Hamilton Lane, a US$470 billion private-markets investment and advisory firm, has opened an office in Toronto, its first in Canada. The location will be run by Mike Woollatt, hired in January as a principal in the fund investments and co-investments team. Woollatt joined from $97 billion Canadian pension fund OMERS, where he was a director, strategic partnerships, with OMERS Platform Investments. Prior to joining OMERS in 2018, Woollatt for four years led the Canadian Venture Capital and Private Equity Association. Hamilton Lane’s opening of a Toronto office follows its selection for investment last year by Ottawa’s Venture Capital Catalyst Initiative.
2 min read · 16 April 2019
2 min read · 16 April 2019
Entertainment One (eOne) has acquired Audio Network Ltd, a London-based creator and publisher of music for use in film, television, advertising and digital media. The purchase price was about US$215 million ($286 million). EOne, a Toronto-based entertainment content studio, said the acquisition will add to its capabilities as a music brand. EOne is a portfolio company of Canada Pension Plan Investment Board (CPPIB). In 2015, CPPIB acquired a minority interest from Marwyn Investment Management for $290 million. Audio Network was backed by Stripes Group, a U.S. growth equity firm.
4 min read · 15 April 2019
Concert Infrastructure Fund has acquired a majority stake in Arctic Infrastructure LP, the developer and operator of the Iqaluit International Airport in Nunavut. Terms weren't disclosed. The seller was InfraRed Capital Partners, a U.K. infrastructure and real estate investment firm. InfraRed invested in the airport project, a public-private partnership with the Nunavut government, in 2013. With the deal, Concert assumes responsibility for the project, while an affiliate of Winnipeg Airport Authority remains in charge of facility and airport operations. Vancouver-based Concert is an infrastructure investor, developer and manager.
4 min read · 15 April 2019
TandemLaunch has raised $23 million in the first close of its third company creation and seed-stage fund. TandemLaunch Ventures III, expected to wrap up by the summer of 2019, secured a lead commitment of $5 million from BDC Capital. Other limited partners included Venture Capital Catalyst Initiative (VCCI), Harbor Street Ventures and more than 30 entrepreneurs and angel investors. Montréal-based TandemLaunch, founded in 2010 by General Partner and CEO Helge Seetzen, partners with global post-secondary institutions to launch synthetic startups in the consumer-electronics space. Fund III will support the creation of 20 new Canadian technology companies.
3 min read · 15 April 2019
Montréal-based cardiovascular drug maker Milestone Pharmaceuticals has filed a preliminary prospectus with the U.S. Securities Exchange Commission for an initial public offering. The company is seeking up to $115 million (US$86 million) from an offering of common shares on the Nasdaq Global Market, the filing said. It intends to list under the symbol MIST. Founded in 2005, Milestone is the developer of etripamil, a nasal spray formulation of calcium channel blockers used to terminate episodes of transient cardiovascular conditions. Milestone has raised roughly $220 million in venture capital financing. This includes $105 million raised last year, led by RTW Investments .
1 min read · 15 April 2019
Mogo Finance Technology Inc (TSX, Nasdaq: MOGO), a Vancouver-based online lender, has agreed to combine with Difference Capital Financial (DCF), a Canadian investor in late-stage technology companies. The deal will see each common share of Mogo exchanged for one DCF share. DCF currently holds a 23 percent stake in Mogo. It said the deal represents an equity value for Mogo of about $110 million. Following the combination, Mogo shareholders will own about 80 percent of the new entity, expected to be named Mogo Inc. Mogo said the new business will continue to execute on its "vision of building the leading fintech platform in Canada." It will assume control of DCF investments, including Hootsuite and Vision Critical.
5 min read · 15 April 2019
Waste Management Inc (NYSE: WM) has agreed to acquire Advanced Disposal Services Inc (NYSE: ADSW), a Ponte Vedra, Florida-based solid waste company. The deal, expected to close in Q1 2020, reflects an enterprise value of US$4.9 billion, including debt. Canada Pension Plan Investment Board (CPPIB), which owns about 19 percent of Advanced Disposal’s outstanding shares, agreed to vote for the transaction. CPPIB invested US$280 million in Advanced Disposal in 2016. Waste Management, a Houston, Texas-based waste management environmental services provider, said the acquisition grows its footprint in the Eastern United States.
7 min read · 15 April 2019
San Francisco-based data stream network PubNub has secured US$23 million in a Series D financing, increasing total funding to US$70 million. The deal was backed by Hewlett Packard Enterprise and existing investors. The latter included Relay Ventures, a Canadian mobile venture capital firm that led PubNub's Series A round in 2012. Founded in 2010, PubNub enables its customers to connect, scale and manage real-time applications and internet-of-things devices. The funds raised will support the company's global growth and response to demand, especially in emerging markets.
3 min read · 12 April 2019
HistoSonics, an Ann Arbor, Michigan-based medical device company, has raised US$54 million in a Series C financing. The round was led by Varian Medical Systems Inc and joined by new and existing investors, including Lumira Ventures, a Canadian life sciences venture capital firm. Founded in 2009, HistoSonics has created a non-invasive robotic platform and novel beam therapy that destroys targeted tissues, including diseased tissues and tumors. The round's proceeds will be used to complete regulatory and commercial milestones and further develop the technology.
4 min read · 12 April 2019
