StorageVault Canada Inc, a Regina-based operator of storage facilities across Canada, has closed its previously announced private placement. The company raised $5.5 million in gross proceeds, bringing total recent fundraising to about $22.6 million. SaskWorks Venture Fund, which is managed by Canadian private equity firm PFM Capital, invested in the offering and will as a result hold up to 21.32 percent of StorageVault's issued and outstanding common shares. The deal's proceeds will be used to fund StorageVault's proposed buy of Winnipeg Mini Storage and future acquisitions.
6 min read · 18 March 2016
LMS Reinforcing Steel Group, a portfolio company of Canadian alternative equity firm Alaris Royalty Corp, has acquired Johasee Rebar Inc for an undisclosed sum. Based in Bakersfield, California, Johasee is a provider of rebar fabrication and installation for industrial, commercial and residential projects. Surrey, B.C.-based LMS, a concrete reinforcing steel (rebar) fabricator and installer focused on markets in Western Canada, said the deal extends its reach to customers located in southern California. Alaris has backed LMS since April 2007.
2 min read · 18 March 2016
A new study by the University of Toronto's Impact Centre has found that founder CEOs outperform professional CEOs in both unicorns (private companies valued over $1 billion) and venture-backed Canadian companies. However, in Canada, founders are 2.5 times more likely to be replaced with a professional CEO. The study concludes that Canadian founders have the right experience to build high-growth technology companies and that a failure to adequately scale may be due partly to the tendency to replace them.
2 min read · 17 March 2016
Terrapure Environmental has acquired Consolidated Giroux Environment Inc, an industrial dredging services company based in Charlo, New Brunswick. No financial terms were disclosed. Terrapure, a Burlington, Ont.-based environmental services and recycling solutions specialist, said the deal adds to the company's capacity to provide onsite dredging services to customers. The acquisition will also increase the range of services available to Giroux’s customer base. Terrapure was launched in March 2015 by Canadian private equity firm Birch Hill Equity Partners. It emerged from Birch Hill's buy of Newalta Corp's industrial division for $300 million.
3 min read · 17 March 2016
A new report from Rosenzweig & Co has found that corporate Canada lagged in the past year in recognizing and promoting women leaders. In 2015, the share of highly paid executive positions held by women in Canada's 100 largest publicly-traded companies was 8 percent, down from a prior 8.5 percent. Rosenzweig's first report, issued over a decade ago, found 4.6 percent of women help top jobs.
4 min read · 17 March 2016
Solegear Bioplastic Technologies Inc (TSX-V: SGB) has agreed to acquire the bioplastics division of Ex-Tech Plastics Inc for $1.33 million in common shares of the company at a price of $0.20 per share. Vancouver-based Solegear, a developer of bioplastics from renewable plant-based sources, said the deal will provide it with annualized revenues of about US$2 million and accelerate product commercialization. Earlier this year, the company secured the second tranche of an investment from The Hillcore Group. Solegear went public in 2015, but remains a portfolio company of Canadian venture capital firm Yaletown Venture Partners.
6 min read · 17 March 2016
Toronto-based digital health company QoC Health Inc has secured $700,000 in seed-stage financing. Epic Capital Management, a Canadian healthcare venture capital firm, and Bayshore HealthCare co-led the round and were joined by a number of unidentified angel investors. Founded in 2011, QoC Health aims to enable patient-centered care with mobile solutions, new service delivery models, and cloud computing. It plans to use the proceeds of the round to continue the company's expansion and invest in its technology platform.
3 min read · 17 March 2016
Canadian fintech startup Flexiti Financial Inc has agreed to establish a new credit facility with Liquid Capital Corp. The deal will give the company access to an initial $25 million in senior debt. Founded in 2013, Toronto-based Flexiti is a provider of point-of-sale consumer financing in Canada. It said the new capital, along with its receivables warehousing facility, will help the company grow across market segments, and expand into other products and services. Flexiti also said it is planning for an equity financing round in the near future. Liquid Capital is a provider of working capital, asset-based lending and trade finance solutions.
5 min read · 17 March 2016
Skyport Systems Inc, a U.S.-based provider of secure computing infrastructure for enterprise applications, has obtained US$30 million in financing. The round was led by GV and joined by a number of venture capital investors, including Thomvest Ventures, the US$250 million fund of Canada's Peter Thomson. Skyport, which is headquartered in Mountain View, California, said it will use the funds raised to expand sales and marketing and accelerate its research and development programs. The company was founded in 2013.
5 min read · 17 March 2016
David Brackett and John Martin, Co-CEOs of Antares Capital, have been named "Dealmakers of the Year" in the ninth annual M&A Mid-Market Awards of Mergers & Acquisitions. Antares, the largest provider of U.S. mid-market loans, was acquired by Canada Pension Plan Investment Board (CPPIB) for US$12 billion last August. Brackett and Martin, who have led the firm for the past two decades, were honoured for their role in steering Antares through the process, continuing "prolific lending", and closing the deal with CPPIB.
4 min read · 17 March 2016
