Private Equity
HonkMobile, a Canadian provider of on-demand mobile payments for parking, has secured $3 million in seed-stage funding. The round was led by Impression Ventures, a Canadian venture capital firm, and was joined by several angel investors. Based in Toronto, HonkMobile has developed cloud-based technology that allows users to search, pay for, and top up parking from any connected device. It is currently accepted at over 400 locations and 15,000 parking spaces in North America. The startup, which was founded by CEO Michael Back in 2013, plans to use the investment's proceeds to scale sales, marketing and technology infrastructure to support continued growth.
3 min read · 02 October 2015
3 min read · 02 October 2015
Canadian private equity firm Clairvest Group has completed the previously-announced sale of Casino New Brunswick to Great Canadian Gaming Corp. The deal, which had a total value of $95 million, provided Clairvest with about $57 million in proceeds. Based in Moncton, Casino New Brunswick is a casino, hotel and multi-use entertainment and convention centre. Clairvest invested in the business in 2008 as part of a group that won an open government request for a proposal to build and operate the first and only casino complex in the province. Casino New Brunswick now generates annual gaming revenues in excess of $50 million, Clairvest said.
2 min read · 02 October 2015
The Accelerate Fund has invested an undisclosed amount in Knelf Inc, a Canadian relationship and trust-building tool that can be used by enterprise human resource departments to foster team growth. Knelf said the funding's proceeds will help the company find "its product market fit" and further develop its technology. Based in Calgary, Knelf was founded in 2013 by entrepreneurs Evan Hu and Brian Reimer, who is its CEO. The Accelerate Fund's investment in the company is its eleventh since inception. An early-stage, angel co-investment vehicle, the Accelerate Fund is managed by Canadian venture capital firm AVAC.
3 min read · 01 October 2015
Imperial Parking Corp (Impark), a portfolio company of the Ontario Teachers’ Pension Plan, has purchased the assets of San Francisco Parking Inc, a parking management business based in San Francisco. No financial terms were released. Impark, which bought Pacific Parking Management last year, said the latest acquisition makes it the largest parking operator in the San Francisco Bay Area. Vancouver-based Impark, a manager of 2,600 locations across North America, was acquired by Ontario Teachers in 2011 from an investor group that included U.S. private equity firm Gates Group Capital Partners.
2 min read · 01 October 2015
The Canada Pension Plan Investment Board (CPPIB) has agreed to partner with Wolf Infrastructure Inc to form a midstream energy infrastructure vehicle focused on opportunities in Western Canada. Wolf will identify and evaluate opportunities for the vehicle to acquire, expand and develop midstream assets supporting natural gas and oil and natural gas liquids production. CPPIB will provide the funding for acquisitions and the development of assets. It said the vehicle will initially invest more than $1 billion. The team at Calgary-based Wolf most recently led Mistral Energy Inc, which has been backed by U.S. private equity firm Riverstone Holdings.
3 min read · 30 September 2015
Enterprise software provider OpenText has recruited a seasoned Canadian investment professional to lead its recently launched venture program. David Harris Kolada, whose experience includes his role as a partner at Jefferson Partners, was earlier this year hired as the company's vice president, venture capital.
2 min read · 29 September 2015
Digital content marketing company ScribbleLive has raised $35 million in Series D financing, bringing its total funding to more than $60 million. OpenText Enterprise Apps Fund led the latest round, with participation from Emerillon Capital, Blue Cloud Ventures, Northleaf Venture Catalyst Fund, Rogers Ventures, Summerhill Venture Partners, Georgian Partners, Export Development Canada and Waterloo Innovation Fund. An unidentified "large, U.S.-based" asset manager also invested. Toronto-based ScribbleLive, which delivers marketing software solutions to major brands and media companies around the globe, said the round's proceeds will be used to accelerate growth and enhance market share.
3 min read · 23 September 2015
Calgary-based Chrysalis Capital Advisors has launched Chrysalis Acquisition Fund I. Managed by Chrysalis Acquisition Partners, the fund plans to deploy more than $100 million over the next three years to majority acquisitions of businesses seeking liquidity and ownership transitions. Chrysalis said it sees an opportunity for investing in multiple Canadian companies undergoing ownership changes, especially those in the $10 million to $50 million enterprise value range. The fund will pay particular attention to deal flow in Western Canada.
2 min read · 10 September 2015
Regional airline Pascan Aviation Inc has filed for creditor protection to facilitate a restructuring of its operations. Its two creditors, the Business Development Bank of Canada (BDC) and Investissement Québec (IQ) will provide $1 million in interim financing to support Pascan's recovery plan. Founded in 1999, the company has its headquarters in Saint-Hubert, Québec.
2 min read · 01 September 2015
