Canadian early-stage venture capital firm iNovia Capital has hired two technology entrepreneurs to increase its presence in California's Bay area and Silicon Valley. Scott Munro and Todd Simpson have both assumed the role of venture partner and will help iNovia accelerate portfolio growth and build strategic relationships in the region. Prior to joining the firm, Munro led mid-market investment bank Pagemill Partners for 14 years. Before then, he was CEO of Savoir Technology Group. Simpson, originally from Calgary, was formerly CSO at AVG Technologies and chief of innovation at Mozilla.
3 min read · 01 February 2017
Canadian early-stage venture capital firm Version One Ventures has promoted Angela Tran Kingyens to the role of principal. The announcement was made by Boris Wertz, the firm's founder. Kingyens joined Version One as an analyst in August 2013. She was previously a partner at Insight Data Science, a Y Combinator-backed startup that helps PhD graduates transition from academic research to careers in industry. Kingyens operates from Version One's office in Silicon Valley, where she sources deals, manages portfolio companies and develops networks. PE Hub Canada interviewed Wertz in December.
3 min read · 01 February 2017
Ontario Teachers’ Pension Plan has promoted Tanya Carmichael to the role of managing director, global funds. Carmichael, who joined the pension fund from CIBC World Markets' private equity group in 2006, will be responsible for leading the global funds team. Her other current roles include chairing the Institutional Limited Partners Association's (ILPA) board of directors. Ontario Teachers' also promoted Gillian Brown to managing director, credit, insurance-linked securities and equity products, and Charles Thomazi to managing director, infrastructure, Europe, Middle East and Africa (EMEA).
3 min read · 01 February 2017
Alberta Investment Management Corp (AIMCo) has entered into a strategic financing partnership with Razor Energy Corp (TSX-V: RZE), a junior oil and gas development and production company based in Calgary. AIMCo agreed to provide Razor with a non-revolving term loan facility of $30 million. The proceeds were used to finance Razor's recent acquisition of oil and gas interests in the Swan Hills area of Alberta. They will also be used to support the company's development program and other priorities. As part of the deal, AIMCo secured about 10 percent of Razor's outstanding common shares.
3 min read · 01 February 2017
Activity in Canada's mergers and acquisitions (M&A) market is expected to rise in 2017, building on the strong trends exhibited last year, according to a new report by Citi in partnership with Mergermarket. A survey of 50 senior M&A practitioners found 66 percent believe deal-making will increase in the months ahead. Both inbound and outbound M&A are expected to drive activity, which will continue to focus on energy, industrials and financial services. 2017 trends will be influenced by an interest in the Asia-Pacific region, low oil prices, and a significant market role for corporate buyers, the survey found.
3 min read · 31 January 2017
Freshii Inc, a Toronto-based healthy fast-food restaurant chain, has closed its initial public offering and secondary offering of 10.9 million subordinate voting shares, raising gross proceeds of $125.35 million. Freshii and its selling shareholders, including Canadian growth equity firm Klass Capital, received $50.1 million and $75.2 million, respectively. With the close, the company began trading on the Toronto Stock Exchange (TSX) under the symbol "FRII". Freshii may raise an additional $18.8 million via an over-allotment option granted to underwriters.
3 min read · 31 January 2017
Hayfin Capital Management LLP, a European private debt investment firm, has agreed to be acquired by British Columbia Investment Management Corp (bcIMC). No financial terms were disclosed, however, Sky News reported the deal's value to be about £215 million (US$268 million). The Canadian pension fund bought a majority stake in Hayfin from the company's founding shareholders: TowerBrook Capital Partners, PSP Investments, Ontario Municipal Employees Retirement System (OMERS) and Future Fund. London-based Hayfin, established in 2009, said bcIMC will commit "significant capital" to its managed funds and support its long-term growth.
2 min read · 31 January 2017
TeamSnap, a U.S. sports management software and app provider, has raised US$25 million in follow-on financing. The round was led by U.S. venture capital firm Foundry Group with participation from a new investor, Fairfax Financial Holdings, a Canadian financial holding company led by Chairman and CEO Prem Watsa. The funds raised will help TeamSnap to scale rapidly by expanding its marketing, sales and product teams. Founded in 2009, Boulder, Colorado's TeamSnap reports having close to 15 million customers. More than 3 million of its customers are in Canada.
3 min read · 31 January 2017
U.S. venture capital firm BuildGroup has invested $30 million in CSDC Systems Inc, a Toronto software supplier to local, state and federal governments. Founded in 1989 by CEO Dan Mishra, CSDC has developed technology that helps automate the business processes of public sector agencies and make them more efficient. The funds raised will back activities supporting the company's customer growth, product expansion, services and market position. BuildGroup was launched by former executives of Rackspace Hosting Inc. Lanham Napier, one of the firm's co-founders, said CSDC "can lead the needed technological transformation to modernize governments."
4 min read · 31 January 2017
Mity Inc has acquired Holsag Canada, a Lindsay, Ontario maker of chairs and casegoods for the senior living, healthcare, education and hospitality markets. The purchase price was not disclosed. Mity, an Orem, Utah-based furniture products manufacturer, said the deal broadens its product offering and deepens the company's presence in multiple industries. The acquisition was backed by US$16 million in funding provided by Prospect Capital Corp, a U.S. private debt and equity firm. Prospect is Mity's controlling shareholder.
2 min read · 31 January 2017
