Private Equity & Venture Capital

BLAKES PRIVATE EQuITY & VENTuRE CAPITAL PRACTICE

Private Equity

BlakeshasoneofthelargestandstrongestprivateequityandventurecapitalpracticesinCanada,advisingonfundformation,Canadianandinternationalinvestment-relatedacquisitionsanddispositions,financings,governanceandongoingmanagementofportfoliocompanies.

OurPrivateEquityandVentureCapitalteamspansvariousspecialties,includingmergersandacquisitions,capitalmarkets,banking,competition,foreigninvestmentreview,realestate,intellectualproperty,pensions,benefits,executivecompensationandtax.Weprovidestrategicadviceateachstageofatransactionanddriveinnovativeinvestmentstructuresandindustrytrends.Wealsoaddresstaxissues,ensuringtax-effectiveinvestmentsfordomesticandnon-residentinvestors.

Fund Formation and Fund Management

WithacomprehensiveunderstandingofthemarketandcloseconnectionstoCanadianandinternationalfinancialinstitutions,ourteamisregularlyretainedbyCanadianandinternationalfundsponsorstoestablishfundsofalltypes,aswellasfundinvestorstoprovideadviceonstructuring,governance,regulatorycomplianceandmarketexpectations.

Thefollowingisarepresentativesampleoftheinvestmentfundclientswehaveassistedwiththecreationandstructuringoffundsand/orprovidedadvicetowithrespecttoCanadianregistrationrequirementsandregulatorycomplianceissues:

•AdeniaPartners

•AegonFundManagement

•AshmoreInvestmentManagement

•AstonHillFinancial

•BarrantaghInvestmentManagement

•BentallRealEstateFunds

•BirchleafInvestments

•BrevanHoward

•Davis-Rea

•DDJCapital

•EducatorsFinancialGroup

•FrontStreetCapitalandFrontStreetInvestmentManagement

•GAMUSAInc.

•HymasInvestmentManagement

•LaketonInvestmentManagement

•MCAPMortgageFunds

•MorguardFinancialCorporation

•NorthernTrustGlobalAdvisors

•OMERSInvestmentManagement

•QuadravestCapitalManagement

•QuadrexxAssetManagement

•ResoluteFunds

•SilvercreekManagement

•SnowdonPartners

•UBSGlobalAssetManagementandUBSInvestmentManagementCanada

•VantageAssetManagement

•VikingCapitalCorporation

Investments and Exit Strategies

Weworkcloselywithourclients,asbothbuyersandsellers,toprovideadvicewhenformulatingastrategyandstructuringandexecutinganinvestment-relatedtransaction,fromsourcinginvestmentopportunitiesandfinancingthroughtobuyouts,going-privatetransactions,M&A,initialpublicofferingsandotherrestructuringandexitstrategies.

Large Market

BlakeshasrepresentedsomeofthelargestCanadian,U.S.andinternationalpensionfundsandprivateequityfirms,actingfor:

• Canada Pension Plan Investment BoardonitsinvestmentinWSPGlobalInc.tofinancetheacquisitionofFocusGroupHoldingInc.

• CanEraEnergyCorp.,aportfoliocompanyofRiverstone Holdings LLCandNGP Energy Capital Management, LLC,onitssaletoCrescentPointEnergyCorp.

• Canada Pension Plan Investment BoardonitspurchaseofC$150-millionseniorsecurednotesofLaricinaEnergyLtd.

• Ashland Inc.inconnectionwiththeCanadianaspectsofitsUS$1.8-billionsaleofAshlandWaterTechnologiestoafundmanagedbyprivateequityfirm,ClaytonDubilier&RiceLLC.

• TPG Capital LPoncompetitionlawmattersinconnectionwiththemergerofHerculesTireHoldingsLLCwithitsaffiliateAmericanTireDistributorsInc.

• Clayton Dubilier & Rice LLConCanadianaspectsofitscreationofajointventurebetweenHarscoCorporationandClaytonDubilier&Rice,includingtheassetsofBrandEnergy.

• Clayton, Dubilier & Rice LLConCanadianaspectsofitsacquisitionofJohnDeereLandscapes,aunitofDeere&Company’sAgriculture&Turfsegment.

• LifeLabsMedicalLaboratoryServices,anaffiliateofBorealis Infrastructure,theinfrastructurearmofOMERS,onitsacquisitionofCMLHealthcare.

• Centerbridge PartnersonCanadianaspectsofitsinvestmentinsyncreonHoldingsLimited.

• 3G Capital Inc.andBerkshire Hathaway Inc.oncompetitionlawmattersinconnectionwiththeiracquisitionofHJHeinzCo.

• CVC Capital PartnersonCanadianaspectsofitsrecapitalizationofCunninghamLindseyGrouptoacquiremajorityownershipfromStonePointCapitalandFairfaxFinancial.

• Berkshire Hathaway Inc.onitsacquisitionofAlbacorShippingInc.byitsaffiliate,BNSFRailwayCompany.

• MatlinPatterson Global Advisers LLC onitsinvestmentsinthedebtofNortel.

• Canada Pension Plan Investment BoardonitsinvestmentinGENIVARInc.’sacquisitionofWSPGroupInc.

• Alberta Investment Management CorporationalongwithCallistoCapitalontheiracquisitionofacontrollinginterestinTownShoesLimited.

• Macquarie Capital (uSA) Inc.onitsloantoBasinToolsLPtofundaninvestmentinWenzelDownholeTools.

• Canada Pension Plan Investment Boardonitsinvestment,alongwithCaissededépôtetplacementduQuébec,inGENIVARInc.

• Healthcare of Ontario Pension PlanonitsdirectinvestmentinKGS–AlphaCapitalMarketsLP.

• Canada Pension Plan Investment BoardonitspreferredsharefinancingofTeineEnergyLtd.

• Macquarie Essential Assets PartnershiponitssaleofitsequityinterestsintheSea-to-SkyHighwayimprovementprojectandtheAnthonyHendayEdmontonRingRoadprojecttoFieraAxiumInfrastructure.

• CVC Capital Partners LimitedontheacquisitionofUnivarandthesaleofhalfofitsinvestmentinUnivartoClayton,Dubilier&Rice.

• Healthcare of Ontario Pension PlanonitsdirectinvestmentinMidwestGaming&Entertainment.

• Healthcare of Ontario Pension Planinconnectionwithitsacquisition,withInvestindustrialSpAandBSInvestimentiSGRSp,ofDucatiMotorHoldingSpA.

• Apollo Global Management, LLConitsinvestmentinBigEagleServices.

Blakes Client Service.Therightexpertiseandtherightexperience.Deliveredefficiently.

Mid-MarketBlakesalsohasoneofthemostextensiveCanadianandinternationalmid-marketprivateequitypractices,includingactingfor:

•H.I.G. Capital, LLConCanadianaspectsofitsacquisitionofJ.A.Jack&Sons,Inc.byitsportfoliocompany,HarrisonGypsum.

•Crown Paper Group, Inc.,aportfoliocompanyofLindsayGoldbergLLC,onitsacquisitionofPortTownsendHoldingsCompany.

•Nilex Inc.,aportfoliocompanyofFulcrumCapitalPartners,onitsacquisitionofalltheassetsofGeoDynamics,Corp.

•Fulcrum Capital Partners Inc.onitsacquisitionofamajorityinterestinG.I.SportzInc.,CapciumInc.andtheirrespectivesubsidiaries.

•Wingate Partners, LLP,byoneofitsportfoliocompanies,onCanadianaspectsofitsacquisitionofLawn&GardenOperatingCompany,Inc.fromMyersIndustries,Inc.

•Snowdon Partners, L.P.onitsacquisitionofGroupeIncursionInc.

•Friedman Fleischer & Lowe, LLConitsacquisitionofIcyneneGroupLimited.

•VFA, Inc.onitssaletoVistaEquityPartners.

•AnaffiliateofPeak Rock CapitalonitsinvestmentinHighlineProduceLimited.

• H.I.G. Capital, LLC onitsacquisitionofthefinepapersbusinessofCascadesInc.throughitsaffiliateRollandEnterprisesInc.

• NovacaponitsacquisitionofLacesCompanyandMaytexGlobalLimited.

• Banyan Capital PartnersonitsacquisitionoftheconcreteandmasonryproductsdivisionofPenneconLimited.

• Fulcrum Capital Partners Inc.onitsacquisitionofamajorityinterestintheWeatherhavengroupofcompanies.

• KPS Capital Partners, LPonCanadianaspectsofitsacquisitionofElectricalComponentsInternational,Inc.anditsaffiliates.

• Red Leaf Management Partners, LPonitsacquisitionofMicrodeaInc.

• Greybrook Capital Inc.onitsjointventurewithStaffordDevelopment.

• Novacap onitsacquisitionofTheMasterGroup.

• American Securities LLConitsacquisitionofGenTekInc.andpreviousacquisitionofGeneralChemical.

• Fulcrum Capital Partners Inc.onitssaleofamajorityinterestinA&BRailServicesLtd.toTorQuestPartners,recognized as Deal of the Year by the Canadian Venture Capital Association.

•Kadant Inc. onitsacquisitionofCarmanaghDesignandManufacturingInc.,aportfoliocompanyofBirchHillEquityPartners.

• Lynx Equity Ltd.,aunitofSuccessionCapitalCorp.,onitsacquisitionofJewelPopsInc.

• Greybrook Capital Inc.onitsjointventurewithEmpireCommunities.

• Wynnchurch CapitalonitssaleofNSCMineralstoAltasPartners.

• Kanders & CoonitsacquisitionofcertainbusinessesofAllenVanguardbyitsaffiliate,SafarilandLLC.

• Generation Capital Management, Inc.onitsacquisitionoftheCaptivateNetworkbusiness.

• Banyan Capital PartnersonitsacquisitionofMIPInc.

• Ply Gem, Inc.aportfoliocompanyofCICapital,onitsacquisitionofMittenInc.andGlenowWinDoor.

• Fulcrum Capital Partners Inc.onitsacquisitionofamajorityinterestinNilexInc.

• MidOcean Partners LPonitsacquisitionofNorancoInc.

• Fortress Investment Group LLC and Culpeper Capital Partners LLC ontheiracquisitionofParadigmQuestInc.andMERIXFinancialInc.

• H.I.G. Capital, LLConitsdispositionofSignatureAluminumCanadatoGlobalAluminum.

• KSL Capital Partners, LPonitsacquisitionof24percentofWhistler-BlackcombHoldings.

• NovacaponitsacquisitionofPippMobileStorageSystems,Inc.

• Pine Tree Equity II, LPonCanadianaspectsofitsacquisitionofJewelryRepairEnterprisesInc.

• Greybrook Capital Inc.onitsjointventurewithCityzenCommercialCorporationandFernbrookHomes.

• BlackEagle Partners, LLConitsacquisitionofassetsandrestartoftheFreshwayRailServicesInc.business.

• Endeavour Capital, Inc.onitsacquisitionofNeverblueMedia.

• CounterPoint Capital Partners, LLConitsacquisitionofPartsNow!LLC.

• Tenex Capital Management, L.P.onitsacquisitionofNAPGladu.

• Connor, Clark & Lunn Financial Group Private Equity FundonitsinvestmentinPartyPackagers.

• Banyan Capital PartnersonitsacquisitionofPurityLifeHealthProducts.

• Marlin Equity Partners, LLConitsacquisitionofthemediationandmessagingproductbusinessesofOpenwaveSystemsInc.

• Arsenal Capital PartnersinconnectionwiththeCanadianaspectsofitsacquisitionofPlasticolors,Inc.andColortrendtoformChromafloTechnologies.

• Clyde Blowers CapitalinrelationtotheacquisitionofUnigearInc.

• MS Capital PartnersonitsacquisitionofAccessCash.

• Sun Capital Partners, Inc.onitssaleofDelMonteCanadatoConAgraFoods,Inc.

• Wynnchurch CapitalonitsacquisitionofNSCMineralsfromTriWestCapitalPartners.

• Greybrook Capital Inc.onitsjointventurewithTributeCommunities.

• CI Capital Partners LLCinconnectionwithitsacquisitionofIntraPacCanadaCorp.

• Roark Capital GrouponitsequityinvestmentsinGFLEnvironmentalCorp.

• LLR Equity Partners Inc.astheirCanadiancounsel,onitsacquisitionofStrategicDistributionInc.fromPlatinumEquity.

• Arlington Capital Partnersonitsrecapitalization,inpartnershipwiththeexistingmanagementteam,ofIronDataSolutions,LLC.

•Swander Pace Capital LLC andRoynat Capital Inc.onthedispositionofLibertéBrandProductstoYoplaitSAS.

• Novacap andSmyth Companies, LLContheiracquisitionofthebusinessofDowIndustries,Inc.

• Avista Capital PartnersonitsacquisitionofArmourAll.

• Mid Oaks Investment FundonitsacquisitionofTri-CityPackaging.

• The Walnut Group Inc.onitssaleofNorthAmericanBakingLtd.toRalcorpHoldings.

• Bedford FundingonitsacquisitionofPeopleclickInc.

• Riverstone Holdings LLCandNGP Energy Capital Management, LLConitssaleofCanEraResourcesInc.toLegacyOil&GasInc.

• Longroad Capital PartnersonitsacquisitionofaCanadiancompanybywayofpurchaseofdebtandprivateenforcementofloan.

• Sun Capital Partners, Inc.onitssaleofBruegger’sEnterprises,Inc.toGroupeLeDuffSA.

• Bentall KennedyonitsrestructuringoftheWestpenPropertiesFund.

• Hydro Quebec Pension Fundasleadsponsorofacommercialrealestatefund.

• Lincolnshire Management, Inc.onitsacquisitionofPhoenixBrands,LLC.

• MatlinPatterson Global Advisers LLConitsacquisitionofFoamexInternationalInc.

Venture Capital

BlakeshasanationalventurecapitalpracticeactiveinM&A,fundformation,early-stagefinancingsandequitygrowthfinancings,includingactingfor:

•D-Wave Systems Inc.onitsC$30-millionequityraisewithfundingfromGoldmanSachs,BDCCapital,theHarris&HarrisGroupandDFJ.

•D-Wave Systems Inc.onitsC$29-millionequityraiseofadditionalequityfromalargeinstitutionalinvestor,amongothers.

• Georgian PartnersonitspurchaseofsharesofKinnserSoftware,Inc.,nowthefastest-growingsoftwareinhomehealth.

•Georgian Partners, Cisco Systems andNorthleaf Venture Catalyst Fund onseriesCinvestmentineSentire,acybersecuritysoftwareprovider.

•Scott Bommer(SABCapital)onarecentinvestmentaspartofaninvestorgroupprovidingC$60-millioninnewfundingtoHootsuiteMediaInc.

•Desire2Learn Incorporated onitsC$85-millionseriesBfundinganddebtfinancing,withparticipationfromColumbusNovaTechnologyPartners,GrahamHoldings,FourRiversGroup,AurionCapital,existinginvestorsNewEnterpriseAssociatesandOMERSVentures,andSiliconValleyBank.

•Goodwater Capital onitsseriesCinvestmentinFrank&Oak.

•Axine Water Technologies Inc. onitsseriesAfinancingroundthatsawTheRodaGroupjoinexistinginvestorsChrysalixEnergyVentureCapitalandBDCVentureCapital.

•REGEN EnergyonitsUS$7-millionseriesBinvestmentroundledbyasignificantinternationalenergycompanywithparticipationfromexistinginvestorsNGENPartnersandtheBDCVentureCapitalEnergy/CleantechFund.

•Endurance Wind Power onitsseriesCroundoffinancingledbyYaletownVenturePartners.

•enGene Inc.onitstwotranchesofafour-trancheclassApreferredinvestmentwithcertainfundsmanagedbyMerckLumiraandanexistingshareholder.

• Iris Capital Fund III FCPRonitsinvestmentinBeyondtheRackEnterprisesInc.

•Boreal Genomics Inc. onitsseriesCroundwithnewandexistingventurecapitalinvestors.

MONTRÉAL OTTAWA TORONTO CALGARY VANCOUVER NEW YORK LONDON BAHRAIN AL-KHOBAR* BEIJING SHANGHAI*

*AssociatedOffice April2015|Blake,Cassels&GraydonLLP|blakes.com

•GenomeDx Biosciences onitsseriesBroundintwotranchesledbyMerckGlobalHealthInnovationFund.

•Square Victoria Digital Properties onitsseriesAinvestmentinCheckout51,adigitalcouponsandanalyticsdeveloper.

•The New York Public LibraryonitsinvestmentinBiblioCommonsInc.

•Highland Consumer Fund, LLCinconnectionwithitsinvestmentinDavidsTeaInc.

•Skye Asset Management onitsmulti-tranchedminorityinvestmentinanearly-stageCanadianbiotechcompany.

•Cleantech Europe II Fund onitsinvestmentwithOZZElectric.

•Highland Capital Partners LLC onitsinvestmentinBeyondtheRackEnterprisesInc.

•Georgian Partners onitsinvestmentinTerapeakInc.

Industry Recognition

Ineachofthelastfiveyears,BlakeswasCanada’sbusiestM&Alawfirm.WewereNo.1inmultipleM&AcategoriesinBloomberg,ThomsonReutersandMergermarket2014leaguetables,including:

»No.1inCanadaAnnouncedbydealcount(Bloomberg)

»No.1CanadianfirminGlobalAnnouncedbydealcount(Bloomberg)

»No.1CanadianfirminGlobalAnnounced–CounseltoPrincipalsbydealcount

(Bloomberg)

»No.1CanadianfirminGlobalAnnouncedbydealvalue(ThomsonReuters)

»No.1CanadianfirminGlobalAnnouncedbydealcount(ThomsonReuters)

»No.1CanadianfirminGlobalAnnouncedIncludingWithdrawnbydealvalue

(ThomsonReuters)

»No.1CanadianfirminGlobalAnnouncedIncludingWithdrawnbydealcount

(ThomsonReuters)

»No.1CanadianfirminGlobalCompletedbydealvalue(ThomsonReuters)

»No.1CanadianfirminGlobalCompletedbydealcount(ThomsonReuters)

»No.1CanadianfirminGlobalAnnouncedbydealvalue(mergermarket)

Formoreinformation,pleasecontact:

Brock W. GibsonCalgary:403-260-9610Toronto:416-863-2150brock.gibson@blakes.com