Private Equity
Export Development Canada has invested $10 million in APG-Neuros, a provider of wastewater treatment solutions. The capital infusion will allow APG-Neuros to finish the research and development phase on two new turbo blower products. EDG has been working with APG-Neuros for 10 years.
2 min read · 03 September 2019
Air Canada has filed a challenge over Onex Capital's C$3.5 billion acquisition of rival WestJet, reported Reuters. In a letter to the Canadian Transportation Agency, Air Canada said the deal might violate the country’s ownership rules, in which "foreigners cannot own more than 49 percent equity in a Canadian airline."
1 min read · 03 September 2019
Montreal-based Otimo Retail, a private investment firm focused on retail technology, has acquired XCCommerce, a provider of omnichannel promotion and coupon solutions for top-tier retailers. No financial terms were disclosed. Desjardins Capital, a fund manager in Quebec, provided funding and support to Otimo Retail on the transaction. XCCommerce is headquartered in Montreal.
2 min read · 03 September 2019
Toronto-based Cannabis Growth Opportunity Corporation, an investment corporation with both public and private cannabis holdings, has named Sean Conacher as a director and CEO. His appointment is effective immediately. Currently, Conacher is the CEO and founder of GCI Corporation, a vertically integrated cannabis company.
2 min read · 03 September 2019
Fengate Asset Management has agreed to invest C$40 million in Toronto-based theScore, a sports news and data app. The capital will be used to grow and develop theScore's media and sports betting businesses. Redbird Sports Group acted as financial adviser to theScore while PJT Partners did likewise for Fengate. McCarthy Tétrault LLP and Duane Morris LLP provided legal advice to theScore, and Torys LLP acted as legal adviser to Fengate. Based in Toronto, Fengate is an alternative investment manager focused on infrastructure, private equity and real estate strategies.
6 min read · 03 September 2019
CSS Industrial Group of Cos has acquired Carp, Ontario-based Canadian Space Services, a provider of repair and maintenance services for dome-shaped enclosures for radars, and CSS Wind, a provider of similar services for wind turbines. Terms weren't disclosed. The deal was backed by $800,000 of mezzanine financing from BDC Capital's Growth and Transition Capital group. CSS Group is a newly formed holding company led by President Allan Duncan. It also holds Midstream Infrastructure Protection Technologies, a Toronto-based provider of field services for hard-to-access industrial installations. The three operating companies serve Canadian government agencies and businesses.
3 min read · 30 August 2019
Ontario Teachers’ Pension Plan (OTPP) has partnered with Alphabet Inc to form Sidewalk Infrastructure Partners (SIP), a platform for investing in and holding technology-enabled sustainable infrastructure assets. Terms weren't disclosed. SIP was spun out of Sidewalk Labs, the New York-based urban innovation business of Alphabet, Google's parent company. SIP will focus on five verticals: advanced mobility, energy, water and waste, digital infrastructure and social infrastructure. In each of the verticals, SIP will facilitate the application of technology, including artificial intelligence and machine learning, autonomous vehicles, energy management, cloud and data analytics, networking and cybersecurity.
2 min read · 30 August 2019
Caisse de dépôt et placement du Québec (CDPQ) has closed an agreement to co-invest in Healthscope Ltd, a Melbourne, Australia-based private hospital operator, alongside the private equity group of Brookfield Asset Management. CDPQ will invest more than A$300 million ($269 million) to hold a minority stake in the company. In June, Brookfield completed its US$4.1 billion take-private acquisition of Healthscope, Australia's second largest private hospital operator and New Zealand's largest pathology services provider. Toronto-based Brookfield has so far raised nearly US$8 billion ($10.6 billion) for its fifth private equity fund, PE Hub Canada reported earlier this month.
2 min read · 29 August 2019
Temenos has agreed to acquire Kony Inc, an Austin, Texas-based digital and mobile application development company focused on the financial sector. Tenemos agreed to buy Kony for an enterprise value of US$559 million and an earn-out of US$21 million. The deal is expected to close in the fourth quarter. Tenemos, a Swiss banking software provider, said the acquisition will enhance its scale and capabilities in the U.S. market. Founded in 2007, Kony was backed by Canadian growth equity firm Georgian Partners and other investors. Last month, the company raised US$37 million of debt financing from BMO's Technology and Innovation Banking group.
7 min read · 29 August 2019
TerrAscend Corp has agreed to acquire ABI SF LLC, which operates a San Francisco-based cannabis cultivation facility and owns State Flower, a cannabis flower brand. TerrAscend, a Toronto-based cannabis business, agreed to initially acquire 49.9 percent of State Flower for US$2.85 million through the conversion of a convertible debenture. It will buy the remaining stake for a price based on future revenue. In May, TerrAscend completed a private placement, raising about $70 million (US$52 million), intended in part to fund the company's U.S. acquisition strategy. TerrAscend is backed by Canopy Rivers, the venture capital arm of Canadian cannabis producer Canopy Growth Corp.
4 min read · 29 August 2019
