Integrated Asset Management Corp (IAM) has provided a $45 million loan to fund an operating lease package for Cooke Aquaculture Inc, a Black’s Harbour, New Brunswick-based seafood company. The loan is being provided through Lighthouse Finance, a U.S. seafood operational leasing and asset management firm, to finance a portfolio of marine vessels and aquaculture equipment. Established in 1985, the family-owned Cooke Aquaculture is the largest producer of farmed salmon in North America. In January, IAM, a Canadian alternative asset management firm, closed its sixth private corporate debt fund, raising $843 million.
2 min read · 06 March 2019
BDC Capital's Healthcare Venture Fund and New Enterprises Associates (NEA) have agreed to vote in favour of Ipsen's acquisition of Clementia Pharmaceuticals (Nasdaq: CMTA). Last month, France's Ipsen agreed to acquire Clementia, a Montréal-based developer of treatments for ultra-rare bone disorders and other diseases, for US$1.31 billion ($1.72 billion). BDC and NEA, which respectively own about 14 percent and 7.1 percent of Clementia's issued and outstanding shares, join OrbiMed Advisors and other investors that have already indicated approval of the deal. These shareholders together hold a 51.7 percent interest in the company.
3 min read · 06 March 2019
PointClickCare Technologies has acquired QuickMAR, an Eagle, Idaho-based medication management software company. No financial terms were disclosed. PointClickCare, a Toronto-based cloud software platform for the long-term post-acute-care and senior living sectors, said the deal expands its health and wellness portfolio and provides customers with more medication management solutions. Last year, PointClickCare raised $187 million (US$146 million) from U.S. growth equity firm Dragoneer Investment Group, which acquired shares from other existing investors. The company is also backed by U.S. growth equity firm JMI Equity.
4 min read · 06 March 2019
Investment Management Corp of Ontario (IMCO) has hired Christian Hensley as senior managing director, public equities and credit, effective April 9, 2019. Hensley joins IMCO from Canada Pension Plan Investment Board (CPPIB), where he worked for nearly seven years. He most recently served as managing director and head of relationship investments. Before CPPIB, Hensley was a senior investment professional with U.S. private equity firms Planier Capital and Charterhouse Group. Launched in 2017, Toronto-based IMCO oversees $62 billion in assets on behalf of Ontario Pension Board and Workplace Safety and Insurance Board.
2 min read · 06 March 2019
Canadian mid-market private equity firm Clairvest Group has completed the sale of its stake in Rivers Casino, a Des Plaines, Illinois-based gaming and entertainment complex. The deal, announced last year, saw Rivers acquired by Churchill Downs Inc at an enterprise value of US$1.45 billion. Clairvest invested in the company in 2010. Rivers subsequently did two recapitalizations, including a 2016 transaction worth US$600 million. Clairvest said it realized cash proceeds of about US$135 million from the sale, which when combined with other proceeds received represents 8.4 times invested capital and an internal rate of return of 46 percent.
3 min read · 06 March 2019
Ceridian (TSX, NYSE: CDAY) has acquired most of the assets of Clearview Logix, a Richmond, Virginia-based decision support analytics company, and certain intellectual property assets from Paysa, a Palo Alto, California-based artificial intelligence-enabled personal career advisor. Terms weren't disclosed. Ceridian, a Minneapolis, Minnesota-based human capital management software company led by Canadian entrepreneur David Ossip, said the purchases will enhance its offerings and expand its customer base. Last year, Ceridian closed a US$462 million Canada-U.S. initial public offering along with an investment from existing backers Thomas H. Lee Partners and Cannae Investors.
3 min read · 06 March 2019
GoJava, a Toronto-based sustainable office services provider, has raised more than C$1 million in a second seed-stage financing. The round was led by Crux Capital Corp, which also led last year’s C$500,000 financing, and joined by Active Impact Investments and other investors. GoJava delivers coffee, other beverages and snacks to workplaces while removing and recycling materials like coffee pods, paper cups and organic waste. It reports doubling business in the past eight months to over 500 customers. Led by Founder and CEO Eugene Ace, GoJava will use the funds raised to further scale the business in Toronto and Ottawa and prepare for new Canadian markets in 2020.
2 min read · 06 March 2019
Disruption Ventures has secured an undisclosed investment for its inaugural fund from Scotiabank, a Canadian banking institution. Scotiabank led commitments of $13 million for the $30 million Disruption Ventures I LP, according to the Globe and Mail. In a separate statement, Canadian wealth manager CI Financial Corp said it committed $2 million. Founded last year by Managing Partner Elaine Kunda, a Canadian digital and e-commerce entrepreneur, Toronto-based Disruption invests in early-stage companies founded or managed by women. It expects to close Fund I and make initial investments this year.
3 min read · 06 March 2019
Canadian private equity firm Onex Corp has completed its sale of BrightSpring Health Services, a Louisville, Kentucky-based provider of home and community health services to complex, high-cost populations. The purchase price was about US$1.32 billion, according to U.S. private equity firm KKR, which acquired BrightSpring and merged it with portfolio company PharMerica Corp. Onex acquired a minority interest in BrightSpring in 2004. In 2010, the investor acquired a majority stake in a take-private transaction. Onex said it received total proceeds of about US$1 billion, reflecting a blended gross multiple of invested capital of 5.7 times and a 17 percent gross rate of return.
2 min read · 06 March 2019
Vistara Capital Partners has hired Kathleen Reaume as a senior associate. Reaume will be a member of the firm's investment team, assisting in deal origination and evaluation and supporting portfolio companies post-close. Reaume joins from MealPal, a U.S. food technology company, where she served as CSO. Before then, she was director of finance and strategy at U.S. healthcare technology provider Zocdoc and an investment banker at UBS. In October, Vistara, a Canadian provider of debt and equity financing to growth-stage technology companies, launched its third fund at a target of $130 million (US$100 million).
4 min read · 06 March 2019
