Norman Winarsky has joined Canadian venture capital firm Relay Ventures as its first ever executive-in-residence (EIR). Winarsky is the former president of SRI Ventures, the venture investment arm of SRI International, a research institute founded by Stanford University. SRI has been responsible for the launch of more than 60 ventures valued at over $25 billion. As an EIR based in Relay's office in Menlo Park, California, Winarsky will advise the firm's portfolio companies and support its investment team with due diligence on potential deals.
3 min read · 09 May 2016
Norman Winarsky has joined Canadian venture capital firm Relay Ventures as its first ever executive-in-residence (EIR). Winarsky is the former president of SRI Ventures, the venture investment arm of SRI International, a research institute founded by Stanford University. SRI has been responsible for the launch of more than 60 ventures valued at over $25 billion. As an EIR based in Relay's office in Menlo Park, California, Winarsky will advise the firm's portfolio companies and support its investment team with due diligence on potential deals.
3 min read · 09 May 2016
Fix Auto Canada has agreed to acquire Prime CarCare Group Inc, a Markham, Ont.-based operator of 142 franchise locations in Canada under different automotive brands, including Speedy Auto Service. No financial terms were released. Fix Auto Canada, a Montréal-based network of body shops, said the acquisition prepares it for horizontal integration across the automotive repair network. The deal, which is expected to close within 30 days, will be funded in part by Fix Auto Canada's minority equity partner: the Caisse de dépôt et placement du Québec. The value of the Caisse's investment was not published.
3 min read · 09 May 2016
U.S. private equity firm Lightyear Capital and Canada's Public Sector Pension Investment Board (PSP Investments) have completed their acquisition of Advisor Group from American International Group Inc. (NYSE: AIG). No financial terms were released for the deal, which was announced in January. Advisor Group, a Phoenix, Arizona-based broker-dealer network with over 5,200 independent advisors, will now operate as a standalone business owned by Lightyear, PSP and co-investors. PE Hub Canada highlighted the Advisor Group deal in its recent profile of Guthrie Stewart, PSP’s senior vice president and global head of private investments.
3 min read · 09 May 2016
The federal government's Start-Up Visa program has introduced 51 immigrant entrepreneurs to Canada as of May 2, 2016. The program, launched in April 2013, requires that non-residents obtain funding from a Canadian angel investor group, venture capital firm or incubator when applying for visas. Entrepreneurs made permanent residents of Canada account for 26 startups launched, or planned for launch, in communities across the country, the government said. More than 50 additional permanent resident applications are currently being processed.
2 min read · 06 May 2016
Helicopter services company CHC Group Ltd (NYSE: HELI) has filed voluntary Chapter 11 petitions in the United States to facilitate restructuring of its balance sheet and fleet. CHC said the reorganization is expected to strengthen financial fundamentals by reducing long-term debt and enhancing flexibility, while allowing it to operate its fleet of aircraft. The company, which has many customers in the energy industry, said it has been negatively impacted by the recent decline in oil prices. Vancouver-based CHC is backed by U.S. private equity firms Clayton Dubilier & Rice and First Reserve Corp. Clayton Dubilier bought up to $600 million in convertible preferred shares in the company in 2014, making it CHC's largest investor.
6 min read · 06 May 2016
Canadian private equity firm Chrysalis Acquisition Partners has bought Maximum Yield Publications Inc, a Nanaimo, B.C.-based owner of indoor gardening publications distributed in North America, Europe and Australasia. No financial terms were released. Maximum Yield is the debut deal of Chrysalis Acquisition Fund I, which was launched last September by Calgary-based Chrysalis Capital Advisors Inc to deploy more than $100 million to acquisitions of Western Canadian businesses seeking liquidity and ownership transitions. Chrysalis said it will focus on organic and strategic growth opportunities for Maximum Yield, and enhance its digital presence. Maximum Yield was founded by Jim Jesson and Linda Jesson in 1998.
4 min read · 06 May 2016
U.S. energy private equity firm Intervale Capital has made an investment in Dynacorp Energy Services, a Canadian designer and maker of proprietary sand filtration, well testing, and production processing equipment for the oil and gas industry. No financial terms were disclosed. The investment was part of a broad recapitalization of the company, and will support its growth strategy across North America. Dynacorp, which has manufacturing facilities in Calgary and Grand Prairie, Alberta, and repair and rental facilities elsewhere in Canada and the United States, is led by Co-Founder, President and CEO Justin Morin.
2 min read · 06 May 2016
Capital croissance PME has invested $1.6 million in the acquisition of ACO Container Systems Ltd by Rotoplast Inc. Based in Pickering, Ontario, ACO is a maker of medium-sized and large plastic industrial storage tanks. The acquisition of the company by Rotoplast, an East Farnham, Québec-based rotational moulder, was closed last month. No financial terms were released. Capital croissance PME II is a private equity fund sponsored by Capital régional et coopératif Desjardins and the Caisse de dépôt et placement du Québec.
2 min read · 05 May 2016
Soundbite Medical Solutions Inc has secured $2.4 million in two recent financing rounds. The investors included Sherbrooke Innopole's seed fund and members of Anges Québec, an angel investment network. Founded last year, Sherbrooke, Québec-based Soundbite is developing a medical device that aims to replace bypass surgery and amputations for treating blocked arteries. The technology originated through research at the Université de Sherbrooke. Soundbite said it plans to wrap up product development and launch a commercialization strategy in Europe and North America in the next 18 months.
3 min read · 05 May 2016
