These promotions and additions reflect our culture of professional growth and recognizing the contributions of our team members. Our team’s development is integral to our ongoing success and capacity for identifying and nurturing promising investment opportunities and our investment portfolio.
Founded in 1994, Second Nature is a leading manufacturer and distributor of home décor and gifting products made up of dried florals and other naturally and sustainably sourced botanicals. The company sources materials globally, manufactures its products in Hamilton, Ontario and services a recognizable customer base across North America.
We’ve partnered with Second Nature’s President and founder as well as its management team, to facilitate succession planning and execute on the business’s next phase of growth.
In November 2023, Purity Life completed its acquisition of the assets of Indigo Natural Foods Inc., a leading distributor of natural health products based in Toronto. This transaction deepens Purity Life’s market presence in Ontario and enhances its portfolio with numerous new brands.
In January 2023, Rack Attack completed the acquisition of Racks Unlimited, a leading provider of vehicle rack solutions with two stores in Calgary, Alberta. This strategic acquisition allowed Rack Attack to expand its footprint in the Western Canadian market.
With the additional opening of four new stores in Kitchener, London, Winnipeg and Philadelphia, the company now has a total of 46 stores across North America.
In April 2023, Innovative was pleased to announce the appointment of David Safran as President & CEO. David was formerly the CEO of the Kissner Group and brings over 15 years of experience in the salt and derivative products industry.
Since 2008, Banyan has partnered with the best operators in their industries to successfully buy and build businesses with a long-term ownership focus.
Andy O’Brien joined Banyan as an Operating Partner in June 2023, targeting investment opportunities in the food service, food retail, consumer products and retail sectors.
This follows the addition of Jason Grouette as an Operating Partner in 2022 to target investment opportunities in the safety and industrial B2B space.
Banyan is poised for further growth and expansion as we move into 2024. Our focus remains on identifying new investments in middle-market businesses across North America while maintaining our commitment to long-term value creation. We will continue to leverage our expertise and network to foster strategic partnerships, ensuring sustainable success for our portfolio companies and investors.
New investments
We continue to actively seek to invest in businesses with EBITDA of at least $5 million.
As Chief Compliance Officer, Sabrina Lacroix builds on the strong foundation established during her tenure as Senior Compliance Manager. She brings a deep understanding of regulatory frameworks and a commitment to maintaining stringent compliance standards.
We look forward to her ongoing impact at Global Alpha.
Crestpoint Real Estate Investments Ltd. (in joint venture with Vestcor Inc.) KingSett and Reliance Properties Ltd., announced today that the iconic building, Arthur Erickson Place in Vancouver, BC has received the Canada Green Building Council’s (CAGBC’s) Zero Carbon Building – Performance Standard™ certification.
Banyan Capital Partners (“Banyan”), a leading Canadian middle-market private equity firm, is pleased to announce its acquisition of Second Nature Designs Limited (“Second Nature” or the “Company”). Second Nature marks Banyan’s second platform investment through Banyan Committed Capital LP, an evergreen investment vehicle established in December 2021.
Founded in 1994, Second Nature is a manufacturer and distributor of home décor and gifting products made up of dried florals and other naturally and sustainably sourced botanicals. The Company sources materials globally and manufactures its products in Hamilton, Ontario. The Company services a recognizable customer base across Canada and the United States.
Banyan is partnering with the Company’s President and founder, Steve Koning, who has served in this role since 1994. Along with the management team, he will retain a minority ownership in the Company.
“Banyan’s long-term investment philosophy aligns with the objectives of my team to continue to grow our business throughout North America,” said Steve Koning. “We look forward to working with a partner that shares our strategic vision and values.”
“Since founding Second Nature in 1994, Steve and his team have built a remarkable business centred on delivering exceptional products and service to customers. This investment allows Banyan to partner with an impressive team to embark on the next chapter of growth for the business,” said Simon Gélinas, Managing Director and Partner at Banyan.
About Second Nature Designs
Founded in 1994, Second Nature imports dried florals and other naturally and sustainably sourced botanicals used in design bouquets, bowl filler collections and other home décor products, serving big box stores, grocery banners, wholesalers and independent home retailers across both Canada and the US with high-quality and sustainable products.
About Banyan Capital Partners
Founded in 1998 and under current management since 2008, Banyan Capital Partners is a Canadian-based private equity firm that makes equity investments in middle-market businesses throughout North America. Through a long-term investment approach, Banyan has developed into one of Canada’s leading middle-market private equity firms with an established track record of success in providing full or partial liquidity to founders, families and entrepreneurs and helping them take their business to the next level.
Banyan is part of Connor, Clark & Lunn Financial Group Ltd., an independently owned multi-boutique asset management firm whose affiliates are collectively responsible for over $110 billion in assets under management on behalf of institutional, private and retail clients.
Canada Life Investment Management, a leader in financial services, is committed to partnering with investment managers to enhance its wealth management offerings. We at CC&L Investment Management are excited to announce our collaboration as a new subadvisor for Canada Life’s wealth products.
Banyan is pleased to share that Purity Life Health Products LP has completed its acquisition of the assets of Indigo Natural Foods Inc., a leading distributor of natural health products based in Toronto. This transaction broadens Purity Life’s distribution network and enhances its portfolio with numerous new brands.
To facilitate a smooth transition for Indigo’s customers and vendor partners, two key members of its team are joining Purity Life.
This acquisition builds on Purity Life’s strategy of growing both organically and through M&A and will strengthen Purity Life’s offering to all of its stakeholders and allow it to continue to service customers and vendors with the highest possible quality.
Scheer, Rowlett & Associates Investment Management Limited (“SRA”) is pleased to provide a personnel update.
Lloyd Rowlett will be retiring from his role as Chairman of Scheer Rowlett as of December 31st, 2023 as part of the long term succession plan that began over 7 years ago, and Ratul Kapur will continue in his capacity as President and Chief Investment Officer at SRA (commenced on January 1st 2023).
“We founded the firm 27 years ago to manage money for clients using a value investment philosophy, and as I look back it’s fulfilling to see that we’ve stayed consistent with that approach over the entire time and through a wide variety of market conditions. We’ve done our best to ensure that clients who placed their trust in us were rewarded with the full efforts of our talented and committed team. I’m very proud of the quality of the individuals we’ve attracted to the firm whose duty will be to continue to do the best they can using the same value investment process for our valued clients after my retirement. I’m pleased with the returns we’ve posted over the past few years as Ratul has taken on more of my duties. I’m also confident that under his leadership the SRA team is very well positioned to continue to deliver strong performance to our clients through the same value investing approach the firm has utilized since it was founded.” says Lloyd Rowlett.
Lloyd’s retirement is the culmination of a carefully planned succession process that involved the gradual transition of his responsibilities to Ratul Kapur, who joined the firm in 2017, became Co-Lead PM in 2020, Co-CIO in 2021 and President and CIO on January 1st, 2023.
“On behalf of the entire SRA team, we would like to thank Lloyd for his mentorship and guidance over the years and congratulate him on a successful career as an investor and in setting up our business for long term success. As value investors, we remain excited about the prospects for our clients’ portfolios going forward and will strive to live up to the example that Lloyd has set for us in terms of discipline, commitment, and hard work. We wish Lloyd a happy and healthy retirement.” Ratul Kapur.
Sain Godil, a previous recipient of a scholarship, and Global Alpha have established $30,000 bursaries to support women studying finance at Concordia’s John Molson School of Business, with the goal of increasing diversity in the finance profession and helping to break down gender barriers.
The CC&L Foundation is pleased to announce a contribution to Canadian Blood Services, exemplifying our commitment to community and creating a positive impact. With the successful conclusion of our August blood drive, we extend our appreciation to participants who supported this important initiative, led by one of our own employees Mohammad Shakeri.
Mohammad is a Specialist on the Corporate Actions team at Connor, Clark & Lunn Financial Group in Vancouver and is passionate about blood donation. He has been a blood donor for ten years, and like over half of Canadians, his close friends and family have been recipients of blood transfusions in the past. Mohammad championed the Partners for Life collaboration between the CC&L Foundation and Canada Blood Services, raising awareness of this service that can affect so many. This was the first blood donation activity at CC&L in recent years and the participation reinforces our firm-wide dedication to giving back to the communities we live and work in.
Quick facts
Each blood donation can save up to three lives.
It can take multiple donors to save a patient’s life.
Given that each process requires less than 30 minutes of each donor’s time, this an excellent investment.
There is a constant demand for blood and blood products. Rolling up your sleeves to donate at anytime is appreciated. As active participants in the Partners for Life program, our collaboration with Canadian Blood Services further strengthens our dedication to community support.
An Opportunity to Foster Mutual Benefit and Support Sustainable Development
This article was originally published in Issue 33 of the Journal of Aboriginal Management (JAM), it focuses on the theme Infrastructure: Building a Better Tomorrow.
ABOUT THE AUTHOR
Peter Muldowney Head of Institutional and Multi-Asset Strategy at Connor, Clark & Lunn Financial Group
Peter Muldowney is Head of Institutional & Multi-Asset Strategy at Connor, Clark & Lunn Financial Group, and heads the firm’s Strategic Exchange initiative. Peter has over 20 years of investment experience in Canada, the U.S., and the United Kingdom. Prior to joining the firm in 2011, he spent his earlier years in consulting, which included leading two of the major Canadian firms and then moving to the investment management business in 2008, when he established a new investment operation for a Canadian insurance company. Peter completed both the 4 Seasons of Reconciliation from First Nations University of Canada and the Sustainable Investment Professional Certification (SIPC) from Concordia University in 2022.
Indigenous participation in infrastructure projects promotes the economic empowerment of communities while also contributing to a project’s overall success and sustainability. In this article, we delve into some of the ways Indigenous communities can participate in infrastructure investments, and we highlight the benefits that such partnerships can create.
Infrastructure projects are typically large-scale physical assets that meet a basic human need. These assets are essential to the well-being of communities and critical to the functioning of local economies. Infrastructure encompasses projects such as roads, bridges, schools, hospitals, water distribution and treatment as well as power generation and electricity transmission. The development and construction of these assets require significant investment and involve numerous stakeholders. The importance of infrastructure projects to communities, and their long-term nature and size, necessitate a responsible investment approach to secure and maintain a social license to operate.
Stakeholder engagement plays a pivotal role in ensuring that investments incorporate a wide range of perspectives and create positive outcomes. Ultimately, responsible investment is about generating financial returns while also considering the broader impact on society and the environment. An inclusive approach to engagement is essential in ensuring that all relevant parties are consulted.
There is a growing recognition of the importance of including Indigenous peoples as key stakeholders in infrastructure projects, ensuring their rights, cultural heritage, and economic interests are respected and supported. This is particularly critical in countries such as Canada where many infrastructure projects directly impact Indigenous lands and territories, as well as their peoples and communities.
This increased awareness – combined with more intentional inclusivity on behalf of government and business – should help to facilitate greater participation in the responsible development of further sustainable infrastructure projects in Canada. However, it is important that these efforts are focused on a desire for true understanding of Indigenous perspectives and priorities, as well as genuine relationship building that seeks to achieve mutual benefit. Such an approach fosters transparency while also promoting collaboration and consensus-building, which can lead to better decision-making and outcomes.
Collaboration Fosters Mutual Benefits and Sustainable Development
Positive partnerships provide a promising path towards more inclusive investment opportunities that facilitate the economic empowerment of Indigenous communities while also supporting the development, construction, and operation of high-quality and sustainable infrastructure projects.
Increased Indigenous participation can contribute to reconciliation efforts by encouraging Indigenous business development, self-determination, and positive socio-economic outcomes. The steady cash flows generated by infrastructure investments can provide Indigenous partners with funds to address any number of objectives such as housing, healthcare, education, recreational facilities, community centers, economic development and cultural revitalization – or anything that the community values and sets as a priority.
Engaging Indigenous communities also helps to protect the value of infrastructure investments by mitigating some of the associated risks, helping to avoid or address conflicts and legal challenges early while supporting smoother and more efficient project development and operations.
Scott Munro, Deputy Chief Executive Officer of the First Nations Financial Management Board, highlighted this well in his article on evolving ESG standards (JAM 32): “How well a business considers and respects Indigenous rights will determine how its enterprise value is impacted. As well intended and beneficial as these projects maybe, if corporations fail to demonstrate to investors and lenders that they have the free, prior, and informed consent of the Indigenous people who are being impacted, conflict is a certain outcome. Projects may get delayed or encounter costly litigation, and businesses will face reputational loss and discontent shareholders.”
In addition to mitigating some of the risks associated with infrastructure projects, the active involvement of Indigenous communities from the beginning stages of project planning brings valuable local knowledge and perspectives to the table. Indigenous communities possess deep understanding of their lands, resources, and traditional practices. These perspectives contribute to better project design, deeper insight into areas of archaeological significance, sustainable resource management, biodiversity preservation, and more robust environmental impact assessments while also promoting effective environmental monitoring and maintenance.
Collaboration enhances the sustainability of projects and strengthens stewardship efforts by incorporating Indigenous perspectives and practices that have been proven to be environmentally harmonious and resilient over generations. It can lead to more successful outcomes for both the project and the communities involved, fostering collaboration, trust, and shared prosperity.
Indigenous Opportunities in Infrastructure
There are several different ways in which Indigenous communities can participate in infrastructure projects. This includes direct involvement through equity ownership stakes, revenue sharing and other mutually beneficial arrangements, as well as less direct participation through financial investments in public infrastructure companies or private infrastructure funds.
Most commonly, participation is formalized through some form of a negotiated benefit agreement that governs the relationship between the Indigenous community and the infrastructure project. These agreements outline specific benefits and compensation that Indigenous communities will receive in exchange for their support or consent for a project, ensuring their interests are codified and acknowledged as part of the project’s ongoing operations. Successful agreements facilitate community consultation and approval by addressing community social, economic and environmental objectives while also ensuring an equitable distribution of project costs and benefits. Benefits can include financial compensation, employment opportunities, skills training, and community development initiatives.
Equity ownership stakes provide a means for Indigenous communities to share directly in the economics of infrastructure investments. By having ownership in a project, communities receive profits and participate in aspects of the decision-making processes. Revenue sharing agreements are another way in which Indigenous communities can participate in a share of the profits generated by an infrastructure project and can provide an important source of revenue. Both of these types of agreements can empower Indigenous communities economically, foster job creation, and improve resource access.
In addition to equity ownership stakes and royalty payments, there may also be other mutually beneficial arrangements that can be explored. It’s important to recognize that the needs, values and ambitions of each Indigenous community are unique in the same way that each infrastructure project is distinct. While there are benefits to leveraging past experience and best practices, there is no one-size-fits-all approach. Each discussion needs to begin from a place of respect for Indigenous communities and a willingness for open dialogue to reach a place of understanding and productive collaboration.
CC&L Infrastructure’s Focus on Shared Value and Strong Partnerships
CC&L Infrastructure invests in infrastructure assets with attractive risk-return characteristics, long lives, and the potential to generate stable cash flows on behalf of a wide variety of clients — including Indigenous trusts, public and private pension funds, life insurance companies, financial institutions, foundations and endowments, and high-net worth individuals.
As long-term asset owners and stewards of client capital, CC&L Infrastructure focuses on managing its assets responsibly. This includes a systematic approach to evaluating material environmental, social, and governance factors. We believe this approach improves our ability to manage risk, protect the value of our investments, and enhance long-term investment returns.
Our firm has a long history of working alongside Indigenous partners. We worked with local First Nations on our first investment more than 15 years ago, and today over half of the Canadian infrastructure assets in our portfolio collaborate with Indigenous communities in some fashion. This includes several run-of-river hydroelectric facilities and solar projects where our Indigenous partners have a direct equity investment alongside us.
CC&L Infrastructure is a part of Connor, Clark & Lunn Financial Group Ltd., an employee-owned, multi-boutique asset management firm whose affiliates collectively manage over CAD$110 billion in assets.
