Canadian mid-market buyout firm Novacap has lent support to the acquisition activity of Montréal-based Fibre Noire Internet Inc., a telecommunications company specializing in fiber optic connectivity services for businesses. Fibre Noire bought Société des Réseaux Dédiés et Privés Inc. and Réseau du Haut-Richelieu Inc., two independent fiber optic networks in the Montréal area. The financial terms of the two transactions were not disclosed.
3 min read · 08 May 2013
Mississauga, Ontario-based Nuvo Research Inc., a publicly traded pharmaceuticals company that is building a portfolio of products for the treatment of pain and development of a immune modulating drug, has completed a proposed share consolidation. The approved initiative will see the company's outstanding common shares reduced from approximately 568.5 million to approximately 8.7 million. Nuvo Research is a portfolio company of U.S. venture capital firm Draper Fisher Jurvetson.
5 min read · 08 May 2013
New York-based Poppin Inc., an online retailer offering innovative office products, has raised US$11.1 million in a Series B financing round led by Canadian early stage venture capital firm TrilogyGrowth. Existing investors, including Shasta Ventures, First Round Capital and company founder J. Christopher Burch, also participated in the deal. TrilogyGrowth Managing Partner Joel Silver, who formerly served as president of Indigo Books & Music, will join Poppin's board of directors.
3 min read · 07 May 2013
TrueContext Mobile Solutions Corp., an Ottawa, Ontario-based mobile data solutions company, has agreed to sell certain domestic and international non-core patents in return for one-time net proceeds of approximately US$570,000. The purchaser of the patents was not identified. The publicly listed TrueContext is a portfolio company of Canadian venture capital firms Skypoint Capital and Wesley Clover International Corp.
3 min read · 07 May 2013
Calgary's Insignia Energy Ltd., a publicly-listed junior oil and gas exploration and development company, announced that independent members of the board of directors have received a privatization proposal from Brookfield Capital Partners. Under the proposal, which has not yet been formalized, shareholders would be paid $1.35 for each of their common shares. Brookfield, which focuses on mid-market turnarounds and special situations, has held a significant stake in Insignia since 2008.
4 min read · 07 May 2013
Second Wave Petroleum Inc., a public Calgary-based producer of crude oil and natural gas in Western Canada, has received a non-binding proposal from controlling investor Brookfield Bridge Lending Fund to be taken private. The Brookfield fund has offered shareholders 30 cents per share. The company has also agreed with Brookfield to issue $17.5 million in secured convertible debentures to meet immediate capital requirements. A special committee of the company's independent directors will consider the privatization bid.
10 min read · 07 May 2013
On the heels of closing Stonebridge Infrastructure Debt Fund I LP at over $200 million in early 2013, Stonebridge Financial Corp., a financial services company with offices in Toronto and Montréal, recently launched Stonebridge Infrastructure Debt Fund II LP. The second partnership, which will provide private debt financing for the construction and operation of social and energy infrastructure assets, is targeted at around $300 million. An initial closing is scheduled for December 2013.
3 min read · 07 May 2013
Vancouver-based QuickMobile Inc. has completed a $3.2 million round of financing led by existing investors BDC IT Venture Fund and Vancity Capital Corp. Since late 2011, the company has raised $9.1 million in total from venture capital firms and angel investors. QuickMobile, which has developed a multi-event mobile app platform, will use the investment proceeds to meet customer demand and continue its international expansion.
5 min read · 07 May 2013
Singapore sovereign wealth fund and private equity investor Temasek Holdings is considering buying an equity stake in London, U.K.-based Markit Group Ltd., founded in 2001 by Canadian entrepreneur Lance Uggla, reports Reuters. A source "familiar with the deal" said that transaction is likely to be valued around US$500 million.
1 min read · 06 May 2013
Constellation Homebuilders Systems, a subsidiary of Toronto software company Constellation Software Inc., has completed its purchase of Quantitative Medical Systems Inc. (QMS). Financial terms of the deal were not disclosed. Based in Emeryville, California, QMS provides revenue cycle management and electronic medical record solutions for the dialysis market. Constellation is a portfolio investment of Canadian buyout firm OMERS Private Equity, which has backed the company since 2000.
1 min read · 06 May 2013
