Canada’s newest private equity firm, Parallel49 Equity, was launched four months ago in a rebranding process initiated by its predecessor, Tricor Pacific Capital. Its story may be a case study of how founding partners can successfully pass the torch to a next generation of PE executives.
3 min read · 08 April 2016
Luma, an Atlanta, Georgia-based developer of surround WiFi for the home network, has raised US$12.5 million in a Series A financing. The round was led by U.S. venture capital firm Accel, with a significant investment from the Amazon Alexa Fund. The startup's existing investors, including Canadian venture capital firm Relay Ventures, also participated. Luma, which recently acquired Nodal Industries, said it would use the funds raised to satisfy customer demand for its product, expand global operations, and continue research and development.
4 min read · 08 April 2016
The Caisse de dépôt et placement du Québec plans to invest $18 million in a new multimedia infrastructure projects unit of Moment Factory, a Montréal-based entertainment studio. The new unit will be responsible for setting up permanent creative projects in public spaces, such as airports, shopping centres, casinos, stadiums and arenas. Founded in 2001, Moment Factory has created over 350 shows and destinations worldwide for such clients as Cirque du Soleil, Madonna and Disney. It has offices in Los Angeles, London and Paris.
2 min read · 07 April 2016
Aralez Pharmaceuticals Inc (TSX: ARZ), launched in February with a investment led by Deerfield Management, opened the market on April 5th. Aralez, an Ontario domiciled pharmaceutical business focused on developing products for cardiovascular, pain and other specialty areas, emerged from a merger of POZEN Inc and Tribute Pharmaceuticals Canada Inc. The Deerfield-led consortium committed up to US$350 million to the new company.
1 min read · 07 April 2016
Avison Young Inc has acquired Linnell Taylor Lipman and Associates Ltd, a Calgary-based property appraisal company. No financial terms were disclosed. Toronto-based Avison, a commercial real estate services provider, said the deal will expand its valuation and advisory service business-line coverage in Canada. Avison, which recently bought GPE Companies, is a portfolio investment of Parallel49 Equity, a Canadian private equity firm. It was originally backed by the firm's predecessor, Tricor Pacific Capital.
8 min read · 07 April 2016
GuestLogix Inc (TSX: GXI), which earlier this year obtained creditor protection, has agreed to sell its interest in OpenJaw Technologies Inc to China's TravelSky Technology Ltd. No financial terms were disclosed for the sale, which is expected to close on or before May 6th. Toronto-based GuestLogix is a provider of merchandising, payment, and business intelligence technology to the passenger travel industry. Last year, it closed a credit deal with Vistara Capital Partners and Beedie Capital Partners.
5 min read · 07 April 2016
Canadian venture capital firm BDC Capital has agreed to partner with Startupfest in a series of festivals. Held in the Startupfest village in Montréal's Old Port, the events will aim to share knowledge and best practices, expand networks, and enhance collaboration between key players in the venture capital ecosystem. These will include startup founders, venture capital funds, angel investors and accelerators. The festivals will take place on July 13th.
3 min read · 07 April 2016
Huron Capital Partners has hired Douglas Sutton and Charles Sheridan, formerly senior investment managers in the U.S. private equity group of the Bank of Montreal (BMO). Huron, a Detroit-based private equity firm, said Sutton and Sheridan will lead a new "flex" equity strategy aimed at less-than-majority investments in lower mid-market companies. The strategy is similar to the one pursued by Sutton and Sheridan at BMO. Sutton joins Huron as a partner, while Sheridan joins as a principal.
4 min read · 07 April 2016
FirstService Corp (TSX, NASDAQ: FSV), a Canadian outsourced property services provider, has acquired Century Fire Protection, a Duluth, Georgia-based fire and life safety services company operating in the southeastern region of the United States. No financial terms were released. Toronto-based FirstService said the acquisition adds an important service capability to its portfolio of property services. The deal also provides an exit to U.S. private equity firm Wafra Partners, which bought Century in January 2007.
3 min read · 07 April 2016
Fengate Capital Management has acquired an ownership stake in Worsley Multi-Fuel Cogeneration (Worsley MFC), a 104 megawatt multi-fuel cogeneration plant that supplies steam and electricity to the Worsley Alumina refinery in Collie, Western Australia. The deal's value was not disclosed. Worsley MFC is also owned by General Electric Unit (NYSE: GE), GE Energy Financial Services and Whitehelm Capital. Based in Toronto, Fengate is an infrastructure and real estate investment firm.
2 min read · 06 April 2016
