Business Development Bank of Canada has recruited a seasoned investment pro to help it carve out a role in Canada’s under-served growth equity market. Last month BDC Capital brought on Elmer Kim as vice president, growth equity. The hire puts Kim at the head of a new investment platform, BDC Capital Growth Equity, intended to focus on the minority equity-financing needs of mature small and medium-sized companies.
3 min read · 03 May 2016
Canadian private equity firm Ironbridge Equity Partners has wrapped up its third fund, Ironbridge Equity Partners III LP, in a single close. The oversubscribed fund raised its hard cap target of $238 million, surpassing an original target of $200 million, with the help of institutional and individual investors based in Canada, the United States, the United Kingdom, and the Middle East. Fund III's close comes roughly two years after the raise of Ironbridge Equity Partners II LP in April 2014. Fund III exceeded by 55 percent the $154 million in capital committed to Fund II. Toronto-based Ironbridge invests in lower mid-market companies in a range of industries. So far this year, the firm has backed Back in Motion Rehab Inc and Thermogenics Inc.
2 min read · 03 May 2016
Canadian online bookkeeping service Bench has raised $20 million (US$16 million) in a Series B financing. The round, which brings the startup's total funding to $33 million, was led by U.S. venture capital firm Bain Capital Ventures. Bain was joined by Altos Ventures and Contour Venture Partners, which also participated in Bench's Series A financing in January 2015. Bench, which was founded in 2012, is a provider of cloud-based technology that automates accounting tasks for small businesses and independent contractors for a monthly fee. Since the close of its Series A round, the company has doubled the workforce at its Vancouver headquarters and tripled its revenue, Bench reported.
4 min read · 03 May 2016
StorageVault Canada Inc, a Regina-based owner and operator of storage facilities across Canada, said it closed a total of $146.2 million in acquisitions last year. As a result of these deals, StorageVault's asset base was increased almost seven times. The company said it plans to undertake over $50 million in additional acquisitions in 2016. Earlier this year, StorageVault raised $5.5 million in funding. This included a follow-on investment from SaskWorks Venture Fund, an affiliate of Canadian private equity firm PFM Capital.
8 min read · 02 May 2016
InstarAGF Asset Management last month made a $75 million investment in Steel Reef Infrastructure Corp, a Canadian midstream company that owns and operates processing and transportation facilities for oil, natural gas and natural gas liquids. The deal gave InstarAGF a minority interest in Steel Reef, entitling InstarAGF President and CEO Greg Smith with a seat on the company's board. Calgary-based Steel Reef said the investment will support near-term organic growth initiatives and enable it to pursue new infrastructure projects in top-tier basins. Toronto-based InstarAGF, an investor in infrastructure and real assets, raised an initial $372 million for its flagship fund in March.
6 min read · 02 May 2016
Altas Partners, a Canadian private equity firm founded by former Onex Corp Managing Director Andrew Sheiner, has raised US$1 billion for Altas Partners Holdings LP. The fund was closed at its hard-cap target and was oversubscribed, the firm reported. Investors in the fund were not disclosed. Based in Toronto, Altas was launched by Sheiner in 2012 to make equity investments of $100 million to $500 million over longer horizons than most private equity firms. It typically assumes control-stake positions in hard-to-replicate businesses. To date, the firm has acquired three companies: Capital Vision Services, NSC Minerals and St. George’s University (SGU). PE Hub Canada profiled Altas and its investment in Grenada-based SGU in August 2014.
2 min read · 02 May 2016
Canadian specialty finance firm Wellington Financial has committed US$10 million in venture debt financing to Exinda Inc. Based in Toronto, Exinda is a provider of network orchestration solutions for real-time business applications. Wellington said the company has shown "consistent growth both in revenue and profitability" since Wellington first invested in 2012. Founded in 2002, Exinda is backed by U.S. venture capital firms OpenView Venture Partners and Greenspring Associates. Along with its Toronto headquarters, the company has primary offices in Waterloo and Boston, Massachusetts. The Exinda deal comes on the heels of Wellington's investment in Acquisio Inc.
2 min read · 02 May 2016
Canadian specialty finance firm Wellington Financial has committed US$10 million in venture debt financing to Exinda Inc. Based in Toronto, Exinda is a provider of network orchestration solutions for real-time business applications. Wellington said the company has shown "consistent growth both in revenue and profitability" since Wellington first invested in 2012. Founded in 2002, Exinda is backed by U.S. venture capital firms OpenView Venture Partners and Greenspring Associates. Along with its Toronto headquarters, the company has primary offices in Waterloo and Boston, Massachusetts. The Exinda deal comes on the heels of Wellington's investment in Acquisio Inc.
2 min read · 02 May 2016
Canadian investment and merchant banking firm Pinetree Capital has appointed Peter Tolnai as its new chief executive. Based in Toronto, Tolnai is a venture capital investment professional with nearly three decades of market experience. He is the founder and owner of Orchard Capital, and previously held senior executive positions at Clairvest Group and Helix Investments. Pinetree, which invests in energy, precious metals and technology companies, was for many years led by Sheldon Inwentash. Inwentash resigned as Chairman and CEO last year.
4 min read · 02 May 2016
Unique Fabricating Inc (NYSE: UFAB) has acquired the business and substantially all of the assets of Intasco Corp, a London, Ont.-based manufacturer of precision die cut solutions. The acquisition, valued at $27.5 million, included 100 percent of the capital stock of Intasco USA Inc. Auburn Hills, Mich.-based Unique is a maker of components for customers in the automotive and industrial appliance markets. It said the Intasco deal will broaden the company's offerings, production capabilities, and reach in existing and adjacent markets. Unique is a portfolio investment of Taglich Private Equity, a U.S. private equity firm.
6 min read · 02 May 2016
