Silicon Valley biotechnology investment firm Sofinnova Investments has hired Maha Katabi as a partner. Katabi, who has worked as a Canadian venture capital and public equities professional for more than 18 years, joined from Oxalis Capital, an innovative therapeutics investor she founded in 2018. Previously, she was a partner at Sectoral Asset Management, a vice president at Ventures West Management, and an associate at T2C2 Capital. With Katabi's hire, Sofinnova said it will open an office in Montréal, enabling the firm to work more closely with companies based in the Eastern United States, Europe and Canada.
3 min read · 22 April 2019
Lone Wolf Technologies has acquired zipLogix, a Fraser, Michigan-based provider of transaction management, electronic forms, and e-signature solutions for the real estate industry. Terms weren't disclosed. Lone Wolf, a Cambridge, Ontario-based residential real estate software company, said the zipLogix platform will be integrated with its transaction management portfolio. It added that Lone Wolf and zipLogix together service more than 1.4 million agents, 20,000 offices, and 1,000 MLSs and associations in North America. Lone Wolf is backed by U.S. technology private equity firm Vista Equity Partners. Vista initially invested in 2015 and increased its stake in 2016.
4 min read · 22 April 2019
Trendline Interactive has acquired Inbox Marketer, a Guelph, Ontario-based data-driven e-mail marketing services provider. No financial terms were disclosed. Inbox Marketer was founded in 2002 by CEO Geoff Linton. Trendline, an Austin, Texas-based e-mail consulting and professional services business, said the deal strengthens its strategy, data management and analytics service offerings. Trendline is backed by Growth Catalyst Partners (GCP), a U.S. lower mid-market private equity firm. GCP invested in the company's 2018 acquisition of Inbox Pros.
4 min read · 22 April 2019
Mercer Park Brand Acquisition Corp, a special purpose acquisition corporation (SPAC), has filed a preliminary 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$250 million. The SPAC plans to list on the Neo Exchange. For a qualifying transaction, Mercer Park Brand will target one or more acquisition opportunities with a focus on branded product businesses in cannabis and cannabis-adjacent industries. Mercer Park Brand is sponsored by Mercer Park, a U.S. family office.
6 min read · 18 April 2019
Canadian healthcare technology venture capital firm iGan Partners has secured $100 million in the final close of its first fund, iGan Fund I. The fund was backed by family offices and high-net-worth investors. Fund I will focus on early-stage companies in digital health, medical devices, healthcare IT and artificial intelligence, and other sectors. Toronto-based iGan Partners is led by Managing Partner Sam Ifergan, who founded the firm in 2013, and Partner Joel Finlayson. Its recent deals include a $2 million seed financing of OrbCare, a Toronto-based unified health cloud platform, and a $5 million Series A financing of Rna Diagnostics, a Toronto-based cancer therapy guidance platform. Both rounds were led by iGan Partners.
2 min read · 18 April 2019
After nine straight years of growth, Canada’s venture capital market showed no signs of slowing down in early 2019. The top 10 first-quarter VC financings drew $667 million from VC funds. While that’s down 28 percent from the $923 million raised by the top 10 deals a year earlier, it exceeds first-quarter results in other recent years. The estimate is based on PE Hub Canada’s list of the largest rounds announced from January through March, supplemented by preliminary data from Refinitiv. It suggests that despite increasing market uncertainty, trends in early 2019 reflect many of the same factors that drove soaring Canadian VC investment activity last year.
3 min read · 18 April 2019
TFI International Inc (TSX: TFII) has agreed to acquire certain assets of BeavEx Inc, an Atlanta-Georgia-based provider of transportation, warehousing and courier services, and its affiliates. The purchase price is US$7.2 million, including the assumption of working capital liabilities. The deal, approved by the United States Bankruptcy Court for the District of Delaware, is expected to close this month. TFI, a Montréal-based transportation and logistics company, said the acquisition will expand its last-mile and expedited capabilities. BeavEx was acquired in 2011 by Eos Partners, a U.S. private equity firm.
3 min read · 18 April 2019
Therillia Development Co, a Canadian affiliate of U.S. life sciences venture capital firm Sanderling Ventures, has acquired Tavec Pharmaceuticals, a New York-based therapeutic exosome company. No financial terms were disclosed for the deal, which will see Tavec relocated to Montréal. Founded in 2015, Tavec is developing anti-cancer gene therapies using injectable, miRNA-loaded exosomes. It is planning to initiate clinical trials in Québec in liver cancers and chronic liver diseases. Tavec is the eighth portfolio company Sanderling has helped establish in Montréal under Therilla in the past five years. Others include DalCor Pharmaceuticals and PreciThera.
3 min read · 18 April 2019
Canada Pension Plan Investment Board (CPPIB) has agreed to invest a further €110 million ($166 million) in Visma Group, an Oslo, Norway-based provider of business software and services in Europe. The announcement was made by U.K. technology private equity firm HgCapital, Visma's majority shareholder, which said it will invest an additional €640 million. The investments by Hg and CPPIB realize the interest held by Cinven. The deal values the company at more than €6.5 billion. CPPIB first invested in Visma in January, acquiring part of the stake held by Hg.
4 min read · 18 April 2019
Swedish engineering company Sandvik has agreed to acquire Newtrax Technologies Inc, a Montréal-based provider of internet-of-things and analytics technology for monitoring underground operations. Terms weren't released. Founded in 2008, Newtrax is led by Alexandre Cervinka. The company will be run as an independent unit in Sandvik's mining and rock technology group. Sandik said the acquisition will create a stream-lined digital solution to improve safety and efficiency in underground mining. Newtrax has been backed since 2014 by Jolimont Global Mining Systems, an Australian private equity fund backed by Jolimont Capital and Resource Capital Funds.
2 min read · 17 April 2019
