1 min read · 06 April 2017
Canada Pension Plan Investment Board has partnered with the Phoenix Mills Ltd to develop, own and operate retail-led mixed-use developments across India. CPPIB will take an initial 30 percent interest in Island Star Mall Developers Pvt Ltd (ISMDPL), a Phoenix affiliate that will serve as the investment platform. CPPIB intends to invest about $330 million to increase that stake to 49 percent. ISMDPL currently owns Phoenix MarketCity Bangalore, an Indian shopping mall. The partnership will focus on acquiring and developing greenfield assets and existing retail assets to build additional malls.
4 min read · 06 April 2017
Casalova Inc, an online real estate marketplace and licensed brokerage, has raised $2.5 million in funding. The investor was Aviva Ventures, the venture capital arm of British insurance company Aviva plc. The strategic investment, intended to help Toronto-based Casalova meet its growth objectives, is Avia Ventures' first made outside of the United Kingdom. Founded in 2014 by CEO Ray Taaeb and CTO Curtis Layne, Casalova helps streamline the buying and renting process for users. It currently operates in 140 Canadian cities with over 120,000 exclusive and on-market listings.
4 min read · 06 April 2017
Canadian venture capital firm Pangaea Ventures has raised about $56 million (US$41.72 million) for its fourth fund, PE Hub reported, citing a U.S. Securities and Exchange Commission filing. The report confirms one made by PE Hub Canada in January. Drawing on a Pangaea newsletter issued at the time, PE Hub Canada reported Pangaea Ventures Fund IV secured roughly half its $105 million (US$80 million) target in an initial close. The fund’s limited partners included major corporations based in North America, Europe and Asia.
1 min read · 06 April 2017
Roland Lescure, executive vice-president and CIO of Caisse de dépôt et placement du Québec announced he is leaving the Canadian pension fund to enter public and political life. Lescure, who joined the Caisse in 2009, said he wants to play an active role in French and European politics. He plans to share more details of his plans this week. The Caisse has launched a global recruitment process to fill the CIO position. In the interim, Michael Sabia, the pension fund's president and CEO, will assume Lescure’s responsibilities.
3 min read · 06 April 2017
TA Realty LLC, a U.S. private real estate investment firm, has sold a portfolio of industrial and office assets to funds managed by Brookfield Asset Management. The portfolio, consisting of 45 assets totaling 8.6 million square feet, was sold for US$854.5 million. TA Realty said the properties are located in 12 states and include locations in major U.S. cities. Toronto-based Brookfield sponsors private funds that invest in office, retail, multifamily, industrial, hospitality and alternative real estate sectors.
3 min read · 05 April 2017
Canada’s initial public offering (IPO) market began 2017 strongly, according to a survey by PwC. Following a "dismal" performance last year, combined domestic exchanges saw six new equity issues worth $571 million in Q1 2017, which reflects the second-best initial quarter result in the past decade. February's offering by health-food restaurant chain Freshii Inc, backed by Klass Capital, and March's offering by luxury outerwear brand Canada Goose Holdings Incs, backed by Bain Capital, were among the headline IPOs. PwC said it expects to see additional offerings from private equity-backed Canadian companies later this year.
4 min read · 05 April 2017
Sharethebus has rebranded as Bus.com and raised about $6.7 million (US$5 million) in a Series A financing. The round's investors included Jackson Square Ventures, BMW i Ventures, Real Ventures and Y Combinator, according to a report by MTL in TECH. Founded in 2014 by CEO Kyle Boulay and CLO Wolf Kohlberg, Montréal-based Bus.com operates a technology-powered platform for bus rentals. Boulay said the rebranding and funds raised reflect "a larger and more encompassing vision" of "better busing". He said the company will now focus on enhancing services for event organizers and bus partners.
2 min read · 05 April 2017
Citron Hygiene, formerly known as Cannon Services, has acquired Alpine Jan-San, an Edmonton-based provider of commercial washroom hygiene services. No financial terms were released for the deal, which had an effective close in March. The acquisition comes on the heels of Citron's purchase of Workplace Essentials last month. Citron, a Toronto provider of washroom hygiene, pest control and life safety solutions, said the latest deal supports its growth plan and will enhance its presence in Alberta. The company was bought a year ago by Canadian private equity firm Birch Hill Equity Partners.
3 min read · 05 April 2017
SecureCom Mobile Inc and DFMMJ Investments Ltd, affiliates of Canadian private equity firm the Delavaco Group, have agreed to combine. The merger and related deals will result in a new business focused on the cultivation and harvesting of marijuana. It will be called Liberty Health Sciences Inc and will operate in the United States under the brand Aphria USA. Aphria Inc (TSX: APH), a Canadian cannabis producer, will invest $25 million as part of a related $60 million private placement. Canadian private equity firm Serruya Private Equity will also make a lead investment. Serruya's Aaron Serruya is expected to join Liberty's board, according to Aphria.
10 min read · 05 April 2017
