Chorus Aviation Inc (TSX: CHR), owner of Jazz Aviation and Voyageur Aviation, has launched Chorus Aviation Capital, a regional aircraft leasing subsidiary. The new affiliate, which will be led by President Steven Ridolfi, will be backed by a $200 million investment by Canadian holding company Fairfax Financial Holdings Ltd. Fairfax will acquire convertible debt units of Chorus, which if fully exercised will give the investor about 16.5 percent of all issued and outstanding shares. The proceeds will be used in part to fund the growth of Chorus Aviation Capital. Chorus has its headquarters in Halifax.
5 min read · 21 December 2016
Alberta Investment Management Corp (AIMCo) has agreed to acquire an ownership stake in Howard Energy Partners (HEP), a San Antonio, Texas-based diversified midstream company. The deal, expected to close in Q1 2017, will see AIMCo take an interest of about 28 percent, making the pension fund manager the second largest unit-holder in the company. The seller is EnLink Midstream Partners, which has backed HEP since its founding in mid-2011. The transaction, the terms of which were not disclosed, follows AIMCo's initial commitment in August of up to US$500 million of Series B preferred units of HEP.
3 min read · 21 December 2016
Boris Wertz’s career as a venture investor is less than a decade old, but he has acquired a market influence that belies that brief timespan. Wertz was an angel investor before founding Version One Ventures, an early-stage tech VC firm, in 2012. Within a year, the Vancouver firm ranked among North America’s top seed investors. It has backed 32 startups, among them some of the hottest names in Canada and Silicon Valley. PE Hub Canada sat down with Wertz to discuss the progress of Version One's latest fund, its recent deals, and growth in Canada’s VC market.
4 min read · 21 December 2016
TeraXion has repurchased the equity held by its long-time venture capital investors Fonds de solidarité FTQ, Caisse de dépôt et placement du Québec, Fondaction CSN and Accès Capital. The buyback deal, the terms of which were not disclosed, was financed by BDC Capital's Growth and Transition Capital and Royal Bank of Canada (RBC). Québec City's TeraXion said it has undergone a business review and restructuring since it sold its integrated photonics division to Ciena Corp in early 2016. It added that BDC and RBC will support its continued growth and development.
2 min read · 20 December 2016
Acasta Enterprises Inc (TSX: AEF), a Canadian special purpose acquisition corporation, said that 89 percent of its shareholders have approved its proposed acquisition of three businesses. Last month, Acasta said it will acquire Apollo Health & Beauty Care, JemPak Corp and Stellwagen Finance Co, which together have an estimated enterprise value of about $1.1 billion. The round of deals is expected to close on January 3rd. Acasta, which previously reported raising more than $100 million in connection with the acquisitions, recently updated the number to $134 million.
3 min read · 20 December 2016
Freshii Inc has filed a preliminary prospectus with Canadian regulatory authorities for a proposed initial public offering and secondary offering of its Class A subordinate voting shares. No terms were released; however, Bloomberg reported the company is seeking about $100 million. Certain shareholders, including a vehicle controlled by Matthew Corrin, Freshii’s founder, chairman and CEO, will participate in the secondary deal. Freshii has since 2005 operated a healthy fast-food restaurant chain that today includes more than 244 stores located in 15 countries. It is backed by Canadian venture capital firm Klass Capital.
3 min read · 20 December 2016
Canadian private equity firm TorQuest Partners has acquired Can Art Aluminum Extrusion Inc, a Brampton, Ontario-based producer of aluminum extrusions. No financial terms were released. Established in 1988, Can Art makes aluminum extrusions as inputs into products used in North American automotive, building and construction, and consumer durable applications, among others. TorQuest Managing Partner Eric Berke said the deal is the first of TorQuest Partners Fund IV, which raised $925 million in June. In October, PE Hub Canada interviewed Berke and Senior Managing Partner Brent Belzberg about Fund IV and TorQuest's other 2016 deals, including McKeil Marine Ltd and PolyCor Inc.
3 min read · 20 December 2016
Mitel Networks Corp (TSX: MNW) has agreed to sell its mobile division to Xura Inc, a portfolio company of U.S. private equity firm Siris Capital Group. In exchange, Mitel will receive $350 million in cash, a $35 million non-interest bearing promissory note, and an equity interest in the partnership that will own both Xura and the mobile business. The deal is expected to close in Q1 2017. Ottawa-based Mitel said the decision to sell is strategic and will allow it to refocus on the unified communications and collaboration (UCC) market. Earlier this year, Siris Capital acquired Polycom Inc, which had previously agreed to merge with Mitel.
4 min read · 20 December 2016
4 min read · 20 December 2016
Montréal agricultural biotechnology company Inocucor Technologies Inc said it is currently completing a Series B financing "on the order of $10 to $12 million." The round, which will follow the top up of Inocucor's Series A in June, will engage venture capital, institutional and family office investors, the company said. It added that the proceeds will be used to open a U.S. commercialization office. Inocucor noted the fundraising with its announcement of the Canadian registration of its first two specialty products for use by farmers and greenhouse growers. Inocucor's backers include Cycle Capital Management.
4 min read · 19 December 2016
