Private Equity
Doxim, a portfolio company of U.S. private equity firm Strattam Capital, has acquired Intelligent Document Solutions Inc (IDS.com), a Madison Heights, Michigan-based provider of secure e-document and statement solutions. No financial terms were disclosed. Doxim, a Toronto-based provider of customer engagement software for banks, credit unions and wealth management firms, said the deal extends its market reach to more than 1,500 financial institutions serving more than 25 million consumers. Doxim was acquired by Strattam in 2014. Strattam and the company's founders and management helped finance the IDS.com deal.
4 min read · 11 September 2017
Connor, Clark & Lunn Infrastructure (CC&L Infrastructure) has agreed to acquire 15 construction-stage solar projects in Chile. No financial terms were released for the deal, CC&L Infrastructure's first outside of Canada. It closed on an investment to buy the first two projects and expects to wrap up the acquisition no later than early 2018. Once fully constructed, the facilities will have about 200,000 solar modules and be capable of generating 130,000 megawatt hours of electricity annually. CC&L Infrastructure is part of Connor, Clark & Lunn Financial Group Ltd, a Canadian asset management firm.
2 min read · 08 September 2017
Hub International Ltd, a portfolio company of U.S. private equity firm Hellman & Friedman (H&F), has acquired Integro (Canada) Ltd, a Montréal-based commercial property and casualty brokerage specializing in complex risks. Terms weren't disclosed. Founded in 2005, Integro Canada has offices in British Columbia, Ontario and Québec. Hub, a Chicago-based insurance brokerage, said the deal expands its reach in Canada and ability to "upscale our presence in the larger risk management sector." H&F bought Hub for about US$4.4 billion in 2013. Last month, Reuters reported H&F is exploring the sale of a stake in the business.
3 min read · 08 September 2017
Austrian real estate company Signa Holding is considering a bid for Germany’s Galeria Kaufhof, a department store chain owned by Hudson’s Bay Co, sources told Reuters. Signa is working with an investment bank to line up financing for a takeover offer, the sources said. Signa’s potential bid coincides with Hudson’s Bay executives mulling a possible deal of their own. Canada's Hudson’s Bay has reportedly hired a financial adviser to review strategic options, including the possibility of taking the company private. Hudson’s Bay is under pressure from U.S. activist hedge fund Land and Buildings Investment Management.
2 min read · 07 September 2017
MD Home Call Inc, a Canadian physician home call service, has been acquired by National Home Doctor Service (NDHS), an Australian network of doctors providing treatment of acute, episodic illness and injury to patients at home. No financial terms were disclosed. Founded in 2006 by Dr. Alissia Valentinis, Toronto-based MD Home Call has been backed by private investors. NDHS said its acquisition of the business expands its service in Canada and the industry. Based in Sydney, NDHS is a portfolio company of Australian private equity firm Crescent Capital Partners.
3 min read · 07 September 2017
Canadian cannabis investment firm Green Acre Capital has backed the merger of three smoke shop product distributors: BOB Headquarters Inc, Windship Trading Co and Vapor Outlet. No financial terms were disclosed. The combined entity creates a North American wholesale network able to distribute more than 10,000 smoke shop and counter-culture products. It will be led by Robert Ritchot, CEO of Brandon, Manitoba-based BOB Headquarters. Earlier this year, Green Acre raised capital for its Green Acre Capital Fund, which invests in medical and recreational cannabis opportunities.
3 min read · 07 September 2017
U.S. private equity firm Hammond, Kennedy, Whitney & Co has sold RST Instruments Ltd, a Maple Ridge, British Columbia-based maker and marketer of geotechnical measurement instruments. No financial terms were released for the deal, which will see the company go to Vance Street Capital, a U.S. private equity firm. Founded in 1977, RST serves a wide range of end markets, including utilities, mining, infrastructure and oil and gas. It was acquired by HKW in 2014. RST CEO Bruce Ripley said his company effectively doubled in size during HKW's period of ownership. In a separate release, Vance Capital said it will support RST's continued organic and acquisition-led growth.
2 min read · 07 September 2017
SureWerx, a Vancouver-based supplier of professional tool, equipment and safety products to workers, has unveiled a U.S. expansion plan with its launch of SureWerx USA Inc. The new affiliate integrates and merges American Forge & Foundry Inc and Sellstrom Manufacturing Co and will provide a one-stop shop in the United States for all SureWerx brands. Several of these brands, including Sellstrom, were acquired in recent years. SureWerx is owned by Canadian private equity firm Penfund. Penfund acquired it in 2012.
3 min read · 06 September 2017
Morris Industries Ltd, a Saskatoon-based farm equipment manufacturer, has been acquired by an investor group led by Ben Voss, the company's new president and CEO, and including Canadian venture capital firm Avrio Capital and Lamont Brown Group (LBG), a Canadian family office. Terms weren't released; however, Avrio said its investment was part of a $20 million deployment to three new deals. The acquisition transfers majority ownership of Morris from Casey Davis, who organized its purchase from the Morris family in 2007. Davis will remain a minority investor. Avrio’s Aki Georgacacos and Steven Leakos and LBG's Keith Brown have joined the board.
4 min read · 06 September 2017
U.S. private equity firm Presidio Investors has hired Chris Puscasiu as a co-managing partner. Puscasiu joins the firm from Canadian pension fund Caisse de dépôt et placement du Québec, where for two years he served as senior vice president and co-head of direct private equity. He also ran the Caisse's New York subsidiary. Prior to then, he served as a partner at EQT Partners and Prides Capital, and held positions at other private equity and venture capital firms. At Presidio, Puscasiu will lead the firm's technology-enabled services investment activities.
3 min read · 06 September 2017
