Kirk Falconer

Penfund closes sixth mid-market fund at C$1.15 bln hard cap

Penfund closes sixth mid-market fund at C$1.15 bln hard cap

TrackTik raises $45 mln from Georgian Partners, Caisse de dépôt

TrackTik Software Inc, a Montréal-based provider of security workforce management cloud solutions, has raised $45 million in follow-on financing. Canadian growth equity firm Georgian Partners and Caisse de dépôt et placement du Québec backed the round. The company's other investors include iNovia Capital and Klass Capital. Founded in 2013 by CEO Simon Ferragne, TrackTik provides an all-in-one platform offering professional security services companies control of every aspect of their business. The funds raised will be used for new product development, including artificial intelligence and machine learning technologies. They will also allow TrackTik to double its workforce to support global growth.

OMERS acquires residual Kadcyla royalties for $65 mln

The Ontario Municipal Employees Retirement System (OMERS) has acquired the residual rights to receive royalty payments on sales of Kadcyla, a HER2-positive breast cancer therapy, for US$65 million. The seller was ImmunoGen Inc (Nasdaq: IMGN), a Waltham, Massachusetts-based developer of antibody-drug conjugates for the treatment of cancer. ImmunoGen played a role in the generation and early development of Kadcyla. As a result of the deal, OMERS now owns 100 percent of the company’s rights to receive Kadcyla royalties.

BP Energy Partners acquires Cryopeak LNG Solutions

BP Energy Partners (BPEP) has acquired a controlling interest in Cryopeak LNG Solutions Corp, a Richmond, British Columbia-based distributor of liquified natural gas (LNG). No financial terms were disclosed. Founded in 2012 by CEO Calum McClure, a former Teekay Corp executive, Cryopeak provides fuel for power generation, heat and pipeline supply to industrial customers and utilities in Canada and the United States. Along with acquiring the company, BPEP, a U.S. energy private equity firm, said it will commit additional capital to Cryopeak to support its continued growth in North America.

Hub makes TRG its 13th Canadian acquisition since 2018

Chicago-based insurance brokerage Hub International Ltd has acquired TRG Group Benefits and Pensions Inc, a Vancouver-based employee benefits advisory business. Terms weren't disclosed. Rob Taylor, managing director of TRG, will join Hub as executive vice president, employee benefits. Hub said the deal brings its acquisitions of Canadian employee benefits and pension brokerages to 13 since 2018. The company currently has 170 local offices. Last year, Canadian long-term private equity firm Altas Partners acquired a significant minority stake in Hub, joining existing owner Hellman & Friedman.

Alignvest Student Housing to buy second Ottawa PBSA asset

Alignvest Student Housing Real Estate Investment Trust (ASH REIT) has agreed to acquire The Annex, an off-campus purpose-built student accommodation (PBSA) property in Ottawa. No financial terms were disclosed. The nine-storey, 503-bed Annex, which opened last year as part of the University of Ottawa's residence portfolio, will be ASH REIT's third acquisition and its second in Ottawa. It will increase the fund's asset base to more than $200 million. ASH REIT, which raised $65 million in mid-2018, is managed by Alignvest Student Housing, an affiliate of Canadian alternative investment manager Alignvest Management Corp.

M/C Partners buys, merges Carbon60 Networks, Gossamer Threads

M/C Partners has acquired Toronto-based Carbon60 Networks Inc and Vancouver-based Gossamer Threads Inc, both managed cloud services providers. Terms weren’t disclosed for the deal, which will see the companies combined under the name Carbon60 Networks. John Witte, Carbon60’s current CEO, will lead the new Canadian business. Alex Krohn, founder and CEO of Gossamer Threads, will assume the role of CTO. Carbon60 has been backed since 2014 by Canadian mid-market private equity firm Roynat Equity Partners.

M/C Partners buys, merges Carbon60 Networks, Gossamer Threads

M/C Partners has acquired Toronto-based Carbon60 Networks Inc and Vancouver-based Gossamer Threads Inc, both managed cloud services providers. Terms weren't disclosed for the deal, which will see the companies combined under the name Carbon60 Networks. John Witte, Carbon60's current CEO, will lead the new Canadian business. Alex Krohn, founder and CEO of Gossamer Threads, will assume the role of CTO. M/C's investment will provide liquidity for selling shareholders. Carbon60 has been backed since 2014 by Canadian mid-market private equity firm Roynat Equity Partners. M/C, a U.S. communications and IT services private equity firm, will also provide capital to support the new Carbon60's organic growth and strategic acquisitions.

CVCA appoints Amgen’s Kim Furlong as new chief executive

The Canadian Venture Capital and Private Equity Association has appointed Kim Furlong as its new CEO. Furlong joins CVCA from Toronto-based biotechnology company Amgen Canada, where for more than a decade she served as director of federal government affairs. Before then, she was vice president, federal government relations, at the Retail Council of Canada. Furlong replaces Mike Woollatt, who served as CVCA CEO between 2014 and 2018. Founded in 1974, Toronto-based CVCA is the professional association for Canada’s venture capital and private equity industry.