VC & PE QUÉBEC MARKET OVERVIEW // YTD Q3 2017 · 2017-11-23 · the healthy ecosystem in the...

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

// YTD Q3 2017

VENTURE CAPITAL & PRIVATE EQUITY QUÉBEC MARKET OVERVIEW // YTD Q3 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 INVESTMENT ACTIVITY IN QUÉBEC ................................................ 20 PE ACTIVITY BY DEAL SIZE ............................................................................................................................................ 21 PE SECTOR BREAKDOWN .............................................................................................................................................. 22 TOP DISCLOSED QUÉBEC PE DEALS ..................................................................................................................... 23 TOP 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

CVCA thanks the following firms who participated in itsYTD Q3 2017 survey.

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)

Investissement Quebec

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

Brookfield Asset Management

CAI Capital Management Co.

Carpedia Capital

CIEL Capital

Clairvest Group Inc.

First West Capital

Fulcrum Capital Partners

GrowthWorks Atlantic Venture Fund Ltd.

Highland West Capital

InstarAGF Asset Management

Ironbridge Equity Partners

Lex Capital Management

m2s Capital

Mink Capital

Mosaic Capital Corporation

OMERS Private Equity Inc.

Parallel 49 Equity

Persistence Capital Partners

PFM Capital Inc

Pillarfour Capital

PRIVEQ Capital Funds

Regimen Equity Partners

Roynat Capital Inc.

Seafort Capital

Searchlight Capital Partners

Stratagem Innovative Capital Partners

Swander Pace Capital

Tricor Pacific Founders Capital

TriWest Capital Partners

Westcap Mgt. Ltd

XPND Capital

Amorchem Venture Fund

Anges Quebec

Avrio Ventures Management Corp

Azure Capital Partners

Bioenterprise Capital Ventures

Brightspark Ventures

Chrysalix Venture Capital

CTI Life Sciences

Cycle Capital Management

Difference Capital

Emerillon Capital

Epic Capital

Espresso Capital Ltd.

Eventi Capital Partners

Evok Innovations

Freycinet Ventures

Georgian Partners

Golden Venture Partners

Green Acre Capital

GreenSoil Investments

iGan Partners

Information Venture Partners

Innovacorp

iNovia Capital

Lumira Capital

MaRS Catalyst Fund

MaRS IAF

McRock Capital

New Brunswick Innovation Foundation

Northhumberland CFDC

OMERS Ventures

Pangaea Ventures

Pelorus Venture Capital Ltd.

Plaza Ventures

Quark Venture

Real Ventures

Relay Ventures

Renewal Funds

Roadmap Capital

ScaleUP Ventures

Tactex Asset Management Inc.

Tandem Expansion

TandemLaunch

Top Renergy

Trellis Capital

TVM Life Science Management Inc.

Vanedge Capital Partners

VentureLink Funds

Versant Ventures

Version One Ventures

Wellington Financial

White Star Capital

Yaletown

PARTICIPATING VENTURE CAPITAL FIRMS


FOREWORD

YTD Q3 2017 VC & PE Québec Market Overview: PE Experiences Outstanding Quarter; VC Investment Levels Continue to Rise

Private equity in Québec experienced a remarkable Q3 in 2017 with $3.9B invested over 84 deals; an increase of 186% quarter-over-quarter and a phenomenal 530% increase from Q3 2016. There was $368M invested in 51 VC deals in Q3, bringing the YTD total to $900M. Five mega-deals (deals valued at $50M+) propelled this surge, accounting for 54% ($484M) of total dollars invested in the province.

“Q3 has been a fantastic quarter for private capital in Québec; particularly for private equity,” said Jack Chadirdjian, President and CEO, Réseau Capital. “The exceptional investment levels are a testament of the healthy ecosystem in the province.”

Although the average deal size in Québec venture capital dropped 20% from the previous quarter to $7.2M, it was still 35% higher than Q3

2016. The largest deal in 2017 so far, was the $141M series A round in Montréal-based Element AI Incorporated.

In Q3 2017, the average deal size in Québec private equity was $46.5M, a staggering 227% increase from the $14.3M invested in Q2. Québec secured 54% of all Canadian PE deals (242 out of 447) since the beginning of the year which represents three times more than Ontario’s 17% share.

There have been two PE mega-deals (deals valued at $1B+) in Québec so far in 2017 with total invested dollars hitting $3.3B or 40% of total PE dollars invested. This included the private placement in Osisko Gold Royalities Limited by Caisse de dépôt et placement du Québec (CDPQ) and Fonds de solidarité FTQ.

Private equity experiences dramatic 186% increase in invested dollars in Québec; venture capital driven by five mega-deals


VC & PE ACTIVITY // YTD Q3 2017

368 dealstotal #

242deals

126deals

$9btotalinvested

$8.1b

Private Equity Venture Capital

$900M


Laurentides

Outaouais

Nord-du-Québec /Abitibi-Témiscamingue

Laval

25

7

Montréal Montérégie

Lanaudière

9

Estrie

Centre-du-Québec

72

Québec

Chaudière-Appalaches

Mauricie

3

12

Saguenay-Lac-St-Jean /Côte-Nord

Bas-Saint-Laurent

Gaspésie/Îles-de-la-Madeleine

4

6

3

7292 37668

167

152

121

115

VC & PE ACTIVITY BY ADMINISTRATIVE CENTRE // YTD Q3 2017

montréal

164 DEALSmost active region

total #Private Equity

Venture Capital




VENTURE CAPITAL QUÉBEC MARKET OVERVIEW

// YTD Q3 2017


QUÉBEC VENTURE CAPITAL HIGHLIGHTS // YTD Q3 2017

Q3 2017 VC HIGHLIGHTS:

$368M was invested over 51 deals in Q3 in Quebec, 4% more than the amount invested in the previous quarter ($353M) and 37% more than the same quarter last year ($268M).

The average deal size dropped 20% from the previous quarter to $7.2M but this was 35% higher than Q3 last year.

YTD Q3 2017 VC HIGHLIGHTS:

Five $50M+ mega-deals totaling $484M accounted for 54% of total dollars invested the largest of which was Montréal-based Element AI Inc.’s $141M series A round.

Québec captured 29% of the total number of Canadian VC deals (126 out of 431) and 35% of dollars invested ($900M out of $2.6B).

38% of VC activity in the province was in deal sizes between $1M-$5M, followed by deals between $100K-$500K capturing a 25% share.

ICT companies garnered $531M, a 59% share of total dollars, up 13% from its 2016 share.

Life sciences companies received $269M or 30% of total dollars, down 2% from 2016.

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

Notable exits included the $392M Airbnb acquisition of Montréal-based Luxury Retreats and the $174M IPO of Montréal-based Clementia Pharmaceuticals Inc.

Key Findings:


VENTURE CAPITAL HEAT MAP // YTD Q3 2017

126

67

2

9

177 23

$900m

$1,048MOntario

$544MBC

$30MAlberta

$5MManitoba

Québec

Nova Scotia$49M

New Brunswick

Newfoundland& Labrador

$13M

$3M

$10MSaskatchewan

129

6

$2.6btotal431 dealstotal #


QUARTER-OVER-QUARTER VC INVESTMENT IN QUÉBEC // YTD Q3 2017

TOTAL:83 DEALS

$307M

TOTAL:111 DEALS

$344M

TOTAL:171 DEALS

$697M

TOTAL:168 DEALS

$984M

TOTAL:126 DEALS

$900M

$ 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

$0

$50

$100

$150

$200

$250

$300

$350

$400

$450

Q2Q1 Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1 Q3 Q2

$13

4

$8

4

$6

6 $30

$72

$16

8

$73

$6

1

$19

2

$22

7

$21

7

$13

6

$17

9

$35

3

Q3

$36

8

$37

7

15

29

21

18

28

27

34

22

3839

61

3329

56

$23

50

$26

8

Q4

$20

3

33

3639

51

2013 2014 2015 2016 2017


Total Deals $ Millions

< $100K

$100 - $500K

$500K - $1M

$1M - $5M

$5M - $20M

$20M - $50M

$50M +

3

32

13

48

15

5

5

$0.1

$6

$10

$106

$126

$169

$484

VC ACTIVITY BY DEAL SIZE // YTD Q3 2017

most active deal category

in the province

$1M-$5M


VC SECTOR 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

2016201520142013 20142013 201320162015 20152014 201420132016 20162015

$11

8

$18

8

$52

$31

7

$45

4

YTDQ3 2017

YTDQ3 2017

YTDQ3 2017

YTDQ3 2017

$53

1

$31

5

$6

7

$28

8

$48

$29

$26

9

$97

$6

2

$20

$30

$47

$7$35

1210

75

10 128

32

16

10

6

41

32

1911

62

90

85

64

50

ICT Life Sciences CleanTech Agribusiness

$6

1


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

2016201520142013 2016201520142013 2016201520142013

$16

$10

8

$18

4

$41

$17

3

$12

9

$27 $35

8

$29

6

$39

YTDQ3 2017

YTDQ3 2017

YTDQ3 2017

$37

$41

4

$53

8

$53

1

29

36

45

36

27

31

48

73

100

21

55

27

49

32

42

$31

6

Seed Early Stage Later Stage


TOP 10 DISCLOSED QUÉBEC VC DEALS // YTD Q3 2017

COMPANY NAME ADMIN. CENTRE SECTOR DISCLOSED INVESTORS $ MIL.

ELEMENT AI INC MONTREAL 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 PHARMACEUTICALS INC. MONTREAL LIFE SCIENCES BDC CAPITAL INC., FONDS DE SOLIDARITÉ FTQ $71

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

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

WORKJAM INC MONTREAL ICT BLUMBERG CAPITAL, FOUNDER COLLECTIVE, LERER HIPPEAU VENTURES $12

AUTOMAT TECHNOLOGIES INC. MONTREAL ICT COMCAST VENTURES $11

ADDÉNERGIE TECHNOLOGIES INC. QUÉBEC ICT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC (CDPQ), INVESTISSEMENT QUÉBEC $11

AIREX ENERGY INC. LAVAL CLEANTECH CAPITAL RÉGIONAL ET COOPÉRATIF DESJARDINS (CRCD), CYCLE CAPITAL MANAGEMENT (CCM), CDN PRIVATE INVESTORS $7


TOP DISCLOSED VC EXITS // YTD Q3 2017

VC INVESTORS COMPANY SECTOR EXIT TRANSACTION ACQUIRED BY $ MIL.

CLARIDGE, INOVIA CAPITAL, GROUPE DYNAMITE, TERALYS CAPITAL, 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

ANGES QUÉBEC, BDC CAPITAL, CAPITAL RÉGIONAL ET COOPÉRATIF DESJARDIN, FONDACTION CSN, GROUPE ACCÈS CAPITAL, INC. OPTOSECURITY INC. ICT M&A VANDERLANDE

INDUSTRIES CANADA INC. UNDISCLOSED

NOTE: There were 9 additional undisclosed exits involving

Quebec-based companies



Real Ventures

BDC Capital


Cycle Capital Management (CCM)

500 Startups Canada

Fondaction CSN

Rho Canada

Total Deals $ Millions*

31

25

20

20

11

8

8

5

$222

$303

$513

$482

$72

$37

$11

$32

$60

$17

23

9

Réseau Anges Québec

Anges Québec Capital

MOST ACTIVE VC FIRMS IN QUÉBEC // YTD Q3 2017

* TOTAL DEAL VALUES - INCLUDES ALL PARTICIPATING INVESTORS


31 DEALS

most active FIRM




PRIVATE EQUITYQUÉBEC MARKET OVERVIEW

// YTD Q3 2017


PRIVATE EQUITY HIGHLIGHTS // YTD Q3 2017

Q3 2017 PE HIGHLIGHTS:

PE in Québec had a banner quarter. $3.9B was invested over 84 deals, up 186% from the amount invested the previous quarter and 530% higher than the same quarter last year.

The average deal size in Q3 was $46.5M, a 227% increase from the $14.3M in Q2.

YTD Q3 2017 PE HIGHLIGHTS:

Québec captured 54% of all Canadian PE deals (242 out of 447), three times greater than Ontario’s 17% share.

Just over a quarter (28%) of all deals were between $1M-$5M, with deals between $5M-$25M capturing a 22% share of the province’s deal activity.

Two $1B+ mega-deals amounted to $3.3B or 40% 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 have been 70 exits involving Québec-based companies this year.

Key Findings:


2425538

19 7

$2.0B$72m

$2.4B

$8.1b

na

$7.6bOntario

BCAlberta

Saskatchewan

Québec

Nova Scotia

78

$734MManitoba

5Prince Edward

Island

na1

naNew Brunswick

2

PRIVATE EQUITY HEAT MAP // ALL PE DEALS // YTD Q3 2017

$20.9btotal 447 dealstotal #


TOTAL:66 DEALS

$1.7B

TOTAL:97 DEALS

$5.8B

TOTAL:176 DEALS

$5.5B

TOTAL:347 DEALS

$3.8B

TOTAL:242 DEALS

$8.1B

$ Millions Invested

# DealsQUARTER-OVER-QUARTER INVESTMENT ACTIVITY IN QUÉBEC // YTD Q3 2017


$0

$500

$1,000

$1,500

$2,000

$2,500

0

20

40

60

80

100

120

140

150

$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,

040

$2,

86

0

$1,

368

Q3

$3,

90

9

83

62

96

84

Q4

$8

4

8

2013 2014 2015 2016 2017


Total Deals $ Millions

< $100K

$100 - $500K

$500K - $1M

$1M - $5M

$5M - $25M

$25M - $100M

$100M - $500M

$500M-$1B

$1B-$2.5B

$2.5B+

6

24

35

68

54

26

9

1

2

0

$0.4

$6

$22

$148

$589

$1,126

$2,104

$890

$3,250

$0

PE ACTIVITY BY DEAL SIZE // YTD Q3 2017

capture 40% of total dollars

2 Mega-deals


PE SECTOR BREAKDOWN // YTD Q3 2017

63 deals

most active sector

Industrial & Manufacturing

63

35

33

30

18

14

13

11

8

7

7

2

1

# Deals $ Millions

Industrial & Manufacturing

Consumer & Retail

Mining & Resources

ICT

Agri-Forestry

Business Products & Services

Automotive & Transportation

Life Sciences

Financial

CleanTech

Others

Real Estate

Oil & Gas, Power

$1,343

$393

$1,642

$540

$986

$52

$457

$95

$46

$64

$2,224

$7

$288


TOP DISCLOSED QUÉBEC PE DEALS // YTD Q3 2017

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

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

OSISKO GOLD ROYALTIES LTD. MONTREAL 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

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

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

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

ACCEDIAN NETWORKS INC. MONTREAL 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

KRUGER HOLDING S.E.C. MAURICIE INVESTISSEMENT QUÉBEC AGRI-FORESTRY $100

ESTRUXTURE MONTREAL CANDEREL MANAGEMENT INC. ICT $80


TOP PE EXITS IN QUÉBEC // YTD Q3 2017

SELLER COMPANY 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 $0.3

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 66 additional undisclosed exits

from Quebec-based companies


MOST ACTIVE PE INVESTORS IN QUÉBEC // YTD Q3 2017

* TOTAL DEAL VALUES – INCLUDES ALL PARTICIPATING INVESTORS

most active PE investor

96 DEALSFonds de solidarité FTQ

# Deals $ Millions*



Fondaction CSN

Caisse de dépôt et placement du Québec

Investissement Québec

BDC Capital Inc.

XPND Capital

Novacap Investments Inc.

Bank of Nova Scotia

Québec Manufacturing Fund

96

80

23

22

22

8

6

2

2

2

$3,671

$673

$347

$2,968

$779

$123

$17

$200

$77

$70


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 /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 // YTD Q3 2017 · 2017-11-23 · the healthy ecosystem in the...

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