Kirk Falconer
GDI Integrated Facility Services Inc (TSX: GDI), which recently completed a going public transaction, has agreed to buy Ainsworth Inc, a provider of a range of technical services to commercial, government and residential building clients in Canada. GDI will pay about $20.5 million for Ainsworth, currently a subsidiary of CEDA International Corp. The deal is expected to close later this year. The Montréal-based GDI said the acquisition will significantly enhance its commercial facility services offering. The company, which merged with Medwell Capital Corp in May, remains a portfolio investment of Canadian private equity firm Birch Hill Equity Partners.
Stern Partners, a private equity firm with investment experience in the retail industry, plans to acquire a Canadian clothing chain that has fallen on hard times. Comark, the parent of fashion brands Ricki's, Bootlegger and Cleo, agreed to sell the business to a Stern Partners' affiliate. Founded in 1976, the company has been backed for more than a decade by U.S. private equity firm KarpReilly.
Canadian photo community and marketplace 500px has raised $13 million in Series B funding. Strategic investor Visual China Group led the round with participation from U.S. venture capital firms Andreessen Horowitz, Harrison Metal and ff Venture Capital, which all played a key role in the company's Series A financing in 2013. With the latest deal, total investment in 500px now stands at $23 million. Based in Toronto, 500px has developed a platform for discovering, sharing, buying, and selling quality photography. It said the proceeds of the Series B round will help fuel global growth, team expansion and product development. Update: In 2014, the company acquired Authintic Analytics Technologies Inc.
Clevest Solutions Inc, a Canadian software provider focused on mobile workforce automation and smart grid operations for utilities, has obtained growth equity financing. The undisclosed investment was led by Accel-KKR, a U.S. technology private equity firm, with participation from Vancouver City Savings Credit Union, a previous investor in the company. Clevest, which has its headquarters in Richmond, British Columbia, said the capital infusion will facilitate continued investment in innovation and market expansion. Founded in 2002, Clevest's mobile platform has created value for more than 150 utility customers worldwide, the company said.
Succession Capital, the U.S. subsidiary of Canadian private equity firm Lynx Equity, has acquired Intermountain Total Facility Services LLC and Executive Facilities LLC for an undisclosed price. Operating from several locations in Utah, the company is a provider of facility maintenance services, including landscaping, snow clearing, janitorial and handyman services, to commercial and residential clients in the region. The deal brings the Toronto-based Lynx’s portfolio to 42 companies in total.
ONCAP, the mid-market investment platform of Canadian private equity firm Onex Corp, has acquired Chatters Canada Ltd, a retailer of professional hair care products in Canada. The transaction, the financial terms of which were not released, was completed by ONCAP in partnership with Chatters management, which is led by Principal and CEO Jason Volk. Based in Red Deer, Alberta, the company operates 101 full-service hair salons in eight provinces. Last month, ONCAP bought shares of Ingersoll Tillage Group Inc, a maker of components for agricultural soil preparation and seeding equipment implements.
U.S. private equity firm Centerbridge Partners recently agreed to buy KIK Custom Products, a Canadian manufacturer of household and personal care products and a developer of pool and spa treatment products. The proposed acquisition's value was not disclosed; however, a November 2014 report by Reuters suggested the deal could value KIK at more than US$1.5 billion, including debt. The seller in the transaction is CI Capital Partners, a U.S. private equity firm that purchased KIK for $826 million in 2007. Jeff Nodland, president and CEO of the Concord, Ontario-based company, said the new partnership with Centerbridge will help it "to continue on its growth trajectory."
Fulcrum Capital Partners has surpassed the target set for the final close of Fulcrum Capital Partners V LP, raising the largest private equity partnership in the firm's history. The Vancouver-based Fulcrum announced today that Fund V secured a total of $344 million in committed capital from new and repeat limited partners. That’s about 15 percent more than its revised goal of $300 million.
Wynnchurch Capital, a U.S. private equity firm with an office in Toronto and an affiliate in Montréal, has promoted four of its investment professionals to managing director. The individuals are: Brian Crumbaugh, Greg Gleason, Neel Mayenkar and Michael Teplitsky. Headquartered in Rosemont, Illinois, Wynnchurch has several Canadian investments, including Calyx Transportation Group Inc, Groupe Moreau, Pro-Fab Group Inc and Surepoint Technologies Group Inc. Last November, the firm closed it fourth mid-market partnership at US$1.2 billion.
Alithya has bought Groupe conseil OSI Inc, an information technology consulting and services business headquartered in Montréal. The acquisition's value was not disclosed. As part of the deal, Capital régional et coopérative Desjardins and Investissement Québec, which previously invested in OSI, have become investors in Alithya. The two firms deployed $3.5 million and $1.5 million, respectively. The Fonds de solidarité FTQ also backed the transaction. Alithya is a Québec City-based provider of strategic consulting and information technology services with nine offices in Canada and France. It said the OSI purchase is in line with its growth strategy.