VC & PE QUÉBEC MARKET OVERVIEW // 2017 · PREVIOUS YEARS MAY NOT BE CONSISTENT WITH RÉSEAU...

NOTE: THIS IS THE FIRST YEAR THAT THE RÉSEAU CAPITAL IS PARTNERING WITH CVCA TO PRODUCE VC AND PE STATISTICS FOR QUÉBEC. THUS, DATA COMPARISONS AGAINST

PREVIOUS YEARS MAY NOT BE CONSISTENT WITH RÉSEAU CAPITAL’S HISTORICAL REPORTS.

VC & PE QUÉBEC MARKET OVERVIEW

// 2017

VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // 2017 | 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 10 DISCLOSED QUÉBEC VC DEALS ............................................................................................................. 14 TOP DISCLOSED VC EXITS .............................................................................................................................................. 15MOST ACTIVE FIRMS IN QUÉBEC ............................................................................................................................. 16

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

PRIVATE EQUITY HEAT MAP ......................................................................................................................................... 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 Enterprise Corporation

Alberta Teachers’ Retirement Fund (ATRF)

BDC Capital Inc

Caisse de dépôt et placement du Québec (CDPQ)

Capital Régional et Coopératif Desjardins

Dancap Private Equity Inc

Fondaction CSN

Fonds de solidarité FTQ

Fonds de solidarité FTQ (Regional)

HarbourVest Partners, LLC

Investissement Quebec

Kensington Capital Partners Limited

Northleaf Capital Partners

Ontario Teachers’ Pension Plan (OTPP)

Teralys Capital

PARTICIPATING LIMITED PARTNERS

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

PARTICIPATING PRIVATE EQUITY & LSVCC FIRMS

32 Degrees Capital

AIP Private Capital

Altas Partners LP

Arc Financial

Ardenton Capital Corporation

ATB Capital

Birch Hill Equity Partners

Brookfield Asset Management

CIEL Capital

Clairvest Group Inc.

First West Capital

Fulcrum Capital Partners

GrowthWorks Atlantic Venture Fund Ltd.

Growthworks Working Opportunity Fund (EVCC) Ltd.

Highland West Capital

Innovation Platform Capital

InstarAGF Asset Management

Ironbridge Equity Partners

Lex Capital Management

m2s Capital

Mink Capital

Mosaic Capital Corporation

Novacap Management Inc.

Parallel 49 Equity

Persistence Capital Partners

PFM Capital Inc

Pillarfour Capital

PRIVEQ Capital Funds

Regimen Equity Partners

Roynat Capital Inc.

Searchlight Capital Partners

TIMIA Capital Corp

Tricor Pacific Founders Capital

TriWest Capital Partners

VERTU Capital

Westcap Mgt. Ltd

Western Investment Company of Canada Limited

XPND Capital

Amorchem Venture Fund

Anges Quebec

Anges Quebec Capital

Avrio Ventures Management Corp

Azure Capital Partners

Brightspark Ventures

CTI Life Sciences

Cycle Capital Management/Ecofuel

Difference Capital

Emerald Technology Ventures

Emerillon Capital

EnerTech Capital

Espresso Capital Ltd.

Eventi Capital Partners

Evok Innovations

Fight Against Cancer Innovation Trust

Freycinet Ventures

Georgian Partners

Golden Venture Partners

Good News Ventures

Green Acre Capital

GreenSoil Investments

iGan Partners

Information Venture Partners

Innovacorp

iNovia Capital

Investeco Capital Corp

Lumira Capital

MaRS Catalyst Fund

MaRS IAF

McRock Capital

New Brunswick Innovation Foundation

Northumberland CFDC

OMERS Ventures

Pangaea Ventures

Pelorus Venture Capital Ltd.

Plaza Ventures

Quark Venture

Real Ventures

Relay Ventures

Renewal Funds

Roadmap Capital

Ryerson Futures

ScaleUP Ventures

Tandem Expansion

TandemLaunch

TEC Venture Angels

Top Renergy

TVM Life Science Management Inc.

Vancity Capital Corp

Vancouver Founders Fund

Vanedge Capital Partners

VentureLink Funds

Versant Ventures

Version One Ventures

Wellington Financial

White Star Capital

Whitecap Venture Partners

Yaletown

PARTICIPATING VENTURE CAPITAL FIRMS

CVCA thanks the following firms who participated in itsQ4 2017 survey.


FOREWORD

2017 VC & PE Québec Market Overview: VC Mega Deals Drive VC Investment Year-Over-Year Spike; PE Investment Doubles In Q4

Québec venture capital continued its impressive trajectory in 2017 capturing 30% of the total number of Canadian VC deals (180 out of 592) and 37% of dollars invested ($1.3B out of $3.5B). Québec private equity captured 55% of all PE deals (330 out of 603) with $10.7B invested in Québec-based companies in 2017.

Six $50M+ mega deals totaling $691M accounted for 52% of total VC dollars invested in Québec. Three of the $100M+ deals included the $207M Series D in Montréal-based Lightspeed POS Incorporated from a syndicate including Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec, iNovia Capital and Teralys Capital; the $141M in Montréal-based Element AI with participation from Real Ventures; and, the $128M Series C in Québec City-based LeddarTech with help from Fonds de solidarité FTQ.

Information communications technology companies received $860M, a 65% share of total VC dollars invested in the province; up 19% since 2016. Life science companies received $326M, a 25% share

of VC investment. Agribusiness continued its upward trajectory in Québec with $70M invested over 14 deals; a steady increase from 2013 when only $7M was invested over 5 deals.

“Venture capital continues to indicate a high level of trust in the Québec economy,” says Réseau Capital CEO, Jack Chadirdjian. “2017 year-end data confirms investors are attracted to Québec companies.”

Two $1B+ mega-deals amounted to $3.3B or 31% of total PE dollars invested in the province. This included a private placement in Osisko Gold Royalties Limited by Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ.

Industrial and manufacturing companies received the largest share of PE investment in Québec at 26% of all deals, while consumer and retail companies received 15%.

“Québec private equity investment continues to lead the country,” says Chadirdjian. “The private capital data proves the province continues to be a great place to invest.”

Québec captures 30% of all Canadian VC deals in 2017; Leads the country in private equity investment


VC & PE ACTIVITY // 2017

510 dealstotal #

330deals

180deals

$12btotalinvested

$10.7b

Private Equity Venture Capital

$1.3b


Laurentides

Outaouais

Nord-du-Québec /Abitibi-Témiscamingue

Laval

33

11

Montréal Montérégie

Lanaudière

Estrie

Centre-du-Québec

312

Québec

Chaudière-Appalaches

Mauricie

Saguenay-Lac-St-Jean /Côte-Nord

Bas-Saint-Laurent

Gaspésie/Îles-de-la-Madeleine

8

8

3

88 132 54 91112

115

828

218

113

157

10 2

5 1

VC & PE ACTIVITY BY ADMINISTRATIVE CENTRE // 2017

montréal

220 DEALSmost active region

total #Private Equity

Venture Capital




VENTURE CAPITAL QUÉBEC MARKET

OVERVIEW // 2017


QUÉBEC VENTURE CAPITAL HIGHLIGHTS // 2017

Q4 2017 HIGHLIGHTS:

$218M was invested over 51 deals in Q4 in Québec, 7% more than the amount invested in the same quarter last year ($203M).

The average deal size dropped to $4.3M down 31% from the same quarter last year.

2017 HIGHLIGHTS:

Six $50M+ mega-deals totaling $691M accounted for 52% of total dollars invested. This included three $100M+ deals:

Montréal-based Lightspeed POS Inc. raised a record $207M Series D round from a syndicate including Caisse de dépôt et placement du Québec (CDPQ), Investissement Québec, iNovia Capital Inc. and Teralys Capital.

Real Ventures participated in Montréal-based Element AI’s $141M Series A round.

Québec-based LeddarTech closed its $128M series C round from Fonds de solidarité FTQ.

Québec captured 30% of the total number of Canadian VC deals (180 out of 592) and 37% of dollars invested ($1.3B out of $3.5B).

38% of VC activity in the province was in deal sizes between $1M-$5M, followed by deals between $100K-$500K capturing a 22% share and deals between $5-$20M a 12% share.

ICT companies received $860M, a 65% share of total dollars, up 19% from its 2016 share.

Life sciences companies received $326M or 25% of total dollars, down 7% from its 2016 share.

Although a much smaller industry segment, VC investment in agribusiness companies continued its upward trajectory with $70M invested over 14 deals. This has been steadily rising from 2013 when only $7M was invested over 5 deals.

73% of all VC deals in the province were in Montreal- based companies.

Notable exits included the $392M Airbnb acquisition of Montreal-based Luxury Retreats, the $174M IPO of Montreal-based Clementia Pharmaceuticals Inc. and the $133M acquisition of Accedian Networks by Bridge Growth Partners.

Key Findings:


VENTURE CAPITAL HEAT MAP // 2017

18091

2

15

236 30

$1,322m

$1,416MOntario

$646MBC

$37MAlberta

$5MManitoba

Québec

Nova Scotia$77M

New Brunswick

Newfoundland& Labrador

$16M

$6M

$14MSaskatchewan

2110

7

$3.5btotal592 dealstotal #


QUARTER-OVER-QUARTER VC INVESTMENT IN QUÉBEC // 2017

TOTAL:83 DEALS / $307M




TOTAL:180 DEALS / $1.3B

$ Millions Invested

# Deals

NOTE: THIS IS THE FIRST YEAR THAT THE RÉSEAU CAPITAL IS PARTNERING WITH CVCA TO PRODUCE VC AND PE STATISTICS FOR QUÉBEC. THUS, DATA COMPARISONS AGAINST PREVIOUS YEARS MAY NOT BE CONSISTENT WITH RÉSEAU CAPITAL’S HISTORICAL REPORTS.

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 Q2

$13

4

$8

4

$6

6 $30

$72

$16

8

$73

$6

1

$19

2

$22

7

$21

7

$13

5

$17

8

$34

9

Q3

$57

7

Q4

$21

8

$37

7

15

29

21

18

28

27

34

22

3839

61

33

28

56$

23

49

$26

7

Q4

$20

3

33

36 40

53 51

2013 2014 2015 2016 2017


$0

$8

$15

$152

$198

$258

$691

Total Deals $ Millions

< $100K

$100 - $500K

$500K - $1M

$1M - $5M

$5M - $20M

$20M - $50M

$50M +

9

40

20

69

22

8

6

VC ACTIVITY BY DEAL SIZE // 2017

most active deal category

in the province

$1M-$5M


VC SECTOR BREAKDOWN // 2013-2017 $ 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

2016201520142013 20142013 201320162015 20152014 201420132016 20162015

$11

8

$18

8

$52

$31

7

$45

5

2017201720172017

$8

60

$31

2

$28

8

$29

$32

6

$97

$20

$70

$7

12107

5

10 14 14

43

1610

6

39

32

1911

8990

85

64

50

ICT Life Sciences CleanTech Agribusiness

$48

$6

2

$6

1

$37

$30

$6

7


VC STAGE BREAKDOWN // 2013-YTD Q3 2017 $ 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

2016201520142013 2016201520142013 2016201520142013$

108

$18

4

$17

3

$12

9

$35

8

$29

6

201720172017

$41

4

$73

1

$52

9

29

36

45

36 3731

48

73

97

21

81

27

49

33

60

$54

0

Seed Early Stage Later Stage

$41

$16

$27

$39

$42


TOP 10 DISCLOSED QUÉBEC VC DEALS // 2017

COMPANY NAME ADMIN. CENTRE SECTOR DISCLOSED INVESTORS $ MIL.

LIGHTSPEED POS INC. MONTRÉAL ICT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), INOVIA CAPITAL INC., INVESTISSEMENT QUÉBEC, TERALYS CAPITAL $207

ELEMENT AI INC. MONTRÉAL ICTBDC CAPITAL INC., DATA COLLECTIVE, FMR LLC (FIDELITY), HANWHA INVESTMENT CORP, INTEL CAPITAL, MICROSOFT VENTURES, NATIONAL BANK OF CANADA, NVIDIA CORPORATION, REAL VENTURES

$141

LEDDARTECH INC. QUÉBEC ICT FONDS DE SOLIDARITÉ FTQ $128

REPARE THERAPEUTICS INC. BAS-SAINT-LAURENT LIFE SCIENCES

VERSANT VENTURE MANAGEMENT, LLC, MPM CAPITAL, BDC CAPITAL INC., CELGENE EUROPEAN INVESTMENT CO. LLC, FONDS DE SOLIDARITÉ FTQ, FONDS RÉGIONAUX DE SOLIDARITÉ FTQ

$91

MILESTONE PHARMACEUTIQUES INC. MONTRÉAL LIFE SCIENCES BDC CAPITAL INC., FONDS DE SOLIDARITÉ FTQ $71

BREATHER PRODUCTS INC. MONTRÉAL ICT MENLO VENTURES, RRE VENTURES, SLOW VENTURES, VALAR VENTURES MANAGEMENT LLC $53

INOCUCOR TECHNOLOGIES INC. MONTRÉAL AGRIBUSINESS CAPITAL RÉGIONAL ET COOPÉRATIF DESJARDINS (CRCD), CLOSED LOOP CAPITAL, CYCLE CAPITAL MANAGEMENT (CCM), TPG CAPITAL LP $39

FORTUNA FIX MONTRÉAL LIFE SCIENCES AMGEN VENTURES $32

BLOCKSTREAM CORPORATION MONTRÉAL ICT DG LAB FUND $32

LOGICIELS PARTNER ONE INC. MONTRÉAL ICT FONDS DE SOLIDARITÉ FTQ $26

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


TOP DISCLOSED VC EXITS // 2017

VC INVESTORS COMPANY NAME SECTOR EXIT TRANSACTION ACQUIRED BY $ MIL.

CLARIDGE, INOVIA CAPITAL, GROUPE DYNAMITE, TERALYS, INTERMEDIA PARTNERS

LUXURY RETREATS INTERNATIONAL INC. ICT M&A AIRBNB $392

BDC HEALTHCARE, FONDS DE SOLIDARITÉ FTQ, ORBIMED ADVISORS LLC CLEMENTIA PHARMACEUTICALS INC.

LIFE SCIENCES IPO NA $174

FONDS DE SOLIDARITÉ FTQ, RHO CANADA VENTURES, SUMMIT PARTNERS, SKYPOINT CAPITAL CORPORATION ACCEDIAN NETWORKS INC. ICT M&A BRIDGE GROWTH

PARTNERS $133

REAL VENTURES VRVANA INC. ICT M&A APPLE $38

NOTE: There were 8 additional undisclosed exits involving

Quebec-based companies


$103

$58


Real Ventures


BDC Capital

Cycle Capital Management (CCM)

Investissement Québec

Fondaction CSN

500 Startups Canada

Caisse de dépôt et placement du Québec (CDPQ)

Total Deals $ Millions*

46

33

26

23

18

14

9

8

7

34

16

Réseau Anges Québec

Anges Québec Capital

$252

$325

$520

$521

$99

$290

$19

$4

$287

MOST ACTIVE VC FIRMS IN QUÉBEC // 2017

* TOTAL DEAL VALUES - INCLUDES ALL PARTICIPATING INVESTORS


46 DEALS

most active FIRM




PRIVATE EQUITY QUÉBEC MARKET

OVERVIEW // 2017


PRIVATE EQUITY HIGHLIGHTS // 2017

Q4 2017 HIGHLIGHTS:

$2.1B was invested in Q4, more than double the $1B from the same quarter last year.

The average deal size was $24.8M in Q4, up 98% from the $12.5M in Q4 2016.

2017 HIGHLIGHTS:

Québec captured 55% of all Canadian PE deals (330 out of 603), three times greater than Ontario’s 18% share and five times greater than Alberta’s 11% share. There was $10.7B invested in Québec-based companies in 2017, compared to $8.6B in Ontario-based companies and $3.1B in Alberta-based companies.

30% of all deals were between $1M-$5M, with deals between $5M-$25M capturing a 21% share of the province’s deal activity.

Industrial and manufacturing companies received the largest share of PE deals (26%) with consumer and retail companies receiving 15%.

2 $1B+ mega-deals amounted to $3.3B or 31% of total dollars invested. This included a private placement in Osisko Gold Royalties Ltd. by Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ.

There were 101 exits involving Québec-based companies.

Key Findings:


3306755

22 9

$3.1B$76m

$2.9B

$10.7b

na

$8.6bOntario

BCAlberta

Saskatchewan

Québec

Nova Scotia

110

$981MManitoba

5

Prince EdwardIsland

na2

$33mNew

Brunswick

3

$26.3btotal 603 dealstotal #

PRIVATE EQUITY HEAT MAP // ALL PE DEALS // 2017







$ Millions Invested

# Deals

QUARTER-OVER-QUARTER PE INVESTMENT ACTIVITY IN QUÉBEC // 2017


$0

$500

$1,000

$1,500

$2,000

$2,500

$3,000

$3,500

Q2Q1 Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

$4,000

$42

$1,

458

$15

4

$1,

141

$1,

917

$1,

843

$9

00

$1,

729

$26

7

$2,

556

$9

05

$1,

255

$9

13

12

2521 20

2528 24

30

4946

51

87 91

Q3

86

$6

20

Q2

$1,

038

$2,

86

0

$1,

371

Q3

$4,

295

Q4

$2,

134

83

62

97

85

86

Q4

$8

4

8

2013 2014 2015 2016 2017

0

20

40

60

80

100

120

140

150

$4,500 160


Total Deals $ Millions

< $100K

$100 - $500K

$500K - $1M

$1M - $5M

$5M - $25M

$25M - $100M

$100M - $500M

$500M-$1B

$1B-$2.5B

$2.5B+

9

34

49

99

70

31

13

3

2

0

$1

$9

$31

$221

$755

$1,388

$2,887

$2,118

$3,250

$0

PE ACTIVITY BY DEAL SIZE // 2017

capture 30% of total dollars

2 Mega-deals


PE SECTOR BREAKDOWN // 2017

85 deals

most active sector

Industrial & Manufacturing

85

49

41

39

28

24

20

13

10

9

9

2

1

# Deals $ Millions

Industrial & Manufacturing

Consumer & Retail

ICT

Mining & Resources

Agri-Forestry

Business Products & Services

Automotive & Transportation

Life Sciences

Others

Financial

CleanTech

Real Estate

Oil & Gas, Power

$1,478

$1,417

$1,009

$1,754

$1,014

$463

$518

$219

$2,232

$196

$66

$7

$288


TOP 10 DISCLOSED QUÉBEC PE DEALS // 2017

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

GARDA WORLD SECURITY CORP. MONTRÉAL APAX PARTNERS LLP, RHÔNE GROUP LLC OTHERS $2,200

OSISKO GOLD ROYALTIES LTD. MONTRÉAL CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), FONDS DE SOLIDARITÉ FTQ MINING & RESOURCES $1,050

CANAM GROUP INC. CHAUDIÈRE-APPALACHES

AMERICAN INDUSTRIAL PARTNERS (AIP), CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ)

INDUSTRIAL & MANUFACTURING $890

ALIMENTATION COUCHE-TARD INC. LAVAL CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ) CONSUMER & RETAIL $700

BORALEX INC. CENTRE- DU-QUÉBEC CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), CASCADES INC. OIL & GAS, POWER $288

QUEBEC IRON ORE INC. MONTRÉAL CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), SPROTT RESOURCE LENDING CORP. MINING & RESOURCES $230

LA COOP FÉDÉRÉE MONTRÉAL FONDACTION CSN, FONDS DE SOLIDARITÉ FTQ, NATIONAL BANK OF CANADA AGRI-FORESTRY $200

LA CAPITALE FINANCIAL GROUP INC. QUÉBEC CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ) FINANCIAL $150

ACCEDIAN NETWORKS INC. MONTRÉAL BRIDGE GROWTH PARTNERS LLC, FONDS DE SOLIDARITÉ FTQ, RHO CANADA VENTURES, SKYPOINT CAPITAL CORPORATION, SUMMIT PARTNERS ICT $133

CCM HOCKEY BAS-SAINT-LAURENT ADIDAS AG, BIRCH HILL EQUITY PARTNERS MANAGEMENT INC. CONSUMER & RETAIL $110

THERE WERE 6 UNDISCLOSED DEALS THAT WERE NOT INCLUDED IN THIS TABLE


TOP DISCLOSED PE EXITS IN QUÉBEC // 2017

SELLER COMPANY NAME BUYER $ MIL.

APAX PARTNERS GARDA WORLD SECURITY CORP. RHONE CAPITAL $2,200

CAPITAL RÉGIONAL ET COOPÉRATIF DESJARDINS BEAUFIELD RESOURCES NA - SALE OF SHARES ON PUBLIC MARKET $0.2

CAPITAL RÉGIONAL ET COOPÉRATIF DESJARDINS FALCO RESOURCES LTD. NA - SALE OF SHARES ON PUBLIC MARKET $0.2

CAPITAL RÉGIONAL ET COOPÉRATIF DESJARDINS CARTIER RESOURCES INC NA - SALE OF SHARES ON PUBLIC MARKET $0.2

NOTE: There were 97 additional undisclosed exits

from Québec-based companies


# Deals $ Millions*



Fondaction CSN

Caisse de dépôt et placement du Québec

Investissement Québec

XPND Capital

BDC Capital Inc.

Novacap Investments Inc.

128

116

33

31

29

10

8

5

$4,171

$832

$434

$4,198

$877

$30

$123

$1,236

MOST ACTIVE PE INVESTORS IN QUÉBEC // 2017

* TOTAL DEAL VALUES – INCLUDES ALL PARTICIPATING INVESTORS

most active PE investor

128 DEALSFonds de solidarité FTQ


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

continued


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 /CVCACanada

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 // 2017 · PREVIOUS YEARS MAY NOT BE CONSISTENT WITH RÉSEAU...

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