2 min read · 29 June 2016
TorQuest Partners has raised the $925 million hard-cap target set for its fourth private equity fund, earmarked for investments in mid-market companies in Canada and the United States. The Toronto-based firm announced that TorQuest Partners Fund IV closed 23 percent above its original target of $750 million. It is the largest fund raised by TorQuest since its founding in 2002.
2 min read · 29 June 2016
Two Hat Security Ltd, creator of community management software Community Sift, has closed a $1.6 million seed-stage financing. The round was led by Canadian venture capital firm iNovia Capital. U.S. financial services firm Comerica provided an additional $900,000 loan. Community Sift's technology is focused on ending bullying and harassment on the social web. Founded in 2012, the Kelowna, British Columbia-based company currently services communities in over 225 countries. It plans to use the funds raised to recruit employees and advance sales and product development.
4 min read · 28 June 2016
U.S. energy private equity firm Riverstone Investment Group has agreed to acquire a 50 percent interest in the Utopia Pipeline Project. No financial terms were released. The Utopia Project is focused on constructing a pipeline that transports ethane supply in Ohio to petrochemical companies in the Sarnia-Lambton region of Ontario. Riverstone is buying the stake from Kinder Morgan Inc (NYSE: KMI), which is partnering with Calgary-based Nova Chemicals Corp in the US$500 million project. Along with acquiring existing assets, Riverstone has agreed to contribute to expenditures necessary for the project's construction and commissioning.
4 min read · 28 June 2016
Canadian private debt and equity investor Penfund has banked the $525 million target set for its fifth mid-market fund and is now raising additional capital for a final close, a person with knowledge of the matter told Buyouts. Penfund Capital Fund V is expected to wrap up appreciably above its target in July or August, the source said. At its current total, the fund is already the largest in Toronto-based Penfund’s 37-year history, surpassing by 14 percent the $460 million secured by its predecessor in March 2012.
2 min read · 28 June 2016
Vemba Corp has secured $5 million in a Series A financing. The round was led by U.S. venture capital firms Upfront Ventures and BDMI, with participation from the John S. and James L. Knight Foundation. Based in Toronto, Vemba has developed a technology platform that facilitates the distribution, discovery and monetization of video content for publishers and producers. It plans to use funds raised to enhance its offering, with planned product roll-outs of additional social platforms, OTT technology and streaming video. It also plans to expand its Canadian and U.S. offices. Vemba is also backed by Canadian venture capital firm iGan Partners.
3 min read · 28 June 2016
Canadian software company Prinova Inc has received an investment of $17 million from Volition Capital, a U.S. growth equity firm. With the deal, Volition Capital's Roger Hurwitz and Jake Colognesi will join the company's board of directors. Founded in 1998, Toronto-based Prinova is the creator of Messagepoint, a cloud-based content management platform serving the customer communications management needs of large enterprises. Led by Co-Founder and CEO Nick Romano, the company plans to use the proceeds of the investment to pursue higher-growth markets and further develop its technology.
2 min read · 27 June 2016
SpringCM Inc, a U.S. sales contract management solutions provider, has raised US$17.5 million in follow-on funding. The round was backed by existing investors, including Foundation Capital, North Bridge Venture Partners, Bluestem Capital and Square 1 Financial, as well as new investors, including Wellington Financial, a Canadian specialty finance firm. Chicago-based SpringCM has developed a software platform that streamlines contract processes for sales and legal teams to increase revenue, reduce costs and improve efficiency. It plans to use the funds raised to support a next phase of growth.
4 min read · 27 June 2016
An affiliate of Portland Private Equity, a firm led by Canadian billionaire Michael Lee-Chin, has raised J$1.23 billion in an initial public offering on the Jamaica Stock Exchange. Portland JSX Ltd's IPO was oversubscribed by 23.5 percent, making it the largest of ordinary shares ever on the exchange, Portland said. Portland JSX is an investment holding company that invests in businesses in the Caribbean and Latin America, primarily via Portland Caribbean Fund II, Portland's second private equity fund. PE Hub Canada interviewed Lee-Chin in March 2015 about Portland's exit from Columbus International.
3 min read · 27 June 2016
Canadian private equity firm Onex Corp has agreed to acquire a majority stake in WireCo WorldGroup, a U.S. maker and distributor of steel wire rope, synthetic rope, specialty wire and engineered products. Onex Partners IV will pay US$260 million for the stake, which will help recapitalize the company. The deal is expected to close later this year. U.S. private equity firm Paine & Partners, which acquired Prairie Village, Kansas-based WireCo in February 2007, will retain a minority interest in the business alongside senior management. Onex said it plans to support WireCo’s continued growth both organically and through acquisitions in the years ahead.
3 min read · 27 June 2016
