H1 2021 CANADIAN PRIVATE EQUITY MARKET OVERVIEW
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
H1 2021 CANADIAN PRIVATE EQUITY MARKET OVERVIEW
Contents
ABOUT CVCA.............................................................................................................................................................. 1
MESSAGE FROM THE CEO..................................................................................................................................3
ABOUT CVCA H1 2021 HIGHLIGHTS............................................................................................................................................. 4
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
TOP DISCLOSED PE CANADIAN DEALS................................................................................................... 18
of the future by growing the businesses of today. We do
TOP CANADIAN CITIES/ADMINISTRATIVE CENTRES....................................................................... 19
this by supporting and connecting a vibrant private capital
PE SECTOR BREAKDOWN................................................................................................................................20
industry with advocacy, research, and education.
MOST ACTIVE PE INVESTORS........................................................................................................................ 21
PE EXITS.....................................................................................................................................................................22
CVCA is also the nation’s ultimate resource for data on
TOP DISCLOSED PE EXITS................................................................................................................................23
Canadian private capital investments.
PARTICIPATING DATA CONTRIBUTORS....................................................................................................26
CVCA METHODOLOGY.......................................................................................................................................28MESSAGE H1 2021
FROM THE CEO HIGHLIGHTS
In a nutshell, Canadian Private Equity (PE) invest- sell, the company’s suitability for sale and difficulty H1 2021 saw $8.8B invested across The largest deal of H1 occurred in
ment in the first half of 2021 can be described as matching sellers with the right buyers. A private 377 PE deals as the PE market Q2: Brookfield Business Partners’
high M&A activity and anchored in the midmarket equity partnership assists in this process which is
returns to levels on par with 5-year $1.6B privatization of Sagen MI
segment—both of which are correlated to a path out also contributing to an explosion of mid-market deals.
of COVID-19. average ($19.9B and 610 deals) Canada
All the trends that we are seeing in the first half of
3 mega-deals ($500M+) closed in H1 accounting Another notable deal was Birch Hill Equity
PE is critical in supporting Canada’s small and 2021 are extremely positive for both investors and
for $3B or 35% of all dollars invested in the half Partners’ acquisition of Superior Plus Speciality
medium-sized enterprises (SMEs), the engine of businesses looking for growth.
of 2021 Chemicals’ unit for $725M
job creation in the economy. 85% of all Canadian
PE investment in the first half of 2021 went to these For readers new to our reports, the CVCA
vital companies from coast-to-coast. We anticipate provides, on a quarterly basis, a snapshot of the
this trend will continue as Canada’s economic private capital investment activity in Canada. We
Level of M&A exit activity surged in H1 2021 saw 27% more deals than
recovery advances. began collecting Canadian industry data in 2013.
the second quarter of 2021, closing H1 2020 while investment value
Our quarterly reporting summarizes the results H1 with a total of 28 deals and trails behind by 22%, indicating a
PE investment also provides support for Canadian of quarterly surveys and presents the data in a $2B, already 2x 2020 levels and
shift towards a greater number of
business ownership transitions; preserving value historical context. surpassing 2019 levels
created over the company’s lifetime. In 2017, 49.3%
smaller deals
of Canadian SME owners signaled their intention Access to high-quality data, analysis, and tools With 23 exits totalling $526M in Q2, annualized
Average deal sizes have decreased by 30%
to exit their business within five years which has are central to our members’ and the industry’s M&A exit activity in 2021 is expected to become
from $34.9M in H1 2020 to $23.3M
increased the demand for partnerships with PE ability to operate in the dynamic private capital the second highest on record.
funds and speaks to the significant activity we are environment. We invite interested private capital
seeing the mid-market. organizations, that are members and non-members, Deals under $25M accounted for
to join us in our efforts. If you would like to have There were 40 exits valued at $4.3B 85% of all deals with disclosed
In many cases, the main obstacle to a successful your firm included in future reports, please contact including 5 IPOs on the TSX, surpassing deal values, a continued trend
ownership transition is not the availability of capital, CVCA’s Manager of Research and Product, David exit levels in 2020
but, rather, the overall readiness of the owner to Kornacki. since 2016
Exits in Q2 included Toronto-Based Neighbourly
Underscoring the important investments
Pharmacy, Brampton-Based MDA and Toronto-
Canadian PE makes into SMEs, representing the
Based VerticalScope all listing on the TSX
engine of job creation in the economy
KIM FURLONG
CEO Montréal accounted for almost one- 45% of all PE deals were debt
CANADIAN VENTURE CAPITAL &
PRIVATE EQUITY ASSOCIATION third of all PE dollars invested in H1 investments
The largest deal in the region in Q2 was the Representing a potential lasting change in
take-private transaction of New Look Vision investor risk tolerances as a result of the
Group by FFL Partners and CDPQ for $783M COVID-19 pandemic.
2020 HIGHLIGHTS | 5CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | H1 2021
H1 2021 $8.97 BILLION
PRIVATE EQUITY total invested into
HEAT MAP 378 DEALS
ALL PE DEALS
H1 2021 saw $8.8B invested across 377 deals, with
15
27
235
Quebec accounting for 62% of total dealflow but
second overall in dollars invested. Ontario had the 5
highest amount of dollars invested by Province, 9
including the largest PE deal of the year so far - 3
Brookfield Business Partners’ $1.6B privatization of
$10M
77
Newfoundland
Sagen MI Canada.
and Labrador
2
5
$180M
British
$653M $10M
Columbia Nova Scotia
Alberta $20M
Saskatchewan $7M
$5M $4B New Brunswick
Manitoba $4B Québec
Ontario
TOP SECTORS PER PROVINCE BRITISH COLUMBIA ALBERTA SASKATCHEWAN MANITOBA ONTARIO QUÉBEC NEW BRUNSWICK NOVA SCOTIA NEWFOUNDLAND
AND LABRADOR
INDUSTRIAL & SOFTWARE ICT
BY NUMBER OF DEALS MEDIA
(TRADITIONAL)
ENERGY & POWER
MANUFACTURING (NON-INTERNET) ICT INDUSTRIAL & ICT
3
ICT
7 28 MANUFACTURING 1 3
7 2 1
56 BUSINESS BUSINESS
FINANCIAL INDUSTRIAL & AGRI-FORESTRY
LIFE SCIENCES ICT INDUSTRIAL & PRODUCTS & PRODUCTS &
4 MANUFACTURING MANUFACTURING ICT 1 SERVICES
3 2 SERVICES
1 11 35 1
INDUSTRIAL & 1
BUSINESS MANUFACTURING AUTOMOTIVE &
6 PRODUCTS & AUTOMOTIVE & FINANCIAL AGRI-FORESTRY LIFE SCIENCES
TRANSPORTATION
SERVICES 4 TRANSPORTATION 9 30 1
2
2 1CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | H1 2021
H1 2021 $2.6 BILLION
PRIVATE EQUITY total invested into
HEAT MAP 88 DEALS
BUYOUT & ADD-ON DEALS
Buyout and add-on investments comprised 23%
of total PE deal volume in H1 2021 (88 deals)
and seem set to out-pace pre-pandemic levels
(136 deals in 2019) this year as well as the 5-year
average (130 deals). However, the average deal
size for buyout and add-on investments are down
9
by 61% compared to the 5 year average, from
$76.1M to $29.7M.
9
2
1
25
NA
40 2
British NA
Columbia $144M
Alberta Nova Scotia
$8M
Saskatchewan
NA $939M
Manitoba $1.5B Québec
Ontario
PRIVATE EQUITY HEAT MAP | BUYOUT & ADD-ON DEALS | 9CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | H1 2021
H1 2021 $1.95 BILLION
PRIVATE EQUITY total invested into
HEAT MAP 104 DEALS
PE GROWTH DEALS
PE minority investments (including growth and
follow-on deals) accounted for a fifth of all PE
dollars invested in H1 and a quarter of total activity,
with $1.6B across 103 deals, but seem to continue 1
to lag behind 2020 levels and the five year average
(320 deals overall). The average PE minority
investment in H1 was $15.5M, 42.5% lower than the
11 1
67
5-year average of $26.7M between 2016 to 2020.
2
NA
Newfoundland
19 3
and Labrador
$25M
British
Columbia $252M
Alberta NA $10M
Saskatchewan Nova Scotia
$486M $1.2B
Ontario Québec
PRIVATE EQUITY HEAT MAP | PE GROWTH DEALS | 11CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | H1 2021
PRIVATE EQUITY PRIVATE EQUITY
INVESTMENT ACTIVITY INVESTMENT ACTIVITY
ACTIVITY QUARTER-OVER-QUARTER ACTIVITY BY DEAL SIZE
Q2 continued the trend set in Q1, with the highest number of PE investment activity in any first half on Out of the 377 PE deals that closed in the first three months of 2021, 85% of the deals with disclosed
record (377 deals, 25% more than the 5-year average from 2016-2020), however, H1 2021 also had the values were under $25M, underscoring the continued critical investments Canadian PE makes into small
second lowest average deal size with a deal size of $23.3M (second only to H1 2019 at $14.9M) and medium-sized businesses.
There were 3 mega-deals ($500M+) which closed in Q2, accounting for 35% of total dollars invested in the
first half of 2021 ($3.1B).
$ Millions Invested # Deals
$16,500 220
201
$15,000 195 200
$ Millions Invested # Deals
178 178 177 177
$13,500 180 $ 19,200 480
163 162 164 443
$12,000 148 160 $ 17,600 440
416
152 156 152
$10,500 151 140 $ 16,000 400
142 392
$ 12,749
136 $ 14,400 360
$9,000 120 364
124
$ 12,800 320
$ 10,200
$7,500 114 100
$ 11,200 280
$6,000 80
$ 9,600 240
$ 7,630
247
$4,500 60 $ 8,000 200
$ 6,290
$ 4,800
$3,000 40 $ 6,400 160
$ 4,194
$ 3,670
$ 3,250
$ 3,278
$ 3,470
$12,333
$2,853
$ 2,596
$ 4,800 120
$5,329
$8,057
$5,870
$6,342
$2,627
$4,672
$8,780
$6,748
$1,952
$8,551
$3,019
$2,071
$1,977
$2,824
$1,742
$7,491
$2,211
$1,514
$1,500 20
$2,672
$ 1,978
$1,829
$ 1,744
$ 1,724
$ 1,600
$ 1,627
$ 3,200 80
$ 1,584
$ 1,508
$ 1,478
$ 1,350
$ 1,195
$ 1,005
$ 996
$0 0
$ 509
$ 653
60 29
$ 1,600 40
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
$0
52 20 16
37 15 13 11 4 3
36 1 1 2 2 1 1 1 1 1 2 1 0
24
$0 0
2017 2018 2019 2020 H1 2017 2018 2019 2020 H1 2017 2018 2019 2020 H1 2017 2018 2019 2020 H1 2017 2018 2019 2020 H1 2017 2018 2019 2020 H1
2017 2018 2019 2020 H1 2021 2021 2021 2021 2021 2021 2021
TOTAL: TOTAL: TOTAL: TOTAL: TOTAL:
< $25M $25M - $100M $100M - $500M $500M - $1B $1B - $2.5B $2.5B+
607 DEALS 590 DEALS 661 DEALS 643 DEALS 378 DEALS
$26.8B $22.7B $19.4B $14B $9B
12 | PRIVATE EQUITY INVESTMENT ACTIVITY QUARTER-OVER-QUARTER PRIVATE EQUITY INVESTMENT ACTIVITY BY DEAL SIZE | 13CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | H1 2021
TOP TOP
DISCLOSED CANADIAN CITIES/
CANADIAN PE DEALS ADMINISTRATIVE CENTRES
Total Deals $ Millions
FIRMS INVOLVED IN 1. Montréal 71 $2,530
COMPANY PROVINCE SECTOR $ MIL
TRANSACTION
2. Toronto 45 $1,579
SAGEN MI CANADA ONTARIO BROOKFIELD BUSINESS PARTNERS LP FINANCIAL $1,600 3. Calgary 21 $649
4. Montérégie 20 $342
FRIEDMAN FLEISCHER & LOWE, LLC (FFL), CAISSE DE
NEW LOOK VISION GROUP QUÉBEC CONSUMER & RETAIL $783
DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ)
5. Chaudière-Appalaches 18 $214
SUPERIOR PLUS SPECIALTY INDUSTRIAL &
CHEMICALS
ONTARIO BIRCH HILL EQUITY PARTNERS MANAGEMENT INC.
MANUFACTURING
$725 6. Laval 10 $20
INDUSTRIAL &
7. Laurentides 8 $61
CAE QUÉBEC CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC $475
MANUFACTURING
8. Vancouver 8 $39
AMP SOLAR GROUP ONTARIO CARLYLE GROUP CLEANTECH $374 9. Regina 8 $12
CANADA PENSION PLAN INVESTMENT BOARD, TPG 10. Oakville 7 $1,600
CAPITAL, GENERATION INVESTMENT MANAGEMENT,
BENEVITY ALBERTA ICT $252
ALBERTA INVESTMENT MANAGEMENT CORP.,
VESTCOR INC., HG CAPITAL
CONFEDERATION FREEZERS
ONTARIO TRICOR PROPERTY PARTNERS, PREMIUM BRANDS REAL ESTATE $171
REAL ESTATE
#1 MONTREAL
PRODIGY EDUCATION ONTARIO CANADIAN BUSINESS GROWTH FUND, TPG GROWTH ICT $159
$2.5B
OLYMEL L.P. QUÉBEC INVESTISSEMENT QUÉBEC AGRI-FORESTRY $150
71 DEALS 8
KRUGER HOLDING S.E.C. QUÉBEC INVESTISSEMENT QUÉBEC AGRI-FORESTRY $75
3
9 7 6 5
1 4
*There were 4 undisclosed deals totaling $1.8B omitted from this table 2
10
14 | TOP 10 DISCLOSED CANADIAN PE DEALS TOP CANADIAN CITIES/ADMINISTRATIVE CENTRES | 15CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | H1 2021
PE MOST ACTIVE
SECTOR PRIVATE EQUITY
BREAKDOWN INVESTORS
The ICT sector continued to lead in H1, accounting for 23% of all PE investment activity and 13% of all # Deals $ Millions*
dollars invested. Although the Financial sector only accounted for 6% of total activity, the sector saw the
highest share of dollars invested, 24% or $2.1B. The dollars invested in the sector can largely be attributed Desjardins Capital 109 $1,042
to the $1.6B privatization of Sagen MI Canada by Brookfield Business Partners’ in Q2. The Industrial & Fonds de solidarité FTQ 61 $985
Manufacturing sector stayed steady with 20% of all PE activity (75 deals).
BDC Capital 50 $141
# Deals $ Millions
Fondaction 19 $737
ICT 85 $1,165
Investissement Québec 18 $416
Canadian Business Growth Fund 9 $284
Industrial & Manufacturing 75 $1,639
Novacap Investments Inc. 8 $2,424
Consumer & Retail 39 $1,626
Champlain Financial Corporation 6 $158
Agri-Forestry 37 $805
PFM Capital Inc. 5 $7
Life Sciences 31 $609
Caisse de dépôt et placement du Québec 4 $1,258
Business Products & Services 25 $51
Financial 21 $2,095
Automotive & Transportation 19 $69
Mining & Resources 13 $85 MOST ACTIVE:
Energy & Power 9 $229 DESJARDINS CAPITAL: 109 DEALS, $1 BILLION
Real Estate 9 $174
CleanTech 8 $409
Others 7 $12
16 | PE SECTOR BREAKDOWN *Total deal values - includes all participating investors MOST ACTIVE PRIVATE EQUITY INVESTORS | 17CVCA | CANADIAN PRIVATE EQUITY MARKET OVERVIEW | H1 2021
PE TOP
EXITS DISCLOSED PE EXITS
There were 3 additional PE-Backed IPOs in Q2, continuing the trend set in Q1 for the most IPOs on record. SELLER COMPANY ACQUIRER $ MIL
H1 2021 is already tied in second with 2017 with 5 IPOs overall, one more IPO away from surpassing the
record set in 2015. There have been 40 exits in 2021 overall, with 28 M&A transactions and 7 Secondary BIRCH HILL EQUITY PARTNERS TERRAPURE GFL ENVIRONMENTAL $928
Buyouts. 2021 is pacing well above pre-pandemic total exit activity set in 2019 (44).
CERBERUS CAPITAL MANAGEMENT, L.P. ABC TECHNOLOGIES IPO ON TSX $525
$ Millions Invested # Deals CANADIAN BUSINESS GROWTH FUND PAYBRIGHT AFFIRM $340
$14,000 140
137 PENDER GROWTH FUND INC. TANTALUS SYSTEMS IPO ON TSX-V $87
130
$12,000 120
110 * There were 2 additional undisclosed exits totalling $170.4M excluded from this table.
$10,000 100
90
83
$8,000 80
70
$6,000 60
50
$4,000 40
43
28 30
$13,931
25
20
$1,892
$2,000
$4,800
$2,690
$3,408
$2,849
$8,547
$2,054
$3,710
$1,021
$1,891
$407
9 10
5 4 4 5 6 7
0 0 0 0
0
2017 2018 2019 2020 H1 2017 2018 2019 2020 H1 2017 2018 2019 2020 H1
2021 2021 2021
IPO/RTO** M&A* SECONDARY BUYOUT*
* includes transactions with undisclosed values
** IPO valuation
18 | PE EXITS TOP DISCLOSED PE EXITS | 19PARTICIPATING PRIVATE EQUITY & LSPEC FIRMS
DATA CONTRIBUTORS
AIP Private Equity CIC Capital Canada Ironbridge Equity Partners PFM Capital Inc.
ARC Financial Clairvest Group Inc. Kayne Capital PRIVEQ Capital Funds
Ardenton Capital Export Development Lex Capital Management Seafort Capital
Corporation Canada (EDC)
CVCA thanks the following firms who participated in its Q2 2021 survey. m2s Capital Searchlight Capital
ATB Private Equity Fengate Capital Partners
Management Ltd. MacKinnon, Bennett &
BDC Growth & Transition Company Inc. (MKB) TorQuest Partners
Venture Capital FIRMS Capital (BDC GTC) Fengate Real Asset
Investments Maverix Private Equity TriWest Capital Partners
BDC Growth Equity
2150 Ventures Dash40 Ventures Lumira Ventures Raiven Capital FirstAngel Capital Mink Capital Upper Stage Ventures
BMO Capital Partners Corporation
7 Gate Ventures Espresso Capital Ltd. MaRS IAF Raven Indigenous Capital Mosaic Capital Corporation Western Investment
Partners Cachet Sustainability Inc. Fonds Manufacturier Company of Canada
Active Impact Investments Evok Innovations McRock Capital Novacap Investments Inc. Limited
Québécois
Real Ventures CAI Capital Partners
adMare Bioinnovations FACIT Metiquity Peloton Capital White Wolf Capital LLC
Relay Ventures Fulcrum Capital Partners
Canadian Business Growth Management
Alate Partners Inc. Fastbreak Ventures Mistral VP
Fund Highland West Capital Ltd. Whitehorse Liquidity
Renewal Funds Persistence Capital
AmorChem Fund Ferst Capital MKB Growth Equity Partners Inc.
Rhino Ventures Capital Financière Agricole InstarAGF Asset Partners
Amplify Capital FINTOP Capital Momenta Ventures Inc. Management Westcap Mgt. Ltd
Roadmap Capital
Amplitude Ventures First Ascent Ventures N49P Ventures
Round 13 Capital
Anges Quebec Flow Capital Natural Products Canada
AQC Capital Fonds Innovexport
Ventures (NPC Ventures) Samsung Venture
Investment
LIMITED PARTNERS
Naventures (National Bank
Anzu Partners Framework Ventures of Canada) Sand Hill North
BDC Venture Capital Fonds de solidarite FTQ Kensington Capital Partners Ltd.
AQC Capital Freycinet Ventures New Brunswick Innovation StandUp Ventures
Foundation Bluesky Equities Ltd. Fonds de solidarité FTQ (Regional) Northleaf Capital Partners
ArcTern Ventures Georgian Partners Inc. Tactico Inc.
Nimbus Synergies Desjardins Capital HarbourVest Partners (Canada) Ltd Ontario Capital Growth Corporation
AVAC Ltd. Good News Ventures Tandem Expansion
BCF Ventures Grand Ventures Northumberland CFDC Fondaction Investissement Quebec Ontario Teachers’ Pension Plan
TandemLaunch Inc. (OTPP)
Bioindustrial Innovation GreenSky Capital Inc. OKR Financial
TELUS Pollinator Fund
Canada Old Kent Road Financial
Greensoil PropTech TELUS Ventures
Black Innovation Capital Ventures (OKR)
If you would like to have your firm included in future reports,
OMERS Ventures Top Renergy
Boreal Ventures Hikma Ventures please click here.
Management Inc. Uncork Capital
Brightspark Ventures Information Venture
Partners Outsized Ventures Venbridge
CIBC Innovation Banking
Innovacorp Panache Ventures Versant Ventures
CIC Capital Ventures
inovia Capital Pangaea Ventures Ltd. Version One Ventures
Clanton Capital
Investeco Capital Corp. Pender Ventures White Star Capital
Conexus Venture Capital
KJSM Ventures Canada Quark Venture Yaletown Partners
CTI Life Sciences
Klass Capital Radical Ventures
Cycle Capital Management
20 | PARTICIPATING DATA CONTRIBUTORS PARTICIPATING DATA CONTRIBUTORS | 21CVCA 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
22 | CVCA METHODOLOGY: PRIVATE EQUITYcvca.ca
You can also read
