First West Capital, the mezzanine and subordinated debt lending arm of Langley, B.C.-based credit union First West Credit Union, announced it is expanding into Ontario. The firm, which has closed over $110 million in business since 2010, said the move is based on its belief that "mid-market Ontario companies are under-served in terms of their access to capital." First West also announced it has hired David Hastie to lead its operations in Toronto as a regional director. Hastie, who has over 12 years of experience in investment and commercial banking, was previously a district director at Roynat Capital.
3 min read · 24 March 2016
The Fonds de solidarité FTQ has welcomed the full reinstatement of the 15 percent federal tax credit for contributions made to labour-sponsored funds for the 2016 fiscal year. The federal government announced the initiative this week in its 2016 Budget. The tax credit, which matches a Québec government credit of equal value, was scheduled to be fully phased-out by 2017. Other Canadian labour-sponsored funds, including Fondaction CSN, also welcomed the reinstatement. Based in Montréal, the Fonds de solidarité FTQ manages net assets of $11.2 billion.
3 min read · 24 March 2016
AppDirect, a cloud service commerce platform, has bought Xendo, a San Francisco-based provider of hosted enterprise search solutions, for an undisclosed sum. The acquisition, AppDirect's sixth to date, follows its buy of Montréal's Radialpoint in January. AppDirect said the Xendo deal will allow it to integrate unified search capability into its platform and thereby eliminate fragmentation and create interoperability between apps. Founded by Canadians Nicolas Desmarais and Daniel Saks in 2009, San Francisco-based AppDirect has raised US$245 million in venture capital. Its Canadian backers include iNovia Capital.
4 min read · 24 March 2016
Canadian specialty finance firm Crown Capital Partners has disposed of all of the common shares it held in Claude Resources Inc (TSX: CRJ), a Saskatoon-based gold exploration and mining company. The net proceeds totaled $5.3 million. Crown Capital provided Claude with a $25 million subordinated term loan in April 2013. This month, the company agreed to be acquired by Silver Standard Resources Inc in a deal that gave Claude an implied value of $337 million.
3 min read · 24 March 2016
The Canadian Radio-television and Telecommunications Commission (CRTC) has approved an application by Shaw Communications Inc to sell its shares in Shaw Media Inc to Corus Entertainment Inc for $2.65 billion. As the companies are affiliated, the CRTC concluded the change in ownership "does not result in a change in effective control of either entity." It added that the deal positions Corus "as a stronger player" that can "offer better services and higher-quality programming." The deal was opposed by Corus minority investor Catalyst Capital Group, a Canadian private equity firm.
4 min read · 23 March 2016
The Canadian subsidiary of Univar Inc (NYSE: UNVR) has acquired the assets of Nexus Ag Business Inc, a Saskatoon-based wholesale fertilizer distributor in Western Canada. No financial terms were released. Univar said the deal expands its agriculture product offering with micro-nutrients and specialty fertilizers. It also enlarges the company's agricultural distribution network in Canada to 16 facilities in four provinces. Based in Downers Grove, Illinois, Univar is a portfolio company of U.S. private equity firm Clayton, Dubilier & Rice, European firm CVC Capital Partners, and other investors.
3 min read · 23 March 2016
Advisory firms Glass, Lewis & Co LLC and Institutional Shareholder Services Inc have recommended that shareholders of Canadian home improvement retailer Rona Inc (TSX: RON) vote for the company's acquisition by Lowe’s Cos Inc (NYSE: LOW). The $3.2 billion deal was announced last month. Rona's largest investor, the Caisse de dépôt et placement du Québec, supports the acquisition; however, U.K. investment firm The Stirling Funds said it undervalues the preferred shares of Rona.
3 min read · 23 March 2016
QD Solar Inc, a Canadian startup created by the University of Toronto and MaRS Innovation, has obtained $2.55 million in funding from Sustainable Development Technology Canada (SDTC). Founded in 2014, QD Solar has developed solar photovoltaic technology that can absorb infrared light otherwise wasted by conventional solar panels. The partnership with SDTC will help bring the technology to market, the company said. QD Solar received seed-stage financing from MaRS Innovation in 2014 and 2015.
4 min read · 23 March 2016
Sun Communities Inc (NYSE: SUI) has agreed to buy Carefree Communities Inc, an owner and operator of senior manufactured housing communities and destination RV resorts concentrated in California, Florida, and Ontario. No financial terms were disclosed for the cash-and-stock deal, which is expected to close in July. The seller is U.S. private equity firm Centerbridge Partners. Scottsdale, Arizona-based Carefree acquired Port Colborne, Ontario's Sherkston Shores RV Resort in July 2013.
3 min read · 23 March 2016
Aterlo Networks Inc, a technology startup focused on improving video streaming quality for Internet users, has raised $1 million in financing. The round was led by MaRS Investment Accelerator Fund, a seed-stage fund managed by Canadian innovation hub MaRS Discovery District. BDC Capital and Sandvine Inc also invested. Waterloo-based Aterlo said the funds raised will be used to expand its flagship product, NightShift, hire local talent, and extend the reach of its marketing initiative. Founded in 2014, the company is led by CEO Gerrit Nagelhout.
3 min read · 23 March 2016
