Blog

  • Canadian Market Recap: Week Ended July 14

    Posted By: Karen Fisman, Christopher Abt, Anwar Khan

    Forty-six Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 3.9% higher than the comparable period in 2016. The Canadian dollar appreciated by 1.27 cents, ending the week at 79 cents relative to U.S. dollar. The TSX outperformed the S&P 500 by 1.2% in U.S. dollar terms. WTI Crude oil rose by 5.3%, ending the week at $46.75 per barrel.

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  • Canadian Market Recap: Week Ended July 7

    Posted By: Karen Fisman, Christopher Abt, Anwar Khan, Miranda Li

    Sixty-three Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 4.7% higher than the comparable period in 2016. The Canadian dollar appreciated by 0.76 cents, ending the week at 78 cents relative to U.S. dollar. The TSX underperformed the S&P 500 by 0.1% in U.S. dollar terms. WTI Crude oil fell by 4.1%, ending the week at $44.39 per barrel.

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  • Canadian Market Recap: Week Ended June 30

    Posted By: Paris Aden, Louis Goldberg, Miranda Li, Michael Mazza, Clear Li, Christopher Abt, JT Paliwal

    Forty-three Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 6.1% higher than the comparable period in 2016. The Canadian dollar appreciated by 1.55 cents, ending the week at 77 cents. The TSX outperformed the S&P 500 by 1.7% in U.S. dollar terms. WTI Crude oil rose by 7.0%, ending the week at $46.29 per barrel.

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  • Canadian M&A Market Recap: June 2017

    Posted By: Valitas Capital Partners

    Two hundred and twenty-two Canadian M&A transactions closed in June. Year to date, M&A closed deal count is 7.8% higher than the comparable period in 2016. The Canadian dollar appreciated relative to the U.S. dollar by 3.27 cents, ending the month at 79 cents. WTI Crude oil prices fell by 4.7% in June, ending the month at $46.29 per barrel.

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  • Canadian Market Recap: Week Ended June 23

    Posted By: Paris Aden, Louis Goldberg, Miranda Li, Chris Angelatos, Clear Li, Anwar Khan, JT Paliwal

    Forty-six Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 2.2% higher than the comparable period in 2016. The Canadian dollar depreciated by 0.22 cents, ending the week at 75 cents. The TSX outperformed the S&P 500 by 0.3% in U.S. dollar terms. WTI Crude oil fell by 3.8%, ending the week at $43.27 per barrel.

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  • Canadian Market Recap: Week Ended June 16

    Posted By: Karen Fisman, JT Paliwal, Anwar Khan, Yingxi Liao, Miranda Li, Chris Angelatos and Paris Aden

    Fifty-one Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 6.7% higher than the comparable period in 2016. The Canadian dollar appreciated by 1.14 cents, ending the week at 76 cents. The TSX underperformed the S&P 500 by 0.4% in U.S. dollar terms. WTI Crude oil fell by 2.4%, ending the week at $44.97 per barrel.

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  • Canadian Market Recap: Week Ended June 9

    Posted By: Karen Fisman, Brianna Aden, JT Paliwal, Louis Goldberg, Yingxi Liao, and Paris Aden

    Fifty-two Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 5.9% higher than the comparable period in 2016. The Canadian dollar depreciated by 0.43 cents, ending the week at 74 cents. The TSX outperformed the S&P 500 by 1.1% in U.S. dollar terms. WTI Crude oil fell by 3.8%, ending the week at $46.07 per barrel.

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  • Canadian Market Recap: Week Ended June 2

    Posted By: Karen Fisman, Brianna Aden, JT Paliwal, Clear Li, Michael Mazza, Chris Angelatos and Paris Aden

    Thirty-five Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 8.8% higher than the comparable period in 2016. The Canadian dollar depreciated by 0.30 cents, ending the week at 74 cents. The TSX was up 0.2% and underperformed the S&P 500 by 1.2% in U.S. dollar terms.

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  • Canadian M&A Market Recap: May 2017

    Posted By: Valitas Capital Partners

    One hundred and seventy-three Canadian M&A transactions closed in May. Year to date, M&A closed deal count is 6.2% higher than the comparable period in 2016. The Canadian dollar appreciated relative to the U.S. dollar by 1.43 cents, ending the month at 74 cents.

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  • Canadian Market Recap: Week Ended May 26

    Posted By: Karen Fisman, Anwar Khan, JT Paliwal, Clear Li, Michael Mazza, Chris Angelatos and Paris Aden

    Forty-two Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 10.3% higher than the comparable period in 2016. The Canadian dollar appreciated by 0.52 cents, ending the week at 74 cents. The TSX was down 0.3% and underperformed the S&P 500 by 1.0% in U.S. dollar terms.

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  • We are pleased to announce that Geoff Bennett has joined Valitas Capital as a partner. Geoff’s extensive financial services career has evolved into several investment banking and business development roles over the past 25 years. Geoff will maintain coverage of the Western Canadian marketplace for Valitas.

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  • Canadian Market Recap: Week Ended May 19

    Posted By: Karen Fisman, Anwar Khan, JT Paliwal, Clear Li, Chris Angelatos, Michael Mazza and Paris Aden

    Forty-five Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 10.8% higher than the comparable period in 2016. The Canadian dollar appreciated by 0.95 cents, ending the week at 74 cents. The TSX was down 0.5% and outperformed the S&P 500 by 1.2% in U.S. dollar terms.

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  • The Geek’s Reading List: May 12, 2017

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Artificial Intelligence failing on Kentucky Derby predictions, everything you need to know about 5G and Britain’s entire health network hit by a major hacking attack. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended May 12

    Posted By: Karen Fisman, Christopher Abt, Anwar Khan, Miranda Li, Yingxi Liao

    Fifty-Four Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 10.3% higher than the comparable period in 2016. The Canadian dollar depreciated by 0.10 cents, ending the week at 73 cents. The TSX was down 0.4% and underperformed the S&P 500 by 0.1% in U.S. dollar terms.

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  • Canadian M&A Market Recap: Week Ended May 5

    Posted By: Karen Fisman, Christopher Abt, Anwar Khan, Miranda Li, Louis Goldberg

    Forty-Six Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 11.4% higher than the comparable period in 2016. The Canadian dollar depreciated by 0.15 cents, ending the week at 73 cents. The TSX was down 0.2% and underperformed the S&P 500 by 0.9% in U.S. dollar terms.

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  • The Geek's Reading List: May 5th

    Posted By: Brian Piccioni

    Highlights from this week's tech report include IBM's warning that it accidentally shipped flash drives with malware, the trend towards blocking digital ads and the development of an apple-picking robot. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended April 28

    Posted By: Karen Fisman, Yingxi Liao, Louis Goldberg, Clear Li, Miranda Li

    Thirty-three Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 12.0% higher than the comparable period in 2016. The Canadian dollar depreciated by 0.85 cents, ending the week at 73 cents. The TSX was down 1.3% and underperformed the S&P 500 by 2.8% in U.S. dollar terms.

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  • Canadian M&A Market Recap: April 2017

    Posted By: Valitas Capital Partners

    One hundred and seventy-two Canadian M&A transactions closed in April. Year to date, M&A closed deal count is 8.7% higher than the comparable period in 2016. The Canadian dollar depreciated relative to the U.S. dollar by 2.39 cents, ending the month at 73 cents. WTI Crude Oil prices fell by 3.4% in April, ending the month at US$49.33 per barrel.

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  • The Geek's Reading List: April 28

    Posted By: Brian Piccioni

    Highlights from this week's tech report include AI chips, Robots taking over jobs, and Facebook's attempts to spot fake news. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Market Recap: Week Ended April 21

    Posted By: Paris Aden, Minh Cao, Mirandi Li, Michael Mazza, Chris Angelatos, Karen Fisman

    Forty-seven Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 12.8% higher than the comparable period in 2016. The Canadian dollar depreciated by 1.11 cents, ending the week at 74 cents. The TSX was up by 0.5%, but underperformed the S&P 500 by 2.2% in U.S. dollar terms.

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  • The Geek's Reading List: April 21

    Posted By: Brian Piccioni

    Highlights from this week's tech report include IBM's sales miss, Toyota's hydrogen trucks, and edible CRISPR antibiotics. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • The Geek's Reading List: April 14

    Posted By: Brian Piccioni

    Highlights from this week's tech report include a NASA discovery, robot lawn mowers, and an uncertain future for the iPhone. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended April 14

    Posted By: Karen Fisman, Yingxi Liao, Clear Li, Minh Cao, Michael Mazza and Paris Aden

    Forty-five Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 5.4% higher than the comparable period in 2016. The Canadian dollar appreciated by 0.43 cents, ending the week at 75 cents. The TSX was largely unchanged and outperformed the S&P 500 by 1.3% in U.S. dollar terms.

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  • The Geek's Reading List: April 7

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Apple's move to develop its own GPU, Intel's argument that Moore's law is still in effect, and the emergence of "Super" Wi-Fi. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended April 7

    Posted By: Karen Fisman, Louis Goldberg, Yingxi Liao, Chris Angelatos and Paris Aden

    Eighty-six Canadian M&A transactions were announced this past week. Year to date, M&A deal count is 13.3% higher than the comparable period in 2016. The Canadian dollar depreciated by 0.38 cents, ending the week at 75 cents. The TSX rose by 0.3% and outperformed the S&P 500 by 0.6% in U.S. dollar terms.

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  • The Geek's Reading List: March 31

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Uber's suspension of its self-driving car program, the world's first instance of a paralyzed man moving his hand with only his thoughts, and speck-sized computers. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended March 31

    Posted By: Karen Fisman, Miranda Li, Michael Mazza, Paris Aden, Chris Angelatos, and Yingxi Liao

    Thirty-five Canadian M&A transactions were announced this past week. Year to date, M&A deal count is 19.0% higher than the comparable period in 2016. The Canadian dollar appreciated by 0.23 cents, ending the week at 75 cents. The TSX gained 0.7% and outperformed the S&P 500 by 0.2% in U.S. dollar terms.

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  • Canadian M&A Market Recap: March 2017

    Posted By: Valitas Capital Partners

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  • The Geek's Reading List: March 24

    Posted By: Brian Piccioni

    “Highlights from this week's tech report include Intel's storage speed record, the Wikileaks CIA docs, and IBM's new blockchain service. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.”

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  • Canadian M&A Market Recap: Week Ended March 24th

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza, Paris Aden, and Clear Li

    Sixty-four Canadian M&A transactions were announced this past week. Year to date, M&A deal count is 21.0% higher than the comparable period in 2016. The Canadian dollar depreciated by 0.02 cents, ending the week at 75 cents. The TSX fell by 0.3% and outperformed the S&P 500 by 1.1% in U.S. dollar terms.

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  • Canadian M&A Market Recap: Week Ended March 17

    Posted By: Karen Fisman, John Turley-Ewart, Michael Mazza, Yingxi Liao, Chris Angelatos, and Paris Aden

    Forty Canadian M&A transactions were announced this past week. Year to date, M&A deal count is 15.4% higher than the comparable period in 2016. The Canadian dollar appreciated by 0.62 cents, ending the week at 75 cents. The TSX fell by 0.1% and outperformed the S&P 500 by 0.5% in U.S. dollar terms.

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  • The Geek’s Reading List: March 17

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Sony's new charging patent, Uber's difficulties, and iPhone 8 rumors. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • The Geek’s Reading List: March 10

    Posted By: Brian Piccioni

    Highlights from this week's tech report include WikiLeaks on the CIA, Quantum Computing, and Google's A.I. translation system. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended March 10

    Posted By: Karen Fisman, John Turley-Ewart, Louis Goldberg, Yingxi Liao, Chris Angelatos, and Paris Aden

    Fourty-eight Canadian M&A transactions were announced this past week. Year to date, M&A deal count is 12.5% higher than the comparable period in 2016. The Canadian dollar depreciated by 0.32 cents, ending the week at 74 cents. WTI Crude Oil fell sharply this week, closing under $50 per barrel, which is 8.6% lower than the previous week.

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  • Canadian M&A Market Recap: Week Ended March 3

    Posted By: Karen Fisman, Michael Mazza, Louis Goldberg, Minh Cao, Daniel Morgan, and Paris Aden

    Sixty Canadian M&A transactions were announced this past week. Year to date, M&A deal count is 18.5% higher than the comparable period in 2016. The Canadian dollar depreciated by 1.82 cents, ending the week at 75 cents. The TSX rose by 0.5% and underperformed the S&P 500 by 2.6% in U.S. dollar terms.

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  • The Geek’s Reading List: March 3

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Uber's fate, Youtube's TV service, and SpaceX's problems. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: February, 2017

    Posted By: Valitas Capital Partners

    Market Update 181 Canadian M&A transactions were announced in February. Year to date, M&A deal count in 2017 is 6.2% higher than the comparable period in 2016. In February, the Canadian dollar depreciated relative to the U.S. dollar by 2.28 cents, ending the month at 74 cents. Over the past month, the U.S. dollar denominated TSX index underperformed the S&P 500 index by 5.1%, largely driven by the sharp decrease in the Canadian dollar. WTI Crude Oil prices closed the month of February at a 52-week high, reaching $54.75 per barrel.

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  • The Geek’s Reading List: February 24

    Posted By: Brian Piccioni

    Highlights from this week's tech report include the 5G Frontier, the Tesla Powerwall, and Disney's wireless charging technology. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended February 24th

    Posted By: Karen Fisman, Michael Mazza, Louis Goldberg, Clear Li, Daniel Morgan, and Paris Aden

    Thirty-nine Canadian M&A transactions were announced this past week. Year to date, M&A deal count is 8.7% higher than the comparable period in 2016. The Canadian dollar appreciated by 0.13 cents, ending the week at 76 cents. The TSX fell by 1.9% and underperformed the S&P 500 by 2.5% in U.S. dollar terms.

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  • The Geek’s Reading List:February 17

    Posted By: Brian Piccioni

    Highlights from this week's tech report include a Google Fiber comeback, the Snapchat IPO, and the ethics of gene editing. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended February 17th

    Posted By: Karen Fisman, Michael Mazza, Louis Goldberg, Clear Li, and Paris Aden

    Thirty-four Canadian M&A transactions were announced this past week. Year to date, M&A deal count has been 4% lower compared to 2016. The Canadian dollar fell by 0.27 cents, ending the week at 76 cents. The TSX underperformed the S&P 500 by 1.2% in U.S. dollar terms.

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  • The Geek's Reading List February 10, 2017

    Posted By: Brian Piccioni

    Highlights from this week's tech report include IBM's remote-worker crackdown, analysis on Apple's "record quarter", and brain implant technology. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended February 10th

    Posted By: Karen Fisman, Michael Mazza, Louis Goldberg, Clear Li, Manar Hassan-Agha, and Paris Aden

    Sixty-two Canadian M&A transactions were announced this past week. Year to date, M&A deal count has been nearly 10% greater than 2016. The Canadian dollar fell by 0.43 cents, ending the week at 76 cents.

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  • Canadian M&A Market Recap: Week Ended February 3rd

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza, Clear Li and Paris Aden

    Thirty-four Canadian M&A transactions were announced this past week. The Canadian dollar appreciated relative to the U.S. dollar by 0.64 cents, ending the week at 77 cents. The TSX outperformed the S&P 500 by 0.1% in U.S. dollar terms, reflecting the effect of a rising Canadian dollar.

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  • Highlights from this week's tech report include 5G Wireless Technology, Big Electric Vehicles, and the future of broadcasting. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: January, 2017

    Posted By: Valitas Capital Partners

    217 Canadian M&A transactions were announced in January, sitting just below the 12-month high of 221. Year to date, M&A deal count in 2017 has been nearly 10% greater than 2016. In January, the Canadian dollar appreciated relative to the U.S. dollar by 0.28 cents, ending the month at 76 cents. WTI Crude Oil prices fell in January by 2.7%.

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  • Highlights from this week's tech report include AT&T's 5G DirecTV trial, Trump's Orwellian PrivacyLaws, and HP's New Extended Laptop Battery Life. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended January 27th

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza, Minh Cao, and Paris Aden

    Forty-one Canadian M&A transactions were announced this past week. The Canadian dollar appreciated relative to the U.S. dollar by 1.29 cents, ending the week at 76 cents. The TSX outperformed the S&P 500 by 0.8% in U.S. dollar terms, reflecting the effect of a rising Canadian dollar.

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  • Highlights from this week's tech report include Deep Learning Algorithms, Seagate's plant shutdown, and Eye Surgery Robots. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended January 20th

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza, Minh Cao, Clear Li and Paris Aden

    Fifty Canadian M&A transactions were announced this past week. Oil increased slightly after oil producers agreed to cut output. Conversely, the Canadian dollar fell by 1.07 cents, ending the week at 75 cents. The TSX underperformed the S&P 500 by 1.0% in U.S. dollar terms, reflecting the effect of a rising S&P 500 further exacerbated by the decline in the Canadian dollar.

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  • Canadian M&A Market Recap: Week Ended January 13th

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza, Paris Aden, Clear Li. Minh Cao and Manar Ha

    Thirty-five Canadian M&A transactions were announced this past week. Oil decreased by 3.1% after a slight decrease last week. Correspondingly, the Canadian dollar climbed by 0.37 cents, ending the week at 76 cents. The TSX underperformed the S&P 500 by 0.6% in U.S. dollar terms, as the TSX approached its 52-week high.

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  • Highlights from this week's tech report include Google's Compression Tool, Apple's Airpods, and Disney's Streaming Game Box. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • The Geek’s Reading List: January 6, 2017

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Amazon's Robot Army, Apple's sluggish sales, and Intel's Optane Hyperfast Memory Chip. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended January 6, 2017

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza, Paris Aden, Clear Li. and Manar Hassan-Agha

    Twenty-nine M&A transactions were announced this past week. WTI Crude Oil prices increased slightly after falling at the beginning of the week. The Canadian dollar rose by 1.24 cents this past week and the TSX overperformed relative to the S&P 500 by 1.3% in U.S. dollar terms. Total debt/EBITDA levels for U.S. middle market companies decreased slightly to 4.8x.

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  • Canadian M&A Market Recap: December, 2016

    Posted By: Valitas Capital Partners

    Leading law firms with active M&A practices represent one such reliable source, so when Blakes’ Mergers & Acquisitions: Trends to Watch in 2017 report crossed my desk, it went directly to the top of my reading pile. The article didn’t disappoint, and this week, I’d like to share a couple of the authors’ findings related to government policy, that are likely to drive Canadian M&A forward in 2017.

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  • Highlights from this week's tech report include Uber Freight, Hackers vs. Encryption, and Tesla's Collision Warning. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Highlights from this week's tech report include Robot Chip Speeds, Technology Taxes, and Uber Self Driving Cars. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended December 16, 2016

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Thirty-four M&A transactions were announced this past week. The U.S. Federal Reserve raised interest rates by 0.25% this past week and indicated that rates will likely increase three more times in 2017. WTI Crude Oil prices decreased slightly for the second week straight. The Canadian dollar fell by 1.04 cents this past week and the TSX underperformed relative to the S&P 500 by 1.7% in U.S. dollar terms.

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  • Canadian M&A Market Recap: November, 2016

    Posted By: Valitas Capital Partners

    Slow organic revenue growth is an issue for many companies – one that has been pervasive over the past few quarters. This week, however, we are reporting on an interesting twist. Read our article to find out which companies are bucking the sluggish trend.

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  • Canadian M&A Market Recap: Week Ended December 9, 2016

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Forty-three Canadian M&A transactions were announced this past week. Oil decreased slightly after a strong rally last week. Correspondingly, the Canadian dollar climbed by 0.74 cents, ending the week at 76 cents. The TSX underperformed the S&P 500 by 0.3% in U.S. dollar terms, reflecting the effect of a rising S&P 500 partially offset by the advance in the Canadian dollar.

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  • Canadian M&A Market Recap: Week Ended December 2, 2016

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Forty-eight Canadian M&A transactions were announced this past week. Oil rallied this past week by nearly 15% after OPEC members agreed to limit their oil output. Correspondingly, the Canadian dollar climbed by 1.18 cents, ending the week at 75 cents. The combination of the S&P 500 falling and the Canadian dollar climbing, led to the TSX in U.S. dollar denomination outperforming the S&P 500 by 2.4% this past week.

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  • The Geek's Reading List: Nov 25

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Tesla, Intel and Silicon Valley. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended November 25, 2016

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Thirty-six Canadian M&A transactions were announced this past week. The TSX rose by 1.4% this past week, with average TEV/EBITDA multiples remaining at 10.2x EBITDA. The Canadian dollar appreciated by 0.6 cents relative to the U.S. dollar.

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  • The Geek's Reading List: Nov 18

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Google, Samsung and IBM. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended November 18, 2016

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Thirty-Three Canadian M&A transactions were announced this past week. The TSX 300 outperformed the S&P 500 by 1.5% on a U.S. dollar basis. The Canadian dollar appreciated relative to the U.S. dollar by 0.14 cents, marking the first increase after four consecutive weeks of decline. The expectation of significant U.S. federal deficits caused U.S. 10-year treasury yields to rise significantly this week to 2.4%.

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  • Canadian M&A Market Recap: October, 2016

    Posted By: Valitas Capital Partners

    Three Private Equity Value Creation Principles that apply for all Business Owners Private Equity (PE) portfolio companies outperform public companies when it comes to creating value. Do the value creation principles employed by PE firms also apply to private company owners? The answer to this question is yes. Supported by findings in a recent McKinsey article, we describe three universal principles relevant for all businesses. Read our article here.

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  • The Geek's Reading List: Nov 11

    Posted By: Brian Piccioni

    Highlights from this week's tech report include CBC, Donald Trump and GoPro. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended November 11, 2016

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Fifty-two Canadian M&A transactions were announced this past week. The TSX 300 underperformed the S&P 500 by 4.4% on a U.S. dollar basis. The Canadian dollar depreciated relative to the U.S. dollar by 0.77 cents, marking a fourth consecutive week of decline. U.S. 10-year treasury yields rose significantly this week to 2.15%. As a result, U.S. middle market yield spread shrank by 35 bps. New issue clearing yields remained relatively flat compared to last week.

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  • The Geek's Reading List: Nov 4

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Uber, the inner life of a Cell and Microsoft. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended November 4, 2016

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Thirty Canadian M&A transactions were announced this past week. The TSX 300 and S&P 500 fell, while the TSX slightly underperformed the S&P 500 by 0.1% on a USD basis. The Canadian dollar depreciated relative to the U.S. dollar by 0.14 cents.

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  • The Geek's Reading List: October 28

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Google, Tesla and cyber attacks. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended Oct 28, 2016

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Twenty M&A deals were announced in Canada this past week, while the TSX outperformed the S&P 500 by 0.8% on a U.S. dollar basis. Crude oil prices fell by 3%, yet the Canadian dollar appreciated 0.26 cents relative to the U.S. dollar.

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  • The Geek's Reading List: October 21

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Uber, IBM and Quantum computers. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended Oct 21, 2016

    Posted By: Karen Fisman, Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Last week’s deal count of 16 was the same as the 10 year low, while the TSX hit a new 52-week high. Oil prices reversed early week losses despite a stronger U.S. dollar, as optimism in the market remains. The TSX composite had a strong rally last week, up 2.4% and outperforming the S&P 500 index by 0.9% last week on a U.S. dollar basis.

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  • The Geek's Reading List: October 14

    Posted By: Brian Piccioni

    Highlights from this week's tech report include the NSA, IBM and 3D printing.The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended Oct 14, 2016

    Posted By: Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Last week’s deal count of 19 was below average and the TSX remained just below its 52-week high. Oil prices reached a 52 week high after OPEC reached a deal last week to cut oil production. The TSX composite underpreformed the S&P 500 index by 1.8% last week on a U.S. dollar basis.

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  • The Geek's Reading List: October 7

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Toyota, Yahoo and Tesla. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended Oct 7, 2016

    Posted By: Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Weekly Canadian target deal count was below average for the week at 31 and the TSX slipped below its 52-week high. Oil prices rebounded after OPEC reached a deal last week to cut oil production. The TSX composite underpreformed the S&P 500 index by 1.4% last week on U.S. dollar basis.

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  • The Geek's Reading List: Sept 30

    Posted By: Brian Piccioni

    Highlights from this week's tech report include self driving mining trucks and IoT DDoS. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended Sept 30, 2016

    Posted By: Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    U.S. stocks rose this week, posting the best quarter of the year after the banking sector has started to recover. Investor confidence has risen despite lingering concerns over the Fed rate, Deutsche Bank fines, the Wells Fargo sales scandal and sluggish earnings.

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  • Canadian M&A Market Recap: September, 2016

    Posted By: Valitas Capital Partners

    Do 89% of Canadian Business Owners Lack Courage? Is Corporate Canada sitting on mountains of “dead money” rather than investing it productively? Mark Carney, former Bank of Canada governor, famously stated so back in 2012, suggesting a level of caution amongst business leaders that “could be regarded as excessive”. Carney worried that this excessive caution, or lack of courage, would limit Canada’s ability to compete in the global economy.

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  • The Geek's Reading List: Sept 23

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Netflix, 3-D Printing and iPhone 7. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended Sept 23, 2016

    Posted By: Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Major North American equity indices rose last week as global central banks appeased investor fears about the possible end to accommodative monetary policy. The OECD recently lowered its global growth forecast by 0.1 point for both this year and next to 2.9% and 3.2% respectively.

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  • The Geek's Reading List: Sept 16

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Netflix, 3-D Printing and iPhone 7. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended Sept 16, 2016

    Posted By: Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    U.S stocks fell amid a turbulent week across markets as investors are reassessing central-bank policies after the European Central Bank chose to forgo additional stimulus measures. According to a TransUnion study, 718,000 Canadians would be unable to have enough cash flow to cover their debt if a 25-basis point interest rate increase were to happen.

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  • The Geek's Reading List: Sept 9

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Google, Apple and VW. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended Sept 9, 2016

    Posted By: Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Major U.S. and Canadian indices fell on Friday, as the Fed weighs its decision on interest rates. Volatility was remarkably high as evidenced by a greater than 50% surge in the VIX this past week.

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  • The Geek's Reading List: Sept 2

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Google, 3D Printing aircraft and smart phones. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended Sept 2, 2016

    Posted By: Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    US stocks rose this week amid a neutral US employment report that will likely keep the Fed on the cautious side when they meet later this month. Canada reported its worst quarterly performance since the global financial crisis as Real GDP fell at an annualized rate of 1.6% during the second quarter.

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  • The Geek's Reading List: Aug 26

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Telsa, Quantum Computing and Google. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian M&A Market Recap: Week Ended Aug 26, 2016

    Posted By: Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    Major markets were down over the week as investors eagerly await the U.S. Fed’s decision on increasing interest rates. Crude oil prices fell this week as volatility remains rampant due to rising rig counts and general macroeconomic uncertainty.

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  • The Geek's Reading List: Aug 19

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Cisco, Drones and SolarCity. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Aug 19

    Posted By: Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    The S&P 500 remained relatively flat this week as uncertainty towards a Federal Reserve Rate increase remains prevalent. Record-low bond yields have pressured public companies to increase dividend distributions, as investors search for alternatives to bond yields.

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  • The Geek's Reading List: Aug 12

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Pay TV, Samsung and Microsoft. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Aug 12

    Posted By: Louis Goldberg, Miranda Li, Michael Mazza and Paris Aden

    The S&P 500, TSX Composite, and Russell 2000, each closed the week at or marginally below their respective 52-week highs, underpinning the robust economic outlook in the U.S. and Canada, including the small-cap market.

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  • The Geek's Reading List: Aug 5

    Posted By: Brian Piccioni

    Highlights from this week's tech report include IBM, Google, Blackberry. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Aug 5

    Posted By: Louis Goldberg, Miranda Li and Paris Aden

    The S&P 500 closed this week at a new record high, with average TEV/EBITDA multiple for the index closing near a record high as well. The Russell 2000 composite and TSX composites also closed at twelve month highs, while volatility was remarkably low as evidenced by the VIX nearing ten-year lows.

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  • The Geek's Reading List: July 29

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Google, Windows 10 and Android. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: July 29

    Posted By: Louis Goldberg, Miranda Li and Paris Aden

    The S&P 500 closed for the week at the second highest index value in history. On Friday, the government announced that U.S. GDP grew at a seasonally adjusted rate of 1.2% in the second quarter. Consensus estimates among economists were 2.6%.

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  • The Geek's Reading List: July 22

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Mozilla, Netflix and Tesla. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: July 22

    Posted By: Louis Goldberg and Paris Aden

    The S&P 500 Index, along with average forward TEV/EBITDA multiples, closed Friday at respective record highs. As corporate quarterly data was released over the past week, it now expected that earnings in the S&P 500 are to contract 4.4% in the second quarter compared to the prior year.

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  • The Geek's Reading List: July 15

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Samsung, 5G and Tesla. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: July 15

    Posted By: Louis Goldberg and Paris Aden

    Stocks continued their rally this week, with the S&P 500 closing four out of five days at record highs. Stephen Poloz announced this week that the Bank of Canada will maintain the benchmark lending rate at 0.5%.

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  • The Geek's Reading List: July 8

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Tesla, iPhone 7 and Samsung. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: July 8

    Posted By: Louis Goldberg and Paris Aden

    Stocks edged higher for the second week straight, regaining all post-Brexit losses. The S&P 500 closed Friday just below its all-time high. The U.S. Fed meeting this week eluded to gradually raising short-term interest rates.

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  • Canadian Private Market Recap: July 1

    Posted By: Louis Goldberg and Paris Aden

    Global economic uncertainty remains prevalent as investors cope with an unfamiliar climate following the Brexit. Global equities regained the majority of their immediate post-Brexit losses. The S&P 500 posted its best multi-day rally in months.

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  • The Geek's Reading List: July 1

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Tesla, Oracle and Google. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • The Geek's Reading List: June 24

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Microsoft, Uber and Toyota. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: June 24

    Posted By: Ann Zhang, Louis Goldberg and Paris Aden

    Equity markets were taken by surprise after Britain’s decision to leave the EU was announced on Friday. Subsequent sharp global declines occurred and the S&P 500 turned negative for the year-to-date. Oil prices also sank, resurrecting fears of further price volatility. In Foreign Exchange markets, the British Pound plummeted to levels last observed in 1985.

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  • The Geek's Reading List: June 17

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Verizon, Intel and Microsoft. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: June 17

    Posted By: Ann Zhang, Louis Goldberg and Paris Aden

    Stocks fell on the week as investor sentiment continued to weaken ahead of next week's "Brexit" vote. Uncertainty around the vote could keep markets on edge until the last vote is counted. The TSX fell on concerns about the EU and other global worries. The lowest oil prices in a month contributed to volatility and general bank pessimism hurt the financial sector. The Federal Open Market Committee this week voted unanimously to keep rates unchanged and indicated that the path for future rate hikes will likely be more gradual than the committee had forecast in March.

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  • The Geek's Reading List: June 10

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Lexus, IBM and Google. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: June 10

    Posted By: Ann Zhang, Louis Goldberg and Paris Aden

    Stocks hit fresh 2016 highs on Wednesday but fell Thursday and Friday, ending flat for the week. Interestingly, the price of oil followed a similar pattern, hitting year-to-date highs midweek, just to give most of these gains back later in the week. While stocks fell Thursday and Friday, bond yields fell as the World Bank lowered its global GDP forecasts. The TSX was down over one percent this week on a Canadian dollar basis, but flat on a U.S. dollar basis. Monetary policy is proving less divergent than markets expected early in 2016, as the Fed has indicated it will hike rates more slowly than it signaled it would at the beginning of the tightening cycle. This has also driven weakness in the U.S. dollar.

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  • The Geek's Reading List: June 3

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Samsung, Google and Xiaomi. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: June 3

    Posted By: Ann Zhang and Paris Aden

    Stocks were mixed for the holiday-shortened week and finished neutral at the end of the week. The equity market essentially shrugged off a disappointing May jobs report, which sent a negative signal for the U.S. economy but drove optimism the Federal Reserve could wait longer before pursuing any short-term interest rate hike. The TSX rose almost a percent this week with the materials sector significantly outperformed. The disappointment on the jobs front was met with a swift adjustment to Fed rate hike expectations as the probability of a June hike, expressed by the fed funds futures market, dropped to 6% from 30% a week ago. Expectations for July move also fell to 35% from 62% one week ago.

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  • The Geek's Reading List: May 27

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Google, Facebook and Windows 10. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: May 27

    Posted By: Ann Zhang and Paris Aden

    Stocks rallied for the second consecutive week, driven to a large extent by strength in the U.S. housing sector: new home sales grew at their fastest pace since January 2008 and pending home sales grew 5.1% over the last month. The housing data fueled optimism that the economy can rebound from soft growth in the first quarter and companies can grow their earnings in the back half of 2016.

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  • The Geek's Reading List: May 20

    Posted By: Brian Piccioni

    Highlights from this week's tech report include 3-D printers, Goldman Sachs and Tesla. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: May 20

    Posted By: Canadian Private Market Recap: May 13

    Global equities were nearly unchanged on the week as the market grappled with the possibility of a rate hike from the US Federal Reserve in the coming months. The Chicago Board Options Exchange Volatility Index (VIX) rose slightly, while the yield on the 10-year US Treasury note Increased to 1.86% from 1.75%. West Texas Intermediate crude prices rose to $48.30 from $46.31 last week. Middle market credit market conditions remain robust.

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  • Canadian Private Market Recap: May 13

    Posted By: Ann Zhang, Paris Aden & Anan Sivapalu

    The Canadian equity markets eked out a slight gain this week as result of a mid-week rally in oil prices. However, the U.S. equity markets were spooked by speculation that further Fed rate increases in 2016 are likely due to positive sales data from the retail sector and the resurgence of the U.S. dollar. In the global markets, Europe remains cautiously optimistic and China’s industrial output showed signs of cooling off. Credit spreads have stabilized and leverage levels, now greater than 5x on average, remain robust by historical standards.

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  • The Geek's Reading List: May 13

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Linux, Tesla and Samsung. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: May 6

    Posted By: Ann Zhang, Paris Aden & Anan Sivapalu

    The North American equity markets pulled back in the wake of slower than expected job growth, mixed first quarter earnings results and mixed signals from the Federal Reserve. In addition to the effect of local factors, the embattled Eurozone and slowing pace of Chinese economy continue to weigh on the North American equity markets. In the credit markets, caution continues to drive middle market spreads higher. However, total leverage levels around 5x reflect robust conditions by historical standards.

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  • The Geek's Reading List: May 6

    Posted By: Brian Piccioni

    Highlights from this week's tech report include YouTube, Tesla and Samsung. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Confidentiality is Crucial

    Posted By: Paris Aden

    The most successful transactions are those that bring the “outlier” to the surface, that one acquirer or investor who sees more value in a business than any of the others. It’s often difficult to identify the outlier, it is essential that multiple parties be contacted through a structured sale process to uncover them. To keep bidders honest, the competitive tension between bidders should be palpable

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  • Canadian Private Market Recap: Apr 29

    Posted By: Ann Zhang, Paris Aden & Anan Sivapalu

    Equity and credit market conditions continue to indicate significant liquidity to underpin ongoing M&A activity. Last week, mixed earnings releases caused a slight pullback in the U.S. equity market. However, the Canadian equity markets were buoyed by strengthening oil prices, nearly at US$50 per barrel. Credit conditions remain robust, albeit with higher credit spreads than a year ago.

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  • The Geek's Reading List: Apr 29

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Windows, Volvo and iTunes. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • The Geek's Reading List: Apr 22

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Intel, Linux and AMD. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Apr 22

    Posted By: Ann Zhang, Paris Aden & Anan Sivapalu

    Last week, despite lackluster earnings reports, North American equity indices increased as a result of positive sentiment from an OPEC meeting, the possibility of U.S.-E.U. trade deal and a slower than expected rise in U.S. interest rate. As a result of lost ground regained over the last several weeks, North American indices are near their cyclical highs while the Canadian dollar continued to strengthen.

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  • The Geek's Reading List: Apr 15

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Google, the CIA and Tesla. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Apr 15

    Posted By: Ann Zhang, Paris Aden & Anan Sivapalu

    Last week, favourable labour market conditions lifted the North American equity markets despite continued uncertainty about OPEC, expected weakness in first quarter corporate earnings and the ongoing economic slowdown in Europe and Asia. In the currency markets, the Fed’s go-slow policy continues to strengthen the Canadian dollar.

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  • The Geek's Reading List: Apr 8

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Silicon Valley, Apple and Tesla. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Apr 8

    Posted By: Ann Zhang, Paris Aden & Anan Sivapalu

    The equity and credit markets continue to indicate significant liquidity in the system to underpin M&A activity. Valuation multiples remain near 10-year highs, while market volatility and bond yields remain near historic lows. The North American equity markets declined last week as a result of general global economic weakness. OPEC’s myopic brinkmanship and Federal Reserve’s go-slow policy have added volatility to markets. Despite the transitional decline seen last week, the U.S. equity markets remain near their cyclical highs. Mid-market credit conditions have stabilized with higher spreads than seen in the prior year and the 5x leverage levels in the mid-markets are congruent with historical credit booms.

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  • The Geek's Reading List: Apr 1

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Silicon Valley, Apple and Microsoft. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Apr 1

    Posted By: Ann Zhang, Paris Aden & Anan Sivapalu

    The equity and credit markets continue to indicate significant liquidity in the system to underpin M&A activity. Valuation multiples remain near 10-year highs, while market volatility and bond yields remain near historic lows. The dovish remarks by central banks in North America, Europe and Asia and new jobs data in the U.S. contributed to the reversal of the decline seen the week before last. As oil prices have stabilized, the impact of the energy sector on the overall economy has become less pronounced. However, recession fears remain. Mid-market credit conditions continue to moderate with credit spreads above prior year levels and average total leverage pulling back from the 5.5x levels seen a few months ago to about 5x, which is still robust by historical standards.

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  • The Geek's Reading List: Mar 25

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Silicon Valley, Apple and Ford. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Mar 24

    Posted By: Ann Zhang, Paris Aden & Anan Sivapalu

    An 11% decline in Q4 corporate profits drove North American equity indices down last week, halting the winning streak seen over the last few weeks. In the large cap markets, valuation multiples remain at or near 10-year highs, despite recession fears and continued weakness in the energy sector. This sentiment has seeped into the credit markets, increasing mid-market credit spreads.

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  • The Geek's Reading List: Mar 18

    Posted By: Brian Piccioni

    Highlights from this week's tech report include AT&A, Apple and Microsoft. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Mar 18

    Posted By: Ann Zhang, Paris Aden & Anan Sivapalu

    Last week, the S&P 500 moved into positive territory for the first time this year, while the small cap index (the Russell 2000) continued to lag, down about 3% year to date. Also on a year-to-date basis, the TSX composite is now up almost 4% year to date and almost 11% on a U.S. dollar basis. Despite this recent strength, the Canadian equity benchmark is still well off its levels from this time last year and far below its all-time high, particularly on a U.S. dollar basis.

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  • The Geek's Reading List: Mar 11

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Tesla, Apple and SunEdison. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Mar 11

    Posted By: Ann Zhang & Anan Sivapalu

    Last week, the North American markets continued their gains for a fourth consecutive week. The markets were helped by the ECB, the Fed and the stabilizing oil prices. The European Central Bank’s (ECB’s) decision to dampen the deflationary condition in Europe had a positive effect on the global equity markets. The ECB will implement negative interest rates, setting the rate at minus 0.4 percent while pursuing other quantitative easing measures. In addition to the ECB’s action, the market expects the Fed to hold its interest rate at its current level. The curbing of oil production by the OPEC, especially the effect of controlled Iranian oil production are expected mitigate any further decline in oil prices. The futures market seems to be suggesting that oil prices have now hit the bottom (see chart below). Leverage levels for middle market loans in the U.S. remain high by historical standards, however the price of this credit risk is now well above levels seen over the past year.

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  • The Geek's Reading List: Mar 4

    Posted By: The Geek's Reading List: Mar 4

    Highlights from this week's tech report include Google self-driving car, GM and IBM. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Mar 4

    Posted By: Anan Sivapalu & Ann Zhang

    Last week, the North American equity indices continued their recovery, largely erasing the losses seen at the beginning of the year. Rebounding oil prices and further stimulus planned by the G20, especially by the ECB to curb deflationary pressure in the Eurozone have contributed to the rebound seen in the last three weeks. While leveraged credit spreads in the mid-market remain moderate and total leverage levels remain healthy, we note leverage levels have pulled back recently from the 5x-plus levels seen as recently as a few weeks ago.

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  • The Geek's Reading List: Feb 26

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Tesla, CRISPR and Electric Car. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Feb 26

    Posted By: Canadian Private Market Recap: Feb 26

    The U.S. equity markets extended gains from the prior week while the TSX marked time. Ongoing concerns about global economic weakness and the expected continuation of easy money policy from European and the Asian central banks fueled the upward swing in the equity markets. Continued positive developments between OPEC and Russia on oil production also added to the momentum seen in the last two weeks. In the credit markets, mid-market loan pricing got more expensive and total leverage levels decreased last week as a result of a temporary slowdown in loan origination.

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  • The Geek's Reading List: Feb 19

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Tesla, Apple and IBM. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Feb 19

    Posted By: Ann Zhang & Anan Sivapalu

    The North American markets rebounded from the decline seen in the prior week. Recent efforts by major oil producers to curb production provided some optimism regarding oil prices. Additionally, the Federal Reserve’s mixed comments on further interest rate increases this year buoyed the markets. The credit markets remain buoyant despite the equity market turmoil seen since the start of the year.

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  • The Geek's Reading List: Feb 13

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Tesla, Apple and Bitcoin Wallet. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Feb 12

    Posted By: Ann Zhang & Anan Sivapalu

    The North American equity markets continued their decline, particularly in Canada. The West Texas Intermediate benchmark remains below US$30, despite OPEC’s announcement last week of plans to curtail production. Uncertainty regarding the Federal Reserve’s plan to raise interest rates continues to add volatility to the equity markets. Despite this equity market volatility, credit markets remain robust.

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  • The Geek's Reading List: Feb 5

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Apple, SwiftKey and Tesla. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Feb 5

    Posted By: Ann Zhang & Anan Sivapalu

    Last week, U.S. equities erased the gains made from the previous week, driven primarily by Friday’s disappointing jobs report. The U.S. economy added 151,000 jobs compared to 190,000 expected by Wall Street. Despite this recent weakness, the fed is expected to continue increasing interest rates this year given the record low unemployment rate of 4.9%, and a 2.5% increase in wages. The perception of a slowing economic recovery and impending rate hike drove last week’s market pull-back. The Canadian equity markets were relatively unaffected by U.S. jobs report. Despite the U.S. equity market volatility, credit markets remained relatively stable.

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  • The Geek's Reading List: Jan 29

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Tesla, 3D printer and OCP. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Jan 29

    Posted By: Anan Sivapalu & Ann Zhang

    The North American equity markets continued their recovery, with their second consecutive week of gains. Plans for further stimulus from the European Central Bank and the Bank of Japan helped calm the markets. The negative impact of oil prices on the equity markets is beginning to show less of an impact. On the other hand, the stimulative effect of lower oil prices is beginning to manifest itself in the broader economy. While credit markets remain healthy for mid-market transactions, the appetite for credit risk in the top tier of the market seems to be moderating. The largest leveraged buyout announced last year, Carlyle Group LP’s purchase of Symantec Corp.’s Veritas data-storage unit required a significant revision of financing terms due to weaker high yield bond markets. The revised agreement increased the equity portion of the deal to 40 percent from 33 percent, and reduced leverage to 5.8 times EBITDA from 6.7 times EBITDA.

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  • The Geek's Reading List: Jan 22

    Posted By: Brian Piccioni

    Highlights from this week's tech report include self-driving vehicles, adblock and smart-home network. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Jan 22

    Posted By: Anan Sivapalu & Ann Zhang

    In the latter half of last week, the equity markets partially recovered from their tumultuous start to 2016. All major North American equity indices rose with the TSX Composite seeing one of the highest weekly gains. An increase in oil price, strengthening Eurozone economy and expectation of further monetary stimulus stabilized the equity markets. However, the positive sentiment was dampened by the lack of expected Chinese growth. The leveraged loan and high yield markets have several large LBO deals outstanding trying to close next week. The market sentiment for high yield credit will greatly depend on the outcome of these deals. However, the mid-market for credit has been much less volatile through the recent market turmoil.

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  • The Geek's Reading List: Jan 15

    Posted By: Brian Piccioni

    Highlights from this week's tech report include self-driving vehicles, adblock and smart-home network. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Jan 15

    Posted By: Anan Sivapalu & Ann Zhang

    Last week, the North American equity markets saw their second consecutive – albeit less severe – decline. These declines were driven primarily by continued concerns about a slowing Chinese economy and a slowdown in U.S. industrial output. Oil prices will remain under pressure for the foreseeable future as sanctions on Iranian exports are lifted this week. These factors have driven the Canadian dollar to lows not seen since 2003. Despite the volatility in the equity markets, there has been a limited impact on credit markets.

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  • The Geek's Reading List: Jan 8

    Posted By: Brian Piccioni

    Highlights from this week's tech report include AT&T, 3D-Printer and G.M.. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Jan 8

    Posted By: Anan Sivapalu

    North American equity markets experienced their steepest decline since August 2011. The major equity indices fell sharply last week as concerns about the Chinese economy and multiple “circuit breaker” shut downs of the Chinese equity market overshadowed the positive U.S. employment report (292,000 jobs added in December and positive revisions to October and November). The U.S. mid-cap market was hit particularly hard. As oil prices continued to slide, the Canadian dollar reached lows not seen since May 2003. Despite the turmoil, credit markets showed little apparent impact.

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  • Canadian Private Market Recap: Dec 31

    Posted By: Anan Sivapalu

    The slowing Chinese economy and rising tensions in the Middle East weighed heavily on the global markets in the last two weeks of December. The injection of US$20 billion of liquidity by the Chinese central bank calmed the markets. The Canadian dollar stabilized around US$0.72 and the broad North American markets lost ground in 2015. Forward EBITDA multiples have remained remarkably stable.

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  • The Geek's Reading List: Dec 25

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Apple, Blackberry and Facebook. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • The Geek's Reading List: Dec 18

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Google, Netflix and Microsoft. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Dec 18

    Posted By: Anan Sivapalu

    Last week, the North American markets were mixed. Falling oil prices, weak global economic conditions stemming from China and geopolitical uncertainty in the Middle East remain a concern for the North America markets. The U.S. Federal Reserve raised the benchmark interest rate by 0.25 percent to 0.5 percent, the first rate hike in almost 10 years. The U.S. Federal Reserve has also hinted at four small hikes in 2016. The Canadian dollar reached a new 11-year low, impacted by the confluence of a strengthening U.S. economy and a further decline in the WTI, which reached lows not seen since 2009. The Bank of Canada’s expected divergence in interest rates between the U.S. and Canada will maintain downward pressure on the currency.

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  • Canadian Private Market Recap: Dec 11

    Posted By: Anan Sivapalu

    Last week the North American markets had their largest drop since the week ended August 21, driven primarily by the second consecutive monthly decline in Chinese exports. The Federal Reserve’s interest rate decision next week also weighed on the markets. All of the equity markets experienced significant declines last week. The Canadian markets were further impacted by the Canadian dollar hitting a 10-year low and WTI dropping to levels not seen since 2009. Market volatility also increased significantly amidst global economic uncertainty. In the credit markets, treasury yields declined and the credit spreads increased as investors moved into treasuries to weather the global economic uncertainty.

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  • The Geek's Reading List: Dec 4

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Apple, Xiaomi and Nokia. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Dec 04

    Posted By: Anan Sivapalu

    Last week the North American capital markets were unchanged, as the effects of sluggish European and Asian economic growth were offset by a positive U.S. job report. The U.S. economy added 211,000 jobs; resulting in 69 consecutive months of positive job growth. The Fed is expected to increase interest rates this month. The North American credit market remains favorable to borrowers.

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  • The Geek's Reading List: Nov 27

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Apple, Li-Fi Car and Tesla. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Nov 27

    Posted By: Anan Sivapalu

    Capital markets remain conducive to M&A activity. Last week North American markets were unchanged with 95%+ of the S&P 500 companies reporting Q3 results. However, the Russell 2000 rose by 2.3%, indicating a rotation into small capitalization stocks. The brick and motor store sales from Black Friday are expected to be lower compared to last year as consumers move toward online discount retailers. Credit conditions remain favorable.

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  • Canadian Private Market Recap: Nov 20

    Posted By: Anan Sivapalu

    The equity and debt markets remain conducive to M&A activity. Last week, the North American equity markets rebounded from last week’s drop, with all broad indices increasing significantly. Positive earnings releases from U.S. discount retailers and a positive U.S. economic outlook contributed to the surge in stock prices. The terrorist attack on Paris had very little impact on the North American markets. The VIX declined by 23.0% and credit markets were unchanged versus last week.

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  • The Geek's Reading List: Nov 20

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Facebook, Driverless Car and Cisco. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • The Geek's Reading List: Nov 13

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Facebook, Microsoft and Google. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Nov 13

    Posted By: Anan Sivapalu

    Anticipation of a Fed rate hike before the end of the year and retail sector weakness have had a negative impact on the North American equity markets. Last week the S&P 500 and the TSX Composite declined by 3.6% and 3.5% respectively. The fear index jumped 40 percent from last week. The latest reported inflation number, 1.9%, and the strong October employment numbers are pointing to a likely Fed rate hike in December. The factors also impacted credit markets as spreads increased.

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  • Canadian Private Market Recap: Nov 8

    Posted By: Anan Sivapalu

    Surging U.S. job growth had a positive impact on the North American indices. The S&P 500 index increased by 1.0% and TSX Composite increased by 0.2%. The U.S. Treasury bond rate increased slightly in anticipation of a federal rate hike in December 2015. The VIX declined by 4.9%, indicating the market shrugged off the rate hike signal from the Fed.

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  • The Geek's Reading List: Nov 6

    Posted By: Brian Piccioni

    Highlights from this week's tech report include 2 Billion Jobs to Disappear by 2030, Intel, and Windows 10. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Oct 30

    Posted By: Anan Sivapalu

    Last week, the North American equity markets were virtually unchanged from the prior week, with the exception of the TSX Composite, which declined 3%, reflecting slower than expected Canadian GDP growth (+0.1%). The results of the stress test on the Greek banking sector revealed a capital deficit of only $15.8 billion provided some relief. The credit spread on mid-market loans continues to fall, reflecting favorable credit conditions.

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  • The Geek's Reading List: October 30

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Brain Connected Tablet, Telcos, and Windows 10. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Oct 23

    Posted By: Anan Sivapalu

    Last week, the S&P 500 Index advanced from the previous week (+2.1%). Strong quarterly performance by Microsoft, Google and Amazon helped push the index higher. Newly planned stimulus by E.U and China reassured the markets. However, future interest rate action by the Federal Reserve, the weakness in Chinese growth and U.S. Government budgetary brinkmanship added to the fear index (+0.2%). While in Canada, the TSX index advanced slightly compared to the previous week (+0.8%); helped by rebounding share price of Valeant Pharmaceutical International (TSX: VRX). The credit markets remained relatively unchanged.

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  • The Geek's Reading List: October 23

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Next-gen cellular networks, Driverless trucks, and Tesla’s autopilot. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Oct 16

    Posted By: Anan Sivapalu

    Earlier last week, Labatt purchased Mill Street Brewery for an undisclosed sum. Labatt has committed $10 million to upgrade Mill Street’s Toronto facility to grow its newly acquired craft brewery segment. WSP Global has purchased MMM Group for $425 million; further strengthening its position in Canada. In financing news, Cymax successfully raised $25 million to develop and deploy its analytically-predictive inventory management platform. Here are the major deals of the week.

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  • The Geek's Reading List: October 16

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Oracle, Tesla, and the first 3D printed nozzle ring for quick turbocharger repair. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Oct 9

    Posted By: Anan Sivapalu

    Earlier last week, Canadian Solar closed its acquisition of Ontario solar assets from KKR for $270 million. In financing news, Pearl Energy Investments and Natural Gas Partners contributed $123 million in equity to launch Wild Wind Petroleum. Here are the major deals of the week.

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  • Canadian Private Market Recap: Aug 31

    Posted By: Andrea Banerjee

    Securite Above has agreed to be purchased by Hitachi Systems Ltd, a subsidiary of Japan’s Hitachi Ltd. This will support the company's global strategic growth plan to stay competitive in the IT security market. In financing news, Brookfield Asset Management has made its first investment in Indian infrastructure from Gammon Infrastructure Projects Ltd.

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  • The Geek's Reading List: August 28

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Windows 10, the Internet of Things, and a mind-controlled robotic exoskeleton that helps paraplegics walk. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Aug 23

    Posted By: Andrea Banerjee

    Last week it was announced that Brookfield Infrastructure Partners will make an $8.84 billion acquisition of Australian Rail Fright Firm, Asciano Ltd. Upon completion, the deal will be one of the largest in history involving the acquisition of an Australian target firm by an overseas investor. In financing news, Canadian companies City Wide Towing and Alliance Corporation both secured investments from private equity partners to fund continued growth. Here are the major deals of the week.

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  • The Geek's Reading List: August 21

    Posted By: Brian Piccioni

    Highlights from this week's tech report include ad blockers, IBM's brain-inspired chip, and the Ashley Madison leak. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: August 16

    Posted By: Andrea Banerjee

    Quebec-based Manac Inc will become a private company with an acquisition led by the caisse de depot et placement due Quebec. GrafTech International will also stop trading public shares after this week’s acquisition by Brookfield Asset Management. In financing news, Toronto’s Intelex Technologies completed a successful funding round, securing $160 million.

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  • The Geek's Reading List: August 14

    Posted By: Brian Piccioni

    Highlights from this week's tech report include virtual reality, 3D-printed human hearts, and pig-to-primate organ transplants The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Aug 9

    Posted By: Andrea Banerjee

    IPOs seemed to dominate M&A news this week as luxury fashion retailer Neiman Marcus revealed its plans to go public with a target of $100 million. Toronto firm Gibraltar & Co Inc also filed a preliminary prospectus for an IPO targeted at raising $100 million for Gibraltar Growth Corp, a special purpose acquisition corporation. It was also announced that Onex Corp’s Jeld-Wen Holding Inc is working on a potential initial public offering too. In acquisitions news, European PE firm Permira and CPPIB have completed their previously announced joint acquisition of software company Informatica Corp for $5.3 billion.

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  • Time Becomes Your Enemy

    Posted By: Paris Aden

    In every sale transaction, there is a “window of vulnerability” for the seller that starts with the initiation of sale discussions with a potential buyer and ends with the closing of the sale. This article discusses three inevitable risks that a seller will encounter in an M&A transaction.

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  • The Geek's Reading List: August 7

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Facebook's newest innovation and the most wired city in the world - can you guess it? The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: Aug 2

    Posted By: Andrea Banerjee

    Last week in M&A activity saw notable acquisitions in the Canadian mid-market, including GFL Environmental Inc.’s purchase of three Concord, Ontario-based businesses: Anpro Environmental Group Inc., Anpro Excavating & Grading Ltd. and Pro-Green Demolition Ltd. Toronto-based menswear retailer Grafton Fraser Inc will assume operations of all 35 Jones New York retail stores across Canada. In financing news, SaaS company Dealer-FX and digital media company VerticalScope have secured strategic growth investments.

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  • The Geek’s Reading List: July 31

    Posted By: Brian Piccioni

    Highlights from this week's tech report include 3D printed porcelain teeth, Google Tax and the battery revolution. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: July 26

    Posted By: Andrea Banerjee

    Last week in M&A activity 40 year-old Canadian retail brand Comark was purchased by Stern Partners. Comark is the parent company of fashion brands Ricki's, Bootlegger and Cleo, and is just one of many retail chains that have struggled in the recent market. In financing news, Marina District Finance and Cargojet secured capital for continued development, and Vancouver's ProNAi Therapeutics raised over $158 million in its IPO. Here are the major deals of the week:

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  • The Geek’s Reading List: July 24

    Posted By: Brian Piccioni

    Highlights from this week's tech report include robotic surgery and 3D bone printing. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: July 19

    Posted By: Andrea Banerjee

    Last week the M&A market saw major activity with a 10-figure cash transaction as Stericycle bought Shred-It, the Oakville-based shredding and document destruction service, for $2.3 billion. The acquisition killed plans for Shred It’s IPO which was to be one of the biggest this year. It proved to be a major week for Birch Hill Equity Partners, as another of its portfolio investments, Sleep Country Canada Holdings, completed its IPO raising gross proceeds over $300 million.

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  • The Geek’s Reading List: July 17

    Posted By: Brian Piccioni

    Highlights from this week's tech report include self-driving cars and the corporate overlords of Reddit. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: July 12

    Posted By: Andrea Banerjee

    In addition to a flurry of sales activity from U.S. private equity firms in the Canadian mid-market, last week saw foreign PE-backed add-ons fortifying existing Canadian agencies. High Road Capital Partners will make Toronto-based Ariad a cross-border platform, while the Japanese acquisition of Sid Lee will mobilize the agency's expansion into Asia. In financing news, the Caisse de depot et placement du Quebec has invested $8.2 million for the growth of Montreal’s Fix Auto Canada, and shares of Crown Capital Partners began trading on the Toronto Stock Exchange following a successful IPO.

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  • The Geek’s Reading List: July 10

    Posted By: Brian Piccioni

    Highlights from this week's tech report include autonomous vehicles, gigabit networks and 3D printing for aerospace. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: July 5

    Posted By: Andrea Banerjee

    The Ontario Teachers’ Pension Plan made headlines last week with a $3.3 billion purchase of Cenovus Energy’s oil and gas royalty properties. The deal will assign roughly 4.8 million acres of mineral fee title lands to the Teachers’ Natural Resources Group. In other 10-figure deal activity, the federal government has approved the sale of a majority stake in Montreal’s Cirque du Soleil to global investment firm TPG and its Chinese partners.

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  • The Geek’s Reading List: July 3

    Posted By: Brian Piccioni

    Highlights from this week's tech report include a drone rescue, a robot bricklayer, and Google's recent racist blunder. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: June 26

    Posted By: Ari Cuperfain

    Rogers Communications dominated the Canadian private market M&A stage last week with the purchase of Mobilicity for $465 million. The cleantech industry was also active, with BluEarth purchasing a fourth power plant from Canadian Solar, and receiving an add-on investment from OTPP. Lastly, Acasta Enterprises and Crown Capital Partners look to raise funds through IPOs.

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  • The Geek’s Reading List: June 26

    Posted By: Brian Piccioni

    Highlights from this week's tech report include drones, facial recognition technology and Tesla. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: June 19

    Posted By: Ari Cuperfain

    Foreign private equity interest in the Canadian middle market continued to drive deal activity over the past week. U.S. private equity firm buyers accounted for three Canadian mid-market acquisitions. Additionally, both Shred-It and Sleep Country Canada, two portfolio companies owned by Birch Hill Equity Partners, are considering the launch of their respective IPOs.

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  • The Geek’s Reading List: June 19

    Posted By: Brian Piccioni

    Highlights from this week's tech report include autonomous vehicles, robots and DNA. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: June 12

    Posted By: Ari Cuperfain

    The major story of the week was CPPIB’s acquisition of GE Capital’s private equity lending arm Antares Capital. The $12 billion deal will establish the CPPIB as a major lender for middle-market private debt. Aside from the GE deal, the Canadian M&A mid-market was fairly active this past week, driven by both private equity investors and industry consolidators. For more information, continue reading.

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  • The Geek’s Reading List: June 12

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Tesla batteries, mobile advertisements and the impending impact of driverless cars on the Canadian economy. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Mid-Market M&A by Deal Size

    Posted By: Ari Cuperfain

    Historically, the majority of Canadian transactions valued between US$5-500 million fall in the US$5-50 million range by deal count. Since 1Q 2012, 55-70% of transactions were in the US$5-50 million range, 23-39% of deals were in the US$50-250 million range, and only 2-8% of mid-market deals were in the US$250-500 million range. While deal activity was low in 1Q 2015, the share of activity from deals worth less than $50 million was at the high end of the historical range and has been trending upward for the last three quarters.

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  • Canadian Mid-Market M&A: Acquirer Origin

    Posted By: Ari Cuperfain

    Canadian companies and investment funds remain by far the most active acquirers within the Canadian middle-market, representing approximately 80% of acquisitions by deal count. Due to the volatility of acquisitions by foreign entities, the share is expressed as a 12-month trailing average in the chart above. Not surprisingly, U.S. entities are the most active of foreign acquirers in the Canadian mid-market, owing to its robust M&A market, and our long-standing economic interdependence.

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  • Canadian Mid-Market M&A by Industry

    Posted By: Ari Cuperfain

    The most striking change with the Canadian middle-market industry breakdown is in the commodity sectors. Energy deals made up a mere 7.8% of 1Q 2015 Canadian mid-market transactions by deal count. Our data dates back to 1Q 2000, and 1Q 2015 activity had the lowest contribution from the energy industry in any recorded quarter. With low oil prices and the resulting pressure on strategic capital, industry consolidators within the energy sector have slowed their activity significantly. The slowing of deal activity in this sector has had a major impact on the Canadian market as a whole, including mid-market M&A.

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  • Canadian Private Market Recap: June 5

    Posted By: Ari Cuperfain

    Last week’s activity in the Canadian private market included a number of cross-border transactions, led by both private equity firms and industry consolidators. The trend of strong performance for Canadian businesses choosing to go public in the U.S. market continued with DAVIDsTEA’s NASDAQ IPO on Friday. Here are the major deals for the week.

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  • Canadian Mid-Market M&A by Quarter

    Posted By: Ari Cuperfain

    Canadian M&A activity is off to a slow start this year in both deal count and total volume. The Canadian economy has been poor due to crippling oil prices in light of Canada’s resource-heavy economy. As will be discussed in the 1Q 2015 analysis by industry, Energy deals were down by 55% compared to 1Q 2014.

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  • Canadian Mid-Market M&A: Global Context

    Posted By: Ari Cuperfain

    Globally, M&A activity for transactions in the US$5-500 million range was slower in the first quarter of 2015. The aggregate transaction value reached $163.4 billion in 1Q 2015, down 7.5% from $176.7 billion in 1Q 2014. Annual transaction value increased in 2014 to $794.0 billion, up by 11% from $712.4 billion in 2013. Transaction value for 1Q 2015 was between the first quarter numbers for 1Q 2014 and 1Q 2013, suggesting that annual global transaction value is on pace to be in the $725-775 billion range for 2015.

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  • The Geek’s Reading List: June 5

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Microsoft WiFi, 3D printing and artificial organs. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: May 29

    Posted By: Ari Cuperfain

    Last week’s activity in the Canadian private market was slow, likely due to the U.S. Memorial Day holiday to open the week. Four private market transactions of note closed last week, three of which by foreign investors. Here are the major deals for the week.

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  • The Geek’s Reading List: May 29

    Posted By: Brian Piccioni

    Highlights from this week's tech report include self-driving cars, Netflix, malware and farming. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: May 18

    Posted By: Ari Cuperfain

    Last week’s activity in the Canadian private market included a number of cross-border acquisitions and a private equity-backed private placement. Here are the major deals for the week.

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  • The Geek’s Reading List: May 22

    Posted By: Brian Piccioni

    Highlights from this week's tech report include the internet of things, robotic arms, LEDs, and automation. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: May 11

    Posted By: Ari Cuperfain

    Last week’s activity in the Canadian private market was quieter than it has been of late. Several transactions closed last week, but there were few announced deals of note. Private equity firms – both in Canada and abroad – continued to drive acquisition activity within the Canadian private market.

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  • The Geek’s Reading List: May 15

    Posted By: Brian Piccioni

    Highlights from this week's tech report include self-driving cars, robots, the Apple watch and Starbucks. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Your business is unique and its saleability requires a unique, objective assessment. There are eight attributes that drive the saleability and ultimately the value of your business.

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  • Canadian Private Market Recap: May 4

    Posted By: Ari Cuperfain

    Last week’s activity in the Canadian private market included several mergers, acquisitions and financings, both domestic and international. Notably, two U.S. industry-specific consolidators have pursued acquisitions of multiple Canadian companies in a short period. In their statements, strategic acquirers noted that they are interested in businesses providing both synergies and cultural fit complementary to the acquiring company. Here are the major deals for the week.

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  • The Geek’s Reading List: May 8

    Posted By: Brian Piccioni

    Highlights from this week's tech report include Tesla batteries, self-driving cars, 'memristors', and drones. The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni.

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  • Canadian Private Market Recap: April 27

    Posted By: Ari Cuperfain

    Last week’s activity in the Canadian private market included a number of financial and strategic acquisitions, asset purchases, and two announced IPOs, one through a reverse takeover. Here are the major deals for the week.

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  • The Geek’s Reading List: May 1

    Posted By: Brian Piccioni

    The Geek's Reading List is a weekly publication written by Valitas advisor, Brian Piccioni. Highlights from this week's tech report include robots, Tesla batteries, iPhones, iPads and LEDs.

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  • Canadian Private Market Recap: April 20

    Posted By: Ari Cuperfain

    This past week’s deals in the Canadian private market saw a number of M&A transactions, asset purchases, and financings, including two take-private acquisitions by Canadian entities. Here are the major deals for the week.

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  • PitchBook’s 1Q 2015 Quarterly Recap

    Posted By: Ari Cuperfain

    Private equity and venture capital research firm, PitchBook, has started a quarterly recap series where they highlight recent developments from the past quarter in PE, VC and M&A. Trends from 2014 have largely continued into the first quarter of 2015, and we will cover some of the highlights in PE and M&A.

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  • Canadian Private Market Recap: Mar 30

    Posted By: Ari Cuperfain

    This past week saw moderate activity in the Canadian private market, with both strategic and financial acquisitions, an IPO and several financings and fundraisings.

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  • Capital Structure for U.S. Buyouts, 2014

    Posted By: Ari Cuperfain

    Private equity transactions are financed through a combination of equity and various forms of debt. The relative distribution of equity and debt as financing sources is variable and highly dependent on market conditions. This post looks at current trends in private equity capital structure for U.S. buyouts.

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  • Canadian PE & Foreign Investment, 2014

    Posted By: Ari Cuperfain

    In each of the last nine years, more than half of PE investments in Canadian businesses have been by funds outside of Canada. In 2014, the percentage of foreign PE investors was at an all-time high of 62%. Moreover, foreign investment in Canadian businesses has been growing steadily over the past decade, outpacing investments by Canadian-based PE firms.

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  • PE Investment: Canadian Businesses, 2014

    Posted By: Ari Cuperfain

    In Canada, business-to-business (B2B) and business-to-consumer (B2C) are the most active industries for private equity investment. The commodity sector has been growing steadily over the past several years. Healthcare, information technology and financial services make up less of overall investment.

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  • Canadian PE, 2014: Historical Context

    Posted By: Ari Cuperfain

    Private equity activity in Canada far exceeds pre-crisis levels, suggesting a full recovery of Canadian PE activity. Median Canadian deal size has been quite variable post-crisis. Over the past five years, hundreds of PE firms have moved down-market and are executing comparatively smaller deals.

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  • Canadian PE, 2014: Global Context

    Posted By: Ari Cuperfain

    Following the financial crisis of late 2008, private equity (“PE”) activity came back more quickly in Canada than in other geographic regions. From 2010 through 2014, PE capital invested in Canadian businesses increased from US$4.5 billion to US$13.1 billion, implying an average compounded rate of 30%. By comparison, in the U.S., PE capital invested from 2010 through 2014 grew at an average annual rate of 10%, and hasn’t yet recovered to pre-crisis levels.

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