Private Equity
Blackhawk Network Holdings Inc (NASDAQ: HAWK) has bought Achievers Corp, a provider of employee recognition and rewards solutions designed to help companies increase employee engagement. The purchase price was US$110 million. Achievers, which has its headquarters in San Francisco, has a history in Canada along with a Toronto office. It received venture capital funding from a mix of investors, including Canada's JLA Ventures and Northleaf Capital Partners. Sequoia Capital led its US$24.5 million Series C round in 2011. Blackhawk, a U.S. prepaid and payments company, said the deal broadens the reach of its incentive and engagement business.
2 min read · 02 July 2015
Canadian mineral resource company Royal Nickel Corp (TSX: RNX) has agreed to receive $12.4 million from Orion Mine Finance, a private equity firm with offices in New York and other locations. In exchange for the funding, Orion will obtain a 0.75 percent net smelter return royalty in the Dumont Nickel Project, which is located in the Abitibi mining camp near Amos, Québec, as well as 10 million of Royal Nickel's common shares. The company will have the right to repurchase 50 percent of the royalty for US$15 million on the third, fourth or fifth anniversary of closing. Royal Nickel has its headquarters in Toronto.
4 min read · 30 June 2015
Teachers' Private Capital, the private equity investment arm of the Ontario Teachers' Pension Plan, has agreed to acquire the outstanding shares of BluEarth Renewables Inc owned by ARC Financial Corp and minority investors. BluEarth management and employees will keep an ownership stake. The financial terms of the deal were not disclosed. Last November, BluEarth said it had raised over $250 million in equity from ARC, Teachers and other investors. The Calgary-based BluEarth is a renewable power producer focused on the acquisition, development and operation of wind, water and solar projects. Earlier this week, it completed its purchases of solar power assets from Canadian Solar Inc.
3 min read · 26 June 2015
Wesfarmers Ltd has agreed to acquire an interest in Quadrant Energy Pty Ltd, a company formed following the sale of Apache Energy Ltd to Brookfield Asset Management and Macquarie Capital for US$2.1 billion in early June. Wesfarmers, an Australian farmers co-operative, will invest US$100 million to obtain a 13.7 percent interest in the company. Based in Perth, Australia, Quadrant is a producer of gas for the domestic market.
2 min read · 25 June 2015
Specialty finance firm Crown Capital Partners has launched a process for raising funds via an IPO and a fourth institutional partnership. If the Calgary-based mezzanine provider is successful on both fronts, it may achieve a new hybrid capital pool of over $400 million. That’s more than the $350 million invested in total by Crown Capital in the past 13 years.
3 min read · 25 June 2015
Espial Group has acquired Bluestreak Technology Inc, a Montréal-based software and services provider of video solutions for connected devices, including set-top boxes, smart TVs, smartphones and tablets. The deal, the financial terms of which were not disclosed, includes the company's operations in Paris. Founded in 2002, Bluestreak has been backed by a number of Canadian and U.S. venture capital firms and other investors. They include BDC Capital, Entrepia Ventures, First Capital Group, the Fonds de solidarité FTQ, Iris Capital and Wellington Financial. With headquarters in Ottawa, Espial is supplier of digital TV and Internet protocol TV software and solutions.
4 min read · 25 June 2015
Canadian online lending platform Mogo Finance Technology Inc has completed its initial public offering, raising gross proceeds of $50 million. The company's common shares will begin trading today on the Toronto Stock Exchange under the symbol "GO." David Feller, founder and CEO of Mogo, said the public sale is "a major milestone" that will provide the business "with additional capital to fuel continued growth." Based in Vancouver, Mogo provides consumers with a range of credit solutions, including loans and pre-paid credit cards. It has received funding from a number of private equity and venture capital firms, including Difference Capital and the credit arm of Fortress Investment Group.
4 min read · 25 June 2015
Canadian pharmaceutical company Highland Therapeutics Inc has secured US$50 million in financing. The deal includes a US$25 million equity investment by Eastern Capital, a Cayman Islands life sciences investor, as well as a US$25 million credit facility provided by Citibank NA. Highland Therapeutics, which is based in Toronto, said the deal's proceeds will be used to complete clinical development of its lead drug products, secure manufacturing capacity, engage in pre-marketing and medical education activities, and pursue pipeline expansion opportunities. Founded in 2008, the company is a client of Canadian innovation hub MaRS Discovery District.
4 min read · 24 June 2015
U.S. private equity firm Calera Capital has completed the previously announced sale of its majority interest in SterlingBackcheck. The joint buyers were Canadian pension fund manager the Caisse de dépôt et placement du Québec and Goldman Sachs’ Merchant Banking Division. The transaction's financial terms were not published. Headquartered in New York, SterlingBackcheck is a provider of background screening services.
3 min read · 23 June 2015
Whitecap Venture Partners has closed its third technology fund at the upper end of its fundraising target, paving the way for a new investment. The Toronto-based firm announced today that it has wrapped up Whitecap III LP at $100 million in committed capital. It also said Fund III led the financing of Qvella, a Canadian molecular diagnostics company.
3 min read · 23 June 2015
