Fengate Real Asset Investments has appointed Michael Boychuk to chair of the firm's advisory board, replacing David McFadden, who is stepping down after serving for twelve years. Boychuk, who joined the advisory board in 2014, is the former president of Bimcor, one of Canada's largest corporate pension funds. He previously served as a senior executive at BCE Inc, including as head of BCE Capital, the company's venture capital arm. Toronto-based Fengate is an infrastructure, real estate and private equity investment firm.
3 min read · 03 May 2017
Michael (Mick) MacBean, a senior managing director at TriWest Capital Partners, has been appointed to the board of TerraVest Capital Inc. MacBean joined TriWest, a Canadian private equity firm, in 2010 after founding and leading Diamond Energy Services and serving with ARC Financial Corp. Vegreville, Alberta-based TerraVest is an industrial manufacturer focused on acquiring businesses.
1 min read · 03 May 2017
SCM Insurance Services, a portfolio company of Canadian private equity firm TorQuest Partners, has acquired Nixon & Co Inc, a St. Louis, Missouri-based insurance adjusting business. No financial terms were released. SCM, an Edmonton-headquartered insurance services provider, said the deal facilitates its initial entry into the United States and will help build out the company's service offerings both domestically and into the Lloyd's of London marketplace. Founded in 1986, SCM has been backed by TorQuest since 2010. TorQuest last year raised $925 million in the close of TorQuest Partners Fund IV.
3 min read · 03 May 2017
Sonar Entertainment Inc, a portfolio company of Canadian private equity firm Catalyst Capital Group, has acquired assets from Tricon Films & Television, a Toronto-based producer and distributor granted creditor protection in late 2016. The deal's financial terms were not disclosed. Tricon's senior executive team, including Founder and President Andrea Gorfolova, will join Sonar, a Los Angeles-based entertainment studio. Catalyst's Gabriel de Alba, who chairs Sonar, said the acquisition is "another critically important milestone in our broad-based growth strategy."
3 min read · 03 May 2017
Vancouver-based biotherapeutics provider Zymeworks Inc (NYSE, TSX: ZYME) has wrapped up its initial public offering in Canada and the United States, raising about $80 million (US$58.5 million). Zymeworks has granted underwriters an over-allotment option to purchase additional shares, which may bring the total to more than $110 million. The proceeds will be used to further advance the company's pipeline of product candidates and increase liquidity. Founded in 2003, Zymeworks is backed by multiple venture capital and strategic investors, including BDC Capital, Celgene, CTI Life Sciences Fund, Eli Lilly & Co and Lumira Capital.
3 min read · 03 May 2017
Ottawa-based information technology services company the Pythian Group Inc has closed a $15 million mezzanine financing with BDC Capital's Growth and Transition Capital. The proceeds will be used to invest in growth initiatives, including expansion into Europe, and to repurchase shares from several long-term shareholders. Founded in 1997, Pythian helps businesses adopt new technologies, such as advanced analytics, big data, cloud, databases, development and operations, and infrastructure management. Last week, BDC Capital announced a new $1.8 billion commitment to supply mezzanine debt and growth equity to small businesses in Canada.
2 min read · 03 May 2017
Canadian diamond exploration company North Arrow Minerals Inc (TSX-V: NAR) has launched a private placement financing intended to raise $5 million in proceeds. Electrum Strategic Opportunities Fund, a private equity fund managed by U.S. investment firm Electrum Group, has agreed to commit $2 million to the deal, giving it a 19.01 percent interest in the company. Vancouver-based North Arrow said the funds raised will be used for working capital and to support continued evaluation of properties in Canada, including its Naujaat Diamond Project in Nunavut.
3 min read · 02 May 2017
Intact Financial Corp (TSX: IFC), a Canadian provider of property and casualty insurance, has agreed to acquire OneBeacon Insurance Group Ltd (NYSE: OB), a U.S. specialty insurer, for about $2.3 billion (US$1.7 billion) in cash. Toronto-based Intact said the deal, expected to close in the fourth quarter, will create a North American insurer with more than $2 billion in specialty lines premiums. The funding of the acquisition will include $700 million of equity financing, $340 million of which will be raised through a private offering from Caisse de dépôt et placement du Québec, Canada Pension Plan Investment Board (CPPIB) and Ontario Teachers' Pension Plan (OTPP).
8 min read · 02 May 2017
GFL Environmental Inc, a Toronto-based environmental services company, announced plans to commence a private offering of US$350 million of senior unsecured notes. GFL said it will use the proceeds to redeem US$250 million of outstanding senior secured notes, repay debt, and for other priorities, including future acquisitions and growth initiatives. GFL is backed by several investors, including HPS Investment Partners, Macquarie Group and Hawthorn Equity Partners. Last October, HPS and Macquarie invested an additional $225 million in the business.
2 min read · 02 May 2017
SceneDoc Inc, a Toronto-based law enforcement and public safety software provider, has raised an undisclosed follow-on financing. The round was co-led by Responder Ventures, Motorola Solutions Venture Capital and iGan Partners, which led the company's $4 million Series A financing in 2015. SceneDoc said it plans to use the funds raised to expand its sales and marketing, bring its mobile data collection platform to new global markets, and accelerate product development. Founded in 2011 by CEO Alex Kottoor and CTO Adrian Bubalo, SceneDoc is also backed by MaRS Investment Accelerator Fund and several angel investors.
3 min read · 02 May 2017
