Intelex Technologies, a Toronto-based provider of software solutions for environment, health, safety and quality (EHSQ) programs, has agreed to be acquired by Industrial Scientific for about $770 million (US$570 million). The sellers are JMI Equity and HarbourVest Partners. JMI, a U.S. growth equity firm, four years ago led a $160 million financing of Intelex. The deal is expected to close by Q3 2019, after which Intelex will operate as a stand-alone unit of Industrial Scientific. Based in Pittsburgh, Pennsylvania, Industrial Scientific is a gas detection management and safety solutions affiliate of Fortive Corp (NYSE: FTV). Industrial Scientific and Intelex said the acquisition is the largest in the history of EHSQ pureplay vendors.
4 min read · 06 June 2019
Jeff Parr is the 2019 recipient of the Canadian Venture Capital & Private Equity Association's (CVCA) Ted Anderson Community Leadership Award. Parr, the vice chairman and managing director of Canadian mid-market private equity firm Clairvest Group, won the award for his involvement in multiple non-profits. Parr's activities include fundraising for Stratford's Shaw Festival Theatre, membership on the University of Western Ontario's President’s Council and Investment Committee, and numerous roles promoting research and fundraising for battling Parkinson’s Disease and cancer.
5 min read · 06 June 2019
TVM Capital Life Science and Caisse de dépôt et placement du Québec (CDPQ) are the 2019 recipients of the Canadian Venture Capital & Private Equity Association's (CVCA) Deal of the Year awards. TVM Capital won in the venture capital category for the 2018 sale of AurKa Pharma, a Montréal-based developer of a cancer treatment for solid tumors, to Eli Lilly. The US$575 million deal generated an IRR of 348 percent and 9.3 x multiple of invested capital. CDPQ won in the private equity category for the 2018 sale of Camso, a Magog, Québec-based maker of off-the-road tires and rubber tracks to Michelin. The transaction was valued at US$1.45 billion.
5 min read · 05 June 2019
TVM Capital Life Science and Caisse de dépôt et placement du Québec (CDPQ) are the 2019 recipients of the Canadian Venture Capital & Private Equity Association's (CVCA) Deal of the Year awards. TVM Capital won in the venture capital category for the 2018 sale of AurKa Pharma, a Montréal-based developer of a cancer treatment for solid tumors, to Eli Lilly. The US$575 million deal generated an IRR of 348 percent and 9.3 x multiple of invested capital. CDPQ won in the private equity category for the 2018 sale of Camso, a Magog, Québec-based maker of off-the-road tires and rubber tracks to Michelin. The transaction was valued at US$1.45 billion.
5 min read · 05 June 2019
Callidus Capital Corp (TSX: CBL) has agreed to sell Bluberi Gaming Canada Inc, a Drummondville, Québec-based casino games developer, to Canadian private equity firm Catalyst Capital Group. The deal would see Catalyst acquire Callidus-owned shares and assume debt owing by Bluberi to Callidus. The purchase price for the shares is $92.7 million and for the debt is the amount of that debt outstanding at closing. Shareholders will vote on the transaction on July 2. Founded in 1994, Bluberi designs casino games installed in electronic gaming machines. Callidus, a Toronto-based specialty lender owned by Catalyst, acquired the company in 2017.
5 min read · 05 June 2019
The federal government’s Venture Capital Catalyst Initiative (VCCI) has committed $50 million to ArcTern Ventures, Cycle Capital Management and Renewal Funds, all Canadian venture capital firms active in the clean technology sector. Montréal-based Cycle and Vancouver-based Renewal will receive $20 million apiece, the Globe and Mail reported, while Toronto-based ArcTern will get $10 million. ArcTern initially closed its second fund last year, raising $60 million, while Cycle initially closed its fourth fund in February, raising $109 million. VCCI, a $400 million program to shore up venture capital supply in Canada, in 2018 secured an additional $50 million from Ottawa earmarked for clean technology.
3 min read · 05 June 2019
The Securities and Exchange Commission (SEC) has sued Kik Interactive Inc, alleging the Waterloo-based messaging app conducted an illegal US$100 million offering of digital tokens. In 2017, Kik said it would raise US$125 million by selling tokens called Kin. The SEC charges the offering and sale were not registered as required by U.S. securities laws. By failing to register, Kik “deprived investors of information to which they were legally entitled, and prevented investors from making informed investment decisions,” the SEC said. Kik has raised financing from Foundation Capital, Millennium Technology Value Partners, RRE Ventures, Spark Capital, SV Angel, Tencent, Union Square Ventures, Valiant Capital Partners and other investors.
3 min read · 05 June 2019
DW Healthcare Partners (DWHP) has acquired Spectrum Solutions LLC, a maker of containers and packaging solutions for the scientific testing, medical, organic health and cosmetic sectors, and shipping affiliate Go-2 Fulfillment Co Inc, both based in Draper, Utah. Terms weren't disclosed. The sellers were President and CEO Gregg Williams, who founded the business in 2005, and COO Bill Phillips. They will retain ownership stakes. Generational Equity advised Spectrum and Go-2 on the deal. Based in Toronto and Park City, Utah, DWHP is a healthcare private equity firm. It is currently investing from DW Healthcare Partners Fund IV, which raised US$295 million in 2017.
4 min read · 05 June 2019
Hub International Ltd has acquired Cottenie and Gardner Inc, a Kamsack, Saskatchewan-based provider of personal and commercial insurance solutions, including government auto and farming solutions. No financial terms were disclosed. The sellers were owners Ted Gardner and Les Fedorak, who will join Hub International Manitoba Ltd. Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, a Chicago-based insurance brokerage, joining existing owner Hellman & Friedman (H&F).
2 min read · 05 June 2019
Clir Renewables, a Vancouver-based renewable energy software provider, has raised $1.9 million in bridge financing. The source of the funding was not released. Clir, which closed a $2.1 million seed round in 2018, counts Active Impact Investments, a Canadian impact venture capital firm, among its backers. It also secured funding from Sustainable Development Technology Canada. CEO Gareth Brown said the bridge financing will support growth and product development prior to a Series A round later this year. Founded in 2017, Clir provides an artificial intelligence software platform that helps wind farm owners and operators to maximize production and gain clarity on performance risk.
2 min read · 04 June 2019
