U.S. private equity firm Swander Pace Capital, which has its Canadian office in Toronto, has closed its sixth fund, SPC Partners VI LP, at US$510 million. Fund VI, which will sustain the firm's long-standing investment focus on mid-market consumer products companies in North America and the United Kingdom, exceeded its initial target of US$400 million. Swander Pace is an active investor in Canada, counting a number of domestic businesses in its portfolio. They include Voortman Cookies Ltd, a manufacturer of cookies and wafers acquired by the firm last year. Swander Pace's Toronto office, opened in 2009, is led by Principal Valerie Scott.
3 min read · 07 September 2016
Bill Ackman, head of U.S. hedge fund manager Pershing Square Capital Management, has resigned from the board of directors of Canadian Pacific Railway Ltd (TSX, NYSE: CP). Ackman served on the board since 2012. CP said Ackman played an "instrumental" role in transforming it "from railroading's biggest laggard to one of the industry's very best." Reuters reported last month that Pershing Square had exited its investment in CP, freeing up some US$1.5 billion in cash to make other future investments.
6 min read · 07 September 2016
The Caisse de dépôt et placement du Québec has invested $25 million in LASIK MD, a Canadian provider of laser vision correction services. The Caisse said the investment forms part of a broader financing intended to support LASIK MD's global expansion. The company, which is headquartered in Montréal, currently operates 36 clinics in Canada and one in the United States. The Caisse also said the deal helps finance the acquisition of a minority interest in Vision Group Holdings LLC (VGH), which owns and operates LASIK surgery centres across North America. West Palm Beach, Florida-based VGH is backed by Audax Private Equity, Charlesbank and other investors.
3 min read · 07 September 2016
Globalive Capital, a Canadian technology investment firm chaired by former Wind Mobile head Anthony Lacavera, has sold telecommunications companies Yak Communications and OneConnect Services. Yak was acquired by Distributel Communications Ltd, while OneConnect and its affiliate Canopco went to Accelerated Connections Inc. No financial terms were released. Globalive said the deals facilitate its plan to invest in new technology ventures and expand its global footprint. The Toronto-based firm launched a $100 million early-stage venture capital fund in early 2016.
3 min read · 07 September 2016
The Next 36, a Canadian non-profit organization focused on supporting young entrepreneurs, has rebranded as NEXT Canada. The initiative is intended to help expand the organization's scope, NEXT Canada said. To lead this effort, NEXT Canada has appointed Razor Suleman as its new CEO. Suleman founded and led Achievers, a venture-backed employee engagement platform acquired last year. He is currently a partner at Canadian alternative investment firm Alignvest Management Corp. Earlier in 2016, NEXT Canada launched the Young Founders Fund in partnership with BDC Capital and other investors.
4 min read · 07 September 2016
Canadian natural gas production company Trident Exploration Corp has announced a change in ownership as a result of its recent recapitalization. With the deal's close, expected this week, U.S. private equity firm Origami Capital Partners will assume a majority of the company's issued and outstanding common shares. Origami will be represented on Trident's new board by Jeff Young, Darren O’Brien and Julie Klaff. Daryl Gilbert, a managing director of Canadian energy private equity firm JOG Capital, will also join the board. Calgary-based Trident struck an agreement with its primary debt-holders in July to effect a recapitalization and financing.
6 min read · 06 September 2016
Array Marketing Inc, a portfolio company of U.S. private equity firm Carlyle Group, has bought a 50 percent stake in Vulkan Retail, a Mexico City-based developer and producer of retail spaces for top brands in North America. No financial terms were released. The seller in the deal was Tavistock Group. Toronto-based Array, a provider of in-store merchandising systems to high-end cosmetic brands, said the acquisition will support the Latin American expansion plans of its clients, and enhance its own capacity in North American markets. Carlyle bought Array in December 2015 from Canadian private equity firm TorQuest Partners. TorQuest said the deal generated a 61 percent return.
2 min read · 06 September 2016
Montréal-based retail technology platform Salesfloor recently closed its Series A financing. The round, the value of which was undisclosed, was led by White Star Capital. Founded in 2013 by CEO Oscar Sachs and CCO Ben Rodier, Salesfloor is a web solution that helps retailers connect front-line sales teams with online shoppers for a more personalized customer experience. The company, which has offices in New York and London, said it will use the funds raised to accelerate global growth and expand its programs with major retail clients. Salesfloor is also backed by BDC Capital IT Venture Fund and several angel investors.
3 min read · 06 September 2016
TheRedPin Inc, a Toronto-based technology-enabled real estate brokerage platform, has secured $2.5 million in venture debt financing. The announcement, made by investment bank FirePower Capital, TheRedPin's exclusive advisor in the deal, did not identify the source of the funding. Founded in 2010, TheRedPin has developed a database of active residential listings in the Greater Toronto Area, including listings for new and pre-construction projects. The company plans to use the funds raised to support its nationwide expansion.
2 min read · 06 September 2016
Hub International Ltd has acquired New Dimensions Underwriters Ltd, a managing general agency located in Edmonton. No financial terms were disclosed. Hub, a Chicago-based insurance brokerage with a significant operational presence in Canada, is a portfolio company of U.S. private equity firm Hellman & Friedman (H&F). H&F bought the business for about US$4.4 billion in October 2013.
2 min read · 06 September 2016
