Conrac Solutions, a Renton, Washington-based developer of consolidated rent-a-car facilities, has closed financing for a US$500 million project planned for Newark Liberty International Airport. The financing was arranged by Conrac Solutions Capital with equity provided by Related Fund Management and Fengate Asset Management. A consortium of banks also provided debt financing. The Newark project is expected to begin this year, with completion of the consolidated rent-a-car facility in 2023. Fengate is a Toronto-based investor in infrastructure, private equity and real estate.
5 min read · 08 May 2019
Toronto-based cannabis company TerrAscend Corp has closed an up-sized private placement, raising about $70 million (US$52 million). The deal included a lead-order investment of about $23 million (US$17 million) from JW Asset Management, a U.S. hedge fund manager. Founded in 2014, TerrAscend cultivates cannabis in an indoor hydroponic facility and operates other businesses active in the medical and adult-use markets in Canada and the United States. It will use the deal's proceeds for its U.S. acquisition strategy and other priorities. TerrAscend is a portfolio company of Canopy Rivers, the venture capital arm of Canadian cannabis producer Canopy Growth Corp.
3 min read · 08 May 2019
Axiom Real-Time Metrics, a Toronto-based provider of e-clinical solutions, has raised a “significant” undisclosed investment from Great Point Partners, a U.S. healthcare private equity firm. Founded in 2001 by CEO Andrew Schachter, Axiom provides data management, data analytics, biostatistics, pharmacovigilance and other services that support the clinical study data and operational needs of small and mid-sized life sciences companies. The investment by GPP is Axiom’s first from an external capital source. The proceeds will be used for enhancements to Axiom’s Fusion eClinical platform and growth of professional services and business development initiatives.
4 min read · 08 May 2019
Mercer Park Brand Acquisition Corp has filed a final prospectus with Canadian regulatory authorities outside of Québec for an initial public offering (IPO). The IPO is for Class A restricted voting units of US$10 per unit, for total proceeds of US$350 million, not including the greenshoe option, up from a prior target of US$250 million. Mercer Park Brand, a special purpose acquisition corporation (SPAC) sponsored by U.S. family office Mercer Park, intends to list on the Neo Exchange. For a qualifying transaction, the SPAC will target one or more acquisitions involving branded product businesses in cannabis and cannabis-adjacent industries.
5 min read · 08 May 2019
Singapore's PSA International Pte Ltd has agreed to acquire Halterm Container Terminal Ltd, the largest container terminal in Eastern Canada, according to a report by The Canadian Press. No financial terms were disclosed. The seller is Macquarie Infrastructure Partners. Macquarie acquired Halterm, which operates at the Port of Halifax, in 2007 for about $173 million. The Australian investor is in the process of securing regulatory approvals, the report said. PSA, a global port operator, is owned by Singapore sovereign wealth fund Temasek Holdings.
1 min read · 08 May 2019
Axiom Real-Time Metrics, a Toronto-based provider of e-clinical solutions, has raised a "significant" undisclosed investment from Great Point Partners (GPP), a U.S. healthcare private equity firm. Founded in 2001 by CEO Andrew Schachter, Axiom provides data management, data analytics, biostatistics, pharmacovigilance and other services that support the clinical study data and operational needs of small and mid-sized life sciences companies. The investment by GPP is Axiom's first from an external capital source. The proceeds will be used for enhancements to Axiom's Fusion eClinical platform and growth of professional services and business development initiatives.
4 min read · 08 May 2019
Swiss mining private equity firm Pala Investments has agreed to acquire additional common shares of Nevada Copper Corp, a Vancouver-based mining company and owner of the Pumpkin Hollow copper project in Nevada. The deal, part of a share purchase agreement with Red Kite Mine Finance, reflects a total consideration of about $12.6 million. In a separate statement, Nevada announced a US$115 million credit agreement with KfW IPEX-Bank and the launch of a public offering and concurrent private placements expected to generate about $40 million. Earlier this year, Reuters reported on Nevada's project as part of a story about growing U.S. copper investments spurred by demand from electric car-makers.
3 min read · 07 May 2019
Chicago-based insurance brokerage Hub International Ltd has acquired the assets of Clarity Benefits Group Inc, a Calgary-based provider of employee benefit plans, life insurance and group retirement plans in Canada. Terms weren't disclosed. Clarity was founded in 2018 by President Kevin Rome, who will join Hub International Barton Insurance Brokers, a division of Hub International Canada West ULC. Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, joining existing owner Hellman & Friedman (H&F).
2 min read · 07 May 2019
VTS, a New York-based leasing and asset management platform for the global commercial real estate industry, has raised US$90 million in a Series D financing. The round was led by Brookfield Ventures, the technology investment arm of Canadian alternative asset manager Brookfield Asset Management. Brookfield is a VTS customer. Other investors included Fifth Wall, GLP and Tishman Speyer. VTS' software platform oversees more than 10 billion square feet of commercial real estate and has a user base of over 35,000. It will use the round's proceeds to enhance its technology and launch truva, an end-to-end leasing marketplace.
4 min read · 07 May 2019
Canadian women-focused venture capital firm Disruption Ventures has agreed to partner with The Big Push to provide women-led technology startups with access to expert resources and early-stage financing. The initiative will see Disruption invest $500,000 to $2 million in seed-stage or Series A financings of startups working with The Big Push, a Canadian accelerator focused on female entrepreneurs. Based in Toronto, The Big Push is led by senior executives who help prepare women founders for investment through a service-for-equity model. As reported by PE Hub Canada, Disruption recently closed its debut deal, investing in vacation-rentals software provider Hostfully.
4 min read · 07 May 2019
