Toronto-based PostBeyond Inc has closed a $4 million Series A financing. Canadian venture capital firm Information Venture Partners, which earlier this year raised an initial $72.5 million for its second fund, co-led the round with Export Development Canada. Founded in 2013, PostBeyond has created technology that helps to increase brand recognition by enabling employees to share corporate content on social media. It reported expansion in its global client base as well as growth in 2015 year-over-year sales of over 300 percent. PostBeyond will use the funds raised to enhance customer engagement resources and accelerate the development of its solutions.
3 min read · 13 July 2016
Morgan Solar Inc has secured $10 million in a follow-on financing. The round was led by ArcTern Ventures, a Canadian clean-tech venture capital firm developed in partnership with MaRS Discovery District. Founded in 2007, Toronto-based Morgan Solar develops technology that aims to make solar power more commercially affordable and accessible. It plans to use the funds raised to increase manufacturing capacity of Sun Simba, a concentrating solar system based on proprietary optic and circuit technology. Morgan Solar's other investors include Enbridge Inc, Iberdrola SA, Kuwaiti Investment Authority and Turnstone Capital Management.
3 min read · 13 July 2016
U.S. mining private equity firm Resource Capital Funds (RCF) has acquired shares in Canadian Zinc Corp (TSX: CZN). RCF invested $5 million as part of a public offering of common shares and flow-through shares that gave the company total gross proceeds of $10.2 million. With the deal, RCF holds about 16.9 percent of issued and outstanding shares. In a separate statement, Vancouver-based Canadian Zinc said it plans to use the funds raised for feasibility, development and exploration programs related to its Prairie Creek Project, a zinc-lead-silver property in the Northwest Territories, and its properties in Newfoundland.
2 min read · 12 July 2016
Brookfield Asset Management has wrapped up its third infrastructure fund, Brookfield Infrastructure Fund III (BIF III), at US$14 billion. The fund saw commitments from over 120 institutional investors, including pension funds, sovereign wealth funds, financial institutions, endowments, foundations and family offices, enabling it to surpass its original target of US$10 billion. BIF III is the largest private fund ever raised by Brookfield, the Toronto-based firm reported. Over the last 18 months, Brookfield secured US$27 billion for a range of private funds, including the US$4 billion obtained by its latest mid-market private equity fund, Brookfield Capital Partners IV.
3 min read · 12 July 2016
Canadian private equity firm Mosaic Capital Corp has appointed Mark Gardhouse as its new CEO, effective July 11th. He replaces John Mackay, who will continue to serve as executive chairman of the firm's board of directors. Gardhouse joins Calgary-based Mosaic from NorTerra Inc, an investment and management firm owned by Inuvialuit Development Corp. He served as NorTerra's president and CEO between 2010 and 2016. Gardhouse previously led CA Bancorp, a merchant bank and alternative asset manager, and before then was a managing director at Roynat Capital.
3 min read · 12 July 2016
Petrus Resources Ltd (TSX: PRQ) has sold its oil and natural gas interests in the Peace River region of Alberta to Rising Star Resources Ltd for about $30 million. Rising Star previously announced the deal, but did not identify the seller. Petrus said the asset disposition will reduce its overall indebtedness, lower per-unit operating costs, and reduce future liabilities. The Calgary-based company, which earlier this year went public via a reverse takeover, is a portfolio investment of U.S. energy private equity firm NGP Energy Capital. Rising Star is backed by Canadian investors Lex Capital and 32 Degrees Capital.
7 min read · 12 July 2016
Fengate Capital Management has acquired the 40 percent equity interest held in the Oakville Trafalgar Memorial Hospital project by Carillion Canada Inc. No financial terms were released. The deal brings Fengate's total investment in the asset to 90 percent of the equity. Oakville Trafalgar Memorial Hospital, a full-service acute care community hospital located in Oakville, Ontario, opened in December. Fengate, a Canadian infrastructure, real estate and private equity investment firm, is a member of the consortium that was selected to design, build, finance and maintain the facility.
2 min read · 12 July 2016
Pet Valu and Pet Supermarket, portfolio companies of U.S. private equity firm Roark Capital Group, have been merged. No financial terms were released. In a separate statement, Golub Capital said it provided a US$605 million debt facility in support of the deal. Roark Capital, which acquired Pet Valu in 2009 and Pet Supermarket in 2015, said their combination will create the third-largest pet specialty retailer in North America with over 930 stores. The new entity, Pet Retail Brands, is expected to generate US$1 billion in sales. Pet Valu and Pet Supermarket will continue to operate as independent brands at their respective headquarters of Markham, Ontario and Sunrise, Florida.
5 min read · 11 July 2016
Synnex Corp (NYSE: SNX) has agreed to acquire Minacs, an outsourcing business solutions provider with primary offices in Oshawa, Ontario, Farmington Hills, Michigan and Bangalore, India. The purchase price is about US$420 million. The sellers are Asian private equity firms CX Partners and Capital Square Partners, which acquired Minacs in May 2014. Synnex, a U.S. business process services company, said it plans to integrate Minacs with its affiliate Concentrix, strengthening the latter's capabilities and expanding its market optimization and Internet of Things solutions. The deal is expected to close in Q3 2016.
6 min read · 11 July 2016
Calgary-based oil and gas company Rising Star Resources Ltd has closed an initial financing of $25 million. The investors were Canadian energy private equity firms Lex Capital and 32 Degrees Capital. Rising Star said the deal was done concurrently with a private placement, together generating total proceeds of about $40 million. With the investment, Lex Capital's Craig Lothian and Dean Popil and 32 Degrees' Mitch Putnam joined the company's board of directors. Rising Star also announced it acquired conventional light oil and gas assets, along with associated infrastructure, in the Peace River region of Alberta. The purchase price was $30 million.
4 min read · 11 July 2016
