Breathe Life, a Montréal-based provider of consumer-focused solutions for the insurance industry, has raised $4.5 million in a seed-stage financing. The round was led by Diagram Ventures and joined by Real Ventures, both Canadian venture capital firms. The company is also backed by angel investors. Founded in 2017, Breathe Life provides life and health insurance carriers, distribution organizations and advisors with white-label solutions to find, convert and retain customers. Led by CEO Ian Jeffrey, formerly a Real venture partner and co-founder of FounderFuel, Breathe Life will use the round's proceeds to accelerate product development and fuel growth in North America.
5 min read · 26 February 2019
SemCAMS Midstream ULC has closed its acquisition of Meritage Midstream ULC's midstream infrastructure assets in the Alberta Montney resource play. The deal, announced in January, reflects a purchase price of $600 million. The seller was U.S. energy private equity firm Riverstone Holdings. SemCams, a Calgary-based midstream infrastructure platform operating in Western Canada, is co-owned by SemGroup Corp (NYSE: SEMG) and U.S. private equity firm KKR. The $1.75-billion platform was created in part by Tulsa, Oklahoma-based SemGroup's contribution of the shares and assets of its Canadian unit.
3 min read · 25 February 2019
Onex Credit Partners LLC has priced its 16th U.S. collateralized loan obligation (CLO) for about US$505 million. The transaction will be issued by a special purpose vehicle, backed by a diversified portfolio of broadly syndicated leveraged loans. With the offering’s close, Onex Credit will oversee nearly US$11 billion. Onex Credit, which invests in non-investment grade debt through CLOs, private debt funds and other credit strategies, is an affiliate of Canadian private equity firm Onex Corp.
2 min read · 25 February 2019
Ottawa-based proposal creation software platform reDock has raised $1 million in financing. The round was led by Canadian angel network Anges Québec and joined by Panache Ventures, ScaleUP Ventures and Hustle Fund. Founded in 2016 and led by CEO Pierre-Olivier Charlebois, reDock uses artificial intelligence and machine learning to automate mundane content tasks for companies submitting bid proposals. Its target market includes North American engineering, accounting and other professional services firms. The funds raised will be used by reDock to accelerate sales and marketing activity.
3 min read · 25 February 2019
Northleaf Capital Partners has hired Thomas Petty as a vice president, private equity. Based in the firm's New York office, Petty will participate in the origination, evaluation and monitoring of private equity investments. He joins Northleaf from Adams Street Partners, where he most recently served as a vice president, private credit. Previously, Petty was an investment banking associate at Morgan Stanley. Toronto-based Northleaf is a global private equity, private credit and infrastructure manager, overseeing more than $12 billion in capital commitments.
1 min read · 25 February 2019
InstarAGF Asset Management has sold its interest in Nieuport Aviation Infrastructure Partners GP, the owner and operator of the passenger terminal at Billy Bishop Toronto City Airport. Terms weren't disclosed. The buyer was U.S. asset manager J.P. Morgan Asset Management. In 2015, InstarAGF partnered with J.P. Morgan, Kilmer Van Nostrand Co, Partners Group and other investors to acquire the terminal from Porter Aviation Holdings Inc, reportedly for more than $750 million. InstarAGF, a Toronto-based investor in North American infrastructure and real assets sectors, bought its stake through InstarAGF Essential Infrastructure Fund, which raised $740 million in 2017.
3 min read · 25 February 2019
Ipsen has agreed to acquire Clementia Pharmaceuticals (Nasdaq: CMTA), a Montréal-based developer of treatments for people with ultra-rare bone disorders and other diseases. Ipsen agreed to pay US$25 per share in cash upfront plus deferred payments, bringing the total consideration to US$1.31 billion ($1.73 billion). Ipsen, a Paris-based specialty biopharmaceutical group, said the purchase of Clementia's drug candidate palovarotene and other assets will boost its rare disease portfolio. Founded in 2010 by CEO Clarissa Desjardins, Clementia was venture-capital-backed before going public in 2017, raising $174 million. Several investors, including BDC Capital, New Enterprise Associates and OrbiMed Advisors, continue to hold stakes in the company.
9 min read · 25 February 2019
Caisse de dépôt et placement du Québec deployed more than $9 billion in the global private equity market in 2018, ending the year with net assets of $42.9 billion. PE investments generated a net return of 16.6 percent last year, exceeding a benchmark of 8.7 percent, according to the pension fund’s financial report. CDPQ has been steadily shifting its PE focus to solo deals, co-sponsorships and co-investments, Stephane Etroy, executive vice president and head of private equity, told PE Hub Canada last March. This is reflected in the 2018 report, which said direct deals currently account for three-quarters of PE portfolio activity.
2 min read · 22 February 2019
Toronto-based mining company Rockcliff Metals Corp (TSX-V: RCLF) has launched a financing of up to $30 million led by U.K. metals and mining private equity firm Greenstone Resources. Rockcliff also agreed to acquire assets from Canadian resource merchant bank Norvista Capital Corp and an affiliate for $13.3 million in stock. The acquisition, expected to close in April, will enable Rockcliff's reorganization and undertaking of an exploration and development program in the Flin Flon-Snow Lake metals mining camp in Manitoba. The proceeds of the financing will support the program and provide working capital. Greenstone Senior Partner Mark Sawyer will join the board.
10 min read · 22 February 2019
NuChem Therapeutics Inc, a Montréal-based drug discovery and development contract research organization backed by AmorChem, has completed a management buyout (MBO). NuChem management, consisting of Marc LeBel, Daniel Guay, Marc Janes and John Mancuso, acquired 95 percent of AmorChem's voting shares. Terms weren't released for the deal, which was funded by Investissement Québec and Fonds de Transfert d’Entreprises du Québec. NuChem, a specialist in medicinal and synthetic chemistry services, launched in 2011 with the support of AmorChem, a Canadian early-stage life sciences venture capital firm. It helped develop several of AmorChem's projects with Québec research centres.
3 min read · 22 February 2019
