Private Equity
Northern Blizzard Resources Inc, a portfolio company of U.S. private equity firms NGP Energy Capital Management and Riverstone Holdings, has confirmed earlier reports of a planned initial public offering (IPO). The company has filed an IPO of 18.4 million common shares and a secondary offering of 7.9 million common shares. At $19 per share, gross proceeds will total approximately $500 million. The secondary offering, reflecting $150 million of the total, is being made by NGP and Riverstone.
2 min read · 05 August 2014
Serial entrepreneurs have been growing their presence in Canadian innovation hubs since the tech boom of the 1990s. And several have been responsible for some of the hottest venture-backed startups to emerge of late, such as Waterloo's Auvik Networks. Repeat founders might also be having an important impact on the bottom lines of VCs. The portfolio evolution of Canadian venture capital firm Celtic House Venture Partners, a 20-year-old media communications technology investor, is illustrative of the trend.
5 min read · 05 August 2014
Shareholders of Amaya Gaming Group Inc (TSX: AYA) have approved the previously announced US$4.9 billion purchase of Rational Group Ltd by the Montréal-based gaming company. Assets acquired by Amaya include Rational's online poker platforms PokerStars and Full Tilt Poker. Shareholders also approved the transaction's funding arrangement with GSO Capital Partners, an affiliate of U.S. private equity firm The Blackstone Group. GSO previously agreed to support the acquisition through US$655 million in share subscriptions.
7 min read · 31 July 2014
Inventys Thermal Technologies Inc, a developer of energy- and cost-efficient technology for capturing carbon dioxide from industrial flue gas streams, has secured additional funding. The round, for an undisclosed amount of capital, was backed by Canadian venture capital firm Chrysalix Energy Venture Capital, Chevron Technology Ventures, the venture capital arm of Chevron Corp, Mitsui Global Investment and The Roda Group. Based in Burnaby, British Columbia, Inventys said the deal would help expand its manufacturing and enable the deployment of full-scale systems in late 2016. Founded in 2007, the company has been venture-backed since 2012.
4 min read · 30 July 2014
Clairvest Group has closed its fifth partnership, Clairvest Equity Partners V LP (CEP V), at its $600 million hard cap. By all measures, fundraising this time around has surpassed past efforts by the Toronto-based mid-market private equity firm. CEP V is by far the largest third-party partnership in Clairvest's 27-year history. CEP IV, which closed in 2011, raised $467 million.
2 min read · 28 July 2014
Smiles were brighter at Canadian private equity firm Imperial Capital Group and OPTrust Private Markets Group (PMG) this week as the two organizations completed a joint $121 million majority investment in Dental Corp, a group of Canadian dental care clinics. The investment is the largest in Imperial's 25-year history and its fifth healthcare deal. The transaction also holds significance for OPTrust PMG, which recently flagged an interest in sourcing more direct investment opportunities.
4 min read · 28 July 2014
FreshBooks Inc, a cloud accounting service designed exclusively for small businesses, has secured US$30 million in first-time institutional funding. The round was led by U.S. venture capital firm Oak Investment Partners and was joined by Atlas Venture and Georgian Partners. Funds will be used to position the company for growth as it helps freelancers and service-based businesses develop without having to learn accounting. Co-founded by Mike McDerment, Joe Sawada and Levi Cooperman in 2003, the Toronto-based FreshBooks has more than doubled its user base to more than 10 million during the last two years. The company is currently hiring developers, product managers and marketing experts.
4 min read · 23 July 2014
FreshBooks Inc, a cloud accounting service designed exclusively for small businesses, has secured US$30 million in first-time institutional funding. The round was led by U.S. venture capital firm Oak Investment Partners and was joined by Atlas Venture and Georgian Partners. Funds will be used to position the company for growth as it helps freelancers and service-based businesses develop without having to learn accounting. Co-founded by Mike McDerment, Joe Sawada and Levi Cooperman in 2003, the Toronto-based FreshBooks has more than doubled its user base to more than 10 million during the last two years. The company is currently hiring developers, product managers and marketing experts.
4 min read · 23 July 2014
Privacy Analytics Inc has received US$3.5 million in additional funding. The round was led by Canadian venture capital firm Vanedge Capital, and joined by BDC Capital IT Venture Fund, which helped seed the company in 2012, and the Ontario Institute for Cancer Research. V. Paul Lee, managing partner at Vanedge, has joined Privacy Analytics' board of directors. Proceeds will be used to increase sales and marketing, as well as develop the product line. Founded in 2007, Privacy Analytics was formed at the University of Ottawa, where its software, PARAT, was incubated and patented. The company said its customers include Fortune 50 healthcare companies, as well as academic and research organizations.
4 min read · 22 July 2014
Privacy Analytics Inc has received US$3.5 million in additional funding. The round was led by Canadian venture capital firm Vanedge Capital, and joined by BDC Capital IT Venture Fund, which helped seed the company in 2012, and the Ontario Institute for Cancer Research. V. Paul Lee, managing partner at Vanedge, has joined Privacy Analytics' board of directors. Proceeds will be used to increase sales and marketing, as well as develop the product line. Founded in 2007, Privacy Analytics was formed at the University of Ottawa, where its software, PARAT, was incubated and patented. The company said its customers include Fortune 50 healthcare companies, as well as academic and research organizations.
4 min read · 22 July 2014
