The early months of 2017 have been eventful for Mistral Venture Partners. The seed investor held a first close for Fund II, made the fund’s debut investment, realized its first portfolio exit, and opened an office in Toronto. In January, Mistral wrapped up initial fundraising for Mistral Venture Partners II, earmarked for financing early-stage information-technology companies. The close accounted for $26 million of a $35 million target, Managing Director Code Cubitt told PE Hub Canada. He expects the fund to reach its goal later this year. Some 60 limited partners signed on to the initial close, most of them returning investors.
3 min read · 26 May 2017
OMERS Platform Investments, an affiliate of Ontario Municipal Employees Retirement System, has agreed to acquire a minority equity stake in Purpose Investments Inc, a Toronto-based provider of exchange traded funds, mutual funds and other investment vehicles. The terms of the deal were not released. Purpose was founded in 2012 by president and CEO Som Seif.
2 min read · 26 May 2017
Alberta Investment Management Corp (AIMCo) has entered into a financing partnership with Ikkuma Resources Corp (TSE: IKM), a Calgary junior oil and gas company. AIMCo agreed to provide a debt-with-warrants financing that includes a $45 million second-lien senior secured term loan. The deal entitles AIMCo to acquire up to 6.75 million of the company's common shares for $0.86 per unit. In a separate release, Ikkuma said it will use the proceeds to pay down outstanding indebtedness, strengthen liquidity, and help fund development of its Cardium oil play.
3 min read · 26 May 2017
U.S. private equity firm Speyside Equity has acquired McGregor & Thompson Hardware Ltd, a Vancouver-based manufacturer and distributor of doors, frames, finishing hardware, construction specialty products and access control devices. The deal's financial terms were not disclosed. Established in 1964, McGregor & Thompson primarily serves the mixed-use multi-family residential market along with the industrial, commercial, and institutional segment. Speyside said it will support the company's continued growth and development. Speyside also announced its buy of Shanahan’s Holdings Ltd from Banyan Capital Partners and Yellow Point Equity Partners.
2 min read · 25 May 2017
U.S. private equity firm Speyside Equity has acquired Shanahan's Holdings Ltd, a Surrey, British Columbia-based manufacturer and distributor of hardware, hollow-metal doors and construction specialty products. No financial terms were released. The sellers were Canadian private equity firms Banyan Capital Partners and Yellow Point Equity Partners, which invested in Shanahan's in 2007 as part of an ownership transfer. Banyan is an affiliate of Connor, Clark & Lunn Financial Group. Yellow Point closed its fourth fund at $150 million in 2016. Speyside also announced its buy of McGregor & Thompson Hardware Ltd, a Vancouver maker of hardware, doors, frames and other products.
2 min read · 25 May 2017
Canadian metals and mining company Nevada Copper Corp (TSX: NCU) has raised a $2.45 million financing from its cornerstone investor, Pala Investments, adding to the US$5 million provided earlier this year. As a result, Pala, a Swiss private equity firm, increased its interest in the company to 47.2 percent. Vancouver-based Nevada said the proceeds will be used to fund evaluation of development options at Pumpkin Hollow, a large, advanced-stage copper project located in Nevada, and other priorities.
4 min read · 25 May 2017
21st Century Oncology Holdings Inc, a U.S. provider of integrated cancer care services, has agreed to a debt restructuring plan with its senior lenders and bondholders. The deal is expected to reduce the company's net debt by more than US$500 million and include US$75 million in debtor-in-possession (DIP) financing from a group of investors. 21st Century said it plans to implement the restructuring through a Chapter 11 process. 21st Century was acquired in 2008 by U.S. private equity firm Vestar Capital Partners. In 2014, Canada Pension Plan Investment Board invested US$325 million in the business.
5 min read · 25 May 2017
Sirius XM Canada Holdings Inc (TSX: XSR) has completed its take-private acquisition by a vehicle owned by its parent, Sirius XM Radio Inc, as well as Slaight Communications Inc and Canadian private equity firm Obelysk Media. The deal, announced last year, values the company at about $472 million, Reuters previously reported. SiriusXM Canada's shareholders voted in favour of the acquisition last August. Toronto-based Sirius XM Canada is an audio entertainment company that broadcasts more than 130 satellite radio channels. It reports having more than 2.8 million subscribers.
5 min read · 25 May 2017
The federal government has launched a new initiative to jump-start innovation in high-growth innovation superclusters in Canada. The initiative, which has been capitalized at $950 million, will select up to five superclusters that leverage opportunities in such sectors as advanced manufacturing, agri-food, cleantech, digital technology, health/biosciences, clean resources, as well as infrastructure and transportation. Business-led consortiums can apply for funding by committing to match dollar for dollar the amount requested.
3 min read · 25 May 2017
Jeld-Wen Holding Inc (NYSE: JELD) has priced a secondary offering of 14 million common shares by certain investors, including Canadian private equity firm Onex Corp. Onex, which invested in the company in 2011, said it expects to see about US$418 million in gross proceeds, not including proceeds generated via the offering's greenshoe option. The firm will continue to have an economic interest in Jeld-Wen of 47 percent. Jeld-Wen, a Charlotte, North Carolina-based maker of doors and windows, completed its initial public offering earlier in 2017. Onex recently launched fundraising for Onex Partners V at a US$6.5 billion target.
2 min read · 25 May 2017
