Private Equity
U.S. mid-market private equity firm Hammond Kennedy Whitney & Co (HKW) has recapitalized GMD Distribution Inc and Ophthalmic Direct LP, two divisions of GMD PharmaSolutions. The financial details of the transaction were not released. Based in Oakville, Ontario, GMD is a distributor to the pharmaceutical industry and specializes in supplying specialty ophthalmic pharmaceuticals to clinics across Canada. The company said the partnership with HKW will help it pursue further expansion. Last August, HKW acquired RST Instruments Ltd, a manufacturer of geotechnical measurement instruments headquartered in Maple Ridge, British Columbia.
2 min read · 30 March 2015
Dream Payments Corp, a mobile payment startup, has obtained $6 million in funding from a group of investors, including Canadian firms Blue Sky Capital, Real Ventures and Rouge River Capital. The Toronto-based company, which has developed a cloud-based platform that enables merchants to use mobile point of sale terminals to accept all forms of payments, said the funding proceeds will allow it to launch and to roll out solutions across North America. With the round's closing, Real Ventures GP Janet Bannister will join Dream Payments' board of directors. Founded in 2014, the company is led by CEO Brent Ho-Young and other senior industry executives.
4 min read · 26 March 2015
Sensibill Inc, a provider of receipt management solutions, has secured $2 million in seed-stage financing. The round was led by Canadian venture capital firm Impression Ventures and was joined by Six Squared Capital, the Ontario Centres of Excellence and Ryerson Futures. Based in Toronto, Sensibill has developed technology that helps eliminate the need to collect paper receipts by digitizing them directly from any source and in any format. With the deal's closing, Bryan Kerdman, managing partner of Impression Ventures, will join the company's board of directors. Last September, the firm committed to funding that launched Wealthsimple, a provider of personalized investment strategies.
3 min read · 26 March 2015
The Business Development Bank of Canada (BDC) has earmarked $700 million of funding over three years to help finance Canadian women-owned businesses. Beyond supporting existing clients, the funding will over this period provide an additional 300 to 400 in loans to companies that are majority-owned by women. Lesley Lawrence, a BDC senior vice president, will lead and support related initiatives. The announcement was made at the federal government's Women Entrepreneurs Forum in Ottawa.
3 min read · 23 March 2015
GASFRAC Energy Services Inc has received court approval to sell substantially all of its assets to STEP Energy Services Ltd. The financial terms of the deal, which resulted from a court-approved sale and investment solicitation process, were not released. The sale is expected to be closed next month. Based in Calgary, GASFRAC Energy is a well-fracturing business. STEP Energy, which is also based in Calgary, is an oilfield service company that provides specialized coiled tubing units and related equipment. It was founded in 2011 with a $75 million investment from Canadian private equity firm ARC Financial Corp. ARC is reported to be nearing a $1 billion first close on its eighth energy fund.
4 min read · 23 March 2015
U.S. private equity firm Vernon & Park Capital has confirmed that it has become an investor in Aequitas Innovations, the parent company of Aequitas NEO Exchange, a new Canadian stock exchange. The value of the investment was not disclosed. As recently reported by Reuters, Vernon & Park joins a new group of Aequitas' shareholders, including British Columbia Investment Management Corp (bcIMC). Based in Chicago, Vernon & Park specializes in investments in the exchange and financial market sector. The firm said the Aequitas NEO Exchange "is a significant step forward in the evolution of market structure design."
3 min read · 23 March 2015
Portland Private Equity, a firm led by Canadian billionaire Michael Lee-Chin, expects a big return from its sale of Columbus International, reinforcing Lee-Chin’s argument that there are major PE opportunities in the Caribbean region. Cable & Wireless Communications (C&W) will this month close its US$3.025 billion buy of Columbus, a telecommunications provider based in Barbados.
4 min read · 23 March 2015
Innergex Renewable Energy Inc (TSX: INE) has raised $491.6 million in construction and term project financing for the Boulder Creek and Upper Lillooet River run-of-river hydroelectric projects located in British Columbia. The loan providers included The Manufacturers Life Insurance Co, the Caisse de dépôt et placement du Québec and The Canada Life Assurance Co. The projects are being developed by Creek Power Inc, a joint venture between Innergex and Ledcor Power Group Ltd. Based in Longueuil, Québec, Innergex is a renewable power producer. It has been backed in recent years by the Caisse de dépôt's private equity group.
4 min read · 18 March 2015
Kitchener, Ontario-based robotics startup Clearpath Robotics Inc has secured $14 million in a Series A financing. U.S. venture capital firm RRE Ventures led the round with participation from Canadian firm iNovia Capital. With the deal's closing, Stuart Ellman, managing partner of RRE Ventures, has been added to Clearpath's board of directors. Update: Founded in 2009 by University of Waterloo engineering graduates Matthew Rendall, Ryan Gariepy, Patrick Martinson, and Bryan Webb, the company plans to use investment proceeds to expand its robotics portfolio for industrial applications. Clearpath raised $360,000 in funding from angel investors in 2010.
4 min read · 18 March 2015
PetSmart Inc, a U.S. specialty pet retailer, has completed its previously announced acquisition by a private equity consortium led by BC Partners. In late 2014, Reuters estimated the deal's value at about US$8.7 billion. Other investors in the consortium included Canadian pension fund manager the Caisse de dépôt et placement du Québec, StepStone and Longview Asset Management. Concurrent with the transaction, Michael Massey was appointed as PetSmart's new president and CEO, replacing David Lenhardt. The company has its headquarters in Phoenix, Arizona.
7 min read · 11 March 2015
