Transportation and Logistics
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).
Taiga Motors closed $40.15M secured convertible debentures financing with Northern Private Capital (NPC) and Investissement Québec (IQ). NPC's Andrew Lapham, Michael Fizzell and Francis (Frank) Séguin and IQ's Marc Fortin will join Taiga board of directors.
Bird Global, issued additional US $3M Convertible Senior Secured Notes, bringing total notes issuance to US $60M including $27M issued for the acquisition of Bird Canada and US $30M issued concurrent with acquisition.
Daimler Truck AG's Torc Robotics to acquire Algolux from Allan Benchetrit led management shareholders and GM Ventures, Generation Ventures, Drive Capital, Forté Ventures, Real Ventures, Intact Ventures, Alumni Ventures Group, Playground Ventures.
Rob Ostfield founded WeeL secured $750K funding led by Canada Tire Inc. with participation of Michael Galego, Stephen Arbib, Lorne Gertner, and others.
Devashish Paul founded BluWave secured $9.5M Series A funding led by PowerON Energy Solutions/Ontario Power Generation with participation of private investors led by Capital Angels Network. Ontario Power's James Brewer joined BluWave board of directors.
Caisse de dépôt et placement du Québec (CDPQ) reached an agreement for the acquisition of a 50% co-control interest in A25 Concession from Transurban Group (ASX: TCL) for CDN $355M.
Raquel Urtasun founded Waabi secured a strategic investment from Volvo Group Venture Capital (VGVC), following US $83.5M Series A in 2021 led by Khosla Ventures with participation of Uber, Radical Ventures, 8VC, OMERS Ventures, BDC Capital, and others.