Private Equity
Luge Capital has raised additional resources for its debut early-stage financial technology venture capital fund, bringing it to a total size of $85 million. The new commitments came from iA Financial Group and BDC Capital, which join existing Luge investors Caisse de dépôt et placement du Québec, Desjardins Group, Sun Life Financial, Fonds de solidarité FTQ and La Capitale. Montréal- and Toronto-based Luge was founded last year by General Partners David Nault and Karim Gillani. It has to date led or co-led investments in Finaeo, Flare Systems, Flinks and Owl.co.
3 min read · 22 October 2019
Microsoft has acquired Mover, an Edmonton, Alberta-based provider of cloud file migration, according to a Microsoft announcement. No financial terms were disclosed. Mover was backed by Yaletown Partners.
1 min read · 21 October 2019
Toronto and New York City-based Tier1 Financial Solutions, a global relationship management technology provider for capital markets and banking, has named Paul Chesek as executive vice president of sales. Previously, Chesek worked at Bluewolf, an IBM company where he led the salesforce practice as a partner and senior managing director. Tier1 is backed by WaveCrest Growth Partners, MassMutual Ventures and Salesforce Ventures.
3 min read · 21 October 2019
PSP Investments and Alberta Teachers' Retirement Fund Board have agreed to acquire AltaGas Canada Inc, a Calgary-based energy infrastructure company. The purchase price is C$1.7 billion. TD Securities Inc is providing financial advice to AltaGas on the deal with Stikeman Elliott LLP providing legal advice. And, National Bank Financial and Citi are serving as co-lead financial advisers to PSP and ATRF while Blake, Cassels & Graydon LLP is providing legal advice.
6 min read · 21 October 2019
Canadian retailer Hudson's Bay has agreed to be taken private by a group of shareholders led by Executive Chairman Richard Baker, reported Reuters. The group offered C$10.30 per share in cash for the 43 percent of shares it does not own in Hudson's Bay. According to a previous PE HUB report on this transaction, the investors group also includes Rhône Capital and WeWork Property Advisors.
1 min read · 21 October 2019
MediaLab has agreed to acquire Kik Messenger, the app of Waterloo-based Kik Interactive, according to an announcement made by MediaLab. No financial terms were disclosed. Kik's backers include Foundation Capital, Millennium Technology Value Partners, RRE Ventures, Spark Capital, SV Angel, Tencent, Union Square Ventures and Valiant Capital Partners.
1 min read · 21 October 2019
Manulife Investment Management said Oct. 21 that it is launching a secondary investment business within its private markets group. Jeff Hammer and Paul Sanabria will serve as global co-heads of this business. Hammer and Sanabria previously led the secondary advisory business at Houlihan Lokey.
6 min read · 21 October 2019
Pangaea Investment Management, the investment arm of China's Jiangxi Copper Company Ltd, has made an investment in Vancouver-based copper miner First Quantum Minerals Ltd. According to the terms of the transaction, PIM acquired 6 million common shares of FQM for $9.89 per share, for a total of over $59.3 million, on the Toronto Stock Exchange.
3 min read · 18 October 2019
La Caisse de dépôt et placement du Québec said it will commit additional $50 million to Québec seed funds. Montréal-based venture capital firm Teralys Capital will manage the new commitment. Over the last five years, CDPQ has backed a number of Québec venture capital funds, which include seed funds such as Anges Québec Capital, InnovExport and Real Ventures.
3 min read · 18 October 2019
Doxim, a Toronto-based provider of customer communications and engagement technology to financial and regulated markets, has named Michael Rogalski as president and CEO. Rogalski will succeed Chris Rasmussen, Doxim's founder, who will become the chairman of the board of directors. Previously, he worked at EPIQ. Doxim is backed by Strattam Capital.
3 min read · 18 October 2019
