Private Equity
BDC Capital has provided $2.9 million of mezzanine financing to Renaissance Repair and Supply, an Ottawa-based telecommunications network equipment repair and re-manufacturing specialist. The financing, BDC's fifth involving Renaissance since 2009, was undertaken by the Growth and Transition Capital group. Director Robert Shaw led the transaction. Established in 2004 and led by President and CEO Len Anderson, Renaissance serves Canadian and U.S. carrier and integrator customers. It has a second office in Dallas. The company will use the deal's proceeds for growth, long-term working capital needs, and to refinance a number of smaller loans.
3 min read · 06 August 2019
A special committee of the board of Hudson’s Bay Co (TSX: HBC) said the proposed $1.74 billion take-private acquisition of the Canadian retailer is "inadequate" based on an initial analysis. The proposal, announced in June, came from a group of shareholders led by Executive Chairman Richard Baker. The group owns a combined 57 percent stake in Hudson's Bay. The committee also said it is not yet able to make a recommendation on an offer by Catalyst Capital Group to buy up to $150 million worth of Hudson's Bay's shares. It advised shareholders to "exercise caution". The offer by the Canadian private equity firm, announced this month, was made to oppose the Baker-led privatization initiative.
5 min read · 02 August 2019
Advanced Drainage Systems Inc (NYSE: WMS) (ADS) has acquired Infiltrator Water Technologies LLC, an Old Saybrook, Connecticut-based on-site septic wastewater treatment company. The purchase price was about US$1.08 billion. The primary seller was Ontario Teachers’ Pension Plan. Ontario Teachers’ acquired Infiltrator in 2015 from U.S. private equity firm Graham Partners, reportedly for more than US$500 million. ADS, a Hilliard, Ohio-based maker of water management products and solutions, said the acquisition builds on its existing platform and expands addressable opportunity into the on-site septic business.
6 min read · 01 August 2019
EStruxture Data Centers Inc has agreed to buy the assets of the Calgary-1 data centre owned by Shaw Communications Inc, a Canadian connectivity business. No financial terms were disclosed. EStruxture, a Montréal-based provider of network and cloud-neutral data centre solutions, said the acquisition complements its existing portfolio of five data centres in Vancouver and Montréal. Launched in 2017, eStruxture previously raised $180 million from various investors, including Caisse de dépôt et placement du Québec and Fengate Real Asset Investments. Earlier this year, it closed a $170 million credit facility with a group of Canadian banks.
4 min read · 01 August 2019
Prevtec Microbia Inc, a Montréal-based biotechnology company focused on the prevention of diseases in food animals, has agreed to be acquired by Elanco Animal Health Inc (NYSE: ELAN). Elanco, a Greenfield, Indiana-based animal health company, agreed to pay $78.5 million in cash. The deal also includes a payment of up to $21.5 million to former shareholders in Q1 2022 if certain sales milestones are met. Founded in 2003, Prevtec is the maker of the Coliprotec line of vaccine products designed to protect pigs against post-weaning diarrhea and associated clinical signs caused by E. coli. Prevtec has been backed in financings by Desjardins-Innovatech, Echo Capital, Investissement Québec, Telesystem, Vet Venture Capital and other investors.
4 min read · 01 August 2019
Canadian mid-market private equity firm Ironbridge Equity Partners has promoted Anthony Creo and Connor Kingston to vice president. Creo joined the Toronto-based firm in 2015 from Oliver Wyman, where he served as a senior consultant. Beginning as an Ironbridge associate, he was promoted in 2017 to senior associate. Kingston also signed on as an associate in 2015 and was promoted two years later to senior associate. He joined from Ernst & Young Orenda Corporate Finance, where he was an associate. Ironbridge is currently investing from its third fund, Ironbridge Equity Partners III, which raised $238 million in 2016.
2 min read · 31 July 2019
Ironbridge Equity Partners has invested in Alumni Classroom Furniture Inc, a Waterloo, Ontario-based provider of educational furniture solutions. No financial terms were released for the deal, which saw Ironbridge partner with Alumni management. Founded in 2004 by Paul Godwin, Alumni designs, manufactures and distributes classroom desks, seating, tables and accessories for pre-school through Grade 12. It operates from three facilities in Canada, the United States and China to serve a North American customer base. Godwin said the partnership with Ironbridge, a Canadian mid-market private equity firm, will help accelerate the company's growth in existing and adjacent markets.
2 min read · 31 July 2019
Clearbanc, a Toronto-based provider of marketing capital for e-commerce brands, has raised about $395 million (US$300 million) in additional financing. The equity portion, reportedly about $66 million (US$50 million), was led by U.S. venture capital firm Highland Capital Partners. It was joined by Inovia Capital and Emergence Capital, both of which invested in last year's combined $160 million (US$120 million) financing. The balance of the new round, led by Arcadia Funds and Upper90, will capitalize a fund intended to back Clearbanc's e-commerce clients. Led by co-founders and CEOs Andrew D’Souza and Michele Romanow, Clearbanc is the creator of the 20-Min Term Sheet, which offers a non-dilutive alternative to traditional funding sources.
5 min read · 31 July 2019
Grenco Science, a Los Angeles-based cannabis vaporizer brand, has raised an undisclosed amount in a Series A financing. Investors in the round included Serruya Private Equity, the investment arm of Canada's Serruya family, and Stable Road Capital. Launched in 2012, Grenco Science uses technology to develop a line of portable cannabis vaporizers, including the original G Pen. The financing's proceeds will support expansion of the company's product range and global growth.
3 min read · 31 July 2019
U.K. healthcare private equity firm GHO Capital Partners has sold Caprion Biosciences, a Montréal-based provider of immunology and proteomics services to the biopharmaceutical industry. No financial terms were disclosed. The buyer was Arsenal Capital Partners, a U.S. healthcare and specialty industrials private equity firm. In a separate release, Arsenal said it will invest in Caprion's merger with Antwerp, Belgium-based HistoGeneX, creating a single provider of research services for the development of immunology- and oncology-focused drugs. HistoGeneX was formerly backed by Waterland Private Equity Investments. Founded in 2000, Caprion was acquired and recapitalized in 2016 by GHO.
4 min read · 31 July 2019
