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.
Established in Montreal since 2010, CIC Capital has managed the Emerillon Capital venture capital fund, a partnership with Desjardins, since 2013. 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.
To complement its Montreal presence, CIC Capital plans to open a Toronto office and to progressively grow its presence south of the border with offices in Boston and New York.
READ THE FUND FACT SHEET HERE