Ainsworth Inc, an affiliate of GDI Integrated Facility Services Inc (TSX: GDI) has agreed to acquire Airtron Canada from Direct Energy Marketing Ltd. Ainsworth, bought by GDI last year, will pay about $19.5 million for Airtron, a Toronto provider of heating, ventilation and air conditioning (HVAC), building automation, and energy efficiency services. GDI said the deal, expected to close this month, will expand Ainsworth's services portfolio and strengthen its technical services segment. GDI, a Montréal-based commercial facility services provider, is a portfolio company of Canadian private equity firm Birch Hill Equity Partners.
4 min read · 03 November 2016
Canada Pension Plan Investment Board has made an investment of US$162 million to acquire a 40 percent interest in Pavilion Dalian, a shopping centre located in Dalian, China. The seller was Malaysian property developer Pavilion Group. The deal builds on CPPIB's joint venture with Pavilion in August 2015, which invested in Pavilion Damansara Heights, a mixed-use development project in Kuala Lumpur, Malaysia. CPPIB committed US$130 million to that transaction.
3 min read · 03 November 2016
Relay Ventures raised $200 million (US$150 million) for its third venture fund, earmarked for investments in a new generation of mobile tech startups in Canada and the United States. The Toronto and Silicon Valley firm announced the close of Relay Ventures III today. Finishing at the same size as its 2012 predecessor, the fund brings Relay’s total capital under management to $670 million.
3 min read · 03 November 2016
3 min read · 03 November 2016
Alignvest Acquisition Corp (TSX: AQX.A), a Canadian special purpose acquisition corporation (SPAC), has agreed to combine with Trilogy International Partners LLC, a U.S. provider of wireless communication services through operating companies in New Zealand and Bolivia. The deal, which is Alignvest's qualifying acquisition, will see the SPAC invest US$269 million to secure a 51 percent equity interest in Trilogy. It is expected to close in Q1 2017. Alignvest is one of several Canadian SPACs launched via initial public offering in 2015. Another, INFOR Acquisition Corp, cancelled its deal with ECN Capital earlier this month.
10 min read · 02 November 2016
Canadian sales financing company Flexiti Financial has raised $5 million in a Series A financing. The round included an investment by existing backer Globalive Capital, which launched a $100 million venture capital fund earlier this year. Founded in 2013 by CEO Peter Kalen, Toronto's Flexiti specializes in point-of-sale financing and payment technology for retailers. The company reports that its lending platform is currently used in more than 1,000 merchant locations in Canada. Flexiti plans to use the funds raised to accelerate growth and further invest in its technology.
3 min read · 02 November 2016
Big Viking Games (BVG), a Toronto-based social and mobile game studio, has secured $21.75 million in financing and said it has plans to raise a further $60 million. The former round was backed by Royal Bank of Canada and Export Development Canada, which accounted for $18 million, with the balance coming from BDC Capital's Growth and Transition Capital. Founded by Albert Lai and Greg Thomson in 2011, BVG is focused on the development of HTML5 mobile games. It will use the funds raised to increase production capabilities, build more partnerships, and pursue acquisitions. Earlier in 2016, BVG bought venture-backed Gallop Labs.
3 min read · 02 November 2016
United States Steel Corp (NYSE: X) (U.S. Steel) has agreed to the sale of U. S. Steel Canada Inc to Bedrock Industries Group, a U.S. private equity firm. The deal, which was approved by the Ontario government in September, will provide U.S. Steel with about US$126 million for its secured and unsecured claims, submitted as part of U. S. Steel Canada's application for creditor protection in 2014. It will also be released from specific obligations. Bedrock, which will restructure U.S. Steel Canada, previously said it will continue operating the company's plants in Hamilton and Nanticoke, Ontario.
3 min read · 02 November 2016
Turnstone Biologics Inc, an Ottawa developer of novel oncolytic viral immunotherapies for cancer, has secured about $55.3 million (US$41.4 million) in a Series B financing. The round was led by OrbiMed, a U.S. venture capital firm. It was joined by F-Prime Capital Partners and existing investors FACIT and Versant Ventures, which led Turnstone’s $11.3 million Series A round in late 2015. As a result, Rishi Gupta of OrbiMed and Ben Auspitz of F-Prime will join the company's board. Turnstone was founded in 2014 based on Canadian scientific research. It plans to use the funds raised to complete an initial clinical trial, and for additional programs that will start this year and next.
5 min read · 02 November 2016
Investors in Montréal-based cement company McInnis Cement have closed their previously announced financing of about $282 million. The deal included a preferred equity investment of $125 million by the Caisse de dépôt et placement du Québec, a $125 million debenture held by BlackRock Alternative Investors, and an additional $32 million from minority shareholders. The funds raised are being used by McInnis to finish building an industrial cement project in Port-Daniel–Gascons, Québec. The company said nearly 75 percent of the construction has been completed and certain operations have begun.
4 min read · 01 November 2016
