Stephen Harper, the 22nd prime minister of Canada, has joined San Francisco venture capital firm 8VC. The role he will occupy was not disclosed in an 8VC statement. Harper, who led the Conservative government from 2006 to 2015, called 8VC a "leading edge" firm because of its "engineering capability" and "strategic vision," which Harper said he has witnessed over the past year. He said the investor is "positioned for long-term global relevance" in part due to its focus on healthcare, transportation and financial sectors. 8VC was founded in 2015 by Partner Joe Lonsdale, formerly an entrepreneur and founding partner of Formation 8.
3 min read · 19 April 2017
Alert Labs Inc has secured an investment from Intact Ventures, the strategic venture arm of Canadian insurer Intact Financial Corp. The investment, Intact Ventures' first in Canada, formed part of an undisclosed round that was also backed by BDC Capital, Garage Capital, Hedgewood Inc and several angel and private investors. Founded in 2015, Kitchener, Ontario-based Alert Labs designs monitoring solutions to help commercial and residential property owners guard against water leaks, floods, power issues and other emergencies. It will use the funds raised to accelerate marketing activities and scale business operations.
3 min read · 19 April 2017
3 min read · 18 April 2017
Source Energy Services Ltd (TSX: SHLE) has closed its acquisition of Sand Products Wisconsin LLC for US$45 million. Located near Blair, Wisconsin, Sand Products' assets include a Northern White frac sand mine, processing facility and unit train capable load-out facility. Source, a Calgary-based proppant sourcing and oilfield logistics company, said the buy will "significantly increase" its frac sand production volumes. Source, backed by Canadian private equity firm TriWest Capital Partners since 2013, went public this month, raising $175 million. It planned to use part of the IPO's proceeds for the acquisition.
2 min read · 18 April 2017
Vancouver agricultural technology company Ecoation Innovative Solutions Inc has raised $1 million in a seed-stage financing. The round, closed last month, was backed by angel investors in North America and Europe. They included investors from Creative Destruction Lab and Vancouver Angel Forum. Founded in 2010 by Dr. Saber Miresmailli, the company's CEO, Ecoation has developed a crop health monitoring and prediction system. It plans to use the funds raised to launch commercial sales, beginning this year with greenhouse growers in North America. It will thereafter expand into Europe and Asia.
2 min read · 17 April 2017
Balmoral Wood Litigation Finance has secured more than US$25 million ($33 million) in committed capital in the first close of its debut litigation-finance fund. In a newsletter issued last month, the Toronto investor said Balmoral Wood Commercial Advocate Fund I held an initial close in February. The fund, which targets emerging opportunities in the global commercial litigation-finance industry, is targeted to raise US$150 million ($200 million), PE Hub Canada reported last October. It is being marketed to a range of limited partners, including family offices, pension funds and wealthy investors.
1 min read · 17 April 2017
Canadian growth equity firm Yaletown Partners has appointed Nate Glubish to the investment team of Accelerate Fund II, the second early-stage angel co-investment fund of Alberta Enterprise Corp. In that role, Glubish will be responsible for discovering and evaluating a range of Alberta technology startup opportunities and overseeing portfolio investments. His previous market experience includes an eight-year term at Foundation Equity Corp, a local venture capital firm, where he served as a partner. Yaletown was named the manager of Accelerate Fund II last November.
3 min read · 17 April 2017
The proposed acquisition of TIO Networks Corp (TSX-V: TNC), a Vancouver multi-channel bill payment processing company, by PayPal Holdings Inc (Nasdaq: PYPL) has received final court approval. The transaction, announced in February, has an equity value of about $304 million. It is expected to be completed in the second half of 2017. TIO is backed by U.S. private equity firms and hedge fund investors. They include Core Innovation Capital, Napier Park Financial Partners, Edison Partners, Inter-Atlantic Advisors and Inductive Capital.
3 min read · 17 April 2017
Ontario Teachers' Pension Plan has acquired a 33 percent stake in OGF, a funeral services provider in France, from Pamplona Capital Management. The deal, the terms of which were not disclosed, increased Ontario Teachers' interest to 74 percent. Pamplona acquired OGF in 2013, and in 2015 sold a 41 percent stake to Ontario Teachers'. Based in Paris, OGF has a network of 1,100 branches, 550 funeral homes, 72 crematoria and a brands portfolio. Ontario Teachers' and Pamplona said they supported "multiple" acquisitions by the company in recent years, which helped grow the portfolio and improve operations.
4 min read · 17 April 2017
Privet Fund Management has formally indicated an interest in acquiring Norsat International Inc (TSX: NII), a Richmond, British Columbia provider of customized communication solutions for remote and challenging applications. Privet, a U.S. hedge fund manager, said it is prepared to buy shares not already owned for US$11 per share in cash, which exceeds a US$10.25 per-share offer made by Hytera Communications Co Ltd last month. Privet, Norsat's largest investor with a 17.6 percent interest, said the proposed Hytera deal is not in the best interests of shareholders.
3 min read · 17 April 2017
