USI Insurance Services has agreed to acquire the commercial insurance business of Wells Fargo & Co (NYSE: WFC). No financial terms were released for the deal, which is expected to close in the fourth quarter. Valhalla, New York-based USI said the acquisition will create a comprehensive suite of property and casualty, employee benefit, personal risk and retirement solutions. USI was earlier this year sold by Canadian private equity firm Onex Corp to U.S. private equity firm KKR & Co and Caisse de dépôt et placement du Québec (CDPQ) for US$4.3 billion. CDPQ and PSP Investments helped finance the Wells Fargo transaction.
3 min read · 27 June 2017
Resolver Inc, a Toronto provider of risk and incident management software, has raised an additional $20 million, bringing its total funding to $40 million. Canadian private equity firm Klass Capital, which acquired the business in 2015, invested in the latest round. Resolver said the funds raised will be used for acquisitions to expand product capability in the information security market. Daniel Klass, Resolver’s chairman and founder of Klass Capital, said the company has shown consistent recurring revenue growth of 30 percent over the past two years. In 2016, Resolver bought the risk management product suite of New Zealand's Wynyard Group Ltd.
3 min read · 27 June 2017
Fredericton cybersecurity startup Beauceron Security Inc has raised more than $500,000 in a seed-stage financing. The round was led by East Valley Ventures and Mariner Partners and joined by New Brunswick Innovation Foundation. Founded last year by CEO David Shipley, COO Benjamin Steeves and CTO Sean McDougall, Beauceron has developed a software platform to measure, manage and monitor cyber risk. It has already attracted 11 Canadian and U.S. customers in a range of sectors. Beauceron was incubated at the University of New Brunswick's Energia Ventures.
5 min read · 27 June 2017
InstarAGF Asset Management has closed its flagship infrastructure fund, InstarAGF Essential Infrastructure Fund, raising $740 million in committed capital. The fund, backed by institutional and high-net-worth investors in Canada, the United States and Europe, will invest in mid-market infrastructure deals across North America. It has already deployed about 30 percent of the funds raised to three opportunities, including the 2015 buy of Billy Bishop Toronto City Airport and last year's investment in Steel Reef Infrastructure Corp. Toronto-based InstarAGF, a joint venture between Instar Group Inc and AGF Management Ltd, is led by President and CEO Gregory Smith.
4 min read · 27 June 2017
Vancouver big data warehouse company PHEMI Inc has raised $10 million in follow-on financing. CTI Life Sciences Fund, BDC Capital and Yaletown Partners, which participated in PHEMI's $12.2 million Series A financing in 2015, co-led the latest round. They were joined by new investors Quark Venture and GF Securities Co Ltd. Founded in 2013, PHEMI helps data-driven businesses in life sciences and other sectors to unlock and share information without compromising privacy. Led by CEO Paul Terry, the company will use the funds raised to expand commercialization through expanded sales and marketing and outreach into emerging vertical markets.
3 min read · 27 June 2017
Canadian private equity firm Mosaic Capital Corp has appointed Monty Balderston as CFO, replacing Allan Fowler, who resigned to pursue other opportunities. Balderston brings to the role some 20 years of experience in senior finance and accounting, including as CFO at Peak Energy Services Ltd and Northern Frontier Corp. Based in Calgary, Mosaic invests in mid-market companies located primarily in Western Canada. Late last year, it secured a $150 million investment from Fairfax Financial Holdings Ltd.
2 min read · 26 June 2017
TricorBraun Inc, a portfolio company of U.S. private equity firm AEA Investors, has agreed to acquire Salbro Bottle Inc, a Woodbridge, Ontario-based manufacturer and distributor of packaging solutions. No financial terms were released. Founded in 1990, Salbro specializes in providing creative plastic containers, glass containers and closures. St. Louis, Missouri-based TricorBraun, which operates in the same industry, said the acquisition will expand its reach and presence in the Canadian market. TricorBraun was acquired by AEA last year from CHS Capital. Update: Salbro is backed by Crosswinds Holdings, a Canadian private equity firm.
3 min read · 26 June 2017
Gaming Nation Inc (TSX-V: FAN), a Thornhill, Ontario online gaming brand, has agreed to be acquired by an affiliate of Orange Capital, a U.S. hedge fund. The deal will see Orange Capital acquire all of the company's issued and outstanding shares for about $44 million and result in Gaming Nation's de-listing from the TSX Venture Exchange. The acquisition follows a review of the company's strategic options. It is supported by shareholders representing 45 percent of outstanding shares. Gaming Nation's platforms include 5050 Central, BD Sport Group, Fantasy Guru, Fantasy Guru Elite and Pick Nation.
5 min read · 26 June 2017
N&W Global Vending SpA has acquired Cafection Enterprises Inc, a Québec City maker of bean-to-cup coffee machines. No financial terms were released for the deal, which was done via a joint venture of N&W and François Baron, Cafection's owner. Baron will hold a 33 percent stake in the JV upon its close in July, and become its CEO. The JV will focus on the manufacture and sale of coffee machines for the North American office coffee service market and development of Cafection machine sales in other countries. Valbrembo, Italy's N&W, which operates in the same sector, was acquired last year by U.S. private equity firm Lone Star Funds.
3 min read · 26 June 2017
Swiss mining private equity firm Pala Investments has invested about $41 million in Cobalt 27 Capital Corp (TSX-V: KBLT), a Toronto investor in cobalt, a key element in electric vehicle and battery energy storage technologies. The investment, made as part of Cobalt 27's $200 million initial public offering, increases Pala's existing stake to about 19.46 percent of issued and outstanding common shares. Reuters recently reported that Cobalt 27's IPO highlights the "burgeoning market for cobalt as the car industry's push toward electric vehicles gathers pace." Cobalt 27 is led by Chairman and CEO Anthony Milewski, a Pala managing director.
4 min read · 26 June 2017
