Kirk Falconer
Champlain Financial Corp has partnered with Claridge, a Canadian family office, in the acquisition of Captain Dan’s Seafood, a Dieppe, New Brunswick-based seafood processor that specializes in lobster and snow crab products. Terms weren't disclosed. The deal was done by the Champlain Seafood platform, formed in 2017 with the Canadian private equity firm's acquisitions of Cheticamp Fisheries and Riverside Lobster. Founded in 1994, Captain Dan’s serves corporate customers in North America, Europe and Asia.
MaRS Catalyst Fund, a Toronto-based early-stage impact fund created in collaboration with MaRS Discovery District, has rebranded as Amplify Capital and launched a new fund. The fund has a target size of $30 million and is seeking an initial close by early 2020. MaRS Catalyst Fund was launched in 2016 with the backing of Virgin Unite, as well as other investors, including Chawkers Foundation, Fondaction, J. W. McConnell Family Foundation and Lino et Mirella Saputo Foundation. It made nine investments in Ontario and Québec.
Canadian mid-market private equity firm Fulcrum Capital Partners has invested in Media Resources Inc, an Oakville, Ontario-based provider of outdoor and indoor LED displays, sign installation and maintenance, large format digital printing and 3D fabrication for the billboard, commercial sign, sports and media industries. No financial terms were disclosed. The deal, which will support the company's organic and acquisition-led growth, marks the tenth platform investment of Fulcrum Capital Partners V, which raised $344 million in 2015.
Relogix, an Ottawa-based workspace analytics platform and Internet-of-Things (IoT) sensor technology company, has closed its Series A financing, raising $4 million. The investors included BDC Capital’s Industrial, Clean and Energy Technology Venture Fund, Mistral Venture Partners and GroundBreak Ventures. Founded in 2010 by CEO Andrew Millar, Relogix provides its solutions to corporate real estate organizations.
Metro Supply Chain Group, a Montréal-based provider of third-party logistics, has agreed to acquire Custom Delivery Solutions, a Calgary-based provider of white glove direct-to-home delivery. Terms weren't disclosed. Metro said the deal will expand its coverage of the Canadian last-mile home delivery market. Earlier this year, Metro secured growth capital from Caisse de dépôt et placement du Québec (CDPQ), adding to an investment made in 2018.
Teekay Offshore Partners LP (NYSE: TOO), a Hamilton, Bermuda-based midstream services provider to the offshore oil industry, has accepted an offer from the private equity group of Brookfield Asset Management to acquire publicly held common units not already owned by the investor. Brookfield will pay US$1.55 in cash per unit, up from a US$1.05 offer made earlier this year. In 2017, Brookfield acquired 60 percent of Teekay Offshore from Teekay Corp (NYSE: TK), a Vancouver-based marine energy transportation, storage and production business, for US$750 million.
7shifts, a Saskatoon-based provider of restaurant employee scheduling solutions, has secured $7.9 million (US$6 million) in financing. Napier Park Financial Partners, which led the company's $13.4 million Series A round earlier this year, also led the supplementary round. It was joined by existing investor Relay Ventures and new investor Conexus Credit Union. 7shifts will use the new funds raised to expand its North American restaurant footprint.
The private equity group of Brookfield Asset Management has agreed to acquire half of the interest held by Clayton, Dubilier & Rice (CD&R) in BrandSafway, a Kennesaw, Georgia-based industrial services company. Terms weren't released, however, Brookfield said its investment will be funded with about US$1.3 billion of equity. With the deal's close, expected in Q1 2020, Brookfield and CD&R will each own about 45 percent of BrandSafway.
Canadian impact venture capital firm Renewal Funds has closed its latest fund, Renewal4, at $145 million. The fund was backed by more than 140 investors, including BDC Capital, The Co-operators and the clean technology stream of Ottawa's Venture Capital Catalyst Initiative (VCCI). Based in Vancouver, Renewal Funds invests in environmental technology and sustainable consumer products across North America. The fundraising brings the firm's total assets under management to $240 million.
Los Angeles-based fashion retailer Forever 21 Inc said it has filed for Chapter 11 bankruptcy protection in the United States and that its Canadian subsidiary was granted protection under the Companies’ Creditors Arrangement Act (CCAA) by the Ontario Superior Court of Justice (Commercial List) in Toronto. Forever 21 has also obtained US$275 million in financing from JPMorgan Chase Bank, as well as US$75 million in new capital from TPG Sixth Street Partners, to facilitate the company's restructuring.