Caisse de dépôt et placement du Québec has provided $75 million in subordinated debt financing to Medavie Inc, a Moncton, New Brunswick-based provider of not-for-profit health solutions in Canada. The Canadian pension system said the financing could be increased to $100 million. Medavie operates Medavie Blue Cross, a benefits carrier and public health program administrator, as well as Medavie Health Services, a provider of ambulance services, medical communications, community health solutions and clincial training. The financing's proceeds will be used by the Medavie to pursue growth initiatives.
3 min read · 23 May 2019
AudienceView, a Toronto-based provider of e-commerce software for events and entertainment organizations, has acquired Vendini, a San Francisco-based ticketing and box office management company. No financial terms were disclosed. Taken together, the companies process $3 billion in annual ticketing and fundraising transactions and serve more than 8,000 venues globally. Founded in 2002 and led by CEO Mark Fowlie, AudienceView has been backed since 2016 by Rubicon Technology Partners, a U.S. enterprise software private equity firm. Vendini closed a US$20 million Series A financing in 2016 with U.S. growth equity firm Level Equity Management.
3 min read · 23 May 2019
Global Restoration Holdings LLC, the parent of U.S.-based Interstate Restoration and Canada's FirstOnSite Restoration, has agreed to be acquired by FirstService Corp (TSX, Nasdaq: FSV), a Toronto-based property services provider. FirstService agreed to pay $505 million for a 95 percent stake in the business. Global Restoration is being sold by U.S. private equity firm Delos Capital. In 2016, Delos-backed Interstate acquired FirstOnSite, a Toronto-based disaster restoration company, from Canadian private equity firm TorQuest Partners. FirstOnSite and Interstate will together become an independent brand under the FirstService umbrella. FirstService said the acquisition facilitates its expansion in the disaster restoration space.
4 min read · 23 May 2019
MTY Food Group Inc (TSX: MTY) has closed its acquisition of Papa Murphy’s Holdings Inc, a Vancouver, Washington-based franchisor and operator of the Take ‘n’ Bake pizza brand. The deal, announced last month, was valued at $253.2 million, including debt. As a result, Papa Murphy’s shares ceased trading today on the Nasdaq Stock Market. MTY, a Montréal-based franchisor and operator of quick-service and casual dining restaurants, previously said the acquisition will support its growth in the U.S. market. Papa Murphy’s was backed by U.S. private equity firm Lee Equity Partners, which took the company public in 2014.
3 min read · 23 May 2019
Canopy Rivers, the venture capital arm of Canopy Growth Corp (TSX: WEED, NYSE: CGC), has promoted Narbé Alexandrian to CEO, effective immediately. Alexandrian replaces Bruce Linton, co-CEO of Canopy Growth, who will continue in his role as chairman of Canopy Rivers' board. Alexandrian joined Canopy Rivers in 2018 from OMERS Ventures, where he served as a senior associate. Before then, he was a senior strategy manager in Telus Corp’s internet of things group. The promotion is Alexandrian's second this year. In January, he was appointed president. Based in Smith Falls, Ontario, Canopy Growth is a cannabis and hemp company.
4 min read · 23 May 2019
Invesque Inc (TSX: IVQ) has agreed to acquire Commonwealth Senior Living LLC, a Charlottesville, Virginia-based developer, owner and operator of senior living communities. The deal, which includes 20 communities comprising 1,440 units with 1,716 beds, reflects a purchase price of US$340.4 million ($458 million). It is expected to close in Q3 2019. Commonwealth was founded in 2002 by Richard Brewer and Municipal Capital Appreciation Partners (MCAP), a U.S. real estate private equity firm. Following the deal, Invesque, a Toronto-based healthcare real estate company, said it will have more than US$1.8 billion of asset value with 122 properties.
6 min read · 22 May 2019
Canopy Growth Corp has acquired This Works Ltd, a London, U.K.-based provider of natural skincare and sleep solution products. The all-cash deal was valued at C$73.8 million. This Works CEO Anna Persaud will continue to lead the company. Canopy Growth, a Smith Falls, Ontario-based cannabis, hemp and cannabis device business, said the acquisition facilitates its entry into the natural wellness industry and expands its global presence. This Works was backed by Tengram Capital Partners, a U.S. consumer and retail private equity firm. Tengram invested in 2015.
3 min read · 22 May 2019
Kitchener, Ontario-based wearable technology company North has raised about $54 million (US$40 million) in convertible debt financing, according to a report by the Globe and Mail. The money came from the company's existing investors Amazon Alexa Fund, Intel Capital and Fidelity Investments Canada, the report said. Formerly called Thalmic Labs, North in 2018 launched a line of augmented reality eyewear called Focals. The funds raised will support operations prior to a more significant round, potentially earmarked for a new version of the glasses, the report said. Founded in 2012, North's other investors include First Round Capital, Inovia Capital and Spark Capital.
1 min read · 22 May 2019
PDFTron Systems, a Vancouver-based document processing technology company, has secured a $71 million investment from U.S. growth equity firm Silversmith Capital Partners. Silversmith’s Jim Quagliaroli and Sri Rao have joined the board. Debt financing was provided by THL Credit. Founded in 1998 and led by CEO Catherine Andersz, PDFTron provides a software development kit that enables document processing, conversion and collaboration by enterprise customers in a range of industries.
3 min read · 22 May 2019
Canopy Growth Corp (TSX: WEED, NYSE: CGC) has acquired This Works Ltd, a London, U.K.-based provider of natural skincare and sleep solution products. The all-cash deal was valued at $73.8 million. This Works CEO Anna Persaud will continue to lead the company. Canopy Growth, a Smith Falls, Ontario-based cannabis, hemp and cannabis device business, said the acquisition facilitates its entry into the natural wellness industry and expands its global presence. Canopy Growth added that it will collaborate with This Works to develop a new line of skin care and sleep solution products infused with cannabidiol. This Works was backed by Tengram Capital Partners, a U.S. consumer and retail private equity firm. Tengram invested in 2015.
4 min read · 22 May 2019
