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VC & PE CANADIAN MARKET OVERVIEW // YTD Q3 2016
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 2
CONTENTS FOREWORD .................................................................................................................3
VENTURE CAPITAL CANADIAN MARKET OVERVIEW ...............................4 VENTURE CAPITAL HIGHLIGHTS ............................................................................................................... 5
VENTURE CAPITAL HEAT MAP ..................................................................................................................... 6
QUARTER-OVER-QUARTER VC INVESTMENT ACTIVITY ......................................................... 7
TOP CANADIAN PROVINCES FOR VC INVESTMENTS ............................................................... 8
VC SECTOR BREAKDOWN .................................................................................................................................9
TOP VC SECTORS ........................................................................................................................................... 10, 11
TOP 10 DISCLOSED CANADIAN VC DEALS ....................................................................................... 12
TOP DISCLOSED VC EXITS ............................................................................................................................. 13
MOST ACTIVE FIRMS .......................................................................................................................................... 14
MOST ACTIVE PENSION, RETAIL, CORPORATE & OTHER PUBLIC FUNDS ............. 15
MOST ACTIVE GOVERNMENT FUNDS ................................................................................................. 16
PRIVATE EQUITY CANADIAN MARKET OVERVIEW ................................. 17 PRIVATE EQUITY HIGHLIGHTS ................................................................................................................... 18
PRIVATE EQUITY HEAT MAP ......................................................................................................................... 19
QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY ...................................................... 20
TOP CANADIAN PROVINCES FOR PE INVESTMENTS.............................................................. 21
PE SECTOR BREAKDOWN ............................................................................................................................. 22
OIL & GAS, POWER AS TOP PE SECTOR .............................................................................................. 23
TOP 10 DISCLOSED PE DEALS .................................................................................................................... 24
TOP 3 DISCLOSED PE EXITS ......................................................................................................................... 25
MOST ACTIVE PE FIRMS ................................................................................................................................. 26
CVCA METHODOLOGY ........................................................................................ 27
AUTHORS, ABOUT CVCA AND CONTACT INFO ....................................... 28
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 3
FOREWORD
2016 has been a year of highs and lows for Canada’s VC and PE industries. With one quarter to go, things are hot on the VC side, with $2.1B in investments recorded in the first three quarters of 2016. This is just 9% shy of the total invested in 2015 and there’s every indication that 2016 VC investment will surpass last year’s numbers.
With more than 111 deals in Q3 valued at $605M in total, VC investment increased 8% over the quarterly average of $562M since 2013. Average deal sizes in several sectors reached high-water marks since 2013. ICT average deal sizes increased 24% to $5.6M, life sciences went up 17% to $6.9M and agribusiness soared 260% to $7.6M. In fact, VC investment in agribusiness has been on the upswing since 2013, growing from $14M to $27M in 2014, $42M in 2015 and $153M in the first three quarters of 2016.
Ontario and Quebec continue to lead all other provinces in terms of dollars invested. More notable were the spikes in the average deal sizes: up 44% in Ontario (to $7.5M) and 46% in Quebec (to $5.7M).
“The higher average deal size we’re seeing for VC investment demonstrates continued confidence in Canadian entrepreneurs,” says Mike Woollatt, chief executive officer, CVCA. “Canadian VC is on a much needed upswing.”
However, on the PE side, the high relative valuations in the current environment have contributed to a fairly slow first three quarters of 2016. Just $9B was invested over 271 deals, down 55% from the same time last year when $20B was invested over 311 deals. Quebec was a contrarian bright spot with much of the investment activity supported by local investors; 5 of the top 10 PE investors were Quebec-based, investing a total of $1.6B over 169 deals in the first three quarters of 2016.
Ontario captured 42% of the PE dollars invested with $3.8B over 60 deals. Quebec was second in dollars invested, capturing 25% with $2.3B invested and first in deals with over 140 transactions. Oil and gas captured almost a third of all YTD PE investments ($2.8B, 26 deals) but still remains well off the pace in activity. ICT was close behind at 25% ($2.3B, 41 deals), followed by cleantech at 21% ($1.9B, 19 deals).
Tough market conditions continue to hamper exits; there was only $3.5B in exits YTD 2016 compared to $11B last year.
“PE remains in a bit of a holding pattern, particularly in its leading category of oil and gas,” Woollatt says. “It’s looking like 2016 will end up more like 2013 than the huge levels we saw in 2014 and 2015.”
CVCA Q3 2016 Results: VC continues upward trend, PE remains in holding pattern
AT $716M, 2016’S TOP 10 VC DEALS TO DATE RUN 29% HIGHER THAN TOP 10 DEALS IN 2015 ($557M)
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 4
VENTURE CAPITAL CANADIAN MARKET OVERVIEW
// YTD Q3 2016
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 5
VENTURE CAPITAL HIGHLIGHTS // YTD Q3 2016
Key Findings:
The $2.1B invested in the first 3 quarters of 2016 is 9% shy of the total invested in all of last year and more than any previous single year since 2007.
Average VC deal size this year is $5.83M, the highest since 2013. $605M invested over 111 deals in Q3 2016, 8% higher than the quarterly average ($562M) since 2013. Ranked first and second respectively in terms of both YTD number of deals and dollars
invested, Ontario ($1B invested over 134 deals) and Quebec ($629M invested over 115 deals) saw their average VC deal size average spike by 44% (to $7.5M) and 46% (to $5.7M).
There was $1.4B (over 241 deals) invested in ICT companies, just 3% less than last year’s total, and higher than the amounts invested in all of 2014 ($1.3B) and 2013 ($1.1B).
VC Investments in agribusiness shows an upward year-over-year trend: $14M in 2013, $27M in 2014, $42M in 2015 and $153M in the first three quarters of 2016.
High-water marks not seen since 2013 for: ICT - $5.6M (up 24%); life sciences - $6.9M (up 17%); agribusiness - $7.6M (up 260%) and others - $5.9M (up 117%).
Of the $716M invested in the top 10 VC deals of 2016, $454M (63%) was invested in early-stage companies and $262M (37%) in later-stage companies.
The largest YTD disclosed exit involving Canadian investors involved the acquisition of Privacy Analytics Inc. by IMS Health for $44M. Investors included BDC Capital Inc., Fight Against Cancer Innovation Trust (FACIT), IMS Health, MaRS IAF, Purple Angel and Vanedge Capital Partners Ltd.
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 6
115134
52 124
23$312M
$16M
$82M
$629M
$1BOntario
BC
Alberta
Manitoba
Québec Nova Scotia$48M
New Brunswick
Newfoundland& Labrador
$28M
$5M
$18MSaskatchewan
PrinceEdward Island
17
3
17
$2.1btotal
368 dealstotal #
VENTURE CAPITAL HEAT MAP // YTD Q3 2016
QUARTER-OVER-QUARTER VC INVESTMENT ACTIVITY
0
20
40
60
80
100
120
140
160
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
$41
4
$34
0
$6
01
$54
0
$35
8
$41
1
$6
54
$6
13
$41
9
$6
64
$6
21
$6
58
$8
43
$6
97
85
82
10297
110
91
110
122 133
139 142
131
119
138
Q3
$6
05
111
$ Millions Invested
# Deals
2013 2014 2015 2016
TOTAL:366 DEALS
$1.9B
TOTAL:433 DEALS
$2.0B
TOTAL:545 DEALS
$2.4B
TOTAL:368 DEALS
$2.1B
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 7
TOP CANADIAN PROVINCES FOR VC INVESTMENTS // YTD Q3 2016
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: Q3 2016 | 8
#1 // Ontario
#2 // quebec
#3 // bc
ONTARIO’S TOP DEAL
ICT
LIFE SCIENCES
QUEBEC’S TOP DEAL
BC’S TOP DEAL
COMPANY NAME SECTOR DISCLOSED INVESTORS $ MIL.
THALMIC LABS. INC. ICTAMAZON.COM NV INVESTMENT HOLDING LLC, FIRST ROUND CAPITAL, FMR LLC (FIDELITY), INOVIA CAPITAL INC., INTEL CAPITAL, SPARK CAPITAL
$158
REAL MATTERS ICT CDN PRIVATE INVESTORS, WHITECAP VENTURE PARTNERS $100
BUILDSCALE, INC. ICTBATTERY VENTURES, BESSEMER VENTURE PARTNERS, INOVIA CAPITAL INC., OMERS VENTURES MANAGEMENT INC., SALESFORCE VENTURES, SOFTTECH VC
$49
COMPANY NAME SECTOR DISCLOSED INVESTORS $ MIL.
DALCOR PHARMACEUTICALS INC.
LIFE SCIENCES CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, CTI PARTNERS, FONDS DE SOLIDARITÉ FTQ, CDN PRIVATE INVESTORS $128
ILKOS THERAPEUTICS INC. LIFE SCIENCES CTI PARTNERS, FONDS DE SOLIDARITÉ FTQ $21
ADDÉNERGIE TECHNOLOGIES INC ICT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC,
INVESTISSEMENT QUÉBEC $13
COMPANY NAME SECTOR DISCLOSED INVESTORS $ MIL.
ZYMEWORKS INC. LIFE SCIENCES
BDC CAPITAL AND LUMIRA CAPITAL, JOINED BY ELI LILLY, CELGENE, CTI LIFE SCIENCES, FONDS DE SOLIDARITÉ, PERCEPTIVE ADVISORS, TERALYS CAPITAL, NORTHLEAF, BRACE PHARMA CAPITAL, MERLIN NEXUS, OTHERS
$87
INDOCHINO APPAREL INC. ICT DAYANG GROUP CO., LTD. $42
BENCH ACCOUNTING, INC. ICT ALTOS VENTURES, BAIN CAPITAL, LLC, CONTOUR VENTURE
PARTNERS $20LIFE SCIENCES
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 9
VC SECTORBREAKDOWN// YTD Q3 2016
Life Sciences
$386M // 56 DEALSAVERAGE DEAL SIZE: $6.9M
Others
$94M // 16 DEALSAVERAGE DEAL SIZE: $5.9M
AgriBusiness
$153M // 20 DEALSAVERAGE DEAL SIZE: $7.6M
ICT $1.36B // 241 DEALS
AVERAGE DEAL SIZE: $5.6M
Clean Tech
$154M // 35 DEALSAVERAGE DEAL SIZE: $4.4M
TOP VC SECTORS // YTD Q3 2016
continued VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: Q3 2016 | 10
ICT
life sciencesCOMPANY NAME PROVINCE DISCLOSED INVESTORS $ MIL.
DALCOR PHARMACEUTICALS INC.
QUEBEC
CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, CTI PARTNERS, FONDS DE SOLIDARITÉ FTQ, CDN PRIVATE INVESTORS
$128
ZYMEWORKS INC. BC
BDC CAPITAL AND LUMIRA CAPITAL, JOINED BY ELI LILLY, CELGENE, CTI LIFE SCIENCES, FONDS DE SOLIDARITÉ, PERCEPTIVE ADVISORS, TERALYS CAPITAL, NORTHLEAF, BRACE PHARMA CAPITAL, MERLIN NEXUS, OTHERS
$87
ILKOS THERAPEUTICS INC.
QUEBECCTI PARTNERS, FONDS DE SOLIDARITÉ FTQ
$21
ESSA PHARMA INC. BC
BLOOM BURTON & CO. LIMITED, CHARLESTOWN JUPITER FUND, LLC, CLARUS VENTURES, LLC, DEERFIELD MANAGEMENT COMPANY, L.P., K2 & ASSOCIATES INVESTMENT MANAGEMENT INC., LS ADVISERS, LLC, OMEGA FUND MANAGEMENT LIMITED, STRATIGIS CAPITAL ADVISORS INC
$18
INTEGA SKIN SCIENCES INC.
QUEBECKNIGHT THERAPEUTICS AND BLOOM BURTON HEALTHCARE LENDING TRUST
$11
COMPANY NAME PROVINCE DISCLOSED INVESTORS $ MIL.
THALMIC LABS. INC.
ONTARIO
AMAZON.COM NV INVESTMENT HOLDING LLC, FIRST ROUND CAPITAL, FMR LLC (FIDELITY), INOVIA CAPITAL INC., INTEL CAPITAL, SPARK CAPITAL
$158
REAL MATTERS ONTARIOCDN PRIVATE INVESTORS, WHITECAP VENTURE PARTNERS
$100
BUILDSCALE, INC. ONTARIO
BATTERY VENTURES, BESSEMER VENTURE PARTNERS, INOVIA CAPITAL INC., OMERS VENTURES MANAGEMENT INC., SALESFORCE VENTURES, SOFTTECH VC
$49
INDOCHINO APPAREL INC.
BC DAYANG GROUP CO., LTD. $42
LEAGUE, INC. ONTARIO
BDC CAPITAL INC., OMERS VENTURES MANAGEMENT INC., QUANTUM VALLEY INVESTMENTS, REAL VENTURES, OTHER INVESTORS
$32
$158M#1 ICt Investment
$128M#1 life sciences Investment
continued
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: Q3 2016 | 11
cleantechCOMPANY NAME PROVINCE DISCLOSED INVESTORS $ MIL.
ECOBEE, INC. ONTARIOAMAZON.COM NV INVESTMENT HOLDING LLC, RELAY VENTURES, THOMVEST VENTURES, INC.
$35
MORGAN SOLAR INC. ONTARIO ARCTERN VENTURES $10
ECOBEE, INC. ONTARIO EDC EQUITY $10
AXINE WATER TECHNOLOGIES INC.
BCBDC CAPITAL INC., CHRYSALIX ENERGY VENTURE CAPITAL, THE RODA GROUP
$8
GREENMANTRA RECYCLING TECHNOLOGIES LTD.
ONTARIO CYCLE CAPITAL MANAGEMENT (CCM) INC., CDN PRIVATE INVESTORS $6
$35M#1 cleantech Investment
TOP VC SECTORS // YTD Q3 2016
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 12
TOP10 DISCLOSED CANADIAN VC DEALS // YTD Q3 2016
COMPANY NAME PROVINCE DISCLOSED VC FIRM(S) SECTOR $ MIL.
THALMIC LABS INC. ONTARIOAMAZON.COM NV INVESTMENT HOLDING LLC, FIRST ROUND CAPITAL, FMR LLC (FIDELITY), INOVIA CAPITAL INC., INTEL CAPITAL, SPARK CAPITAL
ICT $158
DALCOR PHARMACEUTICALS INC. QUEBEC CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC, CTI PARTNERS,
FONDS DE SOLIDARITÉ FTQ, CDN PRIVATE INVESTORS LIFE SCIENCES $128
REAL MATTERS INC. ONTARIO CDN PRIVATE INVESTORS, WHITECAP VENTURE PARTNERS ICT $100
ZYMEWORKS INC. BC
BDC CAPITAL, LUMIRA CAPITAL, JOINED BY ELI LILLY, CELGENE, CTI LIFE SCIENCES, FONDS DE SOLIDARITÉ, PERCEPTIVE ADVISORS, TERALYS CAPITAL, NORTHLEAF, BRACE PHARMA CAPITAL, MERLIN NEXUS, OTHERS
LIFE SCIENCES $87
FARMERS EDGE. MANITOBAAVRIO VENTURES MANAGEMENT CORP., KLEINER PERKINS CAUFIELD & BYERS (KPCB), MITSUI & CO. GLOBAL INVESTMENT LTD., OSMINGTON INC., CDN PRIVATE INVESTORS
AGRIBUSINESS $58
BUILDSCALE, INC. ONTARIOBATTERY VENTURES, BESSEMER VENTURE PARTNERS, INOVIA CAPITAL INC., OMERS VENTURES MANAGEMENT INC., SALESFORCE VENTURES, SOFTTECH VC
ICT $49
INDOCHINO APPAREL INC. BC DAYANG GROUP CO., LTD. ICT $42
ECOBEE, INC. ONTARIO AMAZON.COM NV INVESTMENT HOLDING LLC, RELAY VENTURES, THOMVEST VENTURES, INC. CLEANTECH $35
LEAGUE, INC. ONTARIO BDC CAPITAL INC., OMERS VENTURES MANAGEMENT INC., QUANTUM VALLEY INVESTMENTS, REAL VENTURES, OTHER INVESTORS ICT $32
DIABLO TECHNOLOGIES INC. ONTARIOBATTERY VENTURES, BDC CAPITAL INC., CELTIC HOUSE VENTURE PARTNERS, HASSO PLATTNER VENTURES (HPV), ISRAEL CLEANTECH VENTURES (ICV)
ICT $27
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 13
TOP DISCLOSED VC EXITS // YTD Q3 2016
#1$132M
#2$44M
Horizons Ventures Limited, Kleiner Perkins Caufield
& Byers (KPCB), Snapchat, Inc
Investors
Company buyer
Bitstrips Inc. Snapchat
Company
Aimetis Corp.
buyer
Magal Security
ICT ICT
#3$18M
Covington Capital Corporation, Magal Security Systems Ltd,
VL Advisors Inc.
Investors
Company
Privacy Analytics Inc.
buyer
IMS Health
BDC Capital Inc., Fight Against Cancer Innovation Trust (FACIT),
IMS Health Inc., MaRS IAF, Purple Angel, Vanedge Capital
Partners Ltd.
Investors
ICT
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 14
MOST ACTIVE PRIVATE INDEPENDENT FIRMS // YTD Q3 2016
* TOTAL DEAL VALUES – INCLUDES ALL PARTICIPATING INVESTORS
Total Deals $ Millions*
$103
$83
$248
$119
$93
$280
$24
$7
$21
$11
Real Ventures
Cycle Capital Management (CCM) Inc
iNovia Capital Inc.
Relay Ventures
Avrio Ventures Management Corp.
Teralys Capital
Westcap Mgt. Ltd.
Freycinet Investments Ltd.
Build Ventures
White Star Capital Inc.
52
22
14
14
9
8
7
6
5
5 Real Ventures
most active private independent FIRM
52 DEALS
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 15
MOST ACTIVE PENSION, RETAIL, CORPORATE & OTHER PUBLIC FUNDS // YTD Q3 2016
* TOTAL DEAL VALUES – INCLUDES ALL PARTICIPATING INVESTORS
Fonds de solidarité FTQ
Largest investor by total dollars
$287M
Total Deals $ Millions*
$243
$287
$38
$104
$150
Fondaction CSN
Fonds de solidarité FTQ
Capital Régional et Coopératif Desjardins
OMERS Ventures Management Inc.
Caisse de dépôt et placement du Québec
18
17
15
5
4
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 16
MOST ACTIVE GOVERNMENT FUNDS // YTD Q3 2016
Total Deals $ Millions*
$452
$28
$21
$136
$8
$51
$4
BDC Capital Inc.
New Brunswick Innovation Foundation (NBIF)
Innovacorp
Investissement Québec
MaRS IAF
EDC Equity
Atlantic Canada Opportunities Agency (ACOA)
70
23
15
13
13
11
6
BDC CAPITAL INC.most active
70 DEALS$452M
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 17
PRIVATE EQUITY CANADIAN MARKET OVERVIEW
// YTD Q3 2016
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 18
PRIVATE EQUITY HIGHLIGHTS // YTD Q3 2016
Key Findings:
Ontario captured 42% of PE dollars invested with $3.8B (over 60 deals); Quebec was second capturing 25% with $2.3B invested (over 140 deals).
5 of the top 10 PE investors were Quebec-based, investing a total of $1.6B over 169 deals in the first three quarters of 2016.
Oil and gas had nearly a third of all PE investments in Q3 with $2.8B invested in 26 deals. ICT was a close second (25% share) with $2.3B invested over 41 deals, followed by cleantech (21% share) with $1.9B over 19 deals.
There were 41 PE exits this year totalling $5.5B: 35 M&A exits ($3.5B) and 6 secondary sales ($2.0B).PE firms raised $4.7B to date in 2016, down 25% from the $6.2B raised during the same time last year.The largest disclosed PE exit of the year involved the $1.6B buyout of Ontario-based TRADER
Corporation by PE firm Thomas Bravo LLC.
1403326
72
2$1.6B
$223m
$2.3B$3.8BOntario
BCAlberta
Saskatchewan
Québec
$1.0B
1
$30mManitoba
$1.0MNova Scotia
New Brunswick
60
total 271 dealstotal #
PRIVATE EQUITY HEAT MAP // YTD Q3 2016
$9.0b
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: Q3 2016 | 19
QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY
Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1
$0
$5,000
$10,000
$15,000
$20,000
$25,000
0
25
50
75
100
125
$2,
528
$2,
927
$1,
844
$3,
96
3
$6
,277
$5,
250
$7,
80
4
$22
,852
$7,
053
$1,
86
9
$11
,36
7
$2,
60
0
$2,
971
$3,
114
55
79
47
83
64
80
88
102
91
104
116 114
87
93 91
$2,
96
0
Q3
$ Millions Invested
# Deals
2013 2014 2015 2016
TOTAL:264 DEALS
$11.3B
TOTAL:334 DEALS
$42.2B
TOTAL:425 DEALS
$22.9B
TOTAL:271 DEALS
$9.0B
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: Q3 2016 | 20
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 21
TOP CANADIAN PROVINCES FOR PE INVESTMENTS // YTD Q3 2016 #1 // Ontario
#2 // quebec
#3 // alberta
COMPANY NAME SECTOR DISCLOSED INVESTORS $ MIL.
TRADER CORPORATION ICT APAX PARTNERS LLP, THOMA BRAVO, LLC $1,617
PACIFIC EXPLORATION & PRODUCTION CORP OIL & GAS, POWER CATALYST CAPITAL GROUP INC. $641
LIFEMARK HEALTH AND VIEWPOINT MEDICAL ASSESSMENTS
LIFE SCIENCES AUDAX MANAGEMENT COMPANY, LLC, CENTRIC HEALTH CORPORATION $245
COMPANY NAME SECTOR DISCLOSED INVESTORS $ MIL.
RIMROCK OIL & GAS OIL & GAS, POWER WARBURG PINCUS LLC $690
AXIA NETMEDIA CORPORATION ICT PARTNERS GROUP HOLDING AG $272
TRANSALTA RENEWABLES INC CLEANTECH ALBERTA INVESTMENT MANAGEMENT
CORPORATION (AIMCO), TRANSALTA CORPORATION $200
COMPANY NAME SECTOR DISCLOSED INVESTORS $ MIL.
SERVICES MATREC INC. CLEANTECH
GFL ENVIRONMENTAL INC., HAWTHORN EQUITY PARTNERS, HIGHBRIDGE PRINCIPAL STRATEGIES, LLC, MACQUARIE INFRASTRUCTURE AND REAL ASSETS (MIRA)
$800
TRIOTECH AMUSEMENT INC CONSUMER & RETAIL CAISSE DE DÉPOT ET PLACEMENT DU QUEBEC,
FONDS DE SOLIDARITÉ FTQ $80
OSISKO GOLD ROYALTIES LTD. MINING & RESOURCES INVESTISSEMENT QUÉBEC $50
ONTARIO’S TOP DEAL
ICT
QUEBEC’S TOP DEAL
CLEANTECH
ALBERTA’STOP DEAL
OIL & GAS, POWER
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 22
PE SECTORBREAKDOWN // YTD Q3 2016
Oil & Gas, Power $2.8B // 26 DEALS
Life Sciences
$494M // 16 DEALS
Mining & Resources
$454M // 30 DEALS
Industrial & Manufacturing
$219M // 55 DEALS
Other
$419M // 10 DEALS
Business Products & Services
$71M // 13 DEALS
Consumer & Retail
$204M // 23 DEALS
AgriForestry
$145M // 19 DEALS
ICT
$2.3B // 41 DEALS
CleanTech
$1.9B // 19 DEALS
OIL & GAS, POWER AS TOP PE SECTOR // YTD Q3 2016
$975M
province
Disclosed Investors
Saskatchewan Assets of Penn West Petroleum
Canada Pension Plan Investment Board (CPPIB), Penn West Petroleum Ltd,
Teine Energy Ltd.
Saskatchewan
$690M
province
RimRock Oil & Gas
Warburg Pincus LLC
Alberta
Disclosed Investors
$641M
province
Disclosed Investors
Pacific Exploration & Production Corp
Catalyst Capital Group Inc.
Ontario
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: Q3 2016 | 23
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 24
TOP DISCLOSED PE DEALS // YTD Q3 2016
TOP COMPANY $1.6BTRADER CORPORATION
RANK COMPANY PROVINCE PE FIRM(S) SECTOR $ MIL.
1 TRADER CORPORATION ONTARIO APAX PARTNERS LLP, THOMA BRAVO, LLC ICT $1,616
2SASKATCHEWAN ASSETS OF PENN WEST PETROLEUM
SASKATCHEWAN CANADA PENSION PLAN INVESTMENT BOARD (CPPIB), PENN WEST PETROLEUM LTD, TEINE ENERGY LTD.
OIL & GAS, POWER $975
3 SERVICES MATREC INC. QUEBEC
HIGHBRIDGE PRINCIPAL STRATEGIES, MACQUARIE INFRASTRUCTURE AND REAL ASSETS (MIRA), HAWTHORN EQUITY PARTNERS
CLEANTECH $800
4 RIMROCK OIL & GAS ALBERTA WARBURG PINCUS OIL & GAS, POWER $690
5 PACIFIC EXPLORATION & PRODUCTION CORP ONTARIO CATALYST CAPITAL GROUP INC. OIL & GAS,
POWER $641
ICT
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 25
TOP 3 DISCLOSED PE EXITS // YTD Q3 2016
buyer/PE Investor
PE Investors
TRADER Corporation
Apax Partners LLP, Thoma Bravo, LLC
Thoma Bravo
$1.6B
#1
PE InvestorsQingdao Sinoenergy Capital Corporation,
Sprott Consulting LP
Sinoenergy
buyer/PE Investor
buyer/PE Investor
PE Investors
Wind Mobile
Globalive Capital, LG Capital Investors LLC, Novus Entertainment Inc.,
Serruya Private Equity, Shaw Communications Inc.,
Tennenbaum Capital Partners, LLC, West Face Capital Inc.
Shaw
$1.6B
#2
Long Run Exploration Ltd.
#3
$770M
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 26
MOST ACTIVE PE FIRMS // YTD Q3 2016
55
38
36
31
9
9
8
6
# Deals $ Millions*
Investissement Québec
Capital Régional et Coopératif Desjardins
Fonds de solidarité
Caisse de dépôt et placement du Québec
Fondaction
PFM Capital Inc.
BDC Capital Inc.
32 Degrees Capital
$186
$336
$308
$655
$147
$128
$20
$186
Investissement Québec
most active PE FIRM
55 DEALS
* TOTAL DEAL VALUES - INCLUDES ALL PARTICIPATING INVESTORS
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 27
CVCA METHODOLOGY
Venture Capital Data:
Dataset includes verified completed equity or quasi-equity venture capital deals only (non-equity or project-based government funding, pharmaceutical product development deals, senior debt, venture capital-backed acquisitions, and angel financing are not included)
Private Equity Data:
Dataset includes only completed private equity deals (announced, but yet to be completed deals, are not included)
VENTURE CAPITAL & PRIVATE EQUITY CANADIAN MARKET OVERVIEW: YTD Q3 2016 | 28
CVCA ABOUT& CONTACTAuthors
Darrell oversees all data related to Canadian private capital investments, exit and fundraising activities for the CVCA. Darrell has held senior positions at several global organiza-tions including the Toronto Stock Exchange, Institutional Lim-ited Partners Association, Thomson Reuters, Glaxosmithkline and the Interac Association. In between these, he also start-ed his own successful management consulting company. He has worked in New York, London and Shanghai, but Toronto remains his favourite working city. He brings to the CVCA a passion for telling compelling stories with data. Darrell is currently on the board of a non-profit social housing in Peel, a member of Volunteer Toronto as well as an active volunteer with Woodgreen Community Services. He holds a BA in Philosophy/History from the University of Western Ontario and an MBA from the Rotman School of Management.
dpinto@cvca.ca | 416-487-0519 ext. 208
Carolyn oversees all of the CVCA’s communications and marketing efforts, which includes managing the Association’s brand, coordinating media outreach programs, and managing the development of all online content and social media en-gagements. Carolyn also brings with her a background in jour-nalism, and is keen on positioning the CVCA as the industry thought leader for all things private capital through informative and engaging content. Carolyn has a BA in Popular Culture and Communications from Brock University, a diploma in Journalism from Niagara College Canada, and an interdisciplin-ary Master of Arts degree in Communication Studies from Brock University.
cgoard@cvca.ca | 416-487-0519 ext. 204
Amy executes research on venture capital and private equity deals to oversee the Canadian private capital mar-kets. Amy is responsible for entering the data, including investment and exit deals and fundraising activities, and is keen on providing the most accurate and up-to-date information through the CVCA’s Infobase. Amy holds a Bachelor of Mathematics, Co-op with concentrations in finance and accounting from University of Waterloo.
akim@cvca.ca | 416-487-0519 ext. 202
DARRELL PINTOResearch Director
AMY KIMResearch Associate
CAROLYN GOARDSenior Manager, Communications
About CVCAThe Canadian Venture Capital and Private Equity Association is the voice of Cana-da’s venture capital and private equity industry. We are focused on improving the private capital ecosystem by broadening industry awareness and providing market research, networking, and professional development opportunities.
We also advocate on behalf of the industry to ensure sound public policy that encourages a favourable investment environment. The CVCA works alongside its members, who represent the vast majority of private capital firms in Canada, to improve the industry and drive innovation and growth.
For more information, visit cvca.ca
@CVCACanada /CVCACanada
CVCA - Canadian Venture Capital and Private Equity Association
372 Bay St., Suite 1201 Toronto, ON M5H 2W9
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