Blackstone Group and Canada Pension Plan Investment Board have agreed to acquire Ascend Learning LLC, a Burlington, Massachusetts-based provider of educational content, software and analytics solutions. No financial terms were disclosed; however, Reuters earlier reported the deal is valued at more than $2 billion, including debt. The sellers are Providence Equity Partners and Ontario Teachers’ Pension Plan.
5 min read · 17 April 2017
Gibraltar Growth Corp (TSX: GBG.A-WT), a Canadian special purpose acquisition corporation, has agreed to buy LXR Produits de Luxe International Inc, a Montréal-based retailer of branded vintage luxury handbags and accessories. The deal, which is Gibraltar's qualifying acquisition, reflects a purchase price of $82.5 million. As a result of the acquisition, expected to close in June, LXR will become a publicly-listed company led by its founders, Fred Mannella and Kei Izawa. Gibraltar, an affiliate of Gibraltar & Co Inc, raised $100 million in an initial public offering in 2015. It said the LXR deal is fully funded and supported by more than half of its shareholders.
10 min read · 17 April 2017
The Active Network, a portfolio company of U.S. private equity firm Vista Equity Partners, has acquired TeamPages Inc, a Canadian provider of website software solutions for sports leagues, clubs, schools and teams. No financial terms were disclosed. Dallas-based Active said the deal enhances its role as a one-stop shop of software products for athletic organizations. Founded in 2006, Vancouver's TeamPages received venture capital funding from Canadian angel fund W Media Ventures, Germany's Acton Capital Partners and other investors. Active was taken private by Vista in 2013.
3 min read · 17 April 2017
U.S. private equity firm Blackstone Group and Canada Pension Plan Investment Board (CPPIB) have agreed to acquire Ascend Learning LLC, a Burlington, Massachusetts provider of educational content, software and analytics solutions. No financial terms were disclosed; however, Reuters earlier reported the deal is valued at more than US$2 billion, including debt. The sellers are Providence Equity Partners and Ontario Teachers' Pension Plan (OTPP). Providence, a U.S. private equity firm and Ascend's current majority owner, formed the business in 2010 by merging several companies it had previously acquired.
5 min read · 16 April 2017
Mood Media Corp (TSX: MM) has agreed to be acquired by a group of stakeholders, including Apollo Global Management and Blackstone Group's GSO Capital Partners. The deal will see all of the Mood's common shares acquired for $0.17 per share. The company’s US$350 million in senior unsecured notes will also be exchanged for consideration, per US$1,000 principal amount, and its US$250 million credit facility will be refinanced with a new US$315 million facility provided by HPS Investment Partners. The deal will also see Mood, formerly known as Fluid Music Canada Inc, to de-list and re-domicile from Canada to Delaware. Mood is an in-store music, visual and scent media specialist.
10 min read · 13 April 2017
An investor group led by XPV Water Partners has acquired Environmental Operating Solutions Inc (EOSi), a U.S. provider of green chemicals and technical services for biological contaminant removal applications in water and wastewater treatment systems. No financial terms were disclosed for the deal, which was closed in March. XPV, a Canadian private equity and venture capital firm focused on the water sector, said it plans to support the company's continued growth. EOSi was founded in 2003 and has its headquarters in Bourne, Massachusetts.
3 min read · 13 April 2017
Market Track LLC has acquired 360pi Corp, an Ottawa-based provider of online product and pricing intelligence. No financial terms were disclosed. Chicago-based Market Track, an advertising, promotion, and e-commerce intelligence solutions business, said the acquisition will enhance its e-commerce offering to brand and retail clients. 360pi, formerly known as Gazaro Inc, was founded in 2007 by CEO Alexander Rink. It was backed by Canadian and U.S. venture capital investors, including MaRS Investment Accelerator Fund and Silverton Partners.
3 min read · 13 April 2017
Novacap set a $600 million target for its fifth mid-market technology fund, which would be the largest in the private equity firm’s 35-year history. The Montréal investor began fundraising for Novacap TMT V in January, President and Managing Partner Pascal Tremblay told PE Hub Canada. He says he’s feeling “very confident” about meeting the fund’s goal later this year. Closing on $600 million would give Fund V about 58 percent more in committed capital than its predecessor, which raised $380 million in 2014.
3 min read · 13 April 2017
Software lifecycle integration platform Tasktop has raised about $11.3 million in a follow-on financing. The round was led by U.S. venture capital firm AVX Partners. AVX was joined by Austin Ventures and Yaletown Partners, which also invested in the Vancouver company’s $11 million Series A round in 2014. Founded in 2007 by CEO Mik Kersten and Chief Scientist Gail Murphy, Tasktop has designed integration technology to improve software development and delivery. The company reported 75 percent growth in revenue in fiscal 2016. Tasktop plans to use the funds raised for go-to-market development, marketing and sales activities.
3 min read · 13 April 2017
Canada's Capital Power Corp (TSX: CPX) has agreed to acquire Decatur Power Holdings LLC, which owns the Decatur Energy Center, a 795 megawatt natural gas-fired combined cycle power generation plant located in Decatur, Alabama. Capital Power agreed to pay US$441 million, subject to working capital and adjustments, to an affiliate of LS Power Equity Partners, a U.S. private equity firm focused on the power industry. Capital Power, an Edmonton-based power generation business, said the acquisition, expected to close in June, represents a significant step in its growth strategy.
8 min read · 13 April 2017
