Maple Leaf Foods Inc has launched an auction for its bakery company Canada Bread, targeting Grupo Bimbo, one of the world's largest bread makers, as well as private equity, sources told Reuters. Canadian food processor Maple Leaf said on Monday it would explore selling its 90 percent stake in Toronto-based Canada Bread, a global company with a C$1.75 billion ($1.68 billion) market value, in a review process that is expected to be completed by early 2014.
2 min read · 25 October 2013
Kingston, Ontario-based Sparq Systems Inc, a designer and manufacturer of microinverters for the distributed generation solar market, has secured $2.75 million in venture capital financing. The round was led by MaRS Cleantech Fund, with participation from MaRS Investment Accelerator Fund and the Ontario Centres of Excellence. Founded in 2009, Sparq is a spin-off company from Queen's University, and has previously been funded by PARTEQ Innovations, angel investors and other sources. MaRS Cleantech Fund is a $30 million private venture partnership founded last year by Canadian innovation hub MaRS Discovery District..
4 min read · 24 October 2013
Canadian telecom company Telus said on Wednesday it has agreed to buy 100 percent of struggling startup Public Mobile from private equity firm Cartesian Capital and Thomvest Seed Capital, a Toronto-based investment vehicle backed by Peter Thomson. The terms of the deal were not disclosed. The Canadian government said in a separate statement that it has approved the transfer of Public's spectrum licenses to Telus, paving the way for the deal to proceed.
3 min read · 24 October 2013
The New Brunswick government has committed $5 million to the Startup Investment Fund, which is intended to support entrepreneurs as they develop innovation-based growth companies in the province. Activities the fund will support include startups, product development and testing, market research, intellectual property protection and general business development. Investments will range up to $100,000. The fund will be managed by The New Brunswick Innovation Foundation, which has made venture capital investments in over 30 companies since 2004.
2 min read · 24 October 2013
Lexington, Mass.-based Alzheon Inc, a clinical-stage biopharmaceutical startup focused on brain health, memory and aging, has been launched with the support of unidentified private investors. The company concurrently announced the signing of an exclusive license agreement to a novel clinical drug candidate for Alzheimer’s disease, a family of analogs, and a drug development platform of chemotypes and clinical datasets developed by Laval, Québec-based Bellus Health Inc. Bellus has a history of venture capital investment, and is currently backed by Power Corp's Victoria Square Ventures and other investors.
5 min read · 24 October 2013
Calgary-based DIRTT Environmental Solutions Ltd, a technology-focused manufacturer and distributor of highly-customized interiors, has filed a prospectus with provincial securities regulatory authorities across Canada in connection with an initial public offering of common shares. The company aims to raise gross proceeds of $45 million. Founded in 2001, DIRTT has secured a total of US$47.7 million in venture capital funding to date. Its Canadian and U.S.-based backers include Apex Venture Partners, EDC Equity Fund, Expansion Capital Partners, Kayne Anderson Capital Advisors, NGEN Partners and North Sky Capital.
3 min read · 24 October 2013
The Fonds de solidarité des travailleurs du Québec FTQ and Fondaction CSN have expressed disappointment that the federal government intends to press ahead with plans to phase out its 15% tax credit for investors in labor-sponsored venture capital corporations. They noted that they recently made "a reasonable offer" to meet Ottawa's fiscal concerns. This offer would have seen fund investments of $2 billion in venture capital over the term of the federal Venture Capital Action Plan, "over and above the $4 billion invested by the funds in growth capital." They also proposed a reduction of tax costs by limiting the issue of new shares.
3 min read · 24 October 2013
Pliteq Inc, a Toronto-based engineering company focused on solutions to structural, vibration, and sound control problems using recycled materials, has secured $1 million from TD Commercial Banking. The announcement follows the company's September close of a $2.25 million deal involving an existing investor and Grenville Strategic Royalty Corp, a Canadian royalty financing firm. Corporate finance advisory firm GreenSky Capital assisted Pliteq in both transactions.
3 min read · 24 October 2013
Pointe-Claire, Québec-based iLoc Technologies Inc, maker of the TRiLOC™ GPS locator, a wearable GPS tracking and security product, has secured $1 million in funding from a group of twelve angel investors and Anges Québec Capital Fund. The deal was led by entrepreneurs and investors Christiane Brault and Jean-François Grenon. Anges Québec Capital Fund is managed by Anges Québec, a network of 130 private investors that supports early stage companies. The organization has to date backed 31 seed-stage and startup projects.
3 min read · 24 October 2013
Hospitality Staffing Solutions Group LLC, which provides housekeeping personnel for hotels, filed for Chapter 11 bankruptcy, three years after being acquired by private equity firm Frontenac Co.
2 min read · 24 October 2013
