PayPal Holdings Inc (Nasdaq: PYPL) has wrapped up its buy of TIO Networks Corp (TSX-V: TNC), a Vancouver multi-channel bill payment processing company. The deal, announced in February, saw PayPal acquire all of the company's outstanding shares for about $302 million (US$238 million) in cash. TIO will operate as a separate service within PayPal under the leadership of Hamed Shahbazi, TIO's founder and former chairman and CEO. TIO's private equity and hedge fund investors included Core Innovation Capital, Napier Park Financial Partners, Edison Partners, Inter-Atlantic Advisors and Inductive Capital.
4 min read · 18 July 2017
Toronto-based accounting software company FreshBooks has raised $57 million (US$43 million) in a Series B financing, bringing total funding to almost $100 million. Canadian growth equity firm Georgian Partners led the round and was joined by Accomplice and Oak Investment Partners. All three firms are repeat investors. With the financing, Georgian Managing Partner Simon Chong has joined the board. Launched in 2003, Freshbooks provides online billing and accounting tools to service-based small business owners and independent professionals. Led by CEO Mike McDerment, it will use the funds raised to fuel North American growth of its new platform and enhance its offering.
3 min read · 18 July 2017
Toronto accounting software company FreshBooks has raised $43 million in a Series B financing, bringing total funding to $73 million. Georgian Partners led the round and was joined by Accomplice and Oak Investment Partners. All three firms are repeat investors. With the financing, Georgian Managing Partner Simon Chong has joined the board. Launched in 2003, Freshbooks provides online billing and accounting tools to service-based small business owners and independent professionals. Led by CEO Mike McDerment, it will use the funds raised to fuel North American growth of its new platform and enhance its offering.
2 min read · 18 July 2017
Canadian specialty finance firm Crown Capital Partners has increased the size of its fourth special situations fund to $225 million. Crown Capital Fund IV, which initially closed in September 2015, received $50 million more in committed capital. The fund has a maximum limit of $300 million, which may be reached through additional closings expected up until September 2018. As reported by PE Hub Canada in 2015, Crown is pursuing a two-track fundraising process that includes public sources. To date, Fund IV has invested $190 million of debt and quasi-equity in nine mid-market deals.
2 min read · 17 July 2017
The private equity group of Brookfield Asset Management has closed its acquisition of the gas station unit of Loblaw Cos Ltd (TSX: L). The deal, announced in April, saw Brookfield pay the Canadian grocery and pharmacy retailer about $540 million for the asset, which includes 213 gas stations and associated convenience kiosks adjacent to Loblaw-owned stores. Brookfield said the gas stations will be rebranded as Mobil as part of an agreement with Imperial Oil Ltd. Expected to commence this fall, the rebranding marks the introduction of the Mobil fuel brand into Canada.
3 min read · 17 July 2017
Atis Group Inc has acquired Fenestration Pro-Tech, a window and door retailer based in Stanbridge Station, Québec. No financial terms were disclosed. Atis, a Longueuil, Québec-based manufacturer, distributor and marketer of windows and doors, said the deal is in line with its strategy of acquiring retailers in Québec and across Canada. Founded in 2004, Atis was bought in 2015 by a consortium of Fonds de solidarité FTQ, Capital régional et coopératif Desjardins and Fondaction CSN in partnership with senior management. The company was previously backed by U.S. private equity firm Cyprium Partners.
3 min read · 17 July 2017
Canadian specialty finance firm Wellington Financial has opened its fourth North American office in New York City. To lead the firm's New York team, it also recruited Robin Gill as a partner. Gill previously served as a senior vice president at City National Bank, where he was responsible for technology debt financings. Before then, he worked as a director at Silicon Valley Bank. Wellington President and CEO Mark McQueen said “New York and New Jersey have been a great market for our firm," with financings of ten venture-backed companies closed to date. Wellington is based in Toronto.
3 min read · 17 July 2017
Canadian venture capital firm McRock Capital has led a $12.3 million (€8.3 million) Series B financing of Worldsensing, a Barcelona, Spain-based smart city and industrial Internet-of-Things solutions specialist. McRock invested alongside ETF Partners and existing investor Cisco Investments. As part of the financing, McRock Managing Partner Scott MacDonald has joined the board. Launched in 2008, Worldsensing has developed technology that provides connected operational intelligence to cities and industries. It currently works with more than 200 customers in over 50 countries. Toronto-based McRock is an investor in the industrial Internet.
3 min read · 17 July 2017
Canada Pension Plan Investment Board (CPPIB) has agreed to acquire a 50 percent equity stake in Milton Park, a British business, science and technology park. CPPIB agreed to pay about $330 million (£200 million) to Hermes Investment Management for the interest. MEPC Ltd, a London-based property developer and asset manager, will continue to oversee Milton Park under the new ownership arrangement. MEPC said CPPIB's investment will support the continued expansion of businesses in the 250-acre location.
5 min read · 14 July 2017
Borealis Infrastructure, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS), and Ontario Teachers’ Pension Plan have agreed to sell HS1 Ltd, the owner and operator of High Speed 1, a U.K. high-speed rail system. No financial terms were released. The buyer is a consortium led by InfraRed Capital Partners and Equitix Investment Management. Borealis and Ontario Teachers’ bought the 30-year concession for the HS1 network in 2010 for £2.1 billion ($3.5 billion). The network connects London St Pancras International station with the Channel Tunnel.
6 min read · 14 July 2017
