Private Equity
Stern Partners, a private equity firm with investment experience in the retail industry, plans to acquire a Canadian clothing chain that has fallen on hard times. Comark, the parent of fashion brands Ricki's, Bootlegger and Cleo, agreed to sell the business to a Stern Partners' affiliate. Founded in 1976, the company has been backed for more than a decade by U.S. private equity firm KarpReilly.
2 min read · 22 July 2015
Procurify, a cloud-based procurement management solution, has received US$4 million in seed funding. Investors in the round included Point Nine Capital, Nexus Venture Partners and the Business Development Bank of Canada (BDC). Ryan Holmes and Steve Johnson, CEO and chief revenue officer of Hootsuite, also invested and have become advisors to the Vancouver-based company. Procurify's software-as-a-service platform helps small businesses manage both direct and indirect spending. It said the proceeds of the latest round will be used to invest in sales, marketing and product development.
4 min read · 22 July 2015
Calgary-based Benevity, a provider of workplace giving and volunteer management software solutions, has closed $38 million in Series A funding. The investor was JMI Equity, a U.S. growth equity firm. As part of the financing, Bob Nye, a general partner at JMI, has been appointed to the company's board of directors. Founded by CEO Bryan de Lottinville in 2008, Benevity has developed a platform that enables companies to engage their employees and customers around social responsibility and community investment. It said the partnership with JMI will help the company to advance the speed, scale and scope of product innovation and service excellence.
3 min read · 22 July 2015
Canadian photo community and marketplace 500px has raised $13 million in Series B funding. Strategic investor Visual China Group led the round with participation from U.S. venture capital firms Andreessen Horowitz, Harrison Metal and ff Venture Capital, which all played a key role in the company's Series A financing in 2013. With the latest deal, total investment in 500px now stands at $23 million. Based in Toronto, 500px has developed a platform for discovering, sharing, buying, and selling quality photography. It said the proceeds of the Series B round will help fuel global growth, team expansion and product development. Update: In 2014, the company acquired Authintic Analytics Technologies Inc.
4 min read · 21 July 2015
Clevest Solutions Inc, a Canadian software provider focused on mobile workforce automation and smart grid operations for utilities, has obtained growth equity financing. The undisclosed investment was led by Accel-KKR, a U.S. technology private equity firm, with participation from Vancouver City Savings Credit Union, a previous investor in the company. Clevest, which has its headquarters in Richmond, British Columbia, said the capital infusion will facilitate continued investment in innovation and market expansion. Founded in 2002, Clevest's mobile platform has created value for more than 150 utility customers worldwide, the company said.
2 min read · 17 July 2015
Agtech venture firm Avrio Capital expects to see an outsized return on its investment in a Canadian natural foods producer following the company’s sale to a U.S. private equity firm this week. Manitoba Harvest Hemp Foods sold for $132.5 million, which will give Avrio a nine-fold return on its invested capital, the firm's Managing Director Aki Georgacacos told peHUB Canada.
3 min read · 16 July 2015
Sportlogiq Inc, a computer vision technology startup, has received $1.7 million in seed-stage funding. The round was led by Canadian entrepreneur Tim Tokarsky and includes an investment from Mark Cuban, owner of the Dallas Mavericks. They were joined by TandemLaunch, a Canadian technology incubator and existing investor in Sportlogiq, Anges Québec Capital Fund, and 18 angel investors. Led by co-founder and CEO Craig Buntin, the Montréal-based company provides advanced sports analytics to broadcast media and professional teams. It plans to used its latest financing to continue development and commercialization of its player tracking and analytics platform.
3 min read · 15 July 2015
Succession Capital, the U.S. subsidiary of Canadian private equity firm Lynx Equity, has acquired Intermountain Total Facility Services LLC and Executive Facilities LLC for an undisclosed price. Operating from several locations in Utah, the company is a provider of facility maintenance services, including landscaping, snow clearing, janitorial and handyman services, to commercial and residential clients in the region. The deal brings the Toronto-based Lynx’s portfolio to 42 companies in total.
2 min read · 14 July 2015
TIO Networks Corp (TSX-V: TNC), a portfolio company of U.S. venture capital firm IA Capital Group, has agreed to buy Softgate Systems Inc, a Fairfield, New Jersey-based provider of bill payment solutions. The deal, valued at about US$31 million, includes a cash payment and TIO shares issuance to Softgate investors. U.S. venture capital firm Edison Partners, a long-time backer of Softgate, and Napier Park Global Capital will join TIO as shareholders. Softgate has also been backed by Canadian specialty finance firm Wellington Financial. Vancouver's TIO is a cloud-based bill payment processor. It said the Softgate acquisition will create North America's largest provider of walk-in bill payment services.
7 min read · 14 July 2015
ONCAP, the mid-market investment platform of Canadian private equity firm Onex Corp, has acquired Chatters Canada Ltd, a retailer of professional hair care products in Canada. The transaction, the financial terms of which were not released, was completed by ONCAP in partnership with Chatters management, which is led by Principal and CEO Jason Volk. Based in Red Deer, Alberta, the company operates 101 full-service hair salons in eight provinces. Last month, ONCAP bought shares of Ingersoll Tillage Group Inc, a maker of components for agricultural soil preparation and seeding equipment implements.
2 min read · 14 July 2015
