2013 by Capital régional et coopératif Desjardins (CRCD), a private equity fund managed by Desjardins Entreprises Capital régional et coopératif.
2 min read · 25 July 2017
Dane Creek Capital Corp (DCCC) has agreed to acquire the non-manufacturing pet assets of Nature's Way Canada, a Dartmouth, Nova Scotia maker of supplements for dogs and cats under the CanineOmega3 and FelineOmega3 brands. Terms were not disclosed for the deal, which will see DCCC acquire all current and future brand formulations. Nature's Way will also continue to produce supplements for DCCC over a six-year period. DCCC, a Canadian investor in pet-related startups, said the deal will create a range of supplements to "meet the needs of health-conscious pet owners shopping online, in pet specialty retail stores and in mass retail and grocery stores."
4 min read · 25 July 2017
Montréal-based power quality systems maker Power Survey and Equipment Ltd has raised about $24 million in Series A2 financing. The round was initiated by the company’s majority investor EnerTech Capital and Investissement Québec alongside new investors led by Cycle Capital Management joined by Fonds de solidarité FTQ and BDC Capital. Power Survey used part of the funds raised to buy Power Standards Lab Inc, a U.S. maker of electric power instruments, earlier in July.
3 min read · 25 July 2017
Hotel booking service SnapTravel has secured $8 million in a Series A financing. Canadian venture capital firm iNovia Capital led the round and was joined by existing backers Lightbank, Bee Partners and Hedgewood, as well as strategic investor Peter Kern. Founded in 2016 by CEO Hussein Fazal and CTO Henry Shi, both serial entrepreneurs, SnapTravel uses natural language processing and machine learning to help users of its service find and book a hotel room over SMS texts and Facebook Messenger. It plans to use the funds raised to further develop its technology, hire engineers and fuel growth. SnapTravel has offices in Toronto and San Francisco.
2 min read · 25 July 2017
The Investment Management Corp of Ontario (IMCO), a Toronto manager of institutional assets, has officially commenced operations. IMCO was formed by the Ontario government in 2016 to provide public sector funds with scale and give them access to private-market investments. It will oversee $60 billion in assets from two members, Ontario Pension Board (OPB) and Workplace Safety and Insurance Board. Last year, it was announced that Bert Clark, formerly president and CEO of Infrastructure Ontario, would become IMCO's first CEO. Its first CIO will be Jill Pepall, who joins from OPB.
2 min read · 24 July 2017
Acasta Enterprises Inc (TSX: AEF) has changed its leadership to reposition itself as a public company from a special purpose acquisition corporation. Acasta's board now consists of Geoff Beattie as independent chairman, Anthony Melman as CEO, and three new independent directors, Robert Schwartz, Jay Swartz and Michael Young. Belinda Stronach has resigned as a director but remains a founder. Acasta founders Hunter Harrison and Gordon Nixon also agreed to sell their equity interests to directors, senior management and certain other founders. Earlier in 2017, Acasta closed its qualifying acquisition, buying three businesses for $1.1 billion.
2 min read · 24 July 2017
Montréal-based power quality systems maker Power Survey and Equipment Ltd has raised about $30 million (US$24 million) in a Series A2 financing. The round was initiated by the company's majority investor EnerTech Capital and Investissement Québec (IQ) alongside new investors led by Cycle Capital Management, joined by Fonds de solidarité FTQ and BDC Capital. Power Survey used part of the funds raised to buy Power Standards Lab Inc, a U.S. maker of electric power instruments, earlier in July. They will also be used for geographic and product line expansion. Led by President and CEO Mario Barbaresso, Power Survey last year raised $10 million from EnerTech and IQ.
4 min read · 24 July 2017
OMERS Private Equity (OPE) has agreed to sell Civica, a U.K. provider of public sector software, digital solutions and technology-based outsourcing services, for about $1.72 billion (£1.055 billion). The buyer is Partners Group, a European private equity firm. Launched in 2002, London-based Civica was acquired by OPE from 3i Group in 2013 for £390 million. OPE said it has since supported the company's organic growth and acquisition of a dozen complementary businesses. OPE, the private equity arm of Canadian pension fund OMERS, said the sale of Civica, its tenth exit globally in the past three years, will generate a multiple of 2.6x its invested capital.
5 min read · 24 July 2017
The Ontario Municipal Employees Retirement System launched an in-house venture program in 2011, making it one of the few pensions worldwide to invest directly in the asset class. Today, the $85.2 billion OMERS is feeling pretty good about that bet, OMERS Ventures Chief Executive John Ruffolo told PE Hub Canada. OMERS Ventures emerged as an influential investor in North America’s tech sectors, where it has deployed some $370 million to 31 companies. It often uses the clout to draw attention and dollars to Canadian entrepreneurs and startups, which remain a primary focus. PE Hub Canada sat down with Ruffolo to talk about his firm’s strategy, plans to expand into the United States and Europe, and why more institutional investors should embrace VC.
5 min read · 24 July 2017
Insight Engines Inc has raised US$15.8 million in a Series A financing. The round was led by U.S. venture capital firm August Capital, with participation from several other investors, including Splunk, Real Ventures, a Canadian venture capital firm, and Data Collective. Founded in 2015, San Francisco-based Insight Engines develops technology that enables the unlocking of machine data and making it accessible to anyone in an organization. Led by CEO Grant Wernick, the company plans to use the funds raised to accelerate its product roadmap and expand sales and marketing teams.
4 min read · 21 July 2017
