Alberta Investment Management Corp (AIMCo) has agreed to provide a $200 million second lien senior secured term loan facility to Savanna Energy Services Corp (TSX: SVY), a Calgary-based contract drilling and oilfield services company operating in North America and Australia. AIMCo also agreed to provide a private placement that will generate gross proceeds of about $18.8 million. The funds raised by the company will be used in part to reduce indebtedness. In a separate release, AIMCo CEO Kevin Uebelein said the deal will give Savanna the "flexibility to weather this current market downturn" and allow it to "position for future growth."
8 min read · 23 November 2016
Canadian private equity firm Ironbridge Equity Partners has agreed to sell Demers Ambulances, a maker of ambulances, to an investor group led by Clearspring Capital Partners. The financial terms of the previously announced transaction were not disclosed. Ironbridge initially invested in Beloeil, Québec-based Demers in 2012. The investor worked with Demers' management to expand the company's distribution in the United States, open a U.S. manufacturing facility, improve internal systems, and reduce working capital needs. Earlier in 2016, Toronto's Ironbridge closed its third mid-market fund, Ironbridge Equity Partners III, at $238 million.
3 min read · 23 November 2016
BDC Capital launched a second cleantech fund to support Canadian startups that are feeling the continuing effects of venture capital’s boom-and-bust experience in the fledging sector. The investment arm of BDC unveiled ICE Venture Fund II this week. Capitalized at $135 million, the fund aims to fill a key market gap by investing in 15 to 20 cleantech and energy-tech companies, especially in areas where Canada has a comparative advantage, such as resource efficiency.
3 min read · 23 November 2016
Ekhosoft Inc, a Canadian provider of intelligent operational management software solutions, has been acquired by Power Factors LLC, a U.S. software company focused on renewable energy assets. No financial terms were released. The industrials division of Brossard, Québec-based Ekhosoft, founded in 2000 by CEO Patrick Ramsey, will continue to operate under its existing name, while the renewables division will be merged with Power Factors. Larkspur, California's Power Factors was acquired earlier this year by U.S. private equity firm Oaktree Capital Management.
3 min read · 22 November 2016
2 min read · 22 November 2016
AT&T, Dish Network Corp and WPP have agreed to acquire Invidi Technologies Corp, a Canadian-born addressable advertising solutions provider. No financial terms were disclosed. The deal, expected to close in Q1 2017, will see Invidi operate independently under the companies’ collective ownership. AT&T will hold a controlling interest. Founded in 2000, Invidi has raised more than US$132 million in venture capital funding, according to Crunchbase, from such investors as EnerTech Capital, GroupM, InterWest Partners and Menlo Ventures. The Princeton, New Jersey-based company has its Canadian office in Edmonton.
6 min read · 22 November 2016
The British subsidiary of MIP Inc has acquired Cromptons Healthcare Ltd, a supplier of reusable and single use healthcare products in the United Kingdom. No financial terms were disclosed. MIP, a Montréal-based manufacturer of textile products for healthcare facilities, is a portfolio company of Banyan Capital Partners, a Canadian private equity firm. Banyan Managing Director Jeff Wigle said the acquisition will help MIP to build on "its already strong position in the U.K. healthcare market." Banyan is an affiliate of Canadian boutique asset management firm Connor, Clark & Lunn Financial Group.
3 min read · 22 November 2016
Canadian merchant banking venture firm Dane Creek Capital Corp (DCCC) has acquired a 30 percent stake in Your True Companion Pet Products Inc, a Guelph, Ontario-based provider of natural food products and treats for pets. No financial terms were disclosed. Companion Pet Products was founded in 2011 by Paul Spindler and family. The funds raised will be used to help the company expand its existing distribution in Canada and prepare for entry into the United States. The deal comes on the heels of DCCC's acquisition of a 48 percent interest in Midgard Insect Farm Inc.
4 min read · 22 November 2016
Alberta Enterprise Corp (AEC) has launched a second angel co-investment fund, Accelerate Fund II, with a commitment of $10 million. The fund will invest in early-stage Alberta companies in information technology, clean and energy technology, life sciences and agriculture sectors. It was also announced that Canadian growth equity firm Yaletown Partners will manage the fund. Yaletown will do this in partnership with A100, an Alberta association of technology founders and executives, which will act as operators of the fund's industry committee. AEC was recapped by the provincial goverment last year.
4 min read · 22 November 2016
Canadian private equity firm Clearspring Capital Partners has made an investment in Demers Ambulances, a Beloeil, Québec-based designer, maker and distributor of ambulances in North America. No financial terms were disclosed for the deal, which was done in partnership with Caisse de dépôt et placement du Québec and members of Demers' management team. The company was previously majority owned by Ironbridge Equity Partners, which invested in 2012. Clearspring Managing Partner Lawrence Stevenson said the investment will support Demers' continued growth at home and abroad. Earlier this year, Clearspring closed its third mid-market fund at $260 million.
3 min read · 22 November 2016
