Aurigen Capital Ltd, a Toronto-based life reinsurance company, has agreed to be acquired by PartnerRe Ltd for $375 million (about US$286 million) in cash. The deal is expected to close by the first quarter of 2017. Bermuda's PartnerRe, a multi-line reinsurer, said the deal supports a strategy to grow its life and health business and will expand its geographic footprint. Aurigen was launched in 2007 with a $500 million equity investment from Edgestone Capital Partners, Bregal Capital, Pine Brook Partners and Soros Strategic Partners. It reports having become a top-five life reinsurer in Canada based on recurring new reinsurance business.
4 min read · 20 October 2016
Music and entertainment retailer HMV Canada plans to close its Toronto Eaton Centre location by the end of this year, citing high real estate costs. The company said it has opened and closed a number of stores over the last decade as part of a long-term real estate strategy. HMV Canada is a portfolio investment of British private equity firm Hilco Capital. In July 2011, Re:Capital Canada, a Hilco affiliate, acquired it from the United Kingdom's HMV Group Plc. Last year, Re:Capital Canada bought Tilley Endurables.
2 min read · 20 October 2016
Fredericton-based software company SimpTek Technologies Inc has raised $700,000 in follow-on funding. The round was led by New Brunswick Innovation Foundation and joined by several angel investors. Founded in 2014, SimpTek is a provider of intelligent power management solutions for homeowners and utility companies. Led by CEO Asif Hasan and CTO Keelen Gagnon, the startup plans to use the funds raised to expand technical, sales and marketing capacity, and prepare it for growth across Canada and the United States.
4 min read · 20 October 2016
Canada Pension Plan Investment Board (CPPIB) and Longfor Properties Co Ltd have entered into a second joint venture to invest in Chongqing West Paradise Walk, a shopping centre in China. As part of the deal, CPPIB will commit about $193 million to acquire a 49 percent interest in the property. Last year, CPPIB announced its first joint venture with Longfor, a retail mall developer and operator. It saw the pension fund commit $234 million to support a mixed-use real estate project in Suzhou, which included the development of a Paradise Walk mall.
4 min read · 20 October 2016
Canadian protein and organic food company Blue Goose Capital Corp has raised a $20 million investment from Dundee Corp and Serruya Private Equity (SPE). With the deal, SPE will be offered a seat on the board of directors. Blue Goose said the funds raised will support its on-going operations, growth strategy, and future acquisitions. The Toronto-based company concurrently announced its buy of Tender Choice Foods Inc, a Canadian meat processing plant. Toronto's SPE, an owner of several global food brands, earlier this year sold Kahala Brands Ltd to MTY Food Group Inc for US$300 million.
4 min read · 19 October 2016
Ficodis Group has bought Varco Industrial Sales Ltd, a London, Ontario-based specialist in cutting tools and AutoCrib vending machines. No financial terms were disclosed. The acquisition, Ficodis' fourth this year, was funded by Québec private equity and venture capital firm Fondaction CSN and the Royal Bank of Canada (RBC). Fondaction CSN reported an investment of $5.3 million. Ficodis, a Montréal-based distributor of specialized industrial products, said the deal accelerates its growth and increases the company's presence in the Ontario market.
2 min read · 19 October 2016
EnergySavvy, a U.S. provider of cloud software for utility demand-side management, has closed a US$14 million Series D round. GXP Investments led the financing with participation from Inherent Group and the company's existing investors. The latter includes EnerTech Capital, an investor in energy and power sectors. EnergySavvy, which is based in Seattle, Washington, said the funds raised will support its fifth generation of products, which help utilities better relate to customers and improve operations. EnerTech has offices in Calgary, Toronto, Montréal and the United States.
3 min read · 19 October 2016
Canadian royalty financing firm Grenville Strategic Royalty Corp has secured two new partners to support its growth plan. An affiliate of Gravitas Ilium Corp and Darwin Strategic Royalty Corp will co-invest alongside the firm on new investments. The partners will also have the right to use Grenville’s intellectual property and royalty-based investment strategy. Toronto-based Grenville, which as of June 30, 2016 reported a portfolio return of 21 percent since inception, said the initiative will add scale to its model and enable the firm to participate in a more opportunities.
10 min read · 19 October 2016
Alternative IQ announced that PH&N Absolute Return Fund was named the best overall Canadian hedge fund in 2016. The award was presented at the the 9th Annual Canadian Hedge Fund Awards in Toronto. The PH&N fund, managed by Phillips, Hager & North, was given top spot among 195 hedge funds for having the best combined 10-year return (15.45 percent) and Sharpe ratio (1.61 percent). Second and third place went to King & Victoria Fund and Venator Founders Fund, respectively. SGGG Fund Services was named top Canadian hedge fund administrator. Alternative IQ is a division of Alliance Sales and Marketing Inc.
4 min read · 19 October 2016
U.S. specialty pet retailer PetSmart Inc has acquired AllPaws, a New York-based online and mobile platform focused on pet adoption. No financial terms were released. PetSmart said the acquisition will accelerate its in-store adoption program. Based in Phoenix, Arizona, PetSmart was acquired early last year by a consortium led by U.K. private equity firm BC Partners. The Caisse de dépôt et placement du Québec, a Canadian pension fund, was among the investors.
4 min read · 19 October 2016
