Vancouver-based investor, which backs North American tech companies, expects a final close within the next 12 months
3 min read · 10 March 2016
Canadian private equity firm Klass Capital has made a $4 million growth equity investment in Resolver Inc, a Toronto-based provider of risk and incident management software. Klass Capital, which acquired Resolver in April 2015, has now invested a total of $18 million in the company. Resolver said it plans to use the new funding from Klass Capital and other investors to accelerate its product plans and continue to enhance its SaaS-based integrated risk offerings. Led by CEO Will Anderson, Resolver emerged last year from a merger of the business with another Klass Capital portfolio company, risk management software provider PPM 2000.
3 min read · 10 March 2016
Swiss private equity firm Partners Group has agreed to buy all of the outstanding common shares of Axia NetMedia Corp (TSX: AXX), a Canadian operator and seller of services over fibre optic infrastructure. Partners Group has agreed to pay $4.25 per share for the company, which reflects a total equity value of $272 million. The board of directors of Calgary-based Axia has recommended the offer to shareholders, who will vote on it at a special meeting expected to be held in May. With the acquisition's close, Partners Group said it will work with Axia's existing management on "an ambitious growth plan" and provide the capital needed to help it "become a world-class communication network operator."
9 min read · 09 March 2016
Vancouver-based custom menswear retailer Indochino has secured a strategic investment of up to $42 million from Dayang Group, a Chinese apparel manufacturer. The funding will support the company's North American and global expansion plans and enhance its product offering, Indochino said. Along with the funding, Indochino has signed an agreement with Dayang to increase the company's apparel selection and range of suit personalization options. Indochino reports achieving an average annual growth rate of over 100 percent since its founding in 2007. Its venture capital investors include Acton Capital Partners, Highland Consumer Partners, Madrona Venture Group and Version One Ventures.
5 min read · 09 March 2016
Canadian alternative equity firm Alaris Royalty Corp has invested US$22 million in preferred units of Sandbox Group LLC, a marketing and advertising services specialist based in Chicago. Founded in 2013, Sandbox assists clients in a range of North American industries with strategic marketing and planning, as well as creative development involving all media and digital solutions. The company plans to use the partnership with Alaris to invest in services, expand into new markets, and make acquisitions of regional communications businesses. In exchange for the investment, Sandbox will provide an annual distribution of US$3.3 million to Calgary-based Alaris.
7 min read · 08 March 2016
The Louisiana Public Service Commission has been petitioned for a rehearing of its decision concerning the sale of Cleco Corp (NYSE: CNL), parent of electric utility Cleco Power LLC. The decision, announced last month, turned down the proposed US$4.7 billion sale of Cleco to a consortium of investors led by Macquarie Infrastructure and Real Assets and British Columbia Investment Management Corp (bcIMC). Cleco and members of the consortium said they want the opportunity to "fully present" the benefits of the deal to regulators and to address related criticisms.
6 min read · 08 March 2016
Enercare Inc (TSX: ECI) has agreed to buy SEHAC Holdings Corp, a.k.a. Service Experts, a heating, ventilating, and air conditioning (HVAC) services and repairs specialist based in Dallas, Texas. The acquisition is valued at US$340.75 million and is expected to close in the second quarter of 2016. Enercare, a Canadian home and commercial services and energy solutions business, said the deal will support its expansion in North America, in part through access to the U.S. HVAC services market. Established in 1996, Service Experts is a portfolio investment of U.S. private equity firm American Capital. American Capital acquired the company in March 2013.
10 min read · 07 March 2016
U.K. investment firm The Stirling Funds has released an open letter contending that the proposed $3.2 billion buy of Canadian home improvement retailer Rona Inc (TSX: RON) by Lowe’s Cos Inc (NYSE: LOW) undervalues the preferred shares of the former. The investor has retained ÖstVäst Advisory to seek "fair remedies" for Rona's preferred shareholders. Boucherville, Québec-based Rona's largest investor, the Caisse de dépôt et placement du Québec, has said it would accept Lowe's offer.
3 min read · 07 March 2016
LifeRaft, a Halifax-based social media software provider to the public safety industry, has raised over $2 million in financing. Of that total, $1.4 million was a strategic investment from an undisclosed international partner. None of the other investors were disclosed. Founded in 2014, LifeRaft's technology platform identifies potential threats to public safety by gathering actionable intelligence from all major social media channels. Led by Co-Founder and CEO John Gallinaugh, the company plans to use the funds to grow its North American market presence and add to sales, customer support and development teams.
2 min read · 07 March 2016
Canadian information technology and business process services company CGI Group Inc (TSX: GIB.A, NYSE: GIB) has agreed to repurchase 7.1 million Class A subordinate voting shares currently held by the Caisse de dépôt et placement du Québec. Priced at $56.24 per share, the buyback deal is valued at about $400 million. In 2012, the Caisse invested $1 billion in Montréal-based CGI to support the company's acquisition of the United Kingdom's Logica Plc. The Caisse said the share repurchase represents a portfolio rebalancing that will leave it with about 16.4 percent of CGI’s total outstanding shares.
3 min read · 04 March 2016
