U.K. private equity firm BC Partners (BCP) and Canada Pension Plan Investment Board (CPPIB) have sold about one-third of their stake in Altice USA Inc (NYSE: ATUS), a New York-based broadband communications and video services provider. Altice USA purchased about 7 million of the Class A shares sold for US$150 million. Following these transactions, BCP and CPPIB together own about 10.5 percent of the company. BCP and CPPIB became shareholders of Altice USA with Altice SA's 2015 acquisition of Suddenlink. The deal created Altice USA , which went public two years later.
2 min read · 01 March 2019
Fleet Complete, a Toronto-based technology company focused on the connected vehicle sector, has completed an investment partnership with Ontario Teachers' Pension Plan. Terms weren't released for the deal, which was announced in November. Ontario Teachers’ acquired equity from existing investors, including U.S. private equity firm Madison Dearborn Partners (MDP). MDP, which acquired Fleet Complete in 2014, remains a "significant" shareholder, the company said. Established in 2000, Fleet Complete provides solutions that address fleet and mobile workforce tracking and management needs.
3 min read · 01 March 2019
OMERS appointed Mark Shulgan to head the Canadian pension fund’s new growth-equity platform, PE Hub Canada has learned. OMERS announced Shulgan’s hire as a managing director in September, though at the time did not mention the new strategy. He will now run OMERS Growth Equity, recently set up for long-term investing in high-growth companies committed to innovation in sectors like healthcare and tech, according to OMERS’ site. Previously, Shulgan was a senior portfolio manager in Canada Pension Plan Investment Board’s thematic investing group.
1 min read · 28 February 2019
2 min read · 28 February 2019
2 min read · 28 February 2019
Laval, Québec-based biopharmaceutical company Prometic Life Sciences Inc (TSX: PLI) has secured an additional $13.2 million tranche from an affiliate of Thomvest Asset Management. The funding is linked to a $100 million line of credit established in 2017 with Thomvest, an investment vehicle of Canadian billionaire Peter Thomson. Prometic has two drug discovery platforms, small molecule therapeutics and plasma-derived therapeutics, focused on unmet medical needs in the field of fibrosis and orphan diseases. It previously raised financing from Thomvest Seed Capital and California Capital Equity.
3 min read · 28 February 2019
Opsens Inc (TSX: OPS), a Québec City-based fibre optic sensing technology maker, has entered into an $8 million credit agreement with CIBC Innovation Banking. The deal's proceeds will support the company's growth and innovation activity and provide working capital. Founded in 2003 and led by President and CEO Louis Laflamme, Opsens is focused on the measure of fractional flow reserve and diastolic pressure ratio in interventional cardiology. Its solutions are also used in oil and gas and industrial applications. Opsens is backed by Canadian life sciences venture capital firm Lumira Ventures and other investors.
3 min read · 28 February 2019
Flashfood, a Toronto-based surplus food marketplace, has raised an undisclosed financing led by U.S. venture capital firm General Catalyst. The round saw participation from entrepreneurs Rob Gierkink, James McCann and Alex Moorhead, who will join the board. Existing backers Techstars Ventures and Matchstick Ventures also invested. Founded in 2016 by CEO Josh Domingues, Flashfood provides a mobile app that connects surplus food from grocers directly to consumers at a discount. The company reports sales of more than 75 percent of the products available through the app and consumer savings averaging 50 percent.
3 min read · 27 February 2019
A joint venture of Starlight Investments and Blackstone Property Partners (BPP) has acquired a second portfolio of multi-family real estate assets in Canada. No financial terms were disclosed. The portfolio consists of eight mid-rise and high-rise buildings totalling 1,067 units in neighbourhoods in the Toronto region. Starlight, a Toronto-based real estate investment and asset management firm, and BPP marked the formation of their joint venture last year with the acquisition of six multi-family properties in Toronto and Montréal.
2 min read · 27 February 2019
Canadian private equity firm Onex Corp has hired João Pedro Silva as managing director, group procurement. Silva, based in Onex's New York office, will be responsible for driving operations, procurement and supply chain excellence for portfolio companies. He will also support due diligence activity. Silva joins the firm from Bain & Co, where he most recently served as a principal. Toronto-based Onex is currently investing from Onex Partners V, which raised US$7.15 billion in 2017.
2 min read · 27 February 2019
