MKB Partners Fund final closes with over $50M committed capital

MacKinnon, Bennett & Company (MKB) has held a final close for MKB Partners Fund, a clean energy, transportation and smart city fund, securing commitments in excess of its $50 million target.

Davies Ward Phillips & Vineberg acts as legal counsel to MKB.

Limited partners include Bennett Church Hill Capital Inc. (a co-founder of MKB), BDC Capital, Fonds de solidarité FTQ, the McConnell Foundation and MKB itself, and a group of family offices, foundations and accredited investors.

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Led by Kenneth MacKinnon, Managing Partner, John W. Bennett, Chairman, and Philip K. Ryan, Chair, MKB Investment, MKB is a Montreal based private equity firm that provides growth capital to companies at the forefront of innovation in the energy, transportation and smart city sectors.

To date, the fund has invested approximately $20 million in four companies including: Miovision Technologies Inc., a leading traffic systems and data analytics company; BBOXX Ltd., an off-grid solar energy service provider; Communauto Inc., Canada’s largest car-sharing operator and Meteo Protect SAS, a creator of innovative weather risk management solutions.

“MKB and the Fund partner with management teams who are building dynamic companies for a more sustainable future,” said Ken MacKinnon, co-founder of MKB and Managing Partner of the Fund. “We are excited to work closely with Bennett Church Hill Capital Inc. and BDC Capital, one of Canada’s largest fund-of-funds investors. As the Fund’s first institutional investor, BDC Capital played an important catalytic role in helping us surpass our fundraising target and attract other institutional investors. We are also delighted to have secured the support of the Fonds de solidarité FTQ and the McConnell Foundation.”

“BDC Capital seeks to help build and maintain a strong cleantech ecosystem in Canada with players at each stage of the financing chain,” explained Nicolas Gravel, Director, Fund Investments, BDC Capital. “It’s important for us to support new promising fund managers, like MKB, who have differentiated investment models and the ambition to grow their activities in this sector.”

“With its seasoned team in sustainable and socially responsible investment, MKB is a partner of choice for the Fonds de solidarité FTQ,” said Alain Denis, Senior Vice-President, Innovation and Agri-food, at the Fonds. “Our investment in this fund specializing in the innovative fields of clean energy and transportation, as well as smart cities, fits perfectly with the Fonds’ commitment for an energy transition respectful of workers.”

“MKB’s focus on smart cities, transportation and clean energy, allows us to make a capital investment that also advances the philanthropic goals and granting activities of the McConnell Foundation. We welcome this opportunity to invest in an initiative with financial returns and positive impact on environmental priorities,” said Stephen Huddart, President & CEO of the McConnell Foundation.

MKB


Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of sophisticated and advanced CPE Media Private Capital Dealbase. Ted is President of CPE Media Inc., Canada's independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry and public market.
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