Private Equity
Growth equity firm Georgian Partners , a backer of e-commerce platform Shopify, has surpassed its target in a final close of its second applied analytics fund. The Toronto-based firm announced that Georgian Partners Growth Fund II has finished at an oversubscribed $200 million in committed capital. That’s roughly 67 percent more than the original target of $120 million.
2 min read · 07 April 2015
Hub Financial Inc, a subsidiary of Hub International Ltd, has purchased the assets of Cortex Financial Inc, a managing general agency based in Thornhill, Ontario. The value of the acquisition was not released. Hub, a U.S. insurance brokerage, said the deal expands its Canadian footprint and its reach to financial advisors and insurance brokers. The Cortex acquisition comes close on the heels of Hub's recent buy of Western Canada’s Progressive Home Warranty and Pacific Home Warranty. Based in Chicago, Hub is a portfolio investment of U.S. private equity firm Hellman & Friedman.
2 min read · 06 April 2015
Canadian private equity firm SeaFort Capital has acquired Jardine Transport Ltd, a long-haul trucking company that specializes in flatbed and drop-deck services. The financial terms of the deal were not published. Headquartered in Fredericton, New Brunswick, Jardine serves a base of customers in Western Canada, Ontario, Québec, Atlantic Canada, and the Northeastern United States. Concurrent with the transaction, the company appointed Dion Cull as its new president, replacing Robert Leonard, who is Jardine's founder. In 2014, SeaFort Capital bought Lloydminster, Saskatchewan-based Titanium Tubing Technology Ltd.
2 min read · 06 April 2015
Pure Technologies Ltd (TSX: PUR) has closed its buy of Wachs Valve and Hydrant Services LLC, a U.S. provider of flow control maintenance and support, leak detection, and related services to the water sector. The purchase price of US$18.5 million included a cash payment and share issues. Based in Calgary, Pure Technologies is a developer of technologies for inspecting, monitoring and managing physical infrastructure. It is a portfolio company of Emerald Technology Ventures, which has offices in Toronto and Zurich, Switzerland. In February, Emerald's latest fund, Emerald Cleantech Fund III, secured new commitments from strategic investors.
4 min read · 02 April 2015
Hub International Ltd has bought Western Canada's Progressive Home Warranty and Pacific Home Warranty. The values of the acquisitions were not disclosed. The companies, which provide home warranty insurance to construction home builders and homeowners, will be joined with Hub International Barton Insurance Brokers, which operates from Chilliwack, British Columbia. Hub, a Chicago-based insurance brokerage with significant operations in Canada, has been a portfolio company of U.S. private equity firm Hellman & Friedman since 2013.
3 min read · 02 April 2015
Laricina Energy Ltd, a portfolio company of the Canada Pension Plan Investment Board (CPPIB) and U.S. private equity firm Lime Rock Partners, has been granted creditor protection under the Companies’ Creditors Arrangement Act. The Calgary-based energy company, which earlier this year defaulted on a $150 million loan from CPPIB, said it is now considering strategic alternatives as it focuses on restructuring and reducing costs. Laricina said it has adequate liquidity for the initial stay period which expires on April 24, 2015. It will in the meantime formulate a restructuring plan. CPPIB and Lime Rock have backed the company in 2010.
6 min read · 01 April 2015
The combination of Ainsworth Lumber Co Ltd (TSX: ANS) and Norbord Inc (TSX: NBD), portfolio companies of Brookfield Asset Management, has been finalized. When first announced in December 2014, the transaction was said to have a value of $762.6 million. With the deal's closing, the Vancouver-based Ainsworth will be de-listed from the Toronto Stock Exchange and will become a subsidiary of the Toronto-based Norbord. Norbord said the merger establishes it as a leading global wood products company with more than US$1.6 billion in sales in 2014. Last year, a planned sale of Ainsworth to Louisiana-Pacific Corp was terminated due to regulatory conflicts.
4 min read · 01 April 2015
Canadian private equity firm Imperial Capital Group and OPTrust Private Markets Group have again joined forces, this time to complete an investment in Ackerman Security Systems, a U.S. home alarm monitoring specialist. A person with knowledge of the deal told peHUB Canada that it values the company at about US$150 million.
3 min read · 01 April 2015
Canadian real estate software provider Lone Wolf Real Estate Technologies Inc has obtained a minority investment from U.S. private equity firm Vista Equity Partners. The value of the investment was not disclosed. Lone Wolf, which has it headquarters in Cambridge, Ontario, said the deal will support its pursuit of growth, new market opportunities and product development. The company currently serves nearly 10,000 real estate offices and 250,000 real estate professionals across the United States and Canada. Based in San Francisco, Vista invests in software and technology-enabled businesses.
4 min read · 31 March 2015
Chrysalix Energy Venture Capital is approaching a first close on Chrysalix Energy LP IV, which is targeting $150 mln to $250 mln.
2 min read · 30 March 2015
