Michael Sabia has been reappointed president and CEO of Caisse de dépôt et placement du Québec. The renewed mandate, effective until March 2021, was approved by the pension fund's board and the Québec government. Sabia joined the Caisse in 2009 from BCE Inc, where he served as president and CEO. Based in Montréal, the Caisse oversees about $254.9 billion in net assets. It was recently ranked as one of the world's largest private equity investors.
2 min read · 16 February 2017
Montréal-based luxury vacation rental company Luxury Retreats has been acquired by Airbnb, a U.S. online hospitality business. No financial terms were released, however, the Globe and Mail reported Airbnb paid between $200 million and $300 million in cash and stock. Luxury Retreats will continue to operate as a standalone entity in the short term, with Founder and CEO Joe Poulin joining Airbnb as a luxury specialist. Airbnb said it will invest in Luxury Retreats, which offers over 4,000 homes in 100 destinations worldwide. Luxury Retreats raised about $20 million from Canadian venture capital firm iNovia Capital and other investors, including 2015’s $11 million Series B round.
3 min read · 16 February 2017
Montréal-based luxury vacation rental company Luxury Retreats has been acquired by Airbnb, a U.S. online hospitality business. No financial terms were released, however, the Globe and Mail reported Airbnb paid between US$200 million and US$300 million in cash and stock. Luxury Retreats will continue to operate as a standalone entity in the short term, with Founder and CEO Joe Poulin joining Airbnb as a luxury specialist. Airbnb said it will invest in Luxury Retreats, which offers over 4,000 homes in 100 destinations worldwide. Luxury Retreats raised about US$20 million from Canadian venture capital firm iNovia Capital and other investors, including 2015's US$11 million Series B round.
4 min read · 16 February 2017
Canada Goose Inc, a Toronto designer and maker of outdoor luxury apparel, has filed for an initial public offering of its subordinate voting shares on the New York Stock Exchange and the Toronto Stock Exchange, according to a report by Reuters. The company has priced the offering at US$100 million, Reuters said, citing an Securities Exchange Commission filing. Established in 1957, Canada Goose was acquired by U.S. private equity firm Bain Capital in December 2013. The IPO will include a secondary sale by Bain, according to the company's preliminary prospectus, that will leave it with majority control.
1 min read · 15 February 2017
Caisse de dépôt et placement du Québec has unveiled two new funds to invest in Québec companies seeking global growth opportunities or facing succession issues. Croissance CDPQ, capitalized at $250 million, will invest between $10 million and $100 million through a variety of financing vehicles in companies with international expansion projects. Fonds Relève CDPQ, also capitalized at $250 million, will invest between $10 and $100 million in equity in companies with business transfer projects. The announcement was made by Christian Dubé, the Canadian pension fund's executive vice-president, Québec.
3 min read · 15 February 2017
Medgate Inc has acquired regAction Inc, an environmental compliance management software company based in Houston, Texas. No financial terms were disclosed. Toronto-based Medgate said the deal accelerates its market growth and roadmap for enterprise environmental, health and safety software solutions. Founded in 1985, Medgate secured an investment led by U.S. growth equity firm Norwest Venture Partners last March. Also participating in the round was Canadian growth equity firm Georgian Partners and BMO Financial Group. One of the objectives of the investment was to support the company's strategic acquisitions.
3 min read · 15 February 2017
MineSense Technologies Ltd, a Vancouver provider of data analytics systems for the mining industry, has secured $19 million in a follow-on financing. Chile's Aurus Ventures led the round. It was joined by Caterpillar Ventures, the venture arm of Caterpillar Inc, and existing investors Chrysalix Venture Capital, Cycle Capital Management, Prelude Ventures and Export Development Canada. Founded in 2008, MineSense provides real-time, sensor-based ore sorting solutions that help improve the productivity and environmental footprint of mines. It plans to use the funds raised to commercialize its technology. MineSense is led by President and CEO Jeff More.
3 min read · 15 February 2017
Canadian specialty drilling company Energold Drilling Corp (TSV-V: EGD) has agreed to receive a $20 million secured convertible loan in a deal led by Extract Capital, a U.S. natural resources investment firm. Extract will account for $15 million of the loan, the rest of which will be provided by a syndicate of existing debenture holders, new investors and others. With the deal's closing in March, Extract will be entitled to nominate one board member. Vancouver-based Energold, which serves the mining, energy, water, infrastructure and manufacturing sectors, said the proceeds will be used to repay its current loans and credit facilities.
4 min read · 15 February 2017
PayPal Holdings Inc (Nasdaq: PYPL) has agreed to acquire TIO Networks Corp (TSX-V: TNC), a Vancouver multi-channel bill payment processing company. The deal, expected to close in the second half of 2017, has an equity value of about $304 million (US$233 million). It has been approved by shareholders, directors and officers of TIO representing 50.4 percent of issued and outstanding common shares. They include U.S. private equity and hedge fund investors Core Innovation Capital, Napier Park Financial Partners, Edison Partners, Inter-Atlantic Advisors and Inductive Capital. San Jose, California's PayPal said TIO will be integrated into its global payments platform.
7 min read · 15 February 2017
Toronto education technology company Top Hat has secured about $30 million (US$22.5 million) in a Series C financing. The round was backed by Union Square Ventures, a new investor, which joined Georgian Partners, Emergence Capital, iNovia Capital, Golden Venture Partners, Version One Ventures and SoftTech VC, all of them investors in Top Hat's $10 million Series B in 2014. Founded in 2009, Top Hat is the developer of a cloud-based student engagement and interactive teaching platform. CEO Mike Silagadze said the funds raised will help expand its solutions, currently used at 750 post-secondary institutions, to transform the US$10-billion U.S. textbook industry.
5 min read · 15 February 2017
