Interstate Hotels & Resorts Inc has been acquired by U.S. private equity firm Kohlberg & Co. The deal's financial terms were not disclosed. Interstate, a third-party hotel management company, was sold by Thayer Lodging Group, a hospitality investment firm owned by Canada's Brookfield Asset Management, and Jin Jiang International Hotels. Thayer and Jin Jiang held the asset for five years. Based in Annapolis, Maryland, Thayer was acquired by Brookfield in May 2014.
3 min read · 04 May 2016
A new survey by Deloitte found that most U.S. corporate and private equity executives expect mergers and acquisitions in 2016 to match or improve on the record disbursement levels of 2015. The third annual Deloitte M&A Trends Report found 87 percent of respondents predicted their organizations would sustain or increase M&A activity in the months ahead, despite the 40 percent drop in U.S. deal volume in Q1 2016. Canada was identified as one of three top overseas markets in which U.S. investors planned to pursue deals. While respondents were "decidedly bullish" about M&A trends, Deloitte also found that economic uncertainty and other factors tempered this optimism.
6 min read · 04 May 2016
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has committed $300,000 to Brightspark Investors Club Ontario. Brightspark Investors an early-stage angel investment network managed by Canadian venture capital firm Brightspark Ventures. The funds raised will help expand the network's angel investor membership, which currently stands at 300 accredited investors. Since its launch in 2013, Brightspark Investors has invested over $2.8 million in four information technology companies in Ontario.
3 min read · 04 May 2016
The Federal Economic Development Agency for Southern Ontario (FedDev Ontario) has committed $300,000 to Brightspark Investors Club Ontario. Brightspark Investors an early-stage angel investment network managed by Canadian venture capital firm Brightspark Ventures. The funds raised will help expand the network's angel investor membership, which currently stands at 300 accredited investors. Since its launch in 2013, Brightspark Investors has invested over $2.8 million in four information technology companies in Ontario.
3 min read · 04 May 2016
Ottawa-based software-as-a-service and data company Assent Compliance Inc has secured $20 million in financing. U.S. growth equity firm Volition Capital led the round and was joined by OpenText Enterprise Application Fund, BDC Capital, National Research Council of Canada, Royal Bank of Canada and other investors. Founded in 2005, Assent provides an automation platform that helps businesses manage their supply chain and product compliance efforts. It said the funds raised will support further investment in its technology and more staff hires, particularly in research and product management. Assent is led by CEO Andrew Waitman, formerly a managing partner at Celtic House Venture Partners.
4 min read · 04 May 2016
Axios Mobile Assets Corp, a smart supply chain logistics provider, has appointed John Albright as chairman of its board of directors. Albright, a co-founder and managing partner of Canadian venture capital firm Relay Ventures, replaces Osama Arafat, who resigned. Relay led a $14 million financing of Mississauga, Ont.-based Axios in December. Albright discussed the deal in an interview with PE Hub Canada last month.
6 min read · 03 May 2016
Cadillac Fairview has invested $21 million in CF Shops at Don Mills, an urban outdoor shopping and entertainment destination in Toronto. The funds will be used to upgrade the destination, which opened in April 2009. The redevelopment project is expected to be completed in the spring of 2017. Toronto-based Cadillac Fairview is the real estate investment arm of Ontario Teachers' Pension Plan.
4 min read · 03 May 2016
The Public Sector Pension Investment Board (PSP Investments) has announced the split of Isolux Infrastructure Netherlands BV and Grupo Isolux Corsan. As a result of the deal, PSP, which previously shared ownership of Isolux, has become its sole shareholder. No financial terms were released. Isolux, the manager of a global portfolio of road assets, will be renamed ROADIS and will serve as the Canadian pension fund's road investment platform, PSP said. PSP added that as part of the deal it has acquired a 50 percent interest in Wind Energy Transmission Texas LLC, an operator of electric transmission lines in West Texas.
2 min read · 03 May 2016
Vancouver-based e-commerce platform LemonStand has secured $1.25 million in seed-stage financing. The backers of the round included BDC Capital IT Venture Fund and angel investors Barry X. Lynn, Paul Rochester and Hank Massey. Founded in 2010 by CEO Danny Halarewich, LemonStand is a provider of customizable, cloud-based technology that supports web developers, agencies and brands in creating online stores. It said it plans to use funds raised to invest in continued product development and to accelerate the company's recruitment of new partners.
3 min read · 03 May 2016
Kapplex, a Canadian developer of instruments and consumables for diagnostic markets, has been acquired by U.S.-based biotechnology company Miroculus. No financial terms were released. Kapplex was spun-off from the University of Toronto in 2012 in partnership with MaRS Innovation. Its combination with Miroculus will create a single platform that supports clinicians in detecting complex conditions, such as cancer, in a minimally invasive way, the companies said. San Francisco's Miroculus has raised funding from angel investors and venture capital firms, including Nazca Ventures.
4 min read · 03 May 2016
