2020 YEAR IN REVIEW CANADIAN PRIVATE EQUITY MARKET OVERVIEW - Decrease in Megadeals refocuses PE investment on the Mid Market in 2020 - CVCA
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2020 YEAR IN REVIEW
CANADIAN
PRIVATE EQUITY
MARKET OVERVIEW
Decrease in Megadeals refocuses PE
investment on the Mid Market in 2020
PE-backed Exits in 2020 Experience
Highest Value of IPOs on Record
Contents
ABOUT CVCA.............................................................................................................................................................. 1
MESSAGE FROM THE CEO..................................................................................................................................3
2020 HIGHLIGHTS.................................................................................................................................................. 4
SPOTLIGHT ON PRIVATE EQUITY IN WESTERN CANADA.................................................................3
ABOUT CVCA PRIVATE CAPITAL FUELS CANADA’S COVID-19 RECOVERY........................................................... 8
PRIVATE EQUITY HEAT MAPS..................................................................................................................10-15
ALL PE DEALS................................................................................................................................................10
OUR VISION
BUYOUT & ADD-ON DEALS..................................................................................................................... 12
A thriving Canadian economy driven by private capital PE GROWTH DEALS.................................................................................................................................... 14
PRIVATE EQUITY INVESTMENT ACTIVITY.........................................................................................16-17
OUR MISSION ACTIVITY QUARTER OVER QUARTER................................................................................................16
CVCA’s mission is to help our members fuel the economy ACTIVITY BY DEAL SIZE............................................................................................................................ 17
of the future by growing the businesses of today. We do TOP DISCLOSED PE CANADIAN DEALS................................................................................................... 18
this by supporting and connecting a vibrant private capital TOP CANADIAN CITIES/ADMINISTRATIVE CENTRES....................................................................... 19
industry with advocacy, research, and education. PE SECTOR BREAKDOWN................................................................................................................................20
MOST ACTIVE PE INVESTORS........................................................................................................................ 21
CVCA is also the nation’s ultimate resource for data on PE EXITS.....................................................................................................................................................................22
Canadian private capital investments. TOP DISCLOSED PE EXITS................................................................................................................................23
FOREIGN PE FIRMS IN CANADA...................................................................................................................24
PARTICIPATING DATA CONTRIBUTORS....................................................................................................26
CVCA METHODOLOGY.......................................................................................................................................28
2020
HIGHLIGHTS
MESSAGE The number of PE debt deals rose The exit market saw the highest
FROM THE CEO to record levels.
This comprises of 41% of total PE deal count
value of PE-backed IPOs.
CAD $14B across 4 IPOs: GFL Environmental,
signaling a potential shift in investor risk during Nuvei, Topaz Energy, and Dye & Durham, but
PE investors are moving forward cautiously amid the ongoing
2020 when the need for liquidity is heightened with the lowest number of exits on record.
COVID-19 pandemic and are being faced with a bombardment in portfolio companies
of new variables such as shifts to consumer preferences,
digitization, government restrictions, and low-to-zero touch
models. It is also interesting that amidst the economic turmoil
Privatization deals return to peak 5 megadeals accounted for 50%
that COVID-19 has created, the valuation market remains very
hot. The valuation factor is what we will be watching most levels experienced in 2017. of total PE dollars invested.
closely in 2021.
Certain sectors are opting to de-risk themselves All megadeals closed in Q1 before the impact of
from the volatility of public markets by going private. COVID-19 was fully realized.
KIM FURLONG Industrial & Manufacturing as well The largest exit was Ontario-
CEO
CANADIAN VENTURE CAPITAL & PRIVATE EQUITY ASSOCIATION as ICT sectors each comprised a based waste management
fifth of all deals. company GFL Environmental.
These sectors received 12% and 25% of PE The company was listed on TSX with a market
dollars invested respectively; while Oil & Gas cap of CAD $7.7B, investors include Ontario
sector deals received 20% of total investments Teachers’ Pension Plan.
while comprising only 2% of deals.
2020 HIGHLIGHTS | 5
CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | 2020 YEAR IN REVIEW
Despite the turbulence of the past year, market. The data indicates that deals in British Columbia
Canadian private equity appears to have not have been predominantly in the tech, life sciences and
only weathered the storm but thrived. business services industries, whereas Albertan deals
have continued to be primarily industrial and energy
Western Canada is showing strong deal volumes sector focused. The lower level of manufacturing
SPOTLIGHT ON PRIVATE EQUITY
consistent with previous years, despite the temporary deals is an interesting but unsurprising takeaway, as
dip in Q3 activity. On closer review, the data suggests an industry especially hard hit by the disruption of the
that the lower-middle market is driving this activity. In the pandemic. The recent rise in prices of commodities (oil
in western canada
$1B, dipped of manufacturing firms across Western Canada could
from three deals in 2019 to just two deals in 2020, be significant, should these fluctuate. British Columbian
by CAI CAPITAL PARTNERS with total deal value falling steeply from $11.6B in 2019 resource companies are benefitting from historically high
to $3.7B in 2020 (their lowest level since 2013). This lumber and precious metal prices.
suggests that while large investment opportunities are
fewer and further between in Canada, the middle and Another interesting takeaway from 2020 deal activity is
lower-middle markets remain the firm foundation of deal the decline in platform deals in Western Canada. This
activity (and the wider economy). is consistent with wider trends in private equity across
North America, as firms battened down the hatches
LIFE SCIENCES, With all this in mind, we are expecting a significant
bump in deal flow in 2021. Founders of affected firms
during the pandemic, so to speak, and shifted their
focus to managing existing portfolio companies and
TECHNOLOGY & ENERGY HIGH VALUATIONS
have likely been waiting for more visibility in the pursuing add-on acquisitions. Sponsors also appear to
markets before executing on their succession plans. In be opportunistically pursuing exits in sectors with strong
the case of some founders nearing retirement, it has fundamentals and investor demand, including several
Deal activity in Western Canada has been largely Valuation multiples remain elevated, particularly in likely accelerated their plans to sell their businesses. deals in the life science, technology and renewable
dominated by transactions in the tech, life science industries demonstrating their recession-resistant Although ageing Canadian entrepreneurs had previously energy sectors.
and energy industries. qualities during the pandemic. bucked expectations by continuing to own and operate
their businesses past the age of 65, the challenge of Historically, times of market dislocation have also
the pandemic is likely posing a wakeup call for older yielded some of the most attractive windows for private
US-CANADIAN founders. We are already seeing strong deal flow as
of Q4 2020, continuing into 2021. Given the current
equity firms to deploy capital. Given that dry powder
levels continue to sky-rocket and valuation multiples
COMPETITION MEGADEALS
Megadeals (>$1B) decreased in total deal value from
momentum, viewed in the context of ongoing delays in
vaccine deployment across Canada, we expect a second
upping of this wave in deal flow around Q4 2021 (or once
have remained high, it has been a great time to sell
businesses not overly impacted by the pandemic. In the
future, we expect a key point of diligence in the M&A
herd immunity is achieved). process to center on resiliency through the pandemic
US border closures resulted in a greater focus by $11.6B in 2019 to $3.7B in 2020, while middle market – the new litmus test for strength of management and
Canadian sellers to market to Canadian buyers, with deals continued to dominate regional M&A activity.
Over the course of 2020, we saw businesses that recession resistance. All in all, it is an exciting time in the
US buyers hindered in their ability to conduct due
have performed well through the pandemic coming to middle markets here in Western Canada.
COMMITMENT FUNDRAISING ABOUT CAI CAPITAL PARTNERS
TO DIVERSITY
Consistent with wider trends in private equity,
Several firms experienced disruption to their
fundraising process with the onset of the pandemic.
LPs that initially pulled back waited for more visibility
CAI Capital Partners is a Vancouver-based private equity firm focused on partnering with founder-owned businesses
in the North American lower-middle market. CAI Capital Partners Fund IV, L.P. was recently recognized by Preqin as
in the markets before activity levels picked up again the #1 performing buyout fund globally among 2008/2009 vintages, based on net multiple1. Over three decades,
progress in DEI is being seen. This has been most
in late 2020. CAI has invested over $1.5 billion of equity capital into companies across North America. For additional information,
noticeable in the widespread and public support
for the ILPA’s Diversity and Inclusion initiative. please visit www.caifunds.com.
SPOTLIGHT ON PRIVATE EQUITY IN WESTERN CANADA | 7
CANADIAN PRIVATE EQUITY MARKET OVERVIEW | Q4 2020 CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | 2020 YEAR IN REVIEW
TESTING & TREATMENTS
PRIVATE CAPITAL
FUELS CANADA’S
COVID-19 RECOVERY
CVCA Member Portfolio Companies
STAYING SAFE AT HOME
E-HEALTH
WORK FROM HOME
SAFETY EQUIPMENT
THANKS TO THE SUPPORT OF CVCA MEMBER INVESTORS:
BCF VENTURES • BDC CAPITAL • CLEARSPRING CAPITAL PARTNERS
CONEXUS VENTURE CAPITAL • INFORMATION VENTURE PARTNERS INC.
LUMIRA VENTURES • MARS INVESTMENT ACCELERATOR FUND • MCROCK CAPITAL
NOVACAP MANAGEMENT INC. • RELENTLESS VENTURE FUND • RIPPLE VENTURES
TELUS VENTURES • XPV WATER PARTNERS
PORTFOLIO COMPANIES COMBATING COVID-19 | 9CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | 2020 YEAR IN REVIEW
2020 $14 BILLION
PRIVATE EQUITY total invested into
HEAT MAP 634 DEALS
ALL PE DEALS
2020 saw $14B invested across 634 deals, with Quebec
54
38 386
accounting for almost half of the total deal flow, including
1
$2.9B and 140 deals in Montreal. New Brunswick had the
second highest amount of dollars invested by Province,
including the largest PE deal of the year - Xplornet’s 16 $2M
$2.7B secondary buyout with participation from Northleaf 3 Newfoundland
Capital, catapulting the province to second-highest in PE
dollars invested.
$386M
123 7
6
and Labrador
British
Columbia $2.3B $45M
Alberta $65M Nova Scotia
Saskatchewan
$11M $2.7b
Saskatchewan $6.9b New Brunswick
$1.6B Québec
Ontario
TOP SECTORS PER PROVINCE BRITISH COLUMBIA ALBERTA SASKATCHEWAN MANITOBA ONTARIO QUÉBEC NEW BRUNSWICK NOVA SCOTIA NEWFOUNDLAND
AND LABRADOR
ICT
BY NUMBER OF DEALS ICT ICT ICT ICT ICT INDUSTRIAL &
MANUFACTURING 32
ICT ICT
14 7 4 1 32 14 1
96
LIFE SCIENCES INDUSTRIAL & AGRI-FORESTRY AGRI-FORESTRY INDUSTRIAL & BUSINESS LIFE SCIENCES
MANUFACTURING MANUFACTURING ICT PRODUCTS &
9 4 1 SERVICES 9
9 19 55
BUSINESS REAL ESTATE AUTOMOTIVE & 1 BUSINESS
PRODUCTS & OIL & GAS, TRANSPORTATION LIFE SCIENCES AGRI-FORESTRY PRODUCTS &
10 SERVICES POWER
3 AUTOMOTIVE & SERVICES
1 15 44 TRANSPORTATION
8 5 8
1CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | 2020 YEAR IN REVIEW
2020 $2.5 BILLION
PRIVATE EQUITY total invested into
HEAT MAP 113 DEALS
BUYOUT & ADD-ON DEALS
Buyout and add-on investments comprised 18% of total
PE deal volume in 2020 and experienced a significant
decline from 2019 levels ($7.2B across 126 deals) as well
as the 5-year average ($7.1B and 171 deals). Average deal
size for buyout and add-on investment declined by 55%
compared to the 5-year average of $50.1M (2015-2019). 22
13
1
2 35
36 3
1
$88M
British
Columbia $812M NA
Alberta Nova Scotia
$36M NA
Saskatchewan NA New Brunswick
Saskatchewan $118M $1.5B
Ontario Québec
PRIVATE EQUITY HEAT MAP | BUYOUT & ADD-ON DEALS | 13CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | 2020 YEAR IN REVIEW
2020 $5.6 BILLION
PRIVATE EQUITY total invested into
HEAT MAP 217 DEALS
PE GROWTH DEALS
PE growth deals (including growth and follow-on
investments) comprised 34% of total PE activity in 2020,
with $5.6B across 217 deals, representing a 43% decline
from 2019 levels in dollars invested and a 40% decline in
deal count ($10B across 304 deals). The average PE deal
22
12
110
size in 2020 was $26M, in line with the 5-year average of
$27M between 2015 to 2019.
12 1
$273M
57 1
2
$10M
British $391M $6M Nova Scotia
Columbia Alberta $23M New Brunswick
Saskatchewan $11M
Manitoba $3.9B
$987M Québec
Ontario
PRIVATE EQUITY HEAT MAP | PE GROWTH DEALS | 15CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | 2020 YEAR IN REVIEW
PRIVATE EQUITY PRIVATE EQUITY
INVESTMENT ACTIVITY INVESTMENT ACTIVITY
ACTIVITY QUARTER-OVER-QUARTER ACTIVITY BY DEAL SIZE
2020 had the third-lowest level of annual PE investment based on our Out of the 634 PE deals in 2020, around 70% were under $25M. There were
existing records, with $14B invested across 635 deals, surpassing the lowest 5 megadeals ($500M+) accounting for 50% of total PE dollars invested, all of
year on record in 2013 ($11.3B over 270 deals) with 24% more investment which closed in Q1 before the impact of COVID-19 was fully realized. There
activity but 2.4x more in deal volume. Total PE dollars invested in 2020 trailed were no further megadeals after March 2020.
behind the five-year average by 33% ($21B and 565 deals in 2015-2019).
$ Millions Invested # Deals
$ Millions Invested # Deals
$ 19,200 480
$15,000 195 200 443
$ 17,600 440
178 178 177
$13,500 180
163 162 164 $ 16,000 416 400
364 392
$12,000 160
$ 12,749
148 $ 14,400 360
146
138 152 156 152 359
$10,500 151 140 $ 12,800 320
142
$ 10,200
124
$9,000 133 136 120 $ 11,200 280
124
$ 9,600 240
$ 7,630
$7,500 114 100
$ 8,000 200
$ 6,290
$6,000 80
$ 4,800
$ 6,400 160
$ 4,034
$ 4,194
$ 3,250
$ 3,278
$ 3,470
$4,500 60
$ 3,212
$2,853
$ 2,596
$ 4,800 120
$ 3,106
$2,824
$2,672
$2,167
$ 1,978
$1,829
$ 1,744
$ 1,724
$ 1,627
$3,000 40 $ 3,200 80
$ 1,584
$ 1,478
$ 1,290
$ 1,350
$ 1,005
$12,333
$ 509
$ 653
$5,329
60
$3,038
$8,057
$5,870
$4,672
$3,370
$8,780
$6,748
$ 1,600 29 40
$1,952
$8,551
$3,019
$3,221
$2,071
$2,180
$1,977
$1,742
$4,179
$7,491
$1,514
$1,500 20 48
37 36
51 14 20 15 13 4 11 4 3 2 1 1 1 1 3 2 1
1 1 0
$0 0
$0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
< $25M $25M - $100M $100M - $500M $500M - $1B $1B - $2.5B $2.5B+
2016 2017 2018 2019 2020
TOTAL: TOTAL: TOTAL: TOTAL: TOTAL:
541 DEALS 607 DEALS 590 DEALS 661 DEALS 643 DEALS
$13.8B $26.8B $22.7B $19.4B $14B
16 | PRIVATE EQUITY INVESTMENT ACTIVITY QUARTER-OVER-QUARTER PRIVATE EQUITY INVESTMENT ACTIVITY BY DEAL SIZE | 17CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | 2020 YEAR IN REVIEW
TOP TOP
DISCLOSED CANADIAN CITIES/
CANADIAN PE DEALS ADMINISTRATIVE CENTRES
Total Deals $ Millions
FIRMS INVOLVED IN
COMPANY PROVINCE SECTOR $ MIL
TRANSACTION 1. Montréal 140 $2,865
NEW STONEPEAK PARTNERS LP, NORTHLEAF CAPITAL
2. Toronto 91 $1372
XPLORNET ICT $2,672
BRUNSWICK PARTNERS
3. Québec City 32 $1011
ALBERTA TEACHERS' RETIREMENT FUND, THE
ALTAGAS CANADA INC. ALBERTA OIL & GAS, POWER $1005
PUBLIC SECTOR PENSION INVESTMENT BOARD 4. Vancouver 32 $259
CANAM GROUP INC QUEBEC
CAISSE DE DEPOT ET PLACEMENT DU QUEBEC, INDUSTRIAL &
$840
5. Calgary 25 $1074
FONDS DE SOLIDARITÉ FTQ MANUFACTURING
6. Montérégie 20 $141
PENGROWTH ENERGY CORP. ALBERTA CONA RESOURCES LTD OIL & GAS, POWER $740
7. Saguenay 11 $27
NOVACAP MANAGEMENT INC., CAISSE DE DÉPÔT ET
EDDYFI NDT INC. QUEBEC PLACEMENT DU QUÉBEC, INVESTISSEMENT QUÉBEC, OIL & GAS, POWER $600
8. Edmonton 6 $203
FONDACTION
INDUSTRIAL &
SUPERIOR PLUS ONTARIO BROOKFIELD ASSET MANAGEMENT $354
MANUFACTURING
NOVACAP MANAGEMENT INC, DESJARDINS CAPITAL,
BESTAR QUEBEC CONSUMER & RETAIL $344
FONDS DE SOLIDARITÉ FTQ
SEVEN ACES ONTARIO TRIVE CAPITAL OTHERS $179
#1 MONTREAL
THE FERTILITY PARTNERS ONTARIO
PELOTON CAPITAL MANAGEMENT, BMO CAPITAL
PARTNERS, MPA MORRISON PARK ADVISORS INC., LIFE SCIENCES $120
$2.9B 8
SEMIOS
BRITISH
DELOITTE LLP, HEAL PARTNERS TRUST
MORNINGSIDE GROUP AGRI-FORESTRY $99
140 DEALS 4 5
7
1
3
COLUMBIA
6
*There were 4 undisclosed deals totaling $1.8B omitted from this table
2
18 | TOP 10 DISCLOSED CANADIAN PE DEALS TOP CANADIAN CITIES ADMINISTRATIVE CENTRES | 19CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | 2020 YEAR IN REVIEW
PE MOST ACTIVE
SECTOR PRIVATE EQUITY
BREAKDOWN INVESTORS
In line with previous years, the Industrial & Manufacturing sector had the most investment
activity in 2020, accounting for a fifth of all PE investment activity. ICT saw an increase in the # Deals $ Millions*
number of deals and dollars invested when compared with the 5 year average from 2015-2019
($2.6B across 92 deals). Fonds de Solidarité FTQ 150 $2,022
Desjardins Capital 125 $1,476
BDC Capital 92 $497
# Deals $ Millions
Fondaction 29 $530
Industrial & Manufacturing 128 $1732
Investissement Quebec 28 $3,231
ICT 121 $3693 Caisse de depot et placement du Quebec 18 $3,322
Agri-Forestry 62 $575 BMO Capital Partners 15 $151
Business Products & Services 57 $354 Canadian Business Growth Fund 12 $255
Consumer & Retail 52 $1575 Novacap Management 9 $1849
Life Sciences 50 $1138 Export Development Canada 9 $130
Automotive & Transportation 38 $563
Financial 30 $177
Mining & Resources 29 $580
Others 24 $324 MOST ACTIVE:
CleanTech 17 $271 FONDS de solidarité FTQ: 150 DEALS, $2 BILLION
Real Estate 14 $149
Oil & Gas, Power 12 $2857
20 | PE SECTOR BREAKDOWN *Total deal values - includes all participating investors MOST ACTIVE PRIVATE EQUITY INVESTORS | 21CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | 2020 YEAR IN REVIEW
PE TOP
EXITS DISCLOSED PE EXITS
2020 saw the highest amounts raised at IPO on record, with $13.9B raised SELLER COMPANY ACQUIRER $ MIL
across 4 IPOs, almost 3x the amount raised compared to the previous
highest on record in 2017. There were only 35 total exits, which was 57% ONTARIO TEACHERS' PENSION PLAN, BC
PARTNERS, HPS INVESTMENT PARTNERS, LLC,
lower than the 5-year average of 82 exits from 2015 to 2019. Other exits in GFL ENVIRONMENTAL IPO ON TSX & NYSE $7,731
MACQUARIE GROUP LIMITED, HAWTHORN
2020 include 24 M&A deals totalling $1B, and 6 secondary buyout deals with EQUITY PARTNERS LP
$2.7B invested. NOVACAP MANAGEMENT, FONDS DE
SOLIDARITÉ FTQ, CAISSE DE DÉPÔT ET NUVEI IPO ON TSX $4,620
PLACEMENT DU QUÉBEC
NORTHLEAF CAPITAL PARTNERS XPLORNET STONEPEAK INFRASTRUCTURE $2,672
$ Millions Invested # Deals
$14,000 140 ARC FINANCIAL CORP. TOPAZ ENERGY CORP. IPO ON TSX $1,429
137
130
$12,000 120 SWANDER PACE VOORTMAN COOKIES HOSTESS $425
110
$10,000 100
NOVACAP MANAGEMENT INTELERAD HG CAPITAL $347
90
83
$8,000 80
MANULIFE CAPITAL DYE & DURHAM IPO ON TSX $150
70
$6,000 60
59 ARC FINANCIAL CORP. MODERN RESOURCES TOURMALINE OIL CORP. $144
50
$4,000 40
43
30
25
$13,931
$2,000 20
$4,800
$1,687
$2,690
$3,408
$2,849
$8,547
$7,002
$3,710
$1,021
$1,891
$1,711
9 10
5 4 4 6
1 0 5 0 0
0 0
2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020
IPO/RTO** M&A* SECONDARY BUYOUT*
* includes transactions with undisclosed values ** IPO valuation
22 | PE EXITS TOP DISCLOSED PE EXITS | 23CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | 2020 YEAR IN REVIEW
FOREIGN PE FirmS Investor
EUROPE
Number
CAD ($M)
in canada
of Deals
FORBION CAPITAL
3 $77
PARTNERS
UNITED STATES
WEST
Number
Investor State CAD ($M)
of Deals ASIA
HELLMAN & FRIEDMAN CA 3 NA
SOUTH KOREA
GRISHIN ROBOTICS INC CA 1 $75 Number
Investor CAD ($M)
TOYOTA AI VENTURES CA 1 $75 of Deals
FOUNDERS FUND CA 1 $72 K3 VENTURES 1 $15
ICONIQ CAPITAL CA 1 $40 CHINA
CENTRAL Number
Investor CAD ($M)
of Deals
Number
Investor State CAD ($M) THE MORNINGSIDE
of Deals 1 $99
GROUP LIMITED
TPG CAPITAL TX 2 $70
ALIBABA CAPITAL 1 $27
VISTA EQUITY TX 2 NA
TRIVE CAPITAL TX 1 $179
SINGAPORE
Number
TRITIUM PARTNERS TX 1 $33 Investor CAD ($M)
of Deals
EAST K3 VENTURES 1 $15
Number
Investor State CAD ($M)
of Deals
STONEPEAK PARTNERS LP NY 3 $2,672
THE RIVERSIDE COMPANY NY 3 NA
CORNELL CAPITAL NY 1 $892
HARBOURVEST
PARTNERS
MA 1 $892
AUSTRALIA
PROMETHEUS GROUP NC 1 $49 Number
Investor CAD ($M)
of Deals
HEAL PARTNERS TRUST 1 $120
24 | FOREIGN PE FIRMS IN CANADA FOREIGN PE FIRMS IN CANADA | 25PARTICIPATING PRIVATE EQUITY & LSPEC FIRMS
DATA CONTRIBUTORS
AIP Private Capital Capital Financière Agricole Lex Capital Management Seafort Capital
ARC Financial Crédit Mutuel Equity m2s Capital Searchlight Capital
Partners
Ardenton Capital Clearspring Capital Mink Capital
Corporation Partners TIMIA Capital Corp
MKB & Co
ATB Capital First West Capital Tricor Pacific Capital Ltd.
CVCA thanks the following firms who participated in its Q4 2020 survey. Mosaic Capital Corporation
BDC Growth Equity Founders Group of Food TriWest Capital Partners
Companies Inc. Novacap Management Inc.
BDC Growth & Transition Westcap Mgt. Ltd
Capital Fulcrum Capital Partners PenderFund Capital
Venture Capital FIRMS Birch Hill Equity Partners Highland West Capital
Management Western Investment
Company of Canada
Persistence Capital Limited
7 Gate Ventures EnerTech Capital Klass Capital Ripple Ventures BMO Capital Partners InstarAGF Asset Partners
Management XPND Capital
AmorChem Fund Espresso Capital Ltd. Luge Capital Roadmap Capital Bond Capital PFM Capital Inc
Ironbridge Equity Partners
Amplify Capital Evok Innovations Lumira Ventures Round 13 CAI Capital Partners PRIVEQ Capital Funds
Kayne Capital
Amplitude Ventures Fastbreak Ventures MaRS IAF ScaleUP Ventures Canadian Business Growth Regimen Equity Partners
Fund Killick Capital Inc.
Anges Quebec Ferst Capital McRock Capital Tactico Inc.
Anges Quebec Capital FACIT Mistral VP Tandem Expansion
AVAC Ltd. First Ascent Ventures NAventures TandemLaunch
LIMITED PARTNERS
Aventrock Ventures Fonds Innovexport New Brunswick Innovation TELUS Ventures
Foundation Alberta Enterprise Corporation Fondaction Kensington Capital Partners Ltd.
Azure Capital Partners Framework Ventures Top Renergy
Panache Ventures Alberta Teachers’ Retirement Fund Fonds de solidarité FTQ Northleaf Capital Partners
BCF Ventures Freycinet Ventures Trellis Capital
(ATRF)
Pangaea Ventures Fonds de solidarité FTQ (Regional) Ontario Capital Growth Corporation
Brightspark Ventures Georgian Partners V3-Ventures
BDC Venture Capital
Plank Ventures HarbourVest Partners (Canada) Ltd Ontario Teachers’ Pension Plan (OTPP)
CIBC Innovation Banking Good News Ventures Valhalla Angels
Bluesky Equities
Portag3 Ventures Investissement Quebec Teralys Capital
CIC Capital Ventures Hike Ventures Vanedge Capital
Desjardins Capital
Quark Venture Partners
Clanton Capital Inc. Information Venture
Partners Real Ventures Version One Ventures
Conexus Venture Capital
Innovacorp Relay Ventures White Star Capital
CTI Life Sciences If you would like to have your firm included in future reports,
inovia Capital Renewal Funds
Cycle Capital Management please click here.
Island Capital Partners Rhino Ventures
Disruption Ventures
26 | PARTICIPATING DATA CONTRIBUTORS PARTICIPATING DATA CONTRIBUTORS | 27CVCA METHODOLOGY:
PRIVATE EQUITY
PRIVATE EQUITY DATA:
Dataset includes only completed private equity deals (announced but yet to be completed deals
AUTHORS
are not included).
PE DEAL TYPE
INVESTMENT FOR THE CONTROL OF A PORTFOLIO COMPANY, INCLUDING PLATFORM
BUYOUT
CREATION, SECONDARY BUYOUT
GROWTH
SIGNIFICANT MINORITY INVESTMENT INTO A PORTFOLIO COMPANY, THROUGH NEW CAPITAL Christiane Wherry
INFUSION AND RECAPITALIZATION VICE PRESIDENT, RESEARCH
ADD-ON CORPORATE ACQUISITIONS BY MAJORITY CONTROLLED PE BACKED PORTFOLIO COMPANIES cwherry@cvca.ca
DEBT DEBT INVESTMENT INTO PORTFOLIO COMPANIES
INVESTMENTS INTO DEVELOPMENT AND MANAGEMENT OF INFRASTRUCTURE ASSETS BUT
INFRASTRUCTURE
PE DOES NOT OWN THE UNDERLYING ASSETS
David kornacki
MANAGER, RESEARCH & PRODUCT
PE SECTORS
dkornacki@cvca.ca
AGRI-FORESTRY AGRICULTURE, FOODS AND FORESTRY
AUTOMOTIVE &
TRANSPORTATION, LOGISTICS AND RELATED SERVICES
TRANSPORTATION
BUSINESS PRODUCTS &
BUSINESS PRODUCTS AND SERVICES
JON JACKSON
SERVICES HEAD OF COMMUNICATIONS
ENERGY AND FUEL TECHNOLOGIES, EFFICIENCY AND CONSERVATION, RENEWAL ENERGY, jjackson@cvca.ca
CLEANTECH ENVIRONMENTAL TECHNOLOGIES AND OTHER ENERGY AND ENVIRONMENTAL PRODUCTS
AND SERVICES
CONSUMER & RETAIL CONSUMER PRODUCTS AND SERVICES, BRICK AND MORTAR RETAIL
FINANCIAL FINANCIAL SERVICES IZADELLA STA. ROMANA
COMPUTER HARDWARE/SOFTWARE & SERVICES, INTERNET SOFTWARE & SERVICES,
MARKETING & BRAND COORDINATOR
ICT
ECOMMERCE, ELECTRONIC & SEMICONDUCTOR, MOBILE & TELECOM AND SERVICES
istaromana@cvca.ca
INDUSTRIAL &
EQUIPMENT AND MATERIAL MANUFACTURING
MANUFACTURING
BIOTECH, MEDICAL DEVICES, PHARMACEUTICALS, EHEALTH, HEALTHCARE PRODUCTS AND
LIFE SCIENCES
SERVICES, AND OTHER MEDICAL RELATED PRODUCTS AND SERVICES
MINING & RESOURCES NON OIL AND GAS NATURAL RESOURCES
OIL & GAS, POWER OIL & GAS, POWER AND UTILITIES
REAL ESTATE PROPERTY DEVELOPMENT AND MANAGEMENT
28 | CVCA METHODOLOGY: PRIVATE EQUITYcvca.ca
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