White Star Capital, a venture capital firm with offices in London, New York and Montréal, has secured US$70 million for its first institutional fund. BDC Capital was the anchor investor in the fund. Founded by Canadian-born Managing Partner Eric Martineau-Fortin, White Star is focused on deploying between $500,000 and $5 million to initial investments in early-stage technology companies in North America and Western Europe. Among its recent deals, the firm in May led a $6 million Series A financing of mnubo, an Internet-of-Things data analytics company based in Montréal. Canadian venture capital firm McRock Capital also invested in the round.
3 min read · 16 November 2015
Shoes.com, a portfolio company of Canadian merchant bank Hardy Capital Partners, has bought Richer Poorer, a U.S.-based provider of socks, underwear and other accessories for men, women and kids. No financial terms were disclosed. Roger Hardy, co-founder and CEO of Shoes.com, said the deal is a "natural extension" of the company's online footwear business and shows its interest in expanding into the accessories and apparel categories. Vancouver-based Shoes.com has been part of several acquisitions made by Hardy Capital since mid-2014. In May, the company said it aimed to go public following a $45 million private placement.
3 min read · 12 November 2015
A division of IPS Corp has acquired the solvent cement assets of Schwartz Chemical Corp, a Canadian provider of solvent cements, primers and cleaners used in plumbing projects. No financial terms were disclosed. IPS, a U.S.-based manufacturer of solvent cements, specialty plumbing products and specialty adhesives, said the deal is part of its Canadian growth strategy. IPS was acquired by U.S. private equity firm Nautic Partners in February.
2 min read · 12 November 2015
GDI Integrated Facility Services Inc (TSX: GDI), a portfolio company of Canadian private equity firm Birch Hill Equity Partners, has closed its buy of Ainsworth Inc, a subsidiary of CEDA International Corp. The previously announced deal was priced at $20.5 million. Toronto-based Ainsworth is a provider of a range of technical services to building clients across Canada. Montréal-based GDI, a provider of janitorial and related commercial facility services, completed a going public transaction in May.
3 min read · 12 November 2015
British private equity firm Hilco Capital says production at the Toronto factory of Tilley Endurables has risen since Hilco bought the Canadian hat and clothing maker this past summer. Tilley also has new leadership with the recent hire of former New Balance executive Andrew Prendergast as president and CEO.
2 min read · 11 November 2015
Gary Jonas Computing Ltd, a subsidiary of Constellation Software Inc (TSX: CSU), has acquired the assets of PAR Springer-Miller Systems' hotel technology business from PAR Technology Corp (NYSE: PAR). No financial terms were released. Founded in 1984, Springer-Miller has a presence in hotel and spa markets in North America, Europe and the Asia-Pacific region. Toronto-based Constellation, an acquirer, manager and builder of vertical market software businesses, is a portfolio investment of OMERS Private Equity.
2 min read · 09 November 2015
Canadian private equity firm Catalyst Capital Group plans to invest a minimum of $10 million in the education of insolvency and corporate restructuring professionals. It has committed an initial $2.5 million to the law school of London, Ontario-based Western University to develop a program covering both students and professionals. Newton Glassman, founder and managing partner of Catalyst, said the firm believes it is “part of our responsibility to support the education of all stakeholders in this critical area of Canada’s credit markets.”
3 min read · 06 November 2015
U.S. private equity firm Warburg Pincus has agreed to acquire ITG Investment Research, the Calgary-based energy financial research group of ITG (NYSE: ITG). Under the terms of the agreement, Warburg Pincus will pay US$120.5 million in cash. It plans to invest in the energy research group to enhance its product offering and service capabilities, and to continue its growth for institutional and oil and gas clients. The deal is expected to close by the end of the year.
4 min read · 06 November 2015
IAM Private Debt Group, an affiliate of Integrated Asset Management Corp (TSX: IAM), has wrapped up fundraising for its fifth private corporate debt fund. Fund V, which raised an initial $385 million in October, secured $672 million of committed capital in a final close. It is the largest fund yet raised by IAM Private Debt Group, which has accounted for over $2.4 billion since 2004. Fund V will show continuity with past funds, making fixed rate, fixed term loans to mid-market opportunities in Canada. Typical uses of the capital include refinancings, acquisitions, plant modernization or expansion, management buyouts and project financing.
3 min read · 05 November 2015
VISR, a Canadian online safety app, has received $1 million in seed financing from Horizons Ventures, the private investment arm of Asian businessman Li Ka-shing. Headquartered in Toronto, VISR provides a mobile and desktop application that helps families navigate technology by notifying parents about safety and wellness issues their kids face on social media. Alerts cover more than 22 supported categories. Founded last year by CEO Robert Reichmann, the startup has also been backed by the Ontario Centres of Excellence and Ryerson Futures.
3 min read · 05 November 2015
