Private equity firm Sentient Group has disposed of common shares of Pershimco Resources Inc, a Canadian junior mining company with gold-copper project assets in Panama. Sentient exchanged the shares with those of a new entity called Orla Mining Ltd, created as result of the recently closed merger of Vancouver's Orla with Rouyn-Noranda, Québec's Pershimco. The transaction saw 53.1 percent of the new entity's shares held by former Orla investors, and 46.9 percent held by former Pershimco investors. Sentient, which has offices in the Cayman Islands, Canada and Australia, has backed Pershimco since 2011.
2 min read · 07 December 2016
Knowledgehook Inc, a Waterloo education technology startup, has secured $1.25 million in a first-time financing. The round was led by Sayan Navaratnam of Aadya Capital and CEO of Connex Telecommunications Inc. He was joined by Steve Case, co-founder of AOL Inc, and John Abele, co-founder of Boston Scientific Corp. Knowledgehook was founded in 2014 to provide mathematics software that analyzes the performance of students and offers alternative teaching solutions to educators. Led by Co-Founder and CEO Travis Ratnam, the company plans to use the funds raised to support its expansion into global markets.
2 min read · 07 December 2016
Canadian mid-market private equity firm Yellow Point Equity Partners recently invested in Canadian Appliance Source LP (CAS), a Toronto omni-channel retailer of home appliances. No financial terms were released. Founded in 2008, CAS began life as an e-commerce provider of kitchen and laundry appliances, but now also operates five showrooms in Ontario. Led by CEO Ari Klein, the company plans to use the partnership with Yellow Point to support growth. CAS is the third investment of Yellow Point Equity Partners IV, which raised $150 million in 2015. In July, the fund invested in Foley’s Candies Ltd.
2 min read · 06 December 2016
A study released by Cycle Capital Management, Sustainable Development Technology Canada and Écotech Québec found that Canada lags competitors in the strength of its clean technology investment chain. Forging a Cleaner and More Innovative Economy in Canada, directed by Gilles Duruflé and Louis Carbonneau, found that while Canada is a cleantech research leader, it has failed to compete in commercialization and providing adequate venture capital and debt financing. The study's sponsors urged action to make Canada's cleantech sector more competitive on a global scale.
4 min read · 06 December 2016
Acasta Enterprises Inc (TSX: AEF), a Canadian special purpose acquisition corporation, said that Institutional Shareholder Services Inc (ISS) has recommended approval of its acquisition of three businesses and its launch as a private equity firm. The deals, announced last month, will see Acasta buy Apollo Health & Beauty Care, JemPak Corp and Stellwagen Finance Co. Acasta estimates the deals will have an aggregate enterprise value of at least $1.1 billion at closing. ISS is quoted as saying "the combined valuation of the initial portfolio and the private equity platform offers a significant upside for the company's public shareholders."
3 min read · 06 December 2016
Canadian specialty finance firm Wellington Financial has invested US$10 million in SparkPost, a U.S. e-mail infrastructure provider. Founded in 2014, San Francisco-based SparkPost provides a cloud e-mail delivery service to large social networks and other customers that send more than 3 trillion messages per year. SparkPost is backed by several U.S. investors, including LLR Equity Partners and NewSpring Capital. It plans to use the latest funds raised to support continued growth. Wellington is currently investing from Wellington Financial Fund V, which raised $300 million in 2015.
3 min read · 06 December 2016
Canadian private equity firm Onex Corp has completed its acquisition of Save-A-Lot, one of the largest discount grocery retailers in the United States, from SuperValu Inc. The deal, announced in October, reflected a purchase price of US$1.365 billion in cash, subject to closing adjustments. Onex Partners IV made an equity investment of about US$660 million in the acquisition. Reuters reported earlier this year that Onex was in the lead among private equity firms bidding for the Save-A-Lot business.
2 min read · 06 December 2016
Toronto-based Hubba, a network designed to help connect brands and retailers, has raised a Series B financing. The amount was not disclosed; however, the Wall Street Journal reported it is close to US$45 million. Goldman Sachs Investment Partners led the round and was joined by existing investors Real Ventures, Kensington Venture Fund and Brightspark Ventures. Founded in 2011 by CEO Ben Zifkin, Hubba reports it has more than 40,000 companies in its network and facilitates thousands of commercial connections on a daily basis. It will use the funds raised to develop new products and features and expand its geographic footprint.
4 min read · 06 December 2016
Ontario Teachers' Pension Plan has promoted Jonathan Hausman to the role of managing director and head of its new global strategic relationships department. The appointment, effective on January 1, 2017, will give Hausman responsibility for developing and cultivating mutually beneficial investment relationships around the world. Hausman, who joined Ontario Teachers' in 2004, was previously responsible for its global hedge fund portfolio. Prior to then, he was an executive director at Goldman Sachs.
3 min read · 05 December 2016
Healthcare private equity firms DW Healthcare Partners (DWHP) and Linden Capital Partners have jointly acquired Edge Systems LLC, a U.S. maker of non-invasive equipment and consumables used in aesthetic skin health treatments. No financial terms were released. Founded in 1997, Signal Hill, California's Edge has an installed base of over 7,000 systems placed with dermatologists, plastic surgeons, and medical spas across 75 countries. With the deal, Clint Carnell and Steve Fanning will be named CEO and chairman of Edge, respectively. DWHP has offices in Toronto and Park City, Utah.
3 min read · 05 December 2016
