Calgary oilfield service company STEP Energy Services Ltd has filed with most Canadian securities commissions for an initial public offering of its common shares. The offering, which has not yet been priced, will include a secondary sale on behalf of certain investors, including Canadian energy private equity firm ARC Financial Corp, the company's prospectus said. STEP, a provider of coiled tubing and fracturing solutions, was founded in 2011 with a $75 million investment from ARC. Last year, the company bought the assets of energy service provider Sanjel Corp, which was then under court protection from creditors.
3 min read · 10 February 2017
Canadian specialty finance firm Wellington Financial has provided $14 million in growth funding to Dejero Labs Inc, a Waterloo cloud-based platform that simplifies the transport of live video and real-time data across remote or mobile IP networks. The funds raised will support delivery of the company's solutions to a broad range of customers. Wellington Partner Mark Usher said Dejero’s technology is "indispensable" to news teams and will gain momentum as it expands into live broadcast media and entertainment. Founded in 2008, Dejero has over the past three years appeared on Deloitte’s Technology Fast 50 list. It is also a portfolio investment of BEST Funds.
3 min read · 10 February 2017
Russell Hendrix Foodservice Equipment, a portfolio company of U.S. private equity firm Blue Point Capital Partners, has acquired Guitech Services Inc, a Montréal provider of maintenance, repair, parts and services for the foodservice equipment market. No financial terms were disclosed. Russell Hendrix, a Vancouver and Brockville, Ontario provider of foodservice equipment and supplies, said the acquisition will enhance its parts and service business and provide additional growth opportunities. Russell Hendrix was formed last November in a merger supported by Blue Point.
3 min read · 09 February 2017
Canadian algae technology company Solarvest BioEnergy Inc (TSX-V: SVS) has raised $1 million in a private placement financing. The investor was Drashta Ventures, an impact fund sponsored by Australian and U.K. money manager Drashta Capital. Founded in 2006, Summerville, Prince Edward Island's Solarvest is a developer of algae-based biological technologies used to create nutraceutical and energy products. It plans to use the funds raised for inventory production, sales and marketing, patenting costs, technology enhancements and other priorities.
3 min read · 09 February 2017
Source Energy Services, a Calgary-based specialist in proppant sourcing and oilfield logistics, is weighing an initial public offering, a Bloomberg report said. A public sale could value the company for as much as $1 billion, the report said. Source Energy is a portfolio company of Canadian private equity firm TriWest Capital Partners. TriWest made an undisclosed investment in the business in late 2013.
1 min read · 09 February 2017
Toronto innovation hub MaRS Discovery District has completed a $290 million private financing of its West Tower, which offers more than 1.5 million square feet to research labs, startups and other groups. The proceeds of the deal, which was led by Manulife, Sun Life Financial and iA Financial Group, will be used to repay most of the loans provided to MaRS by the Ontario government almost three years ahead of schedule. Ilse Treurnicht, CEO of MaRS, said the refinancing will allow West Tower to be become "entirely self-sustaining, putting MaRS on stable footing for decades to come." MaRS reports that ventures within its network raised $2.6 billion in capital between 2008 and 2015.
4 min read · 09 February 2017
Tokyo Smoke, which last month closed a $3 million Series A financing, has acquired Van der Pop, a Seattle, Washington cannabis product and lifestyle brand. No financial terms were disclosed. Tokyo Smoke, a Toronto developer of retail spaces with coffee, clothing and designer products, said it will sell Van der Pop's line of women-oriented products and collaborate with the company's founder on new projects. Tokyo Smoke is planning the release of four branded cannabis strains in Q1 2017. Its backers include Globalive Capital.
4 min read · 08 February 2017
Canada’s pension funds are among the world’s biggest investors in private equity, according to a new report. Preqin’s The Private Equity Top 100, issued today, found that three of the 10 largest PE limited partners are Canadian. Sitting atop the list is Canada Pension Plan Investment Board. CPPIB, which invests on behalf of Canada’s public retirement system, earned the ranking with a current PE asset allocation of about US$44 billion, Preqin said. That’s just ahead of Abu Dhabi’s sovereign-wealth fund, which oversees a pool of about US$40 billion.
2 min read · 08 February 2017
Fairfax Financial Holdings Ltd said it expects to raise about US$500 million in equity for Fairfax Africa Holdings Corp, a new vehicle that will invest public equity, private equity and debt in African businesses. Commitments to Fairfax Africa will come from an initial public offering of subordinate voting shares, a related offering, and cornerstone investors subscribing through a US$144 million private placement. Toronto-based Fairfax, a financial holding company led by Canadian billionaire Prem Watsa, set up a comparable Indian fund in 2014.
3 min read · 08 February 2017
U.S. payment services company BluePay Processing Inc has acquired the merchant portfolio of VersaPay Corp (TSX-V: VPY), a Canadian cloud-based invoice presentment and payment provider. The deal, announced in November, reflects closing and post-closing payments of $11 million. Toronto's VersaPay said the deal will allow the company to focus on its core accounts receivable solution, while Naperville, Illinois-based BluePay said it will improve its overall market position. BluePay has been backed by U.S. technology private equity firm TA Associates since 2013.
3 min read · 08 February 2017
