Power Survey and Equipment Ltd, a Montréal-based developer of power quality systems, has acquired Power Standards Lab Inc, a U.S. maker of electric power instruments for monitoring power quality and energy, and performing data analysis. No financial terms were disclosed. Power Survey said the deal will provide a unified set of tools for solving power quality disturbances for global commercial and industrial customers, utilities and government agencies. Led by President and CEO Mario Barbaresso, Power Survey last year raised $10 million in a financing led by EnerTech Capital. The company said it recently secured an additional US$24 million.
3 min read · 05 July 2017
Canada’s initial public offering (IPO) market continued to show signs of recovery in the second quarter of 2017, with six new TSX issues generating more than $2.3 billion in proceeds, according to a survey by PwC. Private equity- and venture-backed IPOs, including those of Real Matters Inc, Source Energy Services Ltd and STEP Energy Services Inc, contributed to the result. PwC said activity at the end of June, reflected in 16 IPOs accounting for $2.9 billion, marked the best first half in the past five years. Dean Braunsteiner, PwC's national IPO services leader, said demand for new issues has not yet been matched by supply.
4 min read · 04 July 2017
Software Platform Partners Corp, a Canadian special purpose acquisition corporation (SPAC), has filed with domestic regulators for an initial public offering of $90 million Class A restricted voting units. The proceeds will be used to make one or more acquisitions that result in the creation of an enterprise software platform. The SPAC is sponsored by SPP Management LP, the principals of which are Daniel Klass, founder of Klass Capital, and Jill Denham, a former CIBC executive. Klass, Denham and Power Corp's Sagard Holdings ULC will buy about $41 million of Class B and forward purchase units to align the interests of founders with other investors.
6 min read · 04 July 2017
Canadian private equity firm Mosaic Capital Corp has amended an agreement with the corporate financial services branch of ATB Financial to increase its credit facility from $35 million to $50 million. Mosaic CEO Mark Gardhouse said the additional credit availability will allow the firm to make more mid-market acquisitions. The Calgary-based investor earlier this year acquired a majority stake in Cedar Infrastructure Products Inc, a Vaughan, Ontario distributor of specialty materials used in construction.
2 min read · 04 July 2017
Canadian engineering and construction company SNC-Lavalin Group Inc (TSX: SMC) has completed its acquisition of WS Atkins plc, a British design, engineering and project management consultancy business. The deal, announced in April, was valued at about $3.6 billion. Montréal-based SNC-Lavalin said its combination with WS Atkins creates a new global entity with more than 50,000 employees and annual revenue of approximately $12 billion. Caisse de dépôt et placement du Québec helped fund the deal by providing SNC-Lavalin with a $1.5 billion loan and purchasing about $400 million in equity.
6 min read · 04 July 2017
Vanderlande Industries BV has acquired Optosecurity, a Québec City-based software company that provides a remote screening solution used in the checkpoint security sector. No financial terms were released. Vanderlande, a Dutch company with a Canadian headquarters in Richmond, British Columbia, said Optosecurity's solution when combined with its own will create a "leading integrator of passenger screening processes at airports." Founded in 2004, Optosecurity secured funding from several investors, including Anges Québec, BDC Capital, Capital régional et coopératif Desjardins and Fondaction CSN.
4 min read · 04 July 2017
Equity Group Investments (EGI), the private investment vehicle of Sam Zell, has invested in ILTA Grain Inc, a Surrey, British Columbia processor, distributor and exporter of pulse crops (e.g. peas, lentils, chickpeas, and beans). No financial terms were released. With the deal, EGI Managing Director Joe McIntosh will join the board. Founded in 2011, ILTA Grain was acquired in 2014 by a fund affiliate of U.S. private equity firm NGP Energy Capital Management. The company's president and CEO, Dan Burneski, said the EGI investment will support expansion of ILTA Grain's global footprint.
2 min read · 04 July 2017
Mirexus Biotechnologies Inc, a Guelph, Ontario biomaterials provider, has raised $12 million in funding. The round was led by the Canadian affiliate of Barbados' Goddard Enterprises Ltd (GEL) and joined by angel members of GreenSky President’s Club, all existing backers of the company. Founded in 2008, Mirexus is commercializing a novel nanotechnology that can be used in markets ranging from cosmetics to nutraceuticals to biomedical applications in animal and human health. Led by President and CEO Phil Whiting, the company will use the funds raised to develop a factory and support operations over the next three years.
4 min read · 04 July 2017
Canbriam Energy Inc has secured about $100 million (US$74 million) from its existing private equity investors, including Warburg Pincus, ARC Financial Corp, Ontario Teachers' Pension Plan, BlackRock Inc and State Street Corp. Calgary's Canbriam, a producer of liquids-rich natural gas resources, said the funds raised will help support infrastructure development related to the company's Altares Montney asset in Northeast British Columbia. Founded in 2007, Canbriam has been private equity-backed since 2008. It was in 2016 reported to be weighing an initial public offering as early as this year.
2 min read · 04 July 2017
Waterloo sourcing enablement software provider Bonfire has raised $11 million in a Series A financing. The round was led by U.S. venture capital firm Battery Ventures with participation from existing investors, including Crosslink Capital and Spider Capital. With the round, Battery General Partner Michael Brown will join the board. Founded in 2012, Bonfire has created online technology that helps organizations automate procurement decisions, such as requests for proposals, bids, tenders and reverse auctions. Led by CEO Corry Flatt, the company will use the funds raised to expand sales and marketing teams and develop its product in such areas as predictive analytics.
4 min read · 30 June 2017
