Private Equity
Mercer Park Brand Acquisition Corp has filed a final prospectus with Canadian regulatory authorities outside of Québec for an initial public offering (IPO). The IPO is for Class A restricted voting units of US$10 per unit, for total proceeds of US$350 million, not including the greenshoe option, up from a prior target of US$250 million. Mercer Park Brand, a special purpose acquisition corporation (SPAC) sponsored by U.S. family office Mercer Park, intends to list on the Neo Exchange. For a qualifying transaction, the SPAC will target one or more acquisitions involving branded product businesses in cannabis and cannabis-adjacent industries.
5 min read · 08 May 2019
Singapore's PSA International Pte Ltd has agreed to acquire Halterm Container Terminal Ltd, the largest container terminal in Eastern Canada, according to a report by The Canadian Press. No financial terms were disclosed. The seller is Macquarie Infrastructure Partners. Macquarie acquired Halterm, which operates at the Port of Halifax, in 2007 for about $173 million. The Australian investor is in the process of securing regulatory approvals, the report said. PSA, a global port operator, is owned by Singapore sovereign wealth fund Temasek Holdings.
1 min read · 08 May 2019
Axiom Real-Time Metrics, a Toronto-based provider of e-clinical solutions, has raised a "significant" undisclosed investment from Great Point Partners (GPP), a U.S. healthcare private equity firm. Founded in 2001 by CEO Andrew Schachter, Axiom provides data management, data analytics, biostatistics, pharmacovigilance and other services that support the clinical study data and operational needs of small and mid-sized life sciences companies. The investment by GPP is Axiom's first from an external capital source. The proceeds will be used for enhancements to Axiom's Fusion eClinical platform and growth of professional services and business development initiatives.
4 min read · 08 May 2019
Swiss mining private equity firm Pala Investments has agreed to acquire additional common shares of Nevada Copper Corp, a Vancouver-based mining company and owner of the Pumpkin Hollow copper project in Nevada. The deal, part of a share purchase agreement with Red Kite Mine Finance, reflects a total consideration of about $12.6 million. In a separate statement, Nevada announced a US$115 million credit agreement with KfW IPEX-Bank and the launch of a public offering and concurrent private placements expected to generate about $40 million. Earlier this year, Reuters reported on Nevada's project as part of a story about growing U.S. copper investments spurred by demand from electric car-makers.
3 min read · 07 May 2019
Chicago-based insurance brokerage Hub International Ltd has acquired the assets of Clarity Benefits Group Inc, a Calgary-based provider of employee benefit plans, life insurance and group retirement plans in Canada. Terms weren't disclosed. Clarity was founded in 2018 by President Kevin Rome, who will join Hub International Barton Insurance Brokers, a division of Hub International Canada West ULC. Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, joining existing owner Hellman & Friedman (H&F).
2 min read · 07 May 2019
BDC Capital's Growth & Transition Capital recently invested $12 million in Pixel Union, a Victoria, British Columbia-based e-commerce apps and themes agency and partner in the Shopify ecosystem. The financing's proceeds supported Pixel Union's buyout earlier this year by the company and investors, including Canadian technology holding company Tiny Capital, which acquired a majority stake. The seller was Teligence Capital, which acquired Pixel Union in 2014 from its co-founder, Tiny Managing Partner Andrew Wilkinson. Established in 2009, Pixel Union provides products and services that have helped more than 100,000 brands launch and grow online stores.
3 min read · 07 May 2019
Toronto-based mining company Adventus Zinc Corp (TSX-V: ADZN) has launched a private placement offering of common shares intended to generate about $12.1 million in proceeds. The financing will be led by Ecuadorean conglomerate Consorcio Nobis. Nobis is subscribing for $7.4 million, giving it a 9.9 percent interest in Adventus. The balance is expected to result from the exercise of anti-dilution rights held by existing investors, including U.K. mining private equity firm Greenstone Resources and U.S. mining private equity firm Resource Capital Funds. Established in 2017, Adventus is primarily focused on the Curipamba copper-gold-zinc project in Ecuador.
5 min read · 06 May 2019
Hub International Ltd has acquired the assets of Kelliher Agencies, a Kelliher, Saskatchewan-based full-service insurance brokerage with a focus on the agribusiness industry. No financial terms were disclosed. Craig Bolton, co-owner of Kelliher, will join HUB International Manitoba Ltd. Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, a Chicago-based insurance brokerage, joining existing owner Hellman & Friedman (H&F).
2 min read · 06 May 2019
SIM-Cognibox, a Shawinigan, Québec-based provider of risk management and contractor compliance software, has raised undisclosed growth financing from a group of investors. The investors included Georges Karam, who also joined SMI-Cognibox as its new CEO, BDC Capital's growth equity group, Fondaction and W Investments Group. Established in 1972, SIM-Cognibox helps businesses manage risks associated with outsourcing specific to their sector of activity. The company compiles health and safety, sustainable development, quality and procurement data for more than 8,000 contractors performing work for over 250 hiring organizations.
4 min read · 06 May 2019
Jon McCarthy, a 12-year veteran of OMERS Private Equity, left the firm at the beginning of May, a person with knowledge of the matter told PE Hub Canada. McCarthy, a member of OPE’s Toronto team, joined in 2007 as an associate and went on to become one of the group’s 12 managing directors. His focus was the North American market. McCarthy was responsible for several platform investments, including Caliber Collision Centers, a Lewisville, Texas, auto-collision-repair business, which OPE sold earlier this year to Hellman & Friedman. He was especially active in healthcare investments, a longtime area of OPE specialization.
2 min read · 03 May 2019
