vc & pe quÉbec market overview // h1 2018...the coveo solutions transaction included tandem...

VC & PE QUÉBEC MARKET OVERVIEW

// H1 2018

VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // H1 2018 | 2

CONTENTS

PARTICIPATING DATA CONTRIBUTORS ............................................................................... 3

FOREWORD ...................................................................................................................................... 4 VC & PE ACTIVITY .................................................................................................................................................................... 5 VC & PE ACTIVITY BY ADMINISTRATIVE CENTRE .......................................................................................... 6

VENTURE CAPITAL QUÉBEC MARKET OVERVIEW ......................................................... 7 QUÉBEC VENTURE CAPITAL HIGHLIGHTS ......................................................................................................... 8

VENTURE CAPITAL HEAT MAP ..................................................................................................................................... 9 QUARTER-OVER-QUARTER VC INVESTMENT IN QUÉBEC ................................................................. 10 VC ACTIVITY BY DEAL SIZE ............................................................................................................................................ 11 VC SECTOR BREAKDOWN ...............................................................................................................................................12 VC STAGE BREAKDOWN ................................................................................................................................................. 13 TOP DISCLOSED QUÉBEC VC DEALS .................................................................................................................... 14 TOP DISCLOSED VC EXITS .............................................................................................................................................. 15MOST ACTIVE VC INVESTORS IN QUÉBEC ....................................................................................................... 16

PRIVATE EQUITY QUÉBEC MARKET OVERVIEW ........................................................... 17 QUÉBEC PRIVATE EQUITY HIGHLIGHTS ............................................................................................................. 18

PRIVATE EQUITY HEAT MAP // ALL PE DEALS .............................................................................................. 19 QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY IN QUÉBEC ......................................... 20 PE ACTIVITY BY DEAL SIZE ............................................................................................................................................ 21 PE SECTOR BREAKDOWN .............................................................................................................................................. 22 TOP 10 DISCLOSED QUÉBEC PE DEALS ............................................................................................................. 23 TOP DISCLOSED PE EXITS IN QUÉBEC ................................................................................................................ 24MOST ACTIVE PE INVESTORS IN QUÉBEC ........................................................................................................ 25

CVCA METHODOLOGY ............................................................................................................. 26 VENTURE CAPITAL .............................................................................................................................................................. 26 PRIVATE EQUITY ............................................................................................................................................................. 27, 28

CVCA/RÉSEAU CAPITAL ABOUT & CONTACT .............................................................. 29


PARTICIPATING DATA CONTRIBUTORS

Alberta Teachers' Retirement Fund

Alberta Enterprise Corporation

BDC Capital Inc.

Bluesky Equities Ltd.

Caisse de dépôt et placement du Québec

Capital Régional et Coopératif Desjardins

Dancap Private Equity Inc.

Fondaction CSN

Fonds de solidarité FTQ

Fonds de solidarité FTQ (Regional)

HarbourVest Partners (Canada) Ltd.

Investissement Québec

Kensington Capital Partners Limited

Ontario Teachers' Pension Plan

Teralys Capital

PARTICIPATING LIMITED PARTNERS

PARTICIPATING PRIVATE EQUITY & LSVCC FIRMS

32 Degrees Capital

AIP Private Capital

ARC Financial

Ardenton Capital Corporation

ATB Capital

Birch Hill Equity Partners

Brookfield Asset Management

CAI Capital Management Co.

Clairvest Group Inc.

Clearspring Capital Partners

End of Petroleum

First West Capital

Fulcrum Capital Partners

GrowthWorks Capital

Hawthorne Capital Inc.

Highland West Capital

InstarAGF Asset Management

Ironbridge Equity Partners

Kayne Capital

Killick Capital Inc.

Lex Capital Management

m2s Capital

Mink Capital

Mosaic Capital Corporation

Novacap Management Inc.

OMERS Private Equity Inc.

Parallel 49 Equity

Persistence Capital Partners

PFM Capital Inc

PRIVEQ Capital Funds

Regimen Equity Partners

Roynat Capital Inc.

Seafort Capital

Searchlight Capital Partners

Signal Hill Equity Partners

TIMIA Capital Corp

TriWest Capital Partners

Westcap Mgt. Ltd.

Western Investment Company of Canada Ltd.

XPND Capital

CVCA thanks the following firms who participated in itsh1 2018 survey.

If you would like to have your firm included in future reports, please contact either [email protected] or [email protected]

Accelerate Fund

Amorchem Venture Fund

Anges Québec

Anges Québec Capital

AVAC Ltd.

Avrio Ventures Management Corp

Azure Capital Partners

Bioindustrial Innovation Canada

Brightspark Ventures

CIBC Innovation Banking

CTI Life Sciences

Cycle Capital Management/Ecofuel

Emerald Technology Ventures

Epic Capital

Espresso Capital Ltd.

Evok Innovations

Ferst Capital

Fight Against Cancer Innovation Trust

Freycinet Ventures

Golden Venture Partners

Good News Ventures

GreenSoil Investments

HIGHLINE

iGan Partners

Information Venture Partners

Innovacorp

iNovia Capital

Island Capital Partners

Luge Capital

Lumira Ventures

MaRS Catalyst Fund

MaRS IAF

McRock Capital

New Brunswick Innovation Foundation

Northumberland CFDC

OMERS Ventures

OpenText Enterprise Apps Fund

Panache Ventures

Pangaea Ventures

Pelorus Venture Capital Ltd.

Plaza Ventures

Quark Venture

Real Ventures

Relay Ventures

Renewal Funds

Roadmap Capital

Ryerson Futures

ScaleUP Ventures

StandUp Ventures

Tandem Expansion

TandemLaunch

TELUS Ventures

Top Renergy

Trellis Capital

V3-Ventures

Vancouver Founders Fund

Vanedge Capital Partners

VentureLink Funds

Versant Ventures

Version One Ventures

White Star Capital

Whitecap Venture Partners

Yaletown Partners Inc.

PARTICIPATING VENTURE CAPITAL FIRMS


FOREWORD

Québec Captures Over A Quarter Of Venture Capital Activity In The Country; The Most Active Province For Private Equity Deals

Québec venture capital saw $210M invested over 60 deals in Q2; 92% more than Q1 2018 but 40% lower compared to Q2 2017. Québec captured 31% of the total number of VC deals in Canada (94 out of 308) in the first half of the year and 19% of the total dollars invested ($319M out of $1.7B).

In PE, the province saw $2B invested over 92 deals in Q2 bringing the total invested dollars in the first half to $3.3B over 177 deals. There was a 10% increase in volume of deals compared to H1 2017 but a 22% drop in invested dollars ($4.2B to $3.3B).

“Venture capital investors are continuing to see the value in the high quality, innovative businesses in Québec,” says Réseau Capital CEO, Jack Chadirdjian. “The province continues to offer a magnitude of value-creation opportunities as indicated by the PE numbers.”

There were seven venture capital exits in the first half of the year in Québec. This included the $141M corporate acquisition of TVM Life Science Management portfolio company AurKa Pharma by Eli Lilly and the $100M transaction in Coveo Solutions Incorporated from a private equity firm based in the United States. Selling investors in the Coveo Solutions transaction included Tandem Expansion Fund, Fonds de solidarité FTQ, Investissement Québec and BDC Capital.

The largest private equity exit in Québec in H1 was the $3B corporate buyout of Atrium Innovations Incorporated by Nestlé. The selling investors included Fonds de solidarité and Caisse de dépôt et placement du Québec (CDPQ).


VC & PE ACTIVITY // H1 2018

271 dealstotal #

$3.6btotalinvested

Venture Capital Private Equity

177deals

94deals

$319m

$3.3b


Laurentides

Outaouais

Nord-du-Québec /Abitibi-Témiscamingue

Laval

16

7

Montréal Montérégie

Lanaudière

Estrie

Centre-du-Québec

4

Québec

Chaudière-Appalaches

Mauricie

Saguenay-Lac-St-Jean /Côte-Nord

Bas-Saint-Laurent

16

50 64 21 2

1

68

10

6

1

11

5

1

14

11

87

6

3

Gaspésie/Îles-de-la-Madeleine

2

VC & PE ACTIVITY BY ADMINISTRATIVE CENTRE // H1 2018

montréal

114 DEALSmost active region

total #Private Equity

Venture Capital


VENTURE CAPITAL QUÉBEC MARKET

OVERVIEW // H1 2018


QUÉBEC VENTURE CAPITAL HIGHLIGHTS // H1 2018

Q2 2018 HIGHLIGHTS

$210M was invested over 60 deals in Q2 in Quebec, 92% more than the previous quarter ($109M) but 40% lower than the same quarter last year ($348M)

The average deal rise rose 9% from $3.2M to $3.5M

Key Findings:

H1 2018 HIGHLIGHTS

The largest deal was the $59M series D round in Breather Products Inc. by an investor syndicate that included Caisse de dépôt et placement du Québec (CDPQ)

Québec captured 31% of the total number of VC deals (94 out of 308) and 19% of dollars invested ($319 out of $1.7B).

Just over a third of VC activity (34 out of 94 deals) was in deal sizes between $1M-$5M, followed by deals between $100K-$500K capturing a 27% share.

ICT companies garnered $157M, a 49% of total dollars, down 4% from its 2017 share.

Agribusiness companies received $33M or 17% of total dollars, a significant spike from its 4% share in 2017.

Montréal-based companies received 68% (64 out of 94 deals) of VC deal flow followed by Laval-based companies with a 7% share (7 out of 94).

There were seven exits involving Québec-based companies which included:

The $141M corporate acquisition of TVM Life Science Management portfolio company AurKa Pharma by Eli Lilly

The $100M transaction in Coveo Solutions Inc. from a US private equity firm. The selling investors included Tandem Expansion Fund, Fonds de solidarité FTQ, Investissement Québec and BDC Capital


VENTURE CAPITAL HEAT MAP // H1 2018

194

4217 7

116$319m

$907MOntario

$276MBC

$70MAlberta

Québec

Nova Scotia$55M

New Brunswick

Newfoundland& Labrador

$21M

$4M

$3MSaskatchewan

$7MManitoba

1213Prince Edward

Island

$1M3

3

$1.7mtotal308 dealstotal #


QUARTER-OVER-QUARTER VC INVESTMENT IN QUÉBEC // H1 2018

TOTAL:111 DEALS / $344M



TOTAL:182 DEALS / $1.6B

$ Millions Invested

# Deals

0

10

20

30

40

50

60

70

80

60

70

80

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

$500

$550

$600

Q2Q1 Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1 Q3

$30

$72

$16

8

$73

$6

1

$19

2

$22

7

$21

7

$13

5

$17

8

$34

8

$54

8

$51

7

$10

9

Q2

$21

0

$37

7

28

27

34

22

3839

61

33

28

56

49

$26

7

Q4

$20

3

3334

60

36 39

53 54

2014 2015 2016 2017 2018



$0.5

$5

$8

$79

$128

$40

$59

Total Deals $ Millions

< $100K

$100 - $500K

$500K - $1M

$1M - $5M

$5M - $20M

$20M - $50M

$50M +

9

25

11

34

11

2

1

VC ACTIVITY BY DEAL SIZE // H1 2018

most active deal category

in the province

$1M-$5M


VC SECTOR BREAKDOWN // 2014-H1 2018 $ Millions Invested

# Deals

0

10

20

30

40

50

60

70

80

100

90

$0

$60

$120

$180

$240

$300

$360

$420

$480

$540

$600

110

120

140

130

$660

$720

$780

$840

150$900

2017201620152014 20152014 201420172016 20162015 201520142017 20172016

$18

8

$52

$31

7

$45

5

H12018

H12018

H12018

H12018

$8

54

$15

7

$31

2

$28

8

$29

$30

2

$20

$70

12107

1014

10 9

14

43

20 1610

39

32

19

42

8990

85

64

ICT Life Sciences CleanTech Agribusiness

$6

1

$30

$6

7

$6

2

$49

$30

9

$25

$56


VC STAGE BREAKDOWN // 2014-H1 2018 $ Millions Invested

# Deals

0

10

20

30

40

50

60

70

80

100

90

$0

$60

$120

$180

$240

$300

$360

$420

$480

$540

$600

110$660

130

120$720

$780

140$840

201620152014 201620152014 201620152014

$17

3

$12

9

$35

8

$29

6

201720172017

$41

4

$75

4

$52

9

36

45

36

41

34

48

73

97

82

2727

49

33

59

30

$8

11

Seed Early Stage Later Stage

$41

$27

$39

$49

H12018

$30

H12018

H12018

$13

9

$15

0


TOP DISCLOSED QUÉBEC VC DEALS // H1 2018

COMPANY NAME ADMIN. CENTRE SECTOR DISCLOSED INVESTORS $ MIL.

BREATHER PRODUCTS INC. MONTREAL ICT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), MENLO VENTURES, TEMASEK HOLDINGS (PRIVATE) LIMITED $59

CONCENTRIC AG MONTREAL AGRIBUSINESS DESJARDINS CAPITAL, CYCLE CAPITAL MANAGEMENT/ECOFUEL, PONTIFAX VENTURE CAPITAL, TPG BIOTECH $20

SOUNDBITE MEDICAL SOLUTIONS INC. MONTREAL LIFE SCIENCES ANGES QUÉBEC, FMR LLC (FIDELITY) $20

MNUBO INC. MONTREAL ICT FONDS DE SOLIDARITÉ FTQ, INVESTISSEMENT QUÉBEC, MCROCK CAPITAL CORPORATION, MUNICH RE / HSB VENTURES, WHITE STAR CAPITAL INC. $17

ALGOLUX INC. MONTREAL ICT INTACT FINANCIAL CORPORATION, J. M. WOOD INVESTMENTS LTD., REAL VENTURES $13

AGRISOMA BIOSCIENCES INC. OUTAOUAIS AGRIBUSINESS

BDC CAPITAL INC., DATA COLLECTIVE, FMR LLC (FIDELITY), HANWHABDC CAPITAL INC., DESJARDINS CAPITAL, CYCLE CAPITAL MANAGEMENT/ECOFUEL, GROUPE LUNE ROUGE INVESTMENT CORP, INTEL CAPITAL, MICROSOFT VENTURES, NATIONAL BANK OF CANADA, NVIDIA CORPORATION, REAL VENTURES

$12

POLYSTYVERT INC. MONTREAL CLEAN TECH ANGES QUÉBEC, ANGES QUÉBEC CAPITAL, CYCLE CAPITAL MANAGEMENT/ECOFUEL, ENERGY FOUNDRY, QUADRIAM INVESTMENTS $11

THERE WERE 3 UNDISCLOSED DEALS THAT WERE NOT INCLUDED IN THIS TABLE


TOP DISCLOSED VC EXITS // H1 2018

VC INVESTORS COMPANY SECTOR EXIT TRANSACTION ACQUIRED BY $ MIL.

TVM LIFE SCIENCE MANAGEMENT INC. AURKA PHARMA LIFE SCIENCES M&A ELI LILLY $141

TANDEM EXPANSION FUND, FONDS DE SOLIDARITÉ FTQ, INVESTISSEMENT QUÉBEC, BDC CAPITAL, PROPULSION VENTURES, FIER SUCCÈS, ACCÈS CAPITAL COVEO SOLUTIONS INC. ICT M&A EVERGREEN

COAST CAPITAL $100

THERE WERE 5 UNDISCLOSED EXITS INVOLVING QUEBEC-BASED COMPANIES


$72

$13

Desjardins Capital

Real Ventures

Cycle Capital Management/Ecofuel


BDC Capital Inc.

Panache Ventures

Total Deals $ Millions*

27

22

11

11

11

5

25

7

Réseau Anges Québec

Anges Québec Capital

$62

$55

$59

$49

$42

$6

MOST ACTIVE VC INVESTORS IN QUÉBEC // H1 2018

* TOTAL DEAL VALUES - INCLUDES ALL PARTICIPATING INVESTORS

Desjardins Capital

27 DEALS

most active FIRM


PRIVATE EQUITY QUÉBEC MARKET

OVERVIEW // H1 2018


QUÉBEC PRIVATE EQUITY HIGHLIGHTS // H1 2018

Q2 2018 HIGHLIGHTS

$2B was invested over 92 deals, 54% higher than the previous quarter and 47% higher than the same quarter in 2017.

The average deal size spiked 42% from the previous quarter from $15.3M to $21.7M.

H1 2018 HIGHLIGHTS

There was a 10% increase in the number of deals in H1 2018 (177) compared to the 161 from the same period last year. However, total PE dollars invested dropped 22% from $4.2B to $3.3B.

Québec captured 61% of all Canadian PE deals (177 out of 288), more than three times greater than Ontario’s 18% share.

Just over a third (38%) of all deals were between $1M-$5M, with deals between $5M-$25M capturing a 23% share of the province’s deal activity.

28% of deals (49 deals) went to companies in the industrial and manufacturing sector with 14% going to the ICT sector (25 deals).

The $509M follow-on investment into Stingray Digital Group Inc. was the largest deal this year; Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ were joint investors.

The largest exit was the $3B corporate buyout of Atrium Innovations Inc. by Nestlé. Selling investors included Fonds de solidarité and Caisse de dépôt et placement du Québec (CDPQ).

Key Findings:


8 3

11

1772421

$304m$23m

$214m

$3.3b

NA

$10.7bOntario

BCAlberta

Saskatchewan

Québec

Nova Scotia

naManitoba NA

NewBrunswick

53

PRIVATE EQUITY HEAT MAP // ALL PE DEALS // H1 2018

$14.6btotal 288 dealstotal #







$ Millions Invested

# Deals

QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY IN QUÉBEC // H1 2018

$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Q2Q1 Q1Q4Q3Q2Q1Q4Q3Q2Q1

$4,000

$1,

141

$1,

917

$1,

843

$9

00

$1,

729

$26

7

$2,

556

$9

05

$1,

255

$9

13

202528 24

30

4946

51

87 91

Q3

86

$6

20

Q2

$1,

038

$2,

86

0

$1,

360

Q3

$4,

278

Q4

$2,

132

Q1

$1,

299

Q2

$1,

99

9

83

63

98

86

86

80

Q4

2014 2015 2016 2017 2018

0

20

40

60

80

100

120

140

150

$4,500 160

92


Total Deals $ Millions

< $100K

$100K - $500K

$500K - $1M

$1M - $5M

$5M - $25M

$25M - $100M

$100M - $500M

$500M-$1B

$1B-$2.5B

$2.5B+

2

16

20

67

41

12

7

1

0

0

$0.1

$4

$12

$147

$450

$768

$1,409

$509

$0

$0

PE ACTIVITY BY DEAL SIZE // H1 2018

capture 43% of total dollars

7 mid-market deals


49

25

19

17

16

16

9

9

7

4

4

2

0

# Deals $ Millions

Industrial & Manufacturing

ICT

Mining & Resources

Consumer & Retail

Agri-Forestry

Business Products & Services

Life Sciences

Automotive & Transportation

CleanTech

Real Estate

Financial

Oil & Gas, Power

Others

$621

$444

$187

$136

$384

$885

$42

$116

$104

$147

$13

$218

$0

PE SECTOR BREAKDOWN // H1 2018

49 deals

most active sector

Industrial & Manufacturing


TOP DISCLOSED QUÉBEC PE DEALS // H1 2018

COMPANY NAME ADMIN. CENTRE DISCLOSED INVESTORS INVOLVED IN TRANSACTION SECTOR $ MIL.

STINGRAY DIGITAL GROUP INC. MONTREAL CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), FONDS DE SOLIDARITÉ FTQ BUSINESS PRODUCTS & SERVICES $509

NAPEC INC. CENTRE-DU-QUÉBEC FONDS DE SOLIDARITÉ FTQ, OAKTREE CAPITAL GROUP, LLC INDUSTRIAL & MANUFACTURING $320

BORALEX INC. CENTRE-DU-QUÉBEC CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), FONDS DE SOLIDARITÉ FTQ OIL & GAS, POWER $200

ESTRUXTURE MONTREAL FENGATE CAPITAL MANAGEMENT LTD. ICT $180

RÉSIDENCES POUR AÎNÉS IMMO 1ERE INC. MONTREAL DESJARDINS CAPITAL REAL ESTATE $122

COVEO SOLUTIONS INC. QUÉBEC EVERGREEN COAST CAPITAL CORP., TANDEM EXPANSION FUND ICT $100

INDUSTRIES AMISCO LTÉE (LES) CHAUDIÈRE-APPALACHES DESJARDINS CAPITAL INDUSTRIAL &

MANUFACTURING $81

CABLE AXION/ CÂBLE-AXION DIGITEL INC.

SAGUENAY-LAC-ST-JEAN/CÔTE-NORD DESJARDINS CAPITAL ICT $78

EBI OPERATIONS INC. LANAUDIÈRE FONDS DE SOLIDARITÉ FTQ CLEANTECH $70

ELYSIS TECHNOLOGIES MONTREAL INVESTISSEMENT QUÉBEC MINING & RESOURCES $60

THERE WERE 7 UNDISCLOSED DEALS THAT WERE EXCLUDED FROM THIS TABLE


TOP DISCLOSED PE EXITS IN QUÉBEC // H1 2018

NOTE: There were 3 additional undisclosed exits over $50M

from Québec-based companies

SELLER COMPANY BUYER $ MIL.

PERMIRA, FONDS DE SOLIDARITÉ (FTQ), CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ) ATRIUM INNOVATIONS INC. NESTLÉ S.A. $2,973

CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), FONDS DE SOLIDARITÉ (FTQ), INVESTISSEMENT QUÉBEC, ONE51 PLC IPL INC. NA - IPO $709


# Deals $ Millions*


Desjardins Capital

Investissement Québec

Caisse de dépôt et placement du Québec (CDPQ)

Fondaction CSN

BDC Capital Inc.

85

55

21

18

14

5

$2,036

$689

$560

$1,224

$167

$36

MOST ACTIVE PE INVESTORS IN QUÉBEC // H1 2018

* TOTAL DEAL VALUES – INCLUDES ALL PARTICIPATING INVESTORS

85 DEALS

most active PE investor



CVCA METHODOLOGY // VENTURE CAPITAL

Venture Capital Data:

Verified completed equity or quasi-equity venture capital deals only (non-equity or project-based government funding, pharmaceutical development deals, senior debt, venture capital-backed acquisitions, and angel financing are not included)

VC DEVELOPMENT STAGES

SEED STAGE COMPANY HAS A CONCEPT OR PRODUCT UNDER DEVELOPMENT, BUT IS PROBABLY NOT FULLY OPERATIONAL.

EARLY STAGE COMPANY HAS A PRODUCT OR SERVICE IN TESTING OR PILOT PRODUCTION. IN SOME CASES, THE PRODUCT MAY BE COMMERCIALLY AVAILABLE.

LATER STAGE PRODUCT OR SERVICE IN PRODUCTION AND COMMERCIALLY AVAILABLE. COMPANY IS GENERATING ON-GOING REVENUE, BUT NOT NECESSARILY, PROFITABLE.

VC SECTORS

ICT COMPUTER HARDWARE AND SOFTWARE AND SERVICES, INTERNET SOFTWARE OR SERVICES, ECOMMERCE, ELECTRONIC & SEMICONDUCTOR, MOBILE AND TELECOM TECHNOLOGIES AND SERVICES

LIFE SCIENCES BIOTECH, MEDICAL DEVICES, PHARMACEUTICALS, EHEALTH, HEALTHCARE PRODUCTS AND SERVICES, AND OTHER MEDICAL RELATED PRODUCTS AND SERVICES

CLEANTECH ENERGY AND FUEL TECHNOLOGIES, EFFICIENCY AND CONSERVATION, RENEWAL ENERGY, ENVIRONMENTAL TECHNOLOGIES AND OTHER ENERGY AND ENVIRONMENTAL PRODUCTS AND SERVICES

AGRIBUSINESS TRADITIONAL AND ADVANCED AGRICULTURAL TECHNOLOGIES AND SERVICES

QUÉBEC ADMINISTRATIVE REGIONS

NORD-DU-QUÉBEC / ABITIBI-TÉMISCAMINGUE

OUTAOUAIS

LAURENTIDES

LAVAL

MONTRÉAL

MONTÉRÉGIE

LANAUDIÈRE

MAURICIE

ESTRIE

CENTRE-DU-QUÉBEC

QUÉBEC

CHAUDIÈRE-APPALACHES

SAGUENAY-LAC-ST-JEAN/ CÔTE-NORD

BAS-SAINT-LAURENT

GASPÉSIE/ÎLES-DE-LA-MADELEINE


CVCA METHODOLOGY // PRIVATE EQUITY

Private Equity Data:

Dataset includes only completed private equity deals (announced but yet to be completed deals are not included)

PE DEAL TYPE

BUYOUT INVESTMENT FOR THE CONTROL OF A PORTFOLIO COMPANY, INCLUDING PLATFORM CREATION, SECONDARY BUYOUT

GROWTH SIGNIFICANT MINORITY INVESTMENT INTO A PORTFOLIO COMPANY, THROUGH NEW CAPITAL INFUSION AND RECAPITALIZATION

ADD-ON CORPORATE ACQUISITIONS BY MAJORITY CONTROLLED PE BACKED PORTFOLIO COMPANIES

DEBT DEBT INVESTMENT INTO PORTFOLIO COMPANIES

INFRASTRUCTURE INVESTMENTS INTO DEVELOPMENT AND MANAGEMENT OF INFRASTRUCTURE ASSETS BUT PE DOES NOT OWN THE UNDERLYING ASSETS

continued

QUÉBEC ADMINISTRATIVE REGIONS

NORD-DU-QUÉBEC / ABITIBI-TÉMISCAMINGUE

OUTAOUAIS

LAURENTIDES

LAVAL

MONTRÉAL

MONTÉRÉGIE

LANAUDIÈRE

MAURICIE

ESTRIE

CENTRE-DU-QUÉBEC

QUÉBEC

CHAUDIÈRE-APPALACHES

SAGUENAY-LAC-ST-JEAN/ CÔTE-NORD

BAS-SAINT-LAURENT

GASPÉSIE/ÎLES-DE-LA-MADELEINE


CVCA METHODOLOGY // PRIVATE EQUITY

PE SECTORS

AGRI-FORESTRY AGRICULTURE, FOODS AND FORESTRY

AUTOMOTIVE & TRANSPORTATION TRANSPORTATION, LOGISTICS AND RELATED SERVICES

BUSINESS PRODUCTS & SERVICES BUSINESS PRODUCTS AND SERVICES

CLEANTECH ENERGY AND FUEL TECHNOLOGIES, EFFICIENCY AND CONSERVATION, RENEWAL ENERGY, ENVIRONMENTAL TECHNOLOGIES AND OTHER ENERGY AND ENVIRONMENTAL PRODUCTS AND SERVICES

CONSUMER & RETAIL CONSUMER PRODUCTS AND SERVICES, BRICK AND MORTAR RETAIL

FINANCIAL FINANCIAL SERVICES

ICT COMPUTER HARDWARE/SOFTWARE & SERVICES, INTERNET SOFTWARE & SERVICES, ECOMMERCE, ELECTRONIC & SEMICONDUCTOR, MOBILE & TELECOM AND SERVICES

INDUSTRIAL & MANUFACTURING EQUIPMENT AND MATERIAL MANUFACTURING

LIFE SCIENCES BIOTECH, MEDICAL DEVICES, PHARMACEUTICALS, EHEALTH, HEALTHCARE PRODUCTS AND 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

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CVCA/RÉSEAU CAPITAL ABOUT & CONTACT

AuthorsDarrell oversees all data related to Canadian private capital investments, exit and fundraising activities for the CVCA. Darrell has held senior positions at several global organizations including the Toronto Stock Exchange, Institutional Limited Partners Association, Thomson Reuters, Glaxosmithkline and the Interac Association. In between these, he also started 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.

[email protected] | 416-487-0519 ext. 208

David executes research on venture capital and private equity deals within Canada. David is responsible for monitoring industry activity and maintaining the CVCA’s Infobase by entering data, including investments, exits, deals and fundraising activities on a daily basis. David holds a BA in Philosophy and Psy-chology from the University of Toronto.

[email protected] | 416-487-0519 ext. 202

DARRELL PINTOResearch Director

DAVID KORNACKI Research Analyst

About CVCAThe Canadian Venture Capital and Private Equity Association is the voice of Canada’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 CVCA

CVCA - Canadian Venture Capital and Private Equity Association

372 Bay St., Suite 1201 Toronto, ON M5H 2W9

About Réseau CapitalRéseau Capital, the Québec Venture Capital and Private Equity Association, is the only private equity association that brings together all stakeholders involved in the Québec investment chain. The mission of Réseau Capital is to contribute to the development and efficient operation of the private equity industry, which plays a major role in the development and financing of businesses in Québec.

Founded in 1989, Réseau Capital represents private equity, tax-advantaged and public investment companies as well as banks, accounting and law firms, along with many professionals working in the field.

To arrange for an interview, please contact:Catherine Berbery | 514-880-2372 | [email protected]

For more information, visit reseaucapital.com

@reseaucapital Réseau Capital

Espace CDPQ – 3 Place Ville-Marie, suite 12350, Level L, Montréal, QC H3B 0E7

To obtain estimates for additional custom InfoBase data reports please contact [email protected]

vc & pe quÉbec market overview // h1 2018...the coveo solutions transaction included tandem...

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