BDC Capital has committed $50 million to support technology startups led by women entrepreneurs. The commitment is on top of the $700 million allocated by the Business Development Bank of Canada (BDC) last year to fund women-owned businesses. A total of $40 million of the new pool will go to women-led startups backed by BDC Capital or its partner accelerators. An additional $10 million will to regional initiatives. The first of these will engage MaRS Investment Accelerator Fund (IAF), the early-stage venture fund of Toronto's MaRS Discovery District. Michelle McBane, investment director at MaRS IAF, will lead the initiative.
3 min read · 09 November 2016
ONCAP, the mid-market private equity arm of Onex Corp, has secured almost $1.5 billion (US$1.1 billion) in the close of its fourth fund. ONCAP IV, raised in just over two months in a single closing, according to Onex Chairman and CEO Gerry Schwartz, took 83 percent more than its predecessor (2011). Led by Managing Partner Michael Lay, ONCAP has invested in 21 companies its 16-year history, and generated a gross return of 43 percent and a gross multiple of 5.2 times capital invested from realized and substantially realized investments. PE Hub Canada earlier this year reported about the launch of ONCAP IV, as well as the firm's most recent platform investment, Tecta America.
3 min read · 09 November 2016
Bert Clark has been hired as the first CEO of the Investment Management Corp of Ontario (IMCO), a manager of Ontario public pension funds. Clark, who assumed the role last month, previously served as president and CEO of Infrastructure Ontario and head of Scotiabank's North American infrastructure finance practice. IMCO was formed by the Ontario government in July and is expected to begin operations next year. Its two inaugural members, the Workplace Safety and Insurance Board (WSIB) and Ontario Pension Board, provide it with initial assets under management of about $50 billion.
2 min read · 08 November 2016
ATB Capital, a recently formed private equity fund of ATB Financial, has agreed to be an equity partner in a transaction sponsored by Western Investment Co of Canada Ltd (TSX-V: WI.P), an acquirer and builder of companies in Western Canada. No financial terms were released. ATB Capital's investment will back Western's buy of GlassMasters Autoglass Ltd, a Calgary windshield repair business, and ARG Wholesale Ltd, a Calgary wholesale automotive glass distribution business. The deal, expected to close this month, is priced at about $18 million, Western previously announced. ATB Financial is an Alberta government-owned financial institution.
5 min read · 08 November 2016
Canadian specialty finance firm Crown Capital Partners has signed a $15 million term loan agreement with Touchstone Exploration Inc, a Calgary upstream oil and gas company with a primary focus on the Republic of Trinidad and Tobago. Touchstone, which has previously been backed by Crown Capital, said the latest financing will help it develop onshore Trinidad assets and pursue acquisition opportunities. Crown Capital, a provider of debt and quasi-equity to mid-market companies, earlier this year increased the size of its fourth special situations debt fund to $125 million.
4 min read · 08 November 2016
Canadian private equity firm Auxo Management has invested in Stealth Monitoring Inc, a Dallas, Texas-based designer, installer and provider of remote video monitoring solutions to residential, commercial and industrial businesses. No financial terms were disclosed. Stealth will partner with UCIT Online Security, a Toronto-based video monitoring company that has been backed by Auxo since 2011. Auxo said the combination of the companies creates a full suite of security services across North America, with three video monitoring command centres monitoring over 15,000 cameras. UCIT is also backed by Egis Capital Partners.
3 min read · 08 November 2016
Allied Universal has bought Source Security & Investigations, a Halifax-based provider of security services, including uniformed security professionals and technology solutions. No financial terms were released. Allied Universal, a U.S. facility and security services provider, said the acquisition will expand its presence in Canada. Allied Universal was formed in August through the merger of AlliedBarton Security Services and Universal Services of America. Private equity backers of the latter two companies, Warburg Pincus, Partners Group and Wendel SE, have stakes in the new business.
2 min read · 08 November 2016
AmTrust Financial Services Inc (Nasdaq: ASFI) has completed its previously announced acquisition of ANV Holdings BV, a specialty insurance and reinsurance company based in London, United Kingdom. AmTrust said it paid about US$203 million in cash for the company to its previous owner, Ontario Teachers’ Pension Plan (OTPP). OTPP bought ANV in 2012. AmTrust, a U.S. insurance holding company, said the acquisition will add value to its existing AmTrust at Lloyd’s operations.
4 min read · 08 November 2016
Calian Group Ltd (TSX: CGY) joined the seed-stage financing of Cliniconex Inc, an Ottawa-based patient outreach solutions vendor. The undisclosed round, announced last month, included investments by the Capital Angel Network and Wesley Clover International. With its investment, Calian's Scott Murray has been appointed to the company's board. Founded in 2011, Cliniconex has developed a software platform that supports medical clinics by automating patient outreach, such as booking notifications, reminders, cancellations, surveys and preventative care reminders.
5 min read · 08 November 2016
Canada's Vistara Capital Partners, which raised its inaugural fund last year, has led a growth financing of Zafin, a Toronto-based financial software solutions provider. The round provided the company with about $13.4 million (US$10 million) in proceeds to be used to support continued expansion of its product and market development roadmap. Founded in 2002, Zafin has developed a platform technology called miRevenue to help banks deepen customer relationships by uniting customer, product, pricing and billing service functions in one solution. Zafin secured US$15 million from U.S. growth equity investor Kayne Partners in October 2014.
2 min read · 07 November 2016
