Bayer AG has agreed to acquire BlueRock Therapeutics, a Toronto- and Cambridge, Massachusetts-based developer of engineered cell therapies. The deal values BlueRock at about $1.3 billion (US$1 billion), including the 40.8 percent stake currently held by Bayer. In 2016, Bayer partnered with U.S. life sciences venture capital firm Versant Ventures in founding BlueRock with a US$225 million financing. Bayer said it will pay US$240 million for the remaining stake at closing and US$360 million more when development milestones are met. BlueRock's portfolio is focused on neurology, cardiology and immunology, with a first clinical program in Parkinson's disease expected later this year.
5 min read · 08 August 2019
Montrose Environmental Group Inc has agreed to acquire Lehder Environmental Services Ltd, a Point Edward, Ontario-based air quality management company, for an undisclosed amount. Formed in 1995, Lehder specializes in all aspects of air quality management, including source testing, emission inventories, air dispersion modelling, data analysis and approval applications. It serves the refining, petrochemical, energy and manufacturing sectors. Montrose, an Irvine, California-based environmental services company, said the deal will expand its global reach and provide additional capabilities to its customers. Last year, Montrose secured an investment from Oaktree Capital Management.
3 min read · 07 August 2019
Canada’s venture capital market sustained robust levels of activity in Q2, despite somewhat fewer dollars going into the largest financings. The top 10 second-quarter rounds secured $522 million from VC funds. That’s down 4 percent from the $542 million raised by the top 10 deals a year earlier, and down 16 percent from the $625 million that went to the top deals in Q2 2017. The estimate is based on PE Hub Canada’s list of the largest financings announced from April through June, supplemented by preliminary data from Refinitiv. It indicates some moderation in the influence of big late-stage rounds, which dominated Canadian VC trends last year.
4 min read · 07 August 2019
Owl.co has raised $2.6 million in a seed-stage financing, the Vancouver-based financial technology provider told PE Hub Canada. The deal was led by Impression Ventures and Luge Capital, both Canadian fintech venture capital firms. They were joined by existing backers Sway Ventures, Inovia Capital, Plug and Play, Builders VC and Holt. Owl.co was launched in 2018 by CEO Sean Merat and CPO Sohrab Merat, both serial founders, as well as COO Vahid Mirjalili. Its solutions help banks and insurers manage critical processes around customer data collection. Owl.co's technology supports customer on-boarding, know-your-customer and anti-money-laundering due diligence, and fraud detection.
1 min read · 07 August 2019
Absorb Software has acquired eLogic Learning, a Tampa, Florida-based learning management system (LMS) provider, for an undisclosed amount. The deal follows Absorb's acquisition in May of Lehi, Utah-based LMS provider Torch LMS. Absorb, a Calgary-based learning technology business, said the deal increases its global customers to more than 1,000 and its offices to eight. It expects to make more acquisitions in the coming quarters as it expands beyond organic growth. Absorb is backed by U.S. growth equity firm Silversmith Capital Partners. Two years ago, Silversmith led the company's $59 million financing.
4 min read · 07 August 2019
Toronto-based accounting software provider FreshBooks has raised an undisclosed strategic investment from JPMorgan Chase & Co (NYSE: JPM), a U.S. financial services firm. Led by CEO Mike McDerment, Freshbooks provides invoicing, time-tracking, expense management, online payments and other tools to small businesses and self-employed professionals. It currently has customers in 160 countries. Bill Clerico, CEO of WePay, a JPMorgan Chase payments affiliate, said the deal will support FreshBooks' growth while also serving his company's small business clientele. FreshBooks previously secured nearly $100 million in a 2017 Series B financing led by Georgian Partners and a 2014 Series A led by Oak Investment Partners.
3 min read · 07 August 2019
RHI Group, a Toronto-based investment company focused on retail marketing solutions, has secured an undisclosed investment from M33 Growth, a U.S. venture capital and growth equity firm. Founded this year by Executive Directors Alex Moorhead and Brian Sinclair, RHI Group invests in software and digital marketing companies that leverage consumer data to help retailers make more informed decisions and market more effectively. Moorehead and Sinclair are both former retail marketing executives. Moorehead was also previously a managing director at Tandem Expansion Fund. M33 Growth Managing Director Gabe Ling said his firm will partner with RHI Group on investments.
4 min read · 07 August 2019
Genting Hong Kong Ltd (GHK) has agreed to sell a 35 percent interest in Dream Cruises, an Asian luxury cruise line, to TPG Capital Asia, TPG Growth and Ontario Teachers’ Pension Plan (OTPP). The deal has a total consideration of US$489 million. It values Dream Cruises at about US$1.4 billion, not including debt. The purchase will be made in two tranches, the first of an at least 24.5 percent stake expected in September and the second expected in December. GHK, a Hong Kong-based leisure, entertainment and hospitality business, said the transaction's proceeds will support the completion of two Dream Cruises ships.
4 min read · 07 August 2019
SNC-Lavalin Group Inc (TSX: SNC) said it will proceed with the sale of a 10.01 percent stake in 407 International Inc, a Woodbridge, Ontario-based holder of a concession over 407 Express Toll Route (407 ETR), to Canada Pension Plan Investment Board (CPPIB). The deal, valued at $3.25 billion, is expected to close this month. It follows the dismissal by an Ontario court of an application by Ferrovial SA concerning its right of first refusal with respect to SNC-Lavalin's original sales agreement with OMERS Infrastructure. The agreement was cancelled in May. If the court decision is reversed, CPPIB, which holds 40 percent of 407 ETR, and Ferrovial, which holds 43.23 percent, agreed the sale to CPPIB will stand and that ownership stakes will be adjusted.
3 min read · 07 August 2019
Toronto-based digital health company BlueDot has secured about $9.2 million (US$7 million) in a Series A financing, bringing total funding to about $12.6 million (US$9.5 million). The round was led by The Co-operators, a Canadian insurance and financial services co-operative, and BDC Capital’s Women in Technology Venture Fund. They were joined by existing investor Horizon Ventures. Founded in 2013 by CEO Kamran Khan, BlueDot applies human- and artificial intelligence-enabled analytics to big data to track, contextualize and anticipate infectious diseases worldwide. The company will use the funds raised to develop its product suite, grow sales and commercialization efforts, and expand into new markets.
4 min read · 07 August 2019
