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Canadian Private Market Recap: May 29

  • Posted By: Ari Cuperfain

  • |
  • Comments: 1

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:

Qfinsoft Technology Acquired by Aavid Corp
New Star Energy to be Acquired by Chinese Buyer
Plant Hope Adjustors Acquired by ClaimsPro
SportsDirect Acquired by Gracenote

M&A

Qfinsoft Technology Acquired by Aavid Corp

Qfinsoft Technology Inc. has been acquired by Aavid Corporation. The financial terms of the deal were not disclosed. Qfinsoft, based in Rossland, BC, develops software that can be used to model fluid flow, thermodynamics, and combustion processes. Headquartered in Laconia, New Hampshire, Aavid offers thermal management solutions for a range of application. About the deal, Founder and President of Qfinsoft Jan Visser said, “Joining Aavid will allow our software products to expand globally to serve the growing needs of worldwide electronics markets. Our products are uniquely designed to enable rapid design of custom cooling solutions taking advantage of proven embedded models of Aavid’s thermal management technologies. We are pleased to partner with the Aavid team to expand our business geographically and across new markets.” Aavid is owned by U.S. private equity firm Audax Private Equity since it was acquired in 2012.

New Star Energy to be Acquired by Chinese Buyer

New Star Energy Ltd., a portfolio company of Canadian private equity firm JOG Capital, has entered into an agreement to be acquired by an undisclosed Chinese buyer. The transaction is valued at approximately C$215 million with shareholders receiving C$1.25 per share. The buyer will also assume the net debt of the company. New Star is based in Calgary, AB and is a light/medium crude oil and natural gas company with oil resources located outside Edmonton. The company was founded in 2012.

Plant Hope Adjustors Acquired by ClaimsPro

ClaimsPro today announced that it has acquired Plant Hope Adjusters Ltd. The financial terms for the transaction were not disclosed. Plant Hope provides adjustment services and is located in Moncton, NB. ClaimsPro is an independent adjusting and claims management company headquartered in Toronto, ON and operating throughout Canada. Regarding the deal, Plant Hope President Fred Plant said, “When we looked at our philosophy and ClaimsPro’s business strategy, we found significant alignment centered on our people and our commitment to delivering the best service to our clients…We are excited about this new alliance and the opportunity for our people to reach even higher from the solid platform ClaimsPro has built across Canada.” ClaimsPro is an affiliate of SCM Insurance Services.

SportsDirect Acquired by Gracenote

SportsDirect Inc. has been acquired by Gracenote Inc., a division of Tribune Media Company (NYSE: TRCO). SportsDirect, based in Halifax, NS, collects and provides sports data information to clients and employs approximately 200 workers. Concurrent with the acquisition of SportsDirect, Gracenote will also acquire Netherlands-based Infostrada Statistics, B.V. and U.S.-based Covers Media Group. The precise financial consideration for the acquisition of SportsDirect was not disclosed, but the aggregate value of the three acquisitions was US$54 million. With these acquisitions, Tribune Media will launch Gracenote Sports to augment its service offerings in sports entertainment to its clients. 

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