U.S. industrial growth company CSW Industrials Inc (Nasdaq: CSWI) has acquired Greco Aluminum Railings Ltd, a Windsor, Ontario-based designer and maker of railing and safety systems for multi-family and commercial structures in North America. CSWI said it paid about US$28 million for Greco, which will add to the Dallas, Texas-based company's building products portfolio. Established in 1991, Greco was acquired in September 2012 by O2 Investment Partners, a U.S. private equity firm.
4 min read · 01 March 2017
Canadian workplace management platform WorkJam has secured nearly $16 million (US$12 million) in a first-time financing. The round was backed primarily by U.S. venture capital firms, including Lerer Hippeau Ventures, Blumberg Capital, Founder Collective and NovelTMT. Founded in 2014, Montréal-based WorkJam has developed an employee engagement solution aimed at enabling the mobile digital workplace for shift-based, hourly and non-desk workers. Led by President and CEO Steven Kramer, who previously co-founded iCongo, the company will use the funds raised to enhance its platform and accelerate global growth.
4 min read · 01 March 2017
U.S. private equity firm W Capital Partners and Canadian growth equity firm Georgian Partners have purchased shares from early investors in Vision Critical, a customer intelligence software platform. No financial terms were released for the secondary deal; however, the Globe and Mail reported $76 million of stock was acquired. The holdings of Dr. Angus Reid, whose 2002 investment facilitated the company's early growth, formed part of the deal. As a result, W Capital Managing Directors Alison Killilea and Blake Heston will join the board, replacing Reid. Georgian led Vancouver-based Vision Critical's last financing (2014), which raised $16 million.
4 min read · 28 February 2017
STEP Energy Services, a Calgary oilfield service company, has priced its recently filed initial public offering. STEP, backed by Canadian energy private equity firm ARC Financial Corp, said in an updated prospectus it planned to sell common shares at $14 to $16 per unit, generating about $200 million in proceeds. That amount may increase to $230 million if a greenshoe option is exercised. More than half the offering's proceeds will go to selling shareholders, including ARC, which holds a controlling stake in the company.
2 min read · 28 February 2017
Electric vehicle charging solutions provider AddÉnergie Technologies Inc has raised public and private monies to research and install 1,000 new electric charging stations across Canada. AddÉnergie secured $6.7 million from Natural Resources Canada for the initiative and will itself invest $7.3 million. The rest will come from government and private partners. The Québec City-based company said the stations will be installed by 2019. Last year, AddÉnergie raised a $12.8 million investment from Caisse de dépôt et placement du Québec and Investissement Québec.
3 min read · 28 February 2017
Canadian specialty finance firm Crown Capital Partners has provided a $15 million special situations term loan to Solo Liquor Holdings Ltd, a private liquor retailer based in Calgary. Founded in 1996, Solo currently operates 41 retail liquor stores in locations across Alberta. The company, which is led by CEO Pali Bedi, plans to use the funds raised to expand its network of stores over the next several years. Last month, Crown Capital raised an additional $50 million for its fourth special situations fund. Crown Capital Fund IV now oversees $175 million in committed capital.
3 min read · 28 February 2017
Canadian real estate private equity investor Tricon Capital Group has agreed to acquire Silver Bay Realty Trust Corp (NYSE: SBY), an owner and operator of single-family rental (SFR) homes in the United States. The all-cash deal reflects an enterprise value of US$1.4 billion, which includes an equity purchase price of about US$820 million. Toronto-based Tricon said the acquisition will create the fourth largest publicly-owned SFR company in the United States, with over 16,800 homes, and with a focus on the Sun Belt region and middle market. The deal is expected to close by the end of the second quarter.
8 min read · 28 February 2017
Ontario music retailer Sunrise Records said it will take over 70 brick-and-mortar locations previously owned by HMV Canada. Sunrise said the initiative will introduce it to all major markets across Canada. The acquired stores will start opening in April 2017, it added. HMV Canada, which went into receivership earlier this year, has been backed since 2011 by Hilco Capital. Re:Capital Canada, an affiliate of the British private equity firm, acquired the business from the United Kingdom’s HMV Group Plc.
4 min read · 27 February 2017
Hayfin Capital Management LLP, which recently agreed to be acquired by British Columbia Investment Management Corp (bcIMC), has raised about US$3.7 billion (€3.5 billion) for its European direct lending strategy. London-based Hayfin said the funds were raised from new and existing global institutional investors and will be used to extend senior loans to European mid-market companies in various industries. Last month, bcIMC struck a deal to buy a majority stake in Hayfin from TowerBrook Capital Partners, PSP Investments, Ontario Municipal Employees Retirement System (OMERS) and Future Fund.
2 min read · 27 February 2017
Canadian metals and mining company Nevada Copper Corp (TSX: NCU) has secured an additional US$5 million in financing from its cornerstone investor, Pala Investments, a Swiss private equity firm. The financing, which took the form of a convertible loan, brings Pala's total investment in the company since 2014 to US$30 million. Vancouver-based Nevada said the deal's proceeds will help ensure greater flexibility as it progresses with development initiatives at Pumpkin Hollow, a large, advanced-stage copper project located in Nevada. The company owns 100 percent of the asset.
5 min read · 27 February 2017
