CIC Capital Canada Launches $500M North American Growth Fund
Summary
CIC Capital Canada, a Montreal, Canada-based subsidiary of CM-CIC Investissement, the private equity arm of French banking group Groupe Crédit Mutuel, launched a new $500m North American growth fund.The fund will invest $150m in Quebec and Ontario based companies with earnings before interest, taxes, depreciation and amortization (EBITDA) in the CA$3-15m range targeting mainly CA$5-20m deals in growth equity and buyout investments.Preferred sectors include food and beverage, healthcare, information and communications technologies, specialty manufacturing, business services and aerospace.CIC Capital usually invests as a co-investor and always as a minority shareholder, leaving entrepreneurs and business leaders with broad autonomy to pursue their vision and strategy.This fund holds equity positions in a dozen technology businesses and was an investor in Maluuba, an artificial intelligence company acquired by Microsoft in 2017.