Canadian private equity firm Bonnefield Financial announced the first close of its fourth farmland fund. Bonnefield Canadian Farmland LP IV secured an initial $60 million commitment from an existing limited partner in Canada. Its predecessor, Bonnefield Canadian Farmland LP III, which closed at $261 million in 2014, is now fully invested. Like past funds, Fund IV will provide Canadian farmers with land-lease financing to support their growth and succession plans, and help them reduce debt and improve profitability. Established in 2009, Ottawa-based Bonnefield has developed a pan-Canadian farmland portfolio reflecting partnerships with some 53 operators.
2 min read · 02 August 2016
Diablo Technologies, the Ottawa memory-chip developer, secured $37 million in the close of its Series C financing. The oversubscribed round was backed by three global investors, all of them new to the company. They included Israeli venture firm ICV, which led the Series C’s initial $27 million tranche in January. It was joined in a second $10 million tranche, announced today, by New York's Genesis Capital Advisors and Dubai's GII Tech Ventures. Battery Ventures, BDC Capital, Celtic House Venture Partners and Hasso Plattner Ventures, all longtime backers of Diablo, also invested.
3 min read · 02 August 2016
Swiss private equity firm Partners Group has wrapped up its previously announced acquisition of Axia NetMedia Corp (TSX: AXX), a Calgary-based operator and seller of services over fibre optic infrastructure. As reported by PE Hub Canada, the $272-million deal was one of the ten largest announced or closed in Canada in the first half of 2016. With the close, Axia is expected to discontinue trading on the Toronto Stock Exchange on or about August 2nd. Partners Group said it plans to support and invest in the company's global growth strategy.
4 min read · 29 July 2016
Crestone Peak Resources LLC, an investment vehicle formed by Canada Pension Plan Investment Board (CPPIB) and The Broe Group, has closed its previously announced acquisition of Encana Corp's Denver Julesberg Basin oil and gas assets in Colorado. With the deal, announced last October at US$900 million, CPPIB has taken a 95 percent stake in the acquired property. The natural resources group of CPPIB, which holds nine investments valued at $1.4 million, has been engaged in four deals so far this year, including the Crestone acquisition and Wolf Midstream Inc's proposed buy of a 50 percent interest in Alberta's Access Pipeline.
3 min read · 29 July 2016
Kensington Private Equity Fund, managed by Kensington Capital Partners, has made three new investments. The fund invested in White Swan Environmental Ltd, a Calgary-based provider of oilfield waste management services in Alberta. No financial terms were released. The Kensington fund also made undisclosed commitments to the second fund of Providence Strategic Growth, an affiliate of U.S. private equity firm Providence Equity Partners, and Trivest Growth Investment Fund, the eleventh fund of U.S. private equity firm Trivest Partners. The latter closed at US$225 million in July. Toronto-based Kensington is an alternative assets investor.
4 min read · 28 July 2016
U.K. private equity firm BC Partners and Canada's Public Sector Pension Investment Board (PSP Investments) have agreed to acquire a majority stake in Keter Plastic Ltd, a Herzelia, Israel-based maker of resin-based household and garden consumer products. No financial terms were disclosed; however, prior media reports said the deal values the company at US$1.7 billion. Sami Sagol and his family, the founders of Keter, sold the interest to BC Partners and PSP and will retain a minority stake and reinvest. The deal is expected to close in the fourth quarter. Established in 1948, Keter sells its products in 90 countries through more than 25,000 retail outlets.
4 min read · 28 July 2016
Chicago-based energy harvesting startup RedWave Energy Inc has raised US$5.5 million in funding. U.S. venture capital firm Energy Foundry led the round and was joined by Canada's Northwater Capital, which has led prior RedWave financings, as well as Kuwait's EnerTech Holding Co and PRIME Coalition. Founded in 2011, RedWave is focused on commercializing its core product, a new nanoscale film that converts unused waste heat into electricity. Led by CEO Jim Nelson, the company is targeting a US$136 billion market that includes glass and steel manufacturers and electric power generation plants.
3 min read · 28 July 2016
Canada’s top 10 first-half private equity deals had disclosed values of more than $7.8 billion, suggesting market activity in 2016 may be frothier than previously expected. Preliminary Thomson Reuters data show dollar flows for all deals surpassing the $10-billion-dollar mark at the end of June, up from $7.8 billion in the first half of 2015.
3 min read · 28 July 2016
Senneca Holdings has bought Enershield Air Barriers, an Edmonton-based designer and maker of air barrier equipment used in retail, restaurant, commercial, and industrial applications. The deal's financial terms were not disclosed. Senneca, a Cincinnati, Ohio-based specialty custom door manufacturer, said the acquisition will enhance its product offering. Enershield, which will continue to operate in Canada, is Senneca's fifth add-on deal since the company was acquired by U.S. private equity firm Audax Private Equity in September 2014.
3 min read · 27 July 2016
Canadian agricultural products and services company Agrium Inc (TSX, NYSE: AGU) has made an undisclosed commitment to the second agricultural technology fund of U.S. venture capital firm Finistere Ventures. Finistere Ventures Fund II, targeted to raise US$150 million, will invest in companies in plant nutrition, biologicals, seed technology, digital agriculture and novel farm systems. Agrium said the commitment will enhance its "ability to access and evaluate the pipeline of rapidly evolving agricultural technologies." AVAC said last year it is partnering with Finistere to help leverage opportunities emerging from Canadian universities and research institutions.
3 min read · 27 July 2016
