Public Sector Pension Investment Board (PSP Investments) has agreed to sell its minority interest in Antelliq Corp, a Vitré, France-based provider of digital animal identification, traceability and monitoring solutions. The deal is part of a broader agreement to sell the company to Merck & Co for about 2.1 billion euros (US$2.4 billion). PSP acquired the stake in Antelliq, formerly Allflex Group, in 2016. The seller was BC Partners, which remained the controlling shareholder. BC Partners is also selling its interest. The transaction is expected to wrap up in the second quarter of 2019.
4 min read · 17 December 2018
Northleaf Capital Partners has initially closed Northleaf Venture Catalyst Fund II (NVCF II), a fund of funds earmarked for investments in Canadian venture capital funds and technology companies. The amount raised was not disclosed. The Globe and Mail reported NVCF II secured half of its $300-million target. NVCF II was launched with the help of the $400-million Venture Capital Catalyst Initiative (VCCI). It was also backed by Canada Pension Plan Investment Board (CPPIB), Sun Life Financial and TD Bank Group. Ottawa announced in June that VCCI would commit capital to five fund-of-funds managers, including Northleaf, a Toronto-based private-markets investor. NVCF I closed at its $300-million hard cap in 2015.
3 min read · 17 December 2018
Oxford Properties Group has closed its take-private acquisition of Investa Office Fund, a Sydney, Australia-based developer and manager of office buildings. The purchase price was about $3.3 billion (A$3.4 billion). Investa was renamed Oxford Investa Property Partners. Oxford, the real estate arm of the Ontario Municipal Employees Retirement System (OMERS), waged a high profile bidding war for the company with Blackstone Group. In October, Blackstone declined to match Oxford's last offer. Oxford said it plans to divest certain non-core properties in order to re-position the portfolio and recycle capital to fund future growth.
5 min read · 17 December 2018
Pestell Group has acquired Targeted Pet Treats (TPT), a Warren, Pennsylvania-based co-manufacturer of dental treats and long-lasting chews for pets. Terms weren't disclosed. Based in New Hamburg, Ontario, Pestell is an animal feed minerals and ingredients distributor, and cat litter and small animal bedding products maker. It said the acquisition facilitates the company's entry into the dental treat market. Pestell was acquired in June by U.S. private equity firm Wind Point Partners in collaboration with Matt Miller. The TPT deal's debt financing was led by Antares Capital, BMO Sponsor Finance and PennantPark.
4 min read · 17 December 2018
Versant Ventures has secured about $134 million (US$100 million) in commitments for a new fund earmarked to finance Canada’s biotech startups. In a news release, the Silicon Valley venture capital firm said Versant Voyageurs I will invest in five to eight companies in tandem with its primary life-sciences funds. Versant said the Canadian sidecar fund aims to address a shortage of risk capital and other resources available to local life-sciences companies. Managing Director Brad Bolzon, who will oversee the fund, said while Canada has “top-tier scientific infrastructure”, its VC and startup ecosystem has “not grown at the same pace.”
2 min read · 17 December 2018
Kensington Capital Partners has raised $85 million in commitments in the first close of Kensington Venture Fund II. Fund II, a fund of funds earmarked for investments in a range of venture capital funds and technology companies primarily based in Canada, was launched under the $400-million Venture Capital Catalyst Initiative (VCCI). Other investors in the first close included BMO Capital Partners, Trend Forward Capital and Kensington Private Equity Fund. The federal government announced in June that VCCI would commit capital to five fund-of-funds managers, including Kensington, a Toronto-based alternative assets investor. Kensington Venture Fund I secured more than $300 million in a final close in 2016.
3 min read · 17 December 2018
Effenco, a Montréal-based electric and connected mobility platform, has raised $12 million in a Series A financing. The round was backed by BDC Capital, which invested $6 million, and Investissement Quebec. Founded in 2006 by engineers, Effenco develops and markets hybrid solutions to help heavy vocational trucks reduce operational costs and greenhouse gas emissions. Led by CEO David Arsenault, Effenco will use the funds raised to fuel growth and commercialize software that can rapidly detect and interpret behavioural, mechanical and logistics problems. BDC invested through Ottawa's $700 million clean technology strategy, announced in January.
4 min read · 14 December 2018
Mistras Group Inc (NYSE: MG) has acquired Onstream Pipeline Inspection Services Inc, a Calgary-based technology-enabled pipeline inspection and data analytics platform. The preliminary purchase price was about $191 million (US$143 million). The main seller was Canadian mid-market private equity firm Novacap, which acquired Onstream in 2015. Founded in 2005, Onstream primarily serves the North American small to mid-bore gathering and midstream pipeline market. Key executives, including President and CEO Chad Niehaus, will continue to lead the company. Mistras, a U.S. provider of technology-enabled asset protection solutions, said the deal will help diversify its business.
6 min read · 14 December 2018
Lightspeed, a Montréal-based cloud point-of-sale system for retailers and restaurants, has acquired ReUp, a Toronto-based customer loyalty solution. No financial terms were disclosed. ReUp has been rebranded as Lightspeed Loyalty, an app that provides a range of tools to merchants for targeting and communicating with new and existing customers. Founded in 2005 by CEO Dax Dasilva, Lightspeed raised $166 million last year in a Series D financing led by Caisse de dépôt et placement du Québec.
3 min read · 14 December 2018
Lightspeed, a Montréal-based cloud point-of-sale system for retailers and restaurants, has acquired ReUp, a Toronto-based customer loyalty solution. No financial terms were disclosed. ReUp has been rebranded as Lightspeed Loyalty, an app that provides a range of tools to merchants for targeting and communiciating with new and existing customers. Founded in 2005 by CEO Dax Dasilva, Lightspeed raised US$166 million ($222 million) last year in a Series D financing led by Caisse de dépôt et placement du Québec.
3 min read · 14 December 2018
