Northleaf Capital Partners has closed its acquisition of a 33.3 percent equity interest in Northwest Parkway, a toll-road located in the Denver, Colorado area. No financial terms were released for the deal, announced in December and done in partnership with DIF Infrastructure IV and HICL Infrastructure Co Ltd. With the deal, Northleaf, a Canadian private-markets investor, and its partners own the rights to operate Northwest for the 90 years remaining in a 99-year concession. In January, Northleaf wrapped up its second OECD-focused infrastructure fund at its $950 million hard-cap target.
3 min read · 10 March 2017
Ontario Teachers’ Pension Plan has partnered with Anbaric in the launch of Anbaric Development Partners, a new development company. The company, which will be managed by Anbaric, will develop clean energy infrastructure projects across North America, accelerating the revitalization of aging transmission networks. Ontario Teachers' plans to fund development costs, which are projected to produce US$2 billion in fully constructed assets. Based in Wakefield, Massachusetts, Anbaric specializes in early-stage development of electric transmission systems and microgrid projects.
3 min read · 09 March 2017
Ontario venture capital firm ScaleUP Ventures has raised an additional $32.25 million in the second close of its debut early-stage fund, bringing total committed capital to more than $70 million. ScaleUP Ventures Fund I was announced last May with a target of $75 million. The firm said it expects to surpass that amount in a final close in the months ahead. Led by General Partners Kent Thexton and Kevin Kimsa, both formerly of OMERS Ventures, Toronto-based ScaleUP also announced its seventh investment to date. The firm invested $1.7 million in Crowdcare Inc, a Toronto provider of advanced cognitive digital care solutions for enterprises.
4 min read · 09 March 2017
Savanna Energy Services Corp (TSX: SVY), a Calgary-based contract drilling and oilfield services company, has agreed to be acquired by Western Energy Services Corp (TSX: WRG). The deal, which will see Savanna shareholders receive, for each Savanna share held, 0.85 of a Western share, is valued at about $533 million, including debt, Western said in a separate release. It is expected to close later this year. Western said the deal will create a stronger, more diverse global oilfield service company. Late in 2016, Alberta Investment Management Corp (AIMCo) agreed to provide Savanna with about $219 million in debt and equity financing.
9 min read · 09 March 2017
A group of Canadian banks and insurance companies have launched the Canadian Business Growth Fund, intended to make long-term minority investments in small and medium-sized companies looking to grow or scale operations. The fund is expected to raise more than $500 million initially, with the possibility for future commitments of up to $1 billion. Initial participants include BMO, CIBC, RBC, Scotiabank, TD, Manulife, Sun Life, Great-West Life, National Bank, HSBC Canada, ATB Financial, Laurentian Bank and Canadian Western Bank. Operating as an independently managed entity, the fund will also offer portfolio companies mentorship and access to talent pools.
3 min read · 09 March 2017
Lombart Instrument, a portfolio company of U.S. private equity firm Atlantic Street Capital, has acquired Innova Medical Ophthalmics Inc, a privately-held distributor of ophthalmic instruments in Canada. No financial terms were disclosed. David Spear, CEO of Toronto-based Innova, said the combination of the two businesses creates a "market leading value-added supplier for ophthalmic equipment in North America." Based in Norfolk, Virginia, Lombart was acquired by Atlantic Street in April 2016.
3 min read · 09 March 2017
Montréal virtual health and wellness solution Dialogue has raised C$4 million in seed-stage financing. The announcement confirms news previously shared by one of the startup’s Canadian investors, Diagram, which launched a $25 million debut fund in January. Diagram led the round and was joined by BDC Capital and Hacking Health Accelerator, among others. Founded last year, Dialogue offers employers a virtual platform that provides a range of employee-focused healthcare services and benefits. Led by Co-Founder and CEO Cherif Habib, the company will use the funds raised to build on its Québec launch and continue expansion in Ontario.
3 min read · 09 March 2017
Canadian financial technology startup Dream Payments has raised $10 million in a Series A financing. FairVentures led the round and was joined by existing investors Connecticut Innovations and Real Ventures, as well as angel investors. Founded in 2014, Toronto-based Dream operates a payments cloud that facilitates commerce and payments across mobile devices and the Internet of Things. CEO Brent Ho-Young said the funds raised will help Dream expand into the U.S. market at "a perfect time" to serve "businesses that are struggling to support emerging payment technologies." The round's proceeds will also back the company's continued growth in Canada.
4 min read · 08 March 2017
Caisse de dépôt et placement du Québec has partnered with French water optimization and waste recovery group Suez to acquire the water and process technologies business of General Electric Co. The deal values GE Water, a global provider of water treatment solutions, at about US$3.4 billion. It will see the Caisse invest more than US$700 million to secure a 30 percent stake. Suez will account for the remaining 70 percent of GE Water, which will form part of a new standalone business unit that includes all of Suez's existing industrial water activities. The Caisse said the investment facilitates its increased exposure to the global water sector.
4 min read · 08 March 2017
Canadian specialty finance firm Crown Capital Partners has appointed Michael Overvelde as a senior vice president, finance. Overvelde, who has more than 25 years of experience in capital markets and accounting, joined Crown from Raymond James Ltd, where he served as vice president, equity research analyst. Calgary-based Crown provides debt and quasi-equity financing to mid-market companies. Earlier this year, the firm increased the size of its fourth special situations fund, Crown Capital Fund IV, to $175 million.
2 min read · 08 March 2017
