Tacora Resources Inc, an iron ore mining and development company, has acquired the assets of the Scully Mine located in Wabush, Newfoundland and Labrador. No financial terms were released for the deal, which was struck with Wabush Iron Co Ltd, Wabush Resources Inc and Wabush Lake Railway Co Ltd under a court-supervised process. Tacora said it is working with stakeholders, including the provincial government and union, to restart the mine. The Grand Rapids, Minnesota-based company said its financial partner is Proterra Investment Partners, a U.S. resource private equity firm.
3 min read · 19 July 2017
Citron Hygiene has acquired Chemsyn Chemical Corp, a Concord, Ontario-based manufacturer and distributor of commercial dish-washing, laundry and housekeeping products and services. No financial terms were disclosed. Citron said the deal expands its service offering in the ware-wash and chemical solutions space and enhances its presence and scale in Ontario. It follows the acquisitions of Alpine Jan-San and Workplace Essentials earlier this year. Led by President and CEO Peter Farrell, Toronto-based Citron, formerly known as Cannon Services, was bought in 2016 by Canadian private equity firm Birch Hill Equity Partners.
3 min read · 19 July 2017
Canadian private equity firm Clairvest Group has agreed to sell CRS Contractors Rental Supply LP, a provider of construction equipment rental and related merchandise, for $275 million plus a potential earn-out. The buyer is Sunbelt Rentals, a North American business affiliated with Ashtead Group plc, a U.K. industrial equipment rental provider. Clairvest, which invested in Kitchener, Ontario-based CRS in 2013, said its proceeds from the sale are expected to be about $31.7 million, compared to a recent carrying value of $28.8 million. The deal is expected to close in the weeks ahead. Founded in 2000, CRS is led by President and CEO Brad Muter.
2 min read · 19 July 2017
5 min read · 19 July 2017
GaN Systems Inc, an Ottawa-based provider of power transistors, has closed a strategic investment led by BMW i Ventures, the venture capital arm of German automobile manufacturer BMW. With the deal, the value of which was not disclosed, BMW i Ventures joins the company's existing investors, BDC Capital, Chrysalix Venture Capital, Cycle Capital Management, RockPort Capital and Tsing Capital. Founded in 2008, GaN makes Gallium Nitride power transistors for consumer, enterprise, industrial, solar-wind-smart-grid and transportation power conversion applications. It will use the funds raised to expand global sales and accelerate new product development.
2 min read · 18 July 2017
Flybits Inc has secured $6.5 million in a Series B financing, bringing its total funding so far to $14 million. Canadian venture capital firm Information Venture Partners led the round and was joined by Portag3 Ventures, Robert Bosch Venture Capital and Trellis Capital. As a result, Information VP's Robert Antoniades and David Unsworth will join the board. Toronto-based Flybits is a context-as-a-service company that helps enterprises to leverage data intelligence with minimal complexity. Founded in 2013 by CEO Hossein Rahnama, it will use the funds raised for U.S. and European sales, reinforcing its global presence, and growing product and engineering teams.
3 min read · 18 July 2017
U.S. hedge fund manager Restructuring Capital Associates (RCA) said it expects to vote its shares of Tembec Inc (TSX: TMB) against the proposed merger with Rayonier Advanced Materials Inc (NYSE: RYAN). RCA, Tembec's second largest shareholder with a 17.1 percent interest, said it supports the Canadian paper and cellulose pulp maker but agrees with the arguments made by Oaktree Capital Management against Rayonier's acquisition. The deal, announced in May, is valued at US$807 million. Shareholders will vote on July 27.
2 min read · 18 July 2017
Ottawa industrial Internet-of-Things software provider Contextere Corp has raised about $1.4 million (US$1.1 million) in funding from strategic investor Lockheed Martin (NYSE: LMT), a U.S. security and aerospace company. The investment's proceeds will allow Contextere to design and deliver an intelligent personal agent for aerospace and defense maintenance personnel. Founded in 2015, Contextere focuses on developing software solutions for the connected workplace. Led by CEO Gabe Batstone, it has previously raised seed financing from U.S. venture capital firms SOSV and Urban-X.
3 min read · 18 July 2017
Highmark Interactive has raised $2 million in a seed-stage financing. The round's investors were not disclosed; however, the Toronto-based company said they include capital-market investors, medical practitioners, and Olympic and professional athletes. Founded this year, Highmark develops digital media and therapeutics solutions to address concussions and other brain injuries and diseases. Led by CEO Andy Smith, it plans to use the funds raised to grow the development team and build distribution partnerships for its games. Earlier in 2017, Highmark acquired mobile games company XMG Studio Inc.
3 min read · 18 July 2017
U.K. private equity firm 3i Group has sold Mémora Group, an Iberian funeral services provider, to Ontario Teachers’ Pension Plan. The purchase price was not disclosed; however, 3i said the deal generated proceeds of £117 million ($194 million). Based in Barcelona, Mémora operates 115 parlours, 24 crematoriums, 13 cemeteries and 91 retail outlets in the Iberian Peninsula. It was bought by 3i in 2008. Ontario Teachers' Senior Managing Director Jo Taylor said Mémora "presents a unique opportunity to invest in a sector we have extensive experience in." Earlier in 2017, the pension fund acquired French funeral services provider OGF.
4 min read · 18 July 2017
