Novacap, which closed Canada’s largest TMT private equity fund at $840 million in July, has made an undisclosed investment in New Brunswick-based Leading Edge Geomatics.
The strategic investment will support the company’s expansion into new markets, strategic acquisitions, and continued R&D investment.
Leading Edge has been providing aerial survey and geomatics services across North America since 2008. The company was founded by three principals who gained prior experience in geomatics while working for the Canadian Forces on projects throughout North America and Afghanistan.
Leading Edge owns and operates its own fleet of aircrafts for lidar data collection, and specializes in using lidar and advanced airborne imagery to help clients in the forestry and utility sector produce maps, collect data and better manage their assets.
“Novacap is excited to join forces with Leading Edge and continue investing in people and products, and will support the company in finding new market opportunities to bring the business to the next level,” said Yong Kwon, Partner at Novacap. “Over the last decade, Leading Edge has delivered best-in-class aerial lidar services and industry leading solutions to the forestry, utility and other sectors and we look forward to partnering with the company to help execute an aggressive growth plan and truly bring the business to new heights.”
Leveraging their experience and technology, the company developed its Powerline Mapping solution to support utility companies in better managing hazardous vegetation for thousands of kilometers of powerlines throughout North America.
“We see tremendous growth opportunities in the market for Leading Edge and know we have picked a strong partner with deep operational expertise to help us deliver on this potential,” said Bruce Hogan, Chief Executive Officer and Co-Founder. “We couldn’t be more excited about the future for the business and what this means for New Brunswick and our key stakeholders.”
Bruce Hogan, Bill Kidman and Will Lowry, Leading Edge’s founders will continue to operate the business and maintain a significant interest in the company’s ownership.
The transaction is being financed through NOVACAP’s $840 million TMT IV Fund, which specializes in partnering with exceptional companies that have high growth potential in the technology, media and telecommunications sectors.