H2O Innovation Inc (TSX-V: HEO) has closed its previously announced buy of Utility Partners LLC, a Gulfport, Mississippi-based specialist in the operation and maintenance of water and wastewater treatment plants. The total consideration was about $22.5 million (US$17 million). To help fund the acquisition, H2O raised about $23 million through a private placement deal. Caisse de dépôt et placement du Québec and Investissement Québec invested a combined $8.15 million. Québec City-based H20 provides water treatment solutions using membrane filtration technology. It has previously received financing from Fondaction CSN.
6 min read · 27 July 2016
The Hartford has agreed to sell its U.K. property and casualty run-off subsidiaries, Downlands Liability Management Ltd and Hartford Financial Products International Ltd, to an affiliate of Catalina Holdings (Bermuda) Ltd. No financial terms were released for the deal, which is expected to close in the fourth quarter. Catalina, an acquirer and manager of non-life insurance-reinsurance companies in run-off, is backed by Apollo Global Management, Caisse de dépôt et placement du Québec and Ontario Teachers’ Pension Plan (OTPP). Earlier this year, the Hamilton, Bermuda-based company agreed to buy AGF Insurance Ltd.
4 min read · 26 July 2016
Vena Solutions, a cloud-based corporate performance management (CPM) software provider, has secured about $30 million in financing. U.S. growth equity firm Centana Growth Partners led the round, which builds on prior investments by Difference Capital and Klass Capital. Founded in 2011, Toronto-based Vena has created a CPM solution for a wide range of spreadsheet-driven finance and accounting processes. In the past five years, it has seen over 100 percent growth in customers and annual recurring revenue, the company reported. Vena plans to use the funds raised to invest in new hires, product development, sales and marketing, and other priorities.
3 min read · 26 July 2016
INFOR Acquisition Corp (TSX: IAC.A), a Canadian special purpose acquisition corporation (SPAC), has agreed to participate in the spin-out of ECN Capital from Element Financial Corp (TSE: EFN). Under the deal's terms, INFOR shareholders will receive shares of ECN, a commercial finance business with about $8 billion in assets, as of the closing of its separation from Toronto-based Element. INFOR, one of a number of Canadian SPACs launched via initial public offering in 2015, said its $220 million funds in escrow will help position ECN "to execute on its strategic initiatives." The deal is expected to wrap up in October.
10 min read · 26 July 2016
TORC Oil & Gas Ltd (TSX: TOG) has agreed to acquire light oil assets complementary to its existing assets in southeast Saskatchewan from an unidentified oil and gas company. The deal, combined with a series of tuck-in acquisitions in the first half of 2016, has a total consideration of $95.5 million. TORC said it will raise up to $111.3 million in financing to help fund the Saskatchewan deal and reduce debt. Its cornerstone investor, Canada Pension Plan Investment Board (CPPIB) has committed to invest about $25 million. CPPIB, which has backed Calgary-based TORC since 2013, also invested in the company's mid-2015 buy of assets from Surge Energy Inc.
10 min read · 26 July 2016
Canadian private equity firm Novacap has made a strategic investment in Firmex, a Toronto-based provider of virtual data rooms and a platform for secure document sharing. No financial terms were released. Firmex, which is led by CEO and Co-founder Joel Lessem, has provided data room services to more than 75,000 companies in some 60 countries. Novacap made the investment through Novacap TMT IV, which raised $375 million in May 2014. It said it will work with the company to expand product offerings and accelerate growth, both organically and through acquisitions. The Firmex deal follows Novacap's investment earlier this month in Syntax.
4 min read · 26 July 2016
U.S. gold and silver mining company Klondex Mines Ltd (TSX: KDX) (NYSE: KLDX) has agreed to acquire the Hollister mine, the Esmeralda mine and ore milling complex, and related assets in Nevada from Waterton Global Resource Management, a Canadian private equity firm. Under the terms of the deal, expected to close later this year, Klondex will pay Waterton US$63 million in cash and an additional US$17 million via a secured note. Waterton will also be issued warrants to buy common shares of the company. Waterton acquired the Hollister mine and related assets in a court-supervised auction in mid-2013. The assets were previously owned by Great Basin Gold Ltd.
8 min read · 25 July 2016
Vancouver-based fintech startup Koho Financial Inc has closed a second round of undisclosed financing, adding to its $1 million seed investment of last year. The new round was led Canadian management and holding company Power Financial Corp (TSX: PWF). It was joined by financial executives and technology entrepreneurs, including Rashay Jethalal, Adam Felesky, Scott Lake and David Tedman, as well as existing investors. Koho has developed a mobile account to manage day-to-day spending and saving. It plans to use the funds raised to enhance the product, introduce it to more users, and hire additional staff.
3 min read · 25 July 2016
Fiera Capital Corp (TSX: FSZ) and Aquila Infrastructure Management have closed a previously-announced joint venture deal, creating a new infrastructure investment firm. The firm, Fiera Infrastructure Inc, begins operation with about $500 million in invested and committed capital. Its activity is expected to be facilitated by the acquisition of a public-private partnership portfolio from Forum Equity Partners earlier this year. Fiera, which based in Montréal, said the joint venture with Toronto-based Aquila brings its current infrastructure assets to $1.22 billion.
4 min read · 25 July 2016
Canadian mineral exploration company Azimut Exploration Inc (TSX-V: AZM) has closed a private placement of $2.5 million. Of the total amount, $1.1 million was invested by private equity funds managed or sponsored by Caisse de dépôt et placement du Québec, Capital régional et coopératif Desjardins, Fonds de solidarité FTQ and the Québec government. Azimut, which is based in Longueuil, Québec, said the deal's proceeds would be used primarily to advance its Eléonore South gold property in the James Bay region and carry out other exploration work.
4 min read · 25 July 2016
