A handful of potential bidders, including private equity firms, are lining up to look at BlackBerry Ltd, but initial indications suggest that interest is tepid and buyers are eyeing parts of the Canadian smartphone maker rather than the whole company, several sources familiar with the situation said. Private equity firms are mostly interested in businesses such as BlackBerry's operating system and the patents around its keyboard, two of the sources said. However, one possibility is for a Canadian pension fund to team up with an investor to buy the whole company, which is currently worth a little more than $5 billion, one of the sources said.
3 min read · 17 September 2013
Canadian labour funds Fonds de solidarité des travailleurs du Québec FTQ and Fondaction CSN expressed disappointment on behalf of 735,000 investors about the federal Minister of Finance's continuing plans to eliminate the tax credit for labour-sponsored venture capital corporations by 2017. They asked Ottawa to reconsider, noting a proposed "closer partnership in which they would make a significant contribution to the success" of the Venture Capital Action Plan. It was reported that the government this summer received nearly 40 briefs by business associations and others attesting to the "valuable contribution" of the labour funds.
3 min read · 17 September 2013
Engineering services provider Harsco Corp, seeking to strengthen its balance sheet, said it would merge its infrastructure business with Brand Energy & Infrastructure Services Inc for $300 million and a 29 percent stake in the combined entity, Reuters reported.
1 min read · 17 September 2013
ChipCare Corp., a Toronto-based developer of a handheld cell analyzer for medical testing, has secured $2.05 million in venture capital funding. Investors include Maple Leaf Angels, MaRS Innovation and the University of Toronto, as well as Grand Challenges Canada and the Canadian government. Investment proceeds will be used to further refine the functionality of ChipCare's device, develop a more robust and cost-effective prototype, and commercialize it over the next three years.
3 min read · 17 September 2013
Unified Computer Intelligence Corp., a Toronto-based developer of Ubi, a voice-activated computing device that offers instant access to information and control of home automation devices, has been awarded $100,000 as the winner of the N100 startup competition. Ubi is the company's first product and was launched via Kickstarter in 2012, raising US$229,000. The N100 event is sponsored by Northumberland Community Futures Development Corp., a non-profit organization dedicated to providing financing and strategy for entrepreneurs.
4 min read · 17 September 2013
Halifax, Nova Scotia-based DHX Media Ltd. (TSX: DHX) has bought Ragdoll Worldwide Ltd., the owner of Teletubbies and other programs, for $28.4 million. The seller in the transaction was BBC Worldwide and a group that includes Ragdoll's founder, Anne Wood. DHX Media, which is focused on television production and distribution, interactive content and entertainment licensing, became a portfolio investment of Canadian buyout firms Birch Hill Equity Partners and OMERS Private Equity when the company bought Cookie Jar Group for $111 million in 2012. Cookie Jar was backed by the two PE firms since 2004.
4 min read · 17 September 2013
Calgary-based eye care specialist FYidoctors has acquired for an undisclosed sum the Canadian assets of Vision Source LP, which operates a network of optometrists. The deal, which is excepted to close in October, will see Vision Source transfer its 95 Canadian franchisees to FYidoctors, along with rights to its brand name in Canada. Located in Kingwood, Texas, Vision Source is a portfolio company of U.S. private equity firm Brazos Private Equity Partners. Brazos bought the company, previously a division of TLC Vision Corp., from Charlesbank Capital Partners and HIG Capital in 2011. Charlesbank and HIG acquired the Mississauga, Ont.-based TLC Vision in a turnaround deal in 2010.
3 min read · 17 September 2013
Calgary-based startup Dissolve Inc., a provider of high-quality stock video for filmmakers and digital storytellers, has been launched with a $5 million financing round. The lead investors are former co-founders of Veer and iStockphoto, with participation from Canadian venture capital firm iNovia Capital. The company's new stock video marketplace has been established in beta form, and is intended to offer a challenge to market leaders like Getty Images on both quality and price.
4 min read · 17 September 2013
Pickering, Ont.-based Medical Pharmacies Group Ltd. (MPGL) has agreed to acquire Desjardins Healthcare Group, a provider of specialty pharmacy services, medical supplies and equipment based in Ottawa. The financial terms of the deal, which is set to close on October 31, were not released. MPGL, a provider of pharmacy services to long-term care facilities and retirement homes, has been a portfolio company of Canadian mid-market buyout firm Callisto Capital since 2011. In 2012, MPGL purchased three B.C.-based pharmacies, Marks Pharmacy, Okanagan Resident Plus Pharmacy and Resident Plus Pharmacy in Surrey.
3 min read · 17 September 2013
Unquestionably since 2009 non-bank lenders and their unitranche structure have changed the landscape for mid-market lending. Prior to their coming on to the scene, mid-market lending was dominated by banks and finance companies that provided senior debt and their mezzanine colleagues who often provided a layer of capital below them to maximize leverage.
3 min read · 16 September 2013
