TORONTO — Financial services firm Purpose Financial LP has signed a deal to acquire financial technology startup Thinking Capital Financial Corp., a lender to small business.Terms of the deal, which includes a combination of cash and securities, were not immediately available.Purpose Financial says the agreement will create a business with significant balance sheet strength, strong financial backing and a diversified funding model.ETF pioneer Som Seif to announce acquisition, new investor in plan to quintuple assets at PurposeThinking Capital is expected to keep its headquarters in Montreal and all of its employees will remain with the company.Jeff Mitelman, CEO and co-founder of Thinking Capital, will also become a managing partner of Purpose Financial and hold a meaningful equity position in Purpose Financial alongside existing investor TorQuest and Thinking Capital’s management.Purpose Financial is the parent company to Purpose Investments, Purpose Advisor Solutions and Purpose Innovation Labs.
As a key OEM solutions provider for Caterpillar, Ground Force Worldwide, through underground division Underground Force, has now introduced a new underground haul truck product line. The new product line includes 10, 15 and 20 t sized trucks, filling the gap leading up to the Caterpillar 30-65 t underground haul truck product line. The UG haul trucks are offered in ejector, side dump and end dump models with Tier 4 and LRC engine options.These haul trucks are designed with AR400 steel for maximum durability and productivity and utilise 65% Cat componentry in their build. Designed with ground level serviceability in mind, Ground Force states that the new haul trucks “will lead the industry in the highest level of Cat componentry, visibility, operator comfort, and overall safety.” The innovative new offering has been the direct result of customer requests for a smaller, more durable Cat-based underground haul truck.Underground Force offers a complete line of underground mine support equipment. This new chassis will be the prime mover for all the underground product solutions including, but not limited to; water, fuel, lube, cable reel, personnel carriers, vacuum, ANFO, scissor lift, service trucks and haul trucks. This line encompasses over 12 products and is an extension of the current surface mining product line. Ground Force Worldwide offers full product support after the sale, including field service commissioning, installation and training, parts and product support and a parts distribution centre. Parts and service are also available through the worldwide network of Cat dealers.