Novik Inc (TSXV: NVK), a designer, manufacturer and distributor of polymer exterior siding, roofing coverings and accessories, has agreed to be acquired by U.S. private equity firm Clearview Capital. The proposed acquisition price is $0.85 per share, or a total cash consideration of approximately $45 million, including the assumption of debt. It is anticipated that the transaction shall proceed by way of a court approved plan of arrangement pursuant to the Business Corporation Act (Québec). Founded in 2004, Novik is based in Saint-Augustin-de-Desmaures, Québec.
6 min read · 19 November 2013
AmorChem, an early-stage life sciences fund managed by Canadian venture capital firm GeneChem, has partnered with the Université Laval and CHU de Québec on a project to develop novel drugs for the treatment of endometriosis and estrogen-linked cancers. It was noted that the combined global market for the treatment of breast and endometrial cancers will soon be $15 billion. Québec commercialization hub SOVAR has supported the project's development. AmorChem was this month profiled by peHUB Canada in a feature article about Univalor and new start-up opportunities in Québec.
5 min read · 19 November 2013
Toronto-based Financeit, which provides small businesses with a consumer financing platform has raised US$13 million in a Series A round. Investors include TTV Capital, Inter-Atlantic Group and Second City Capital. Michael Garrity, CEO of Financeit, told peHUB that the company raised US$3 million in angel funding from an undisclosed institutional source prior to the Series A round. The Series A funding will be used to help the Canadian company -- previously known as CommunityLend -- to expand into the U.S. market in 2014.
3 min read · 19 November 2013
DSM has agreed a $2.6 billion joint venture deal with U.S. private equity firm JLL to give its pharmaceuticals division enough scale to expand into new markets as the Dutch group shifts towards higher-margin products.
2 min read · 19 November 2013
Montréal-based Seevibes, a provider of social television audience measurement services, has purchased for an undisclosed sum TvTweet, a Paris, France-based company that operates in the same sector. The acquisition gives Seevides an office in France with which to jump-start the company's development in the European market. Founded in 2011 by Laurent Maisonnave, and selected to work with start-up accelerator FounderFuel, Seevides is a portfolio company of Canadian early-stage venture capital firm Real Ventures.
3 min read · 18 November 2013
MidCap Financial LLC, a commercial finance firm with nearly $2 billion in assets that lends to mid-size healthcare companies, said on Monday it had been acquired by an entity managed by alternative asset manager Apollo Global Management LLC, sister news service Reuters reported.
2 min read · 18 November 2013
Fairfax Financial Holdings Ltd has agreed to acquire a majority interest in privately held Keg Restaurants Ltd, which owns over 100 steak house restaurants in Canada and parts of the United States, Reuters reported. The terms of the deal, which is expected to close early next year, were not disclosed.
1 min read · 18 November 2013
Rubikloud Technologies Inc has closed over $1 million in seed-stage financing. The investors were Hong Kong-based Horizons Ventures, Canadian venture capital fund MaRS Investment Accelerator Fund, managed by Toronto-based innovation hub MaRS Discovery District, and private angel investors. The company says the capital will be used for scaling the engineering team. Based in Toronto, Rubikloud is a provider of big data solutions.
3 min read · 18 November 2013
Sam Duboc has been named the new chair of the board of directors of the Business Development Bank of Canada (BDC). A senior private equity professional, and founder, president and managing partner of Edgestone Capital Partners, Duboc has recently been the Clifford Clark Visiting Economist at the federal Department of Finance. In the latter role, he has been the federal government's top adviser on the $400 million Venture Capital Action Plan, announced in early 2013. BDC offers financing, subordinate financing, venture capital and consulting services to 28,000 small and medium-sized Canadian businesses.
2 min read · 18 November 2013
Edmonton, Alberta-based RTL Westcan Group, a bulk commodity hauler operating in western and northern Canada, has been bought by Kenan Advantage Group, a tank truck transporter and logistics provider based in North Canton, Ohio. The financial terms of the deal were not released. The acquisition of RTL Westcan provides an exit to Canadian private equity firm TriWest Capital Partners. TriWest invested in RTL-Robinson Enterprises Ltd in partnership with management in 2006, and subsequently backed RTL's merger with Westcan Bulk Transport Ltd in 2007. Earlier this month, the company agreed to sell 10 industrial properties to Edgefront Realty Corp for the equivalent of $68 million.
3 min read · 18 November 2013
