Canaccord Genuity Growth II Corp (CGGC II), a Canadian special purpose acquisition corporation (SPAC), has filed a final prospectus with regulatory authorities outside of Québec for an initial public offering. The IPO is for Class A restricted voting units of CGGC II at a price of $3 per unit, for total proceeds of $87 million, not including the greenshoe option. CGGC II, managed by an affiliate of Canaccord Genuity Group Inc, is expected to target an operating business valued at $100 million to $1 billion. Last year, CGGC II's predecessor agreed to merge with Columbia Care LLC, a New York-based medical cannabis business. Prior to the agreement, the SPAC estimated Columbia Care's value at US$1.35 billion.
5 min read · 02 April 2019
Lightspeed POS (TSX: LSPD), a Montréal-based retail and restaurant point-of-sale and e-commerce solution, has entered into new credit facilities with CIBC Innovation Banking, the technology lending arm of CIBC. The facilities include a US$25 million ($33 million) demand revolving operating credit facility and a US$30 million ($40 million) stand-by acquisition term loan. They replace a prior US$15 million working capital line of credit provided by Silicon Valley Bank. In March, Lightspeed closed its initial public offering (IPO) in Canada, raising $276 million. It continues to be backed by Caisse de dépôt et placement du Québec, Inovia Capital and other pre-IPO investors.
2 min read · 02 April 2019
Flair Airlines, a Kelowna, British Columbia-based ultra-low-cost carrier (ULCC) airline, has secured an undisclosed investment from 777 Partners, a U.S. private equity firm. The investment gave 777 a 25 percent equity stake in the company. Originally founded as a charter airline in 2005, Flair transitioned into a full commercial scheduled service two years ago. CEO Jim Scott said the partnership with 777 will ensure that Flair is able to compete and continue on “our strong trajectory for domestic growth while meeting the clear demand for ULCC airline options in Canada.” The airline currently operates 188 flights per week, coast to coast.
3 min read · 02 April 2019
Caisse de dépôt et placement du Québec has agreed to acquire a 30 percent stake in the main operating affiliate of Vertical Bridge Holdings LLC, a Boca Raton, Florida-based owner and operator of communications infrastructure. No financial terms were disclosed. Vertical Bridge will use the proceeds to grow its U.S. portfolio of broadband and broadcast towers, small cells, real estate and other wireless infrastructure assets ahead of 5G deployment. CDPQ joins a group of investors that has backed Vertical Bridge since its founding in 2014. They include Digital Bridge, Jordan Co, Goldman Sachs Infrastructure Partners, Stonepeak Infrastructure Partners, Edgewater Funds, CalSTRS and Dock Square Capital LLC.
3 min read · 02 April 2019
Telus Ventures, the venture capital arm of Canadian telecommunications company Telus Corp (TSX: T, NYSE: TU), has invested in three precision medicine and diagnostics-focused startups. They include Acorn Biolabs, a Toronto-based maker of an at-home cryopreservation solution for future therapeutic uses, which recently closed a $3.3 million seed-stage round. Telus Ventures also joined a recent $1.8 million seed financing of GenXys Health Care Systems, a Vancouver-based developer of precision prescribing software and pharmacogenetics testing. The third company is Vital Biosciences, a Canadian health monitoring and disease management platform that remains in stealth mode.
4 min read · 02 April 2019
Caisse de dépôt et placement du Québec (CDPQ) has agreed to acquire a 30 percent stake in the main affiliate of Vertical Bridge Holdings LLC, a Boca Raton, Florida-based owner and operator of communications infrastructure. Terms weren't disclosed. Vertical Bridge will use the proceeds to grow its U.S. portfolio of broadband and broadcast towers, small cells, real estate and other wireless infrastructure assets ahead of 5G deployment. CDPQ joins a group of investors that has backed Vertical Bridge since its 2014 founding. They include Digital Bridge, Jordan Co, Goldman Sachs Infrastructure Partners, Stonepeak Infrastructure Partners, Edgewater Funds, CalSTRS and Dock Square Capital LLC.
4 min read · 02 April 2019
Fusion Pharmaceuticals, a cancer radiotherapeutics specialist, raised $140 million (US$105 million) in a Series B financing, one of the largest Canadian biotech deals on record. Varian Medical Systems, a Silicon Valley oncology business, co-led the round with New York healthcare investment giant OrbiMed. They were joined by new and existing investors, including Canadian life sciences venture firm Genesys Capital. Fusion's platform uses technology to link targeting molecules with short-path alpha medical isotopes to effectively kill cancer cells. “It’s essentially a smart bomb for cancer,” Genesys Managing Director Damian Lamb told PE Hub Canada.
3 min read · 02 April 2019
3 min read · 02 April 2019
Canadian venture capital firm Rio Investment Partners has raised $77.5 million in the first close of a $150 million fund focused on investing in North America's agri-technology and food technology value chain. The fund's backers include Farm Credit Canada. Rio, which has offices in Calgary and Montréal, is the successor to Avrio Capital. It is led by several Avrio team members, including Co-founder and Managing Director Aki Georgacacos, Managing Director Steven Leakos and Principal Jonathan Goodkey. Jean-Francois Huc, formerly the CEO of BioAmber Inc, also joined Rio as co-founder and managing director. Rio's fund will invest $3 million to $10 million in growth-stage companies operating in the various segments of the agri-food technology market.
4 min read · 02 April 2019
Flair Airlines, a Kelowna, British Columbia-based ultra-low-cost carrier (ULCC) airline, has secured an undisclosed investment from 777 Partners, a U.S. private equity firm. The investment gave 777 a 25 percent equity stake in the company. Originally founded as a charter airline in 2005, Flair transitioned into a full commercial scheduled service two years ago. CEO Jim Scott said the partnership with 777 will ensure that Flair is able to compete and continue on "our strong trajectory for domestic growth while meeting the clear demand for ULCC airline options in Canada." The airline currently operates 188 flights per week, coast to coast.
3 min read · 02 April 2019
