Immersv Inc, a U.S. interactive advertising platform, has raised US$10.5 million in a Series A financing. The round was led by Rogers Venture Partners (RVP), the venture capital arm of Canadian communications and media business Rogers Communications Inc. It was joined by Foundation Capital, The Venture Reality Fund, Initial Capital, East Ventures, HTC Vive and GREE, among other investors. With the round, RVP General Partner Paul Sestili joined the board. Founded in 2015, Emeryville, California’s Immersv has developed technology that helps advertisers connect with consumers through interactive mobile 360 and virtual reality.
Sunil Sharma has joined Techstars as managing director of the U.S. technology accelerator’s new program in Toronto. Earlier in 2017, Boulder, Colorado-based Techstars agreed to partner with Real Ventures in establishing a permanent presence in Toronto, giving the firm access to startup opportunities in the Toronto-Waterloo corridor. Sharma joins the organization from Extreme Venture Partners (EVP), a Canadian early-stage venture capital firm, where he served as managing partner of the accelerator program. Techstars Toronto’s first class will run in 2018.
Corob SpA has acquired Novaflow Systems Inc, a Prescott, Ontario designer and maker of automated dispensing systems servicing a range of markets, including paints, printing inks, coatings, dyes, oils and chemicals. No financial terms were released for the deal, which closed earlier this month. Italy’s Corob, a supplier of advanced tinting equipment to the global paints and coatings industry, said the acquisition will create synergies, expand its product offering, and help introduce it to new markets. Corob was acquired in 2016 by Italian private equity firm Wise SGR from Nordic Capital.
Canada Pension Plan Investment Board has agreed to participate in the acquisition of Calpine Corp, a U.S. generator of electricity from natural gas and geothermal resources. The deal, led by U.S. private equity firm Energy Capital Partners, is valued at US$5.6 billion. It includes an investment by CPPIB of US$750 million. Established in 1984, Houston, Texas-based Calpine has 80 North American power plants with the capacity to generate about 26,000 megawatts of electricity. CPPIB Managing Director Avik Dey said the pension fund’s investment will help expand its natural resources portfolio to include power and renewable assets.
Global Knowledge Training LLC has acquired ctc TrainCanada, an Ottawa-based provider of corporate training and development solutions. No financial terms were released. Global Knowledge said the deal solidifies its position as an information technology training specialist, adds desktop applications training courses to its portfolio, and expands its presence across Canada. Headquartered in Cary, North Carolina, Global Knowledge is a portfolio investment of U.S. private equity firm Rhône Capital. Rhône acquired the company from MidOcean Partners in 2014.
Branded Cities Network LLC (BCN) has acquired the 50.001 percent interest held in Clear Channel Outdoor Canada by Clear Channel Outdoor Holdings Inc (NYSE: CCO), a U.S. outdoor advertising company. No financial terms were disclosed for the deal, which gives Phoenix, Arizona-based BCN 100 percent ownership of Clear Channel Outdoor Canada. The latter, which is headquartered in Toronto, has out-of-home media assets in Canada’s six largest markets. Clear Channel Outdoor Holdings is a subsidiary of iHeartMedia Inc, a portfolio company of U.S. private equity firms Bain Capital and Thomas H. Lee Partners.
AreaOne Farms wrapped up its third farmland private equity fund, raising C$130 million (US$103 million) thanks to institutional investors seeking initial access to agricultural assets. AreaOne Farms Fund III exceeded by 30 percent its C$100 million target in a close last month, Joelle Faulkner, president and chief executive of AreaOne, said. The fund secured 4x the combined total […]
Cushman & Wakefield has acquired 20 VIC Management Inc, a Toronto commercial real estate advisory and management company. No financial terms were released. Cushman & Wakefield, a real estate business based in Chicago, said the deal will expand its Canadian presence and add depth to the core offering of asset services and project and development services. George Buckles and Randy Scharfe, 20 VIC’s co-founders, will join the company as executive managing directors, asset services. Cushman & Wakefield has been owned by an investor group composed of TPG Capital, PAG Asia Capital and Ontario Teachers’ Pension Plan since 2015.
Serious Labs Inc, an Edmonton-based developer of virtual reality (VR) solutions, has secured about $6.4 million (US$5 million) in a Series A financing. U.S. equipment rental company United Rentals Inc and U.S. venture capital firm Brick and Mortar Ventures were the round’s investors. Launched in 2005, Serious Labs has developed technology like VR to facilitate interactive skills training in the workplace. It has a global customer base in the construction, mining, plant and maintenance, and oil and gas industries. Led by CEO Jim Colvin and President Ken MacLean, Serious Labs will use the funds raised to fuel continued growth, product innovation and market share.
Canada Pension Plan Investment Board and Cyrela Commercial Properties SA (CCP) have completed a portfolio exchange transaction. The previously announced deal saw CPPIB acquire a 33 percent interest in CCP’s Brazilian office portfolio and CCP acquire the pension fund’s 50 percent equity stake in their existing logistics joint venture. The agreement also saw CPPIB and CPP commit up to US$400 million to a new joint venture focused on additional investments in office properties in Brazil. The properties are located primarily in São Paulo’s Faria Lima commercial district.
Mixpo Inc, a Seattle, Washington creative management platform, has been acquired by Netsertive Inc, a marketing technology company based in Morrisville, North Carolina. No financial terms were disclosed. Mixpo develops technology that enables digital marketers and publishers to build, manage and measure advertising campaigns. Founded in 2007, the company’s backers included Canada’s GrowthWorks and Yaletown Partners. Netsertive’s investors include Greycroft Partners, Harbert Venture Partners, River Cities Capital Funds and RRE Ventures.
IAM Private Debt Group has provided a $23 million senior loan to DBG Group Ltd, a Toronto-based designer and manufacturer of parts for the North American heavy truck and auto industry. The funds raised will be used by the company to repay current creditors, finance a cross-border asset purchase, and support working capital requirements. IAM Private Debt Group is affiliated with Canadian alternative asset manager Integrated Asset Management Corp (TSX: IAM).
THC BioMed Intl Ltd has secured a commitment of up to $12 million in funding from Alumina Partners, a U.S. private equity firm. Based in Kelowna, British Columbia, THC is a provider of scientific research, plant innovation and product development for the medical cannabis industry. The commitment, which brings the company’s total available resources to $22 million, will be used for expansion, marketing and working capital. Earlier this year, THC acquired Clone Shipper LLC, a U.S. specialist in packaging products for the transportation of live plants.
Island Capital Partners, an early-stage venture capital fund, has been launched to invest in entrepreneurs and startups in Prince Edward Island, according to a report by Entrevestor. The fund has been capitalized with $4 million, half of which was committed by the provincial government and roughly the same amount by about 20 locally-based angel investors. Island Capital has already closed its debut deal, Entrevestor said. It invested in Forestry.io, a website content manager that raised $754,000 in seed funding in April. Based in Charlottetown, Island Capital is led by a team of four investment managers: Alex MacBeath, Ron Keefe, Paul Lypaczewski and Steve Nicolle.
Calgary-based infrastructure specialist Petrowest Corp (TSX: PRW) said it has consented to the appointment of a receiver after lenders demanded immediate repayment of all amounts owing under the company’s credit facilities. Canadian specialty finance firm Crown Capital Partners, which has $25 million of loans outstanding to Petrowest, said it will work with the receiver to maximize proceeds for all stakeholders. Crown also announced it is formalizing an offer to acquire the assets of Petrowest’s civil and rental divisions, which it believes should be maintained as “going concerns.”
Lift Co Ltd, a Toronto cannabis media and technology company, has raised $3 million in a Series A financing. The round’s investors were not disclosed. Founded in 2014, Lift provides a range of cannabis-related education, news and information resources, including industry events, industry publications, a database of medical cannabis products, and patient reviews in Canada. Led by CEO Matei Olaru, it plans to use the funds raised to strengthen its core product offerings and “begin preparing for adult-use legalization next year.”
Descartes Systems Group (TSX: DSG) has acquired MacroPoint LLC, a Cleveland, Ohio-based freight visibility platform for shippers, brokers and third-party logistics providers. Descartes paid about US$107 million for the company is a cash-and-stock transaction. Waterloo-based Descartes, a provider of software-as-a-service solutions to logistics-intensive businesses, said the deal expands its global logistics network with connections to more than 2 million trucking assets. MacroPoint was backed last year with a US$44 million investment by Susquehanna Growth Equity (SGE), a U.S. private equity firm. As part of the deal, SGE has become a Descartes shareholder.
Peloton Computer Enterprises, a Calgary-based provider of well data software solutions to the oil and gas industry, has secured an undisclosed strategic investment. The deal was led by Silver Lake Kraftwerk, a technology growth capital fund managed by U.S. private equity firm Silver Lake. It was joined by Canadian private equity firm TriWest Capital Partners and HarbourVest Partners, a U.S. private-markets asset manager. Founded in 1991, Peloton today has more than 450 clients, including 21 of the 25 biggest North American exploration and production companies. Led by CEO Glen Gray, it will use the funds raised to explore new product capabilities and acquisition opportunities.