2 min read · 08 April 2013
Toronto's Penfund, a provider of junior capital to mid-market companies, led a C$40 million financing of London, Ontario-based GoodLife Fitness Centers Inc., topping up the C$125 million subordinated secured credit facility provided to the company in 2011. Participating investors included Macquarie Bank Limited, Manulife Capital, GRI Investments, Canadian Medical Protective Association and Teachers’ Retirement Allowances Fund Board. The new transaction comes on the heels of GoodLife's recent acquisition of Extreme Fitness Inc.
3 min read · 05 April 2013
Aquinox Pharmaceuticals Inc., a Vancouver-based company focused on developing novel and targeted small molecule therapeutics for the treatment of inflammatory disease, has secured a US$18 million Series C financing led by Johnson & Johnson Development Corp. New investor Augment Investments participated in the round along with existing investors Baker Brothers Investments, Pfizer Venture Investments and Ventures West Capital. Aquinox has been venture-backed since a 2007 early-stage deal led by Canadian firm Ventures West.
4 min read · 05 April 2013
A report by the Conference Board of Canada says Canada performs poorly on most of the 21 indicators in this year’s Innovation Report Card. It found Canada ranks second-to-last among its peers in venture capital investment and business R&D spending. Among its conclusions, the Conference Board said Canada needs a larger and more dynamic equity and venture capital industry able to invest in domestic seed, start-up, and early-stage companies.
3 min read · 05 April 2013
Guelph, Ontario's Well.ca Inc., an e-commerce retailer of health, beauty and baby products in Canada, has appointed a new chief executive officer, Rebecca McKillican, formerly a principal at U.S. buyout firm Kohlberg Kravis Roberts & Co. The company also secured additional funding, raising C$5 million in a round led by Canadian venture capital firm iNovia Capital with the participation by other new and existing investors. Well.ca has been venture-backed since 2010.
2 min read · 05 April 2013
Toronto-based specialty finance firm Wellington Financial LP has closed its fourth growth capital and venture debt partnership, Wellington Financial Fund IV, at a "hard cap" of C$200 million. Wellington concurrently announced the addition of Vikram Gupta to the firm's team as partner, and the opening of its third North American office in California. The newly closed Fund IV represents a 33% increase in size over Wellington's Fund III, which was closed in 2006.
3 min read · 05 April 2013
Toronto-based Spectra7 Microsystems Inc. has recruited Dr. Andrew Kim as chief technology officer. Dr. Kim was previously senior principal systems engineer at Intersil Corp. Spectra7 is an analog semiconductor company delivering speed, resolution and signal fidelity, and is currently backed by Celtic House Venture Partners, EdgeStone Capital Partners and Ventures West Capital.
2 min read · 05 April 2013
Québec City-based Unipex Group, which specializes in the development, production, marketing and distribution of active ingredients, specialty chemicals and other chemical products, has acquired 100% of the shares of Kirkland, Québec's Baralex Inc. from Manitex Capital Inc. The acquisition price was C$2.8 million. Unipex is majority owned by European private equity firm IK Investment Partners, which bought the company from AXA Private Equity in 2012.
3 min read · 05 April 2013
Pickering, Ontario-based Noranco Inc., a supplier of complex machined and sheet metal components and other products to the aerospace industry, has received a significant undisclosed equity investment from an investor group led by U.S. private equity firm MidOcean Partners. Noranco has been a portfolio company of Canadian small-cap buyout firm Bedford Capital since 2008. The company made five acquisitions, including its 2011 buy of Premier Precision Group’s Stewart Machining and Jet Processing operations located in Phoenix, Arizona.
3 min read · 05 April 2013
Calgary's Legacy Oil + Gas Inc. has acquired light oil assets from a senior producer along with Villanova Oil Corp., a Regina, Saskatchewan-based exploration and development company, for a combined C$108.6 million in cash and 13.9 million Legacy common shares. The deals are expected to close in the second quarter. Villanova was backed by Canadian private equity firms, including PFM Capital and Westcap Management. Legacy has also received private equity investments in past, along with US$200 million in unsecured debt from CPPIB Credit Investments in 2012.
9 min read · 05 April 2013
