Canada

Kelso-owned J.S. Held acquires consulting business SPECS

J.S. Held has acquired SPECS, a Langley, British Columbia-based property risk and loss quantification consulting business, for an undisclosed amount. Established in 1995 by President David Wallace, SPECS provides property damage assessments, restoration consulting, construction project administration, risk management, facility services, and catastrophic response from 18 offices in Canada. J.S. Held, a Jericho, New York-based specialty consulting agency, said the acquisition complements its portfolio of professional services in building consulting and strengthens its ability to support Canadian clients. J.S. Held was acquired in July by U.S. mid-market private equity firm Kelso & Co from Lovell Minnick Partners.

Persistence Capital Partners invests in MCA Dental Group

Ottawa-based dental service organization MCA Dental Group Ltd earlier this month secured an investment from Persistence Capital Partners (PCP), a Canadian healthcare private equity firm. Terms weren't released for the deal, which follows an initial investment made by PCP in early 2018. Established in 2017 by CEO Ken Craig and Chief Dental Officer Mark McCullough, MCA acquires, invests in and provides non-clinical management services to dental practices across Canada. MCA said the partnership with PCP will help the company build out its team and accelerate investments in more dental practices. Earlier in 2019, PCP invested in Anova Fertility & Reproductive Health, a Toronto-based fertility and reproductive care business.

Tricon, ASRS to partner in U.S. Sun Belt real estate investments

Tricon Capital Group has agreed to partner with Arizona State Retirement System (ASRS) in investments in master-planned communities and the development of single-family build-to-rent communities in the U.S. Sun Belt. The US$450-million joint venture will be capitalized by a US$400 million commitment from ASRS and a US$50 million commitment from Tricon. Tricon, which will source and manage investment opportunities, said it intends to offer two master-planned communities to seed the partnership. Tricon, a Canadian real estate private equity firm, in June closed a US$1.4 billion acquisition of a portfolio of U.S. multi-family properties.

Fintech startup Patchell Brook raises $360k in funding, NBIF invests

Patchell Brook Equity Analytics, a Miramichi, New Brunswick-based provider of valuation analysis technology, has secured $360,000 in financing. New Brunswick Innovation Foundation (NBIF) invested $150,000 in the round. The balance was accounted for by Miramichi Technology Fund, Technology Venture Corp and several angel investors. Founded in 2013 by CEO Brian Donovan, Patchell Brook has developed software, called StockCalc, and other tools that help customers determine the equity valuation of publicly-traded businesses and investment funds. The company will use the round's proceeds for additional product development and growth initiatives.

Trulioo nabs $70 mln in VC, including Goldman Sachs-led Series C

Trulioo, a Vancouver-based identity verification platform, has secured $70 million in new funding, including $60 million in Series C financing. Goldman Sachs Growth Equity led the Series C, with participation from American Express Ventures, Citi Ventures and Santander InnoVentures. The other $10 million came from early investors Blumberg Capital and BDC Capital. Trulioo provides an application programming interface that gives electronic identity and verification coverage for five billion consumers and more than 250 million businesses in a range of global industries. Led by Founder and CEO Stephen Ufford, the company will use the funds raised for scaling up operations in new markets, new hires and other growth initiatives.

Edtech platform Classcraft secures $10 mln in Series A financing

Sherbrooke, Québec-based education technology provider Classcraft has raised $10 million in a Series A financing. The round was led by Investissement Québec, an investment arm of the Québec government. It was joined by Whitecap Venture Partners, Brightspark Ventures and MaRS Catalyst Fund, all of which backed Classcraft's $2.8 million financing in 2017. Launched in 2013 by CEO Shawn Young, President Devin Young and CFO Lauren Young, Classcraft uses technology, games and storytelling to enhance student motivation in the K-12 education sector. It serves more than 6 million students and teachers worldwide. The company will use the funds raised to further scale its platform.

CPPIB-backed Endeavor seeks $619 mln from IPO: Reuters

Gotham Green Partners joins Lift's $3.5 mln private offering

Lift & Co Corp (TSX-V: LIFT), a Toronto-based cannabis media and technology platform, has closed a $3.5 million private placement offering. The financing, consisting of senior secured convertible debentures and common share purchase warrants, was backed by U.S. cannabis private equity firm Gotham Green Partners and others. Founded in 2014 by Chairman Tyler Sookochoff, Lift provides cannabis-related trade shows, online data and product reviews, and educational resources. It will use the deal's proceeds for working capital, repaying debt and other priorities. Lift, which went public last year, secured $3 million in a Series A financing in 2017.

Ironbridge acquires assets of exhaust systems maker MBRP

Canadian mid-market private equity firm Ironbridge Equity Partners last month acquired the assets of MBRP Inc, a Huntsville, Ontario-based designer and manufacturer of exhaust systems for the automotive and recreational vehicle markets. Terms weren't released for the deal, which saw Ironbridge partner with MBRP's management team led by CEO Martin Barkey. Established in 1999, MBRP serves a network of warehouse distributor, retailer and e-commerce customers across Canada and the United States. The acquisition comes on the heels of Ironbridge's July investment in Alumni Classroom Furniture Inc, a Waterloo, Ontario-based provider of educational furniture solutions.

Energy Transfer to buy SemCAMS co-owner in $5.1 bln deal

SemGroup Corp (NYSE: SEMG), a Tulsa, Oklahoma-based midstream energy services company, has agreed to be acquired by Energy Transfer LP (NYSE: ET) in a cash-and-stock transaction valued at about US$5.1 billion, including debt. The deal is expected to close later this year or in early 2020. In a separate release, Energy Transfer said the benefits of the acquisition include a crude oil gathering and transportation presence in Canada's Alberta Basin. Earlier this year, SemGroup partnered with U.S. private equity firm KKR to create SemCAMS Midstream ULC, a $1.75-billion midstream infrastructure platform based in Calgary.