Lightspeed POS (TSX: LSPD) has priced its previously announced offering of subordinate voting shares on behalf of selling shareholders. Underwriters have agreed to buy about 5.4 million shares for $35 per unit, generating proceeds of about $189 million. The amount increases to about $217 million if the greenshoe option is exercised in full. The selling shareholders include Lightspeed Founder and CEO Dax Dasilva, Caisse de dépôt et placement du Québec and Inovia Capital. Lightspeed, a Montréal-based retail and restaurant point-of-sale and e-commerce platform, closed its initial public offering (IPO) in Canada earlier this year, raising $276 million. The IPO valued the company at $1.5 billion.
4 min read · 15 August 2019
Caisse de dépôt et placement du Québec (CDPQ) said Daniel Fournier, chairman and CEO of Ivanhoé Cambridge, the pension system's real estate investment arm, will retire in October. Fournier has headed Ivanhoé's operations and investment activity since 2010. During this time, he led the consolidation of CDPQ's real estate affiliates and oversaw deal volume of nearly $100 billion. Fournier will be replaced as CEO by Nathalie Palladitcheff. She joined Ivanhoé in 2015 as executive vice president and CFO and was last year appointed president. Montréal-based Ivanhoé holds $65 billion in assets and interests in more than 1,000 buildings.
10 min read · 14 August 2019
Telus Health has acquired Toronto-based Akira Health and Right Health, together a provider of virtual and in-person healthcare technology. No financial terms were released for the deal, which will see Akira and Right Health continue to operate under their existing brand. Founded in 2015, Akira was acquired two years later by Right Health, a portfolio company of Canadian healthcare technology venture capital firm iGan Partners. Akira-Right Health is led by Co-founders and Co-CEOs John Mozas and Dan Pawliw. Telus Health is the digital health solutions and technology affiliate of Canadian telecommunications company Telus Corp (TSX: T).
2 min read · 14 August 2019
Tevosol, an Edmonton-based medical device maker, has closed a $2 million seed-stage financing, bringing total funding to $6.3 million. The round's investors were not identified. Spun out of the University of Alberta in 2015, Tevosol is the developer of the ex-vivo organ support system (EVOSS), which assists surgeons with organ transplantation. Led by CEO Ron Mills, Tevosol will use the funds raised to complete a proof-of-concept human trial, expand its team, and accelerate development of its portable perfusion device for lungs. The company said it will next seek financing to support manufacturing, clinical investigation and commercial launch.
2 min read · 14 August 2019
Toronto-based medical imaging company MolecuLight has sold its clinical oncology business to Photonamic GmbH & Co KG for an undisclosed amount. Launched in 2013 by CSO Ralph DaCosta, MolecuLight develops fluorescent imaging technology for clinical and commercial applications. Its initial solution, MolecuLight i:X, is a handheld imaging device for assessing wounds. Photonamic, an affiliate of Japan's SBI Holdings Inc, previously partnered with MolecuLight in the oncology field. It said the deal will expand its research and development activities. Moleculight has been backed since its founding by Canadian healthcare technology venture capital firm iGan Partners and other investors.
4 min read · 14 August 2019
Brookfield Asset Management has offered to acquire Aveo Group Ltd, a Sydney, Australia-based retirement-home operator, for $859.4 million in cash, according to a report by Reuters.
1 min read · 14 August 2019
The Canadian Competition Bureau has approved the proposed acquisition of WestJet Airlines Ltd (TSX: WJA) by Onex Corp, the Calgary-based carrier said. The approval was confirmed by the agency's issue of a no-action letter. In May, Onex, a Canadian private equity firm, offered to buy WestJet, Canada’s second-largest carrier, for $3.5 billion or $5 billion including debt. The deal is expected to close in Q4 2019. Founded in 1996, WestJet provides scheduled service to more than 100 destinations in the Americas and Europe and to more than 175 destinations in over 20 countries through partnerships.
2 min read · 14 August 2019
Nuvei, a Montréal-based payment technology company, has closed its acquisition of SafeCharge International Group Ltd, a Guernsey, U.K.-based provider of omni-channel payments services. The all-cash deal, announced in May, is valued at US$889 million ($1.18 billion). The combined business will have its headquarters in Montréal. Nuvei, formerly known as Pivotal Payments, secured an investment in 2017 from Canadian mid-market private equity firm Novacap and Caisse de dépôt et placement du Québec (CDPQ) that valued it at $525 million. Novacap and CDPQ also supported the SafeCharge transaction.
4 min read · 14 August 2019
Lightspeed POS (TSX: LSPD), a Montréal-based retail and restaurant point-of-sale and e-commerce platform, has filed a preliminary supplement to an August 6 prospectus for an offering of subordinate voting shares. A total of about 6.6 million shares will be offered for sale, about 5.4 million of which will be offered by selling shareholders, including Caisse de dépôt et placement du Québec (CDPQ) and Inovia Capital. The price of the shares to be sold was not released. The offering includes a greenshoe option. Lightspeed completed an initial public offering (IPO) in Canada earlier this year, raising $276 million. The IPO valued the company at $1.5 billion.
4 min read · 13 August 2019
A venture capital fund affiliated with Japan's Recruit Co Ltd has made an undisclosed investment in Properly, a Toronto-based real estate technology provider. Properly earlier announced the close of its $22 million Series A financing, the equity portion of which was led by Prudence Holdings and FJ Labs. Recruit was not identified as an investor. Based in Tokyo, Recruit is a provider of recruitment advertising, sales promotion and staffing services. It said it aims to support the growth of Properly along with improvement of the company's services.
2 min read · 13 August 2019
