The Superior Court of Justice in Ontario has awarded costs of $1.2 million to West Face Capital, on a substantial indemnity basis, and $340,000 to Brandon Moyse, on a partial indemnity basis, in connection with the Wind Mobile Corp lawsuit, West Face said. The amount is to be paid by Catalyst Capital Group, which launched the suit based on an allegation that West Face misused confidential information when acquiring a stake in Wind in 2014. The case was dismissed in August. Last month, Catalyst said it would appeal that decision.
2 min read · 13 October 2016
Capital régional et coopératif Desjardins (CRCD) and Essor et Coopération Fund have invested $9 million in two Québec co-operatives. They are: Citadelle, a maple syrup producers co-operative, and Unicoop, a co-operative focused on the agriculture and agri-food industry. The proceeds of the deal will be used to support Citadelle's and Unicoop's expansion plans. CRCD and Essor et Coopération Fund are managed by Canadian private equity firm Desjardins Business Capital régional et coopératif.
4 min read · 13 October 2016
The Caisse de dépôt et placement du Québec has made a $30 million investment in Harnois Groupe pétrolier, a Saint-Thomas, Québec-based distributor of petroleum products. The deal, to which the Fonds de solidarité FTQ also invested $15 million, will finance the acquisition of 36 Esso service stations located in the Montréal and Québec City regions. This will result in an increase in the Harnois network to more than 400 sites operating across Québec. Harnois is currently evaluating the development of flex-fuel stations, with a focus on integrating fast electric-charging terminals for about 10 stations.
3 min read · 13 October 2016
Alithya has bought Pro2p, a Montréal-based provider of business consulting services to help clients realize optimal integration of Oracle applications. No financial terms were released. Québec City's Alithya, a provider of strategic consulting and information technology services, said the deal is part of an accelerated growth strategy. Last year, Alithya was backed in its acquisition of Groupe conseil OSI by Québec investors Capital régional et coopérative Desjardins, Fonds de solidarité FTQ and Investissement Québec.
3 min read · 13 October 2016
U.S. mid-market investor Monroe Capital has closed Monroe Capital Private Credit Fund II LP at US$800 million in committed capital, exceeding its US$600 million target. The fund, Monroe Capital's 11th since inception, will focus on providing senior secured loans and unitranche loans to private equity-sponsored and non-sponsored mid-market companies in North America. Last year, Monroe Capital hired Mark Sturrock to help expand the firm's presence in Canada.
3 min read · 13 October 2016
INFOR Acquisition Corp (TSX: IAC.A), a $220 million Canadian special purpose acquisition corporation (SPAC), has cancelled plans to participate in the spin-out of ECN Capital from Element Financial Corp (TSE: EFN). The deal, announced in July, would have seen INFOR shareholders receive shares of ECN, a commercial finance business. INFOR said ECN's shares are not trading at a price that would make the deal "compelling" to its investors. It added that INFOR management will continue to review alternative transactions.
2 min read · 13 October 2016
Premium Brands Holdings Corp (TSX: PBH) has bought Belmont Meats Products Ltd, a Toronto-based maker of beef products for retail and food service customers. The deal had a total consideration of $50 million, most of which was in cash. Vancouver's Premium Brands, a specialty branded food producer, said the acquisition will create value in several of its businesses and help to increase the company's presence in Ontario. Belmont Meats, founded in 1966, has been backed by U.S. private equity firm Summer Street Capital Partners since 2007. Premium Brands is a portfolio investment of Canadian private equity firm Pender West Capital Partners.
5 min read · 13 October 2016
TouchBistro Inc, a Toronto-based iPad point-of-sale app for restaurants, has secured $17 million in a Series B financing, bringing its total funding so far to $30 million. BDC IT Venture Fund led the round, with participation from new investors Round13 Capital and Huff Capital, and existing investors Relay Ventures and Kensington Capital Partners. As a result, BDC Capital Partner Peter Misek has joined the company's board. Founded in 2011, TouchBistro currently deploys about 15,000 terminals across 6,000 food and drink venues around the world. It plans to use the funds raised to expand sales and marketing, build new partnerships, and enhance its technology.
3 min read · 13 October 2016
Toronto's Flashstock Inc has raised $1.5 million in funding from angel investors, adding to the $1.5 million raised in June 2015. Backers of the latest round included Bill Campbell, former CEO of Citigroup and operating partner of Vedanta Capital, and Chris Burggraeve, former CMO of AB InBev. FlashStock is a provider of custom photos and videos at scale for use by brands on digital channels. Launched in 2013, the company reports achieving more than 380 percent year-over-year revenue growth. It said it plans to use the funds raised to increase the size of its team.
3 min read · 12 October 2016
Cubico Sustainable Investments has been awarded power purchase agreements in Mexico’s 2nd long-term electricity auction for the 250 megawatt Mezquite wind project and the 290 megawatt Solem solar PV project. Cubico, a U.K.-based renewable energy business, said it will raise financing for US$500 million and will invest, along with its minority partners, US$200 million in equity to start the construction of the projects and have them operational by 2018-2019. Cubico is jointly owned by Ontario Teachers’ Pension Plan (OTPP) and Public Sector Pension Investment Board (PSP Investments).
3 min read · 12 October 2016
