Montréal-based information technology modernization specialist Fresche Solutions has raised about $77 million (US$60 million) in fresh funding. National Bank of Canada (NBC) was the lead arranger, sole book runner and administrative agent for the deal, backed by a syndicate of NBC, Investissement Québec and TD Bank. The proceeds will be used for the company’s operations, organic growth and acquisition strategy. Fresche helps organizations modernize and extend the life of applications and databases that run on IBM Power Systems. Led by President and CEO Andy Kulakowski, the company has previously raised financing from Fonds de solidarité FTQ.
FirePower Equity, a division of FirePower Capital, recently acquired Interwork Technologies Inc, a Toronto-based specialty distributor of cyber security and service provider solutions. No financial terms were released for the deal, which resulted in FirePower’s Anthony Lipschitz becoming the company’s chairman. Established in 1991 and led by President and General Manager Joe Graci, Interwork serves vendors and solution providers in Canada and the United States. It said the acquisition will help the company “address under-served areas in the channel.” Last year, PE Hub Canada profiled Toronto-based FirePower’s private capital division, launched in 2016.
Onex Credit Partners LLC, the credit investment arm of Canadian private equity firm Onex Corp, has priced its 15th collateralized loan obligation (CLO) offering at about US$615 million. The transaction will be issued by a special purpose vehicle, backed by a diversified portfolio of broadly syndicated leveraged loans. With the offering’s close, Onex Credit Partners will oversee more than US$10 billion. Last November, Toronto-based Onex wrapped up its fifth flagship fund, Onex Partners V, raising US$7.15 billion.
U.S private equity firm The Riverside Co has made an investment in Destiny Solutions, a Toronto-based provider of student lifecycle management software. No financial terms were disclosed. Founded in 1995 and led by CEO Shaul Kuper, Destiny allowed the University of Toronto to be the first post-secondary institution to take enrollments online in 1997. It has since designed enterprise software focused on the non-traditional higher education market. Riverside said it will support Destiny’s North American and global expansion through increased platform functionality, sales and marketing, new products and services, and add-on acquisitions.
Canadian specialty finance firm Crown Capital Partners has provided a $10 million loan to WireIE (Canada) Inc, a Richmond, Ontario-based network operator that specializes in deploying and managing carrier-grade data networks in rural and remote areas. Founded in 2007, WireIE builds, owns and operates data networks for customers in the telecom carrier, oil and gas, utility and government sectors in Canada and around the globe. Rob Barlow, the company’s president and CEO, said the proceeds of Crown’s 10-year loan will help accelerate growth. WireIE is a portfolio investment of Covington Funds, a Canadian venture capital firm.
Trescal SA, recently acquired by OMERS Private Equity (OPE), has bought RS Calibration Services Inc, a Pleasanton, California-based calibration, qualification and validation laboratory dedicated to the life sciences industry. No financial terms were disclosed. Trescal, a Paris-based provider of calibration services for the test and measuring equipment market, said the deal increases its coverage in California and ability to service life sciences companies. OPE last year agreed to acquire a majority stake in Trescal in a transaction that valued the business at about €670 million (US$787 million). The deal closed in April.
Canada Infrastructure Bank has appointed Pierre Lavallée to be its president and CEO effective as of June 18. In the role, Lavallée will oversee the strategy and day-to-day operations of the bank, set up in 2016 by the federal government to provide access to $35 billion and tap private financing for Canadian infrastructure projects. He joins the bank from Canada Pension Plan Investment Board (CPPIB), where he most recently served as senior managing director and global head of investment partnerships. Lavallée left CPPIB earlier this month, resulting in the pension fund’s appointment of Shane Feeney to an expanded role as head of global private investments.
Capital pool company Corporate Catalyst Acquisition Inc has agreed to amalgamate with Globalive Technology Partners (GTP), a Toronto-based operating and investment platform focused on developing blockchain and machine learning technology stacks with partner companies. With the deal’s close, the new entity’s board will conditionally consist of GTP CEO Anthony Lacavera, founder of Wind Mobile and head of Globalive Capital, and the founders of Mundo Inc and VRG Capital, who together launched GTP earlier this year. It was also announced that GTP has wrapped up a $30 million private placement of subscription receipts in connection with the going public transaction.
Toronto-based financial technology company NorthOne has raised $2 million in a seed-stage financing. The round was backed by Peter Graham, Tom Williams and Canadian venture capital firm Ferst Capital Partners, an existing investor. Founded in 2016 by CEO Eytan Bensoussan and COO Justin Adler, NorthOne is developing a mobile, API-enabled banking platform to provide small and medium-sized enterprises, startups and freelancers in Canada with financial management tools. More than 3,000 businesses have signed up for the platform ahead of its launch. NorthOne will use the funds raised to grow its team and prepare for the launch, slated for late 2018.
Swiss private equity firm Partners Group has agreed to acquire a stake in GlobalLogic Inc, a U.S. provider of digital product development services, from U.K. private equity firm Apax Partners. The transaction values the business at more than US$2 billion. With the deal’s close, Partners Group will become an equal shareholder in GlobalLogic with existing investor Canada Pension Plan Investment Board (CPPIB). Last year, CPPIB announced it had acquired a 48 percent stake in the San Jose, California-based company from Apax for an undisclosed amount.
Montréal-based media company Stingray Digital Group Inc (TSX: RAY.A-.B) has raised $40 million from its issue of private placement subscription receipts to Caisse de dépôt et placement du Québec. A shareholder of Stingray has also exercised and subscribed for subscription receipts, generating $15 million, which was funded by Fonds de solidarité FTQ and Investissement Québec. The deals, which are part of a $138 million financing, will back the company’s previously announced buy of Newfoundland Capital Corp Ltd (NCC), the owner and operator of Newcap Radio, for $506 million.
Avrij Analytics, a Fredericton-based sports analytics technology startup, has secured $1.2 million in financing. The round was led by New Brunswick Innovation Foundation (NBIF), which invested $500,000, and joined by Technology Ventures Corp (TVC) and several other private and public investors. Founded in 2016, Avrij provides sports organizations with a software platform to track, monitor and predict an athlete’s behaviour, helping them optimize team recruitment and management. Led by CEO Garfield Fisher, the company will use the funds raised to enhance its product, integrating video and photo analysis in addition to text.
MAV Beauty Brands Inc, the holding company for Toronto-based beauty specialist Marc Anthony Cosmetics Inc, has filed a preliminary prospectus with Canadian securities regulators for an initial public offering of common shares. The IPO has not yet been priced; however, Bloomberg earlier reported the company is looking to raise as much as $250 million. The IPO will include a treasury offering by MAV and a secondary offering by TA Associates, which acquired the company in 2016, as well as President and CEO Marc Anthony Venere and the Redmond Family. CIBC Capital Markets, RBC Capital Markets and Jefferies Securities are the joint bookrunners.
Circle Cardiovascular Imaging Inc, a Calgary-based developer of advanced post-processing software for the cardiac imaging (CVI) industry, has secured $16 million in follow-on funding. The round was led by U.S. investor Kayne Anderson Capital Advisors and Canadian private equity firm Yaletown Partners. The proceeds will mostly be used to accelerate commercialization of Circle’s CVI software suite for cardiologists and radiologists. Founded in 2007, Circle’s product is used in more than 800 hospitals in over 40 countries. Led by CEO Greg Ogrodnick, the company is also backed by BDC Capital, Epic Capital Management, Foundation Equity and other investors.
Toronto-based maintenance software provider Fiix has secured about $15.5 million (US$12 million) in a Series B financing. The round was led by BuildGroup, which also led the company’s Series A in 2016. Founded in 2008 and formerly known as Maintenance Assistant, Fiix creates software that helps businesses organize their maintenance departments and turn data into actionable insights. Led by CEO Marc Castel, the company has served clients in manufacturing, wholesale trade, construction, and transportation and warehousing, and currently works with more than 20,000 users in 90 countries. Fiix’s other backers include MaRS Investment Accelerator Fund.
Dooly, a Vancouver-based enterprise sales solution, has raised $2 million in a seed-stage financing. The round was led by ScaleUP Ventures and joined by Panache Ventures, Pallasite Ventures and New Avenue Capital. Launched in 2016 by CEO Kris Hartvigsen and CTO Justin Vaillancourt, Dooly is a developer of Salesforce-synced software that leverages artificial intelligence to automate the sales process by moving information to and from customer-facing teams in real time. It aims to eliminate 65 percent of the time spent on back-end customer relationship management (CRM) tasks. Dooly said the funds raised will help it reach more clients and add new features to the platform.
Terminal, a Kitchener, Ontario-based builder of remote engineering teams, has raised $13 million in a Series A financing. The round included investments from Lightspeed Venture Partners, Thiel Capital, Kleiner Perkins Caufield & Byers, Atomic, Craft Ventures and Jerry Yang, founder of Yahoo. Launched in 2017 by Atomic’s Jack Abraham and Luke Finney, 8VC‘s Joe Lonsdale and Eventbrite‘s Dylan Serota, Terminal recruits technical talent and establishes and manages remote work spaces for technology companies. Hiring Atomic’s Clay Kellogg as CEO, Terminal will use funds raised to scale operations in its five Canadian and U.S. offices and expand into Latin America.
Velvet Energy Ltd has begun an offer to acquire all of the issued and outstanding common shares of Iron Bridge Resources Inc (TSX: IBR), a Calgary-based junior oil and gas company focused on a Montney Oil play in Western Canada. Velvet proposes to pay $0.75 per share, valuing Iron Bridge at about $120 million. Velvet, a Calgary-based oil and gas exploration and development company, said Iron Bridge’s board and management have refused to engage in discussions about the all-cash offer, compelling Velvet to appeal directly to shareholders. Velvet is backed by Warburg Pincus, Trilantic Capital Partners, 1901 Partners Management and Canada Pension Plan Investment Board.