Tag Archives: Corporate Finance

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Brexit: should we care in Canada?

The immediate impact of the Brexit vote on UK, European and world economies has been largely negative. But when it comes to the long-term implications here, expectations vary with the viewpoint
By Robert Olsen
With Andrew Luetchford and Paddy Farrant
October 10th, 2016

On June 23rd, the electorate of the United Kingdom voted in a referendum to leave the European Union, opting for “Brexit.” The impact on the global economy has been predominantly negative, and Canada has not been immune. In the aftermath … Continue reading

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Divestitures: look before you list

Selling a company is a big step for anyone, be it a family business owner or a private equity firm. So what separates deals that succeed from those that fail? Often, it’s the planning that’s done before taking the business to market
By Robert Olsen
With Adam Brown and Brian McKenzie
August 1st, 2016

Whenever we see articles on M&A, the typical focus is the number and dollar value of successful deals closed versus the previous year. However, much less is written about the number of divestitures that are planned but don’t close, or … Continue reading

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Private equity primed for moves in energy

Billions earmarked for energy investments are piling up on the sidelines. Meanwhile, the longer energy prices languish, the more producer and oil-service firms’ coffers dry up. It’s setting up the kind of scenario where PE shines
By Robert Olsen
With Andrew Luetchford and John Hague
May 30th, 2016

There has been a lot of talk since the oil crisis began about the interest of private equity investors in the sector, and their ability to fill the capital gap required to restart the energy engine in Western Canada. Private … Continue reading

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Looking back on the year ahead

Wherein we embark on a short, time-traveling leap to the end of 2016 to take a look back at what went down—or up—in the mining sector in the year that was...or soon might be
By Robert Olsen
With Jeremy South
March 6th, 2016

Have you had enough of bad news in the mining sector and predictions for more of the same for the rest of 2016? Ever find yourself wishing you could just hit a switch and fast-forward another year? You’re not alone. … Continue reading

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Venture debt: get it while it’s hot

Once an extreme niche product, venture debt is on the rise in the start-up sector. Does it have the potential to be a mainstay of venture company capital structures? Or will the current surge be short-lived?
By Robert Olsen
With Andrew Luetchford and Fady Nakhla
December 15th, 2015

According to traditional corporate finance logic, the best way to fund a seasoned business opportunity is to use and exhaust the cheapest, most available capital first, and move through the next most attractive capital options sequentially. However, such an approach … Continue reading

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Private debt a very public success

The strong surge in supply and demand for private debt keeps powering forward, although a volatile environment could start shifting some of that business back to the banks
By Robert Olsen
October 11th, 2015

It wasn’t an especially big deal, but as an indicator of the evolution and diverse activity in Canadian and international private debt markets, GoodLife Fitness Centres Inc.’s completion of a $70-million second lien facility in April was notable. Penfund, a … Continue reading

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Social bonds: an impact opportunity?

Social impact bonds, an emerging tool in the world of impact investing, are gaining a foothold in Canada. Companies seeking financial return and social impact should pay attention
By Robert Olsen
With David Chemla
July 29th, 2015

Impact investing is an investment approach, as defined by the Global Impact Investing Network, that intentionally seeks to create both financial return and positive social impact and actively measures the achievement of both. The expected financial return can range from … Continue reading

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The rolling impact of low oil prices

Lately, it’s been one body blow after another for Canada’s entire energy sector. Here we take a closer look at how the impacts and repercussions will likely be felt for the rest of 2015
By Robert Olsen
With Andrew Luetchford and David Sparrow
May 16th, 2015

Alberta is getting quieter by the day. Compared to a year ago there are about 40% fewer heavy trucks on the province’s roads and six months from now, there will be even less. If this low oil-price environment continues, it … Continue reading

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Capital alternatives for mining

The industry slump that was remains the slump that is. Traditional funders are sidelined and the public markets stone cold. Yet if mining companies are willing to expand their options, there’s still some alternative financing out there
By Robert Olsen
With Andrew Luetchford and Jeremy South
February 28th, 2015

Over the past couple of years, many have talked about the green shoots of recovery and hopes of better times around the corner for the mining industry. Unfortunately, the deep freeze continues, and that means continuing discontent for those looking … Continue reading

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What did we learn again?

The lessons of 2008 and the consequences of loose credit and too much debt have barely been written. Yet judging by the latest leverage ratios and reemerging risky lending instruments, they’re already being forgotten
By Robert Olsen
With Andrew Luetchford
October 30th, 2014

When I was in business school 25 years ago, most of the cases we studied were written in the early ’80s and many of them featured companies that suffered financial duress from high interest rates and over-leveraging. It occurred to … Continue reading

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Aboriginal business: open for partnerships

Increasing participation by conventional lenders and a range of innovative government funding programs are helping aboriginal businesses in Canada gain traction. But challenges remain
By Robert Olsen
With Romit Malhotra
August 27th, 2014

There is a noticeable increase in the amount of discussion taking place around aboriginal matters in Canadian business circles. These tend to revolve around aboriginal communities’ stake in resource development and pipeline projects, the significant wealth and land transfer projected … Continue reading

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LNG market ours to grab—for now

A big, critical, long-term economic opportunity awaits Canadian gas producers in offshore exports of liquefied natural gas. But we’ll miss the window without some immediate action and political will
By Robert Olsen
With Racim Gribaa
June 5th, 2014

Water everywhere and in great abundance, but not a drop to drink. It’s a haunting image—being stranded in an ocean, throat burning with thirst, and unable to harness the limitless supply of water an arm’s reach away. And it’s a … Continue reading

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Traffic gridlock and the bottom line

Location selection, expansion decisions, costs to business—it all goes under the microscope when regional transportation falters. In Ontario, and across the country, 2014 could be a make-or-break year on the issue
By Robert Olsen
With Michael Cautillo
April 21st, 2014

Over the past 12 years, the Greater Toronto and Hamilton Area population has increased by 1.2 million to about 6.5 million people and over the next 20 years it will again increase to about 8.4 million. Yet even as the … Continue reading

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The recovery is out there

Last year, talk of green shoots on the parched mining financing landscape proved premature. In 2014, while times remain tight in the short term, conditions are more favourable for a comeback
By Robert Olsen
With Jeremy South
February 26th, 2014

The current challenges facing the mining industry have been well documented—with cost escalation and increased resource nationalism hitting at the same time as decreasing commodity prices—and they continue to deplete profitability. This reduction in operating performance, driven by decreasing demand … Continue reading

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High rolling with the in crowd

It might seem a long way from capital market bank towers to the small change of online microfinance, but look again. Crowdfunding platforms are beginning to revolutionize the means and the potential for fundraising and investing—nowhere more so than in equities
By Robert Olsen
With Andrew Luetchford
December 13th, 2013

A capital raise that secured in excess of $10 million with no deal fees, no underwriters, no Qualified Institutional Buyers and without the typical six-month cycle to close? This sounds like fantasy, but it has another name: crowdfunding. A product … Continue reading

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