Transportation and Logistics
Vision Marine Technologies Inc. secured up to US $3M investment by form of preferred shares from Government of Québec, through Investissement Québec
Investissement Québec, BDC Capital, Fidelity and Desjardins Capital backed Leddartech's going public on NASDAQ saw its value of original holdings reduced from US $200M to US $53.4M (Jan 3, 2024).
Raghav Midha and Connor Giles founded Terminal secured US $3.1M seed funding led by Golden Ventures, with participation of Y Combinator, Wayfinder Ventures, Northside Ventures, McVestCo VC, and private investors.
Pallasite Ventures and House of Lithium backed Damon Motors to go public on NASDAQ by way of reverse take-over of Inpixon with a deemed valuation of US $224-284M.
Miovision closed second and final tranche of funding round announced in April with additional $36M funding from TELUS Ventures, Maverix Private Equity, EDC, McRock Capital, HarbourVest Partners and BDC Capital, bringing total funding of the round to $296M
Blue Wolf, with support of Stonepeak, to acquire LOGISTEC for an enterprise value of $1.2B from Sumanic Investments, QV Investors and other shareholders. CDPQ, with 13.7% voting control, did not announce its support. Gouvernement du Québec through Investissement Québec is in discussion for a potential investment in LOGISTEC.
D. Wayne McIntyre, Grant Jobb and Graham Campbell led Relocalize secured US $2.5M initial closing of a US $3.5M seed funding round ked by i4 Capital and Waterpoint Lane with participation of RGS Ice, LLC.
Wavecrest Growth Partners in partnership with MassMutual Ventures closed $100M recap of Cardata Consultants, buying out stakes held by search fund investors including Sage Capital. Michael Levine and Sheret Ross continue to lead Cardata.
TorQuest acquired Brimich Logistics from Pat Fergus and family which remain as significant shareholders. Stikeman Elliott acted as TorQuest's legal advisor. RBC Capital Markets and Gowling WLG (Canada) served as Brimich's respective financial and legal advisor.
Investissement Québec, Fonds de solidarité FTQ and Fondaction to invest US $74M in The Lion Electric Company as part of US $142M financing package. Largest shareholder Power Energy Corporation is not taking part in financing.
Boxhub secured $12.4M Series A led by AlleyCorp with participation from Solasta Ventures, Interplay VC, FJ Labs, and Hum Capital. AlleyCorp Partner Susannah Shipton joined Boxhub board of directors.
Alexander Luksidadi, Justin Sky, and Justin Bailie founded Rose Rocket secured US $38M Series B funding led by Scale Venture Partners with participation from Addition Capital, Shine Capital, Scale-Up Ventures, Funders Club and Y-Combinator.
Groupe Nouveau Pont Île-Aux-Tourtes closed $380.15M senior bond offering with participation of CDPQ, BCI (likely) and 4 Ontario and Quebec investors. Scotia Capital Inc. and CIBC World Markets acted as underwriters of the bond offering.
NFI Group Inc. entered into agreement with Coliseum Capital Management, LLC for investment of up to US $150M by Coliseum, up to US $175M from Coliseum private placement and an alternative offering
Intercap Equity controlled E Automotive opted for delisting from TSX instead of a going-private transaction. Intercap to backstop $20M private placement to fund substantial issuer bid for cancellation up to $7.5M shares to "provide existing shareholders an opportunity for liquidity in advance of the voluntary delisting."
goeasy Ltd. is revealed as the largest creditor in Canada Drives which filed CCAA protection on March 20, 2023. Canada Drives owed $82.46M (94% of total debt) to goeasy, TD Bank, KAR Global, Automotive Finance Canada, Canada Revenue Agency (CRA).