Canadian private equity firm Altas Partners has hired Gareth Domingo as an associate. Domingo joins the firm from U.S. investment bank Moelis & Co. He served in the bank's Los Angeles office, where he helped execute mergers and acquisitions, financial restructurings, and capital-market transactions in a range of sectors. Altas last month hired David Brent, formerly of Apollo Global Management, as a partner. Toronto-based Altas is currently investing from Altas Partners Holdings LP, which raised US$1 billion in 2016.
2 min read · 14 August 2018
Labelink has acquired the assets and business of Safety Seal Plastic Inc, a Guelph, Ontario-based supplier of decorative labels. No financial terms were released for the deal, which will see Safety Seal become a new Labelink affiliate called Labelink Flexibles. Labelink, a Montréal-based provider of label and packaging products and services, said the acquisition will enhance its offering in Canada's flexible packaging market. Founded in 2004 and led by President Stephen Bouchard, Labelink is a portfolio company of Canadian private equity firm Parkview Capital Partners. Parkview invests on behalf of a family office.
2 min read · 14 August 2018
U.S. private equity firm Ancor Capital Partners has sold its interest in WellSpring Pharma Services Inc, an Oakville, Ontario-based pharmaceutical contract manufacturing organization operating across North America. Wellspring was sold earlier this month to ANI Pharmaceuticals Inc (Nasdaq: ANIP) for US$18 million in cash, PE Hub Canada previously reported. Ancor and Sentinel Capital Partners together acquired WellSpring in 2011. Sentinel also exited with the sale.
3 min read · 14 August 2018
Vancouver-based financial technology company Progressa said it closed a debt and equity financing of $84 million. Canaccord Genuity and Gravitas Securities led the equity funding. They were joined by a syndicate that included Eight Capital and Paradigm Capital. The investment facilitates a loan purchasing program of up to $72 million with Cypress Hills Partners, a Canadian merchant banking firm. Progressa said it expects the private round to be its last, as the company has begun preparing for an initial public offering next year. Founded in 2013 and led by CEO Ali Pourdad, Progressa is an alternative lender focused on helping consumers resolve overdue bills and other outstanding debts.
5 min read · 14 August 2018
Pattern Energy Group Inc (Nasdaq, TSX: PEGI) and Public Sector Pension Investment Board (PSP Investments) have acquired the 147 megawatt Mont Sainte-Marguerite Wind power facility in the Chaudière-Appalaches region of Québec. Mont Sainte-Marguerite was acquired from Pattern Development. Pattern Energy took a 51 percent stake for about $52 million and will manage the facility. PSP Investments accounted for a 49 percent interest. Last year, PSP Investments invested in Pattern Energy and agreed to co-invest US$500 million in projects acquired by the San Francisco-based power company. Pattern Energy’s main shareholder is backed by Riverstone Holdings.
4 min read · 14 August 2018
Canadian revenue financing firm TIMIA Capital Corp has provided a $2 million investment facility to Ziva Dynamics Inc, a Vancouver-based virtual character technology company. TIMIA will initially deploy $750,000 and make another disbursement of $1.25 million when certain milestones are met. Founded in 2015 by Co-CEO James Jacobs, Ziva’s biophysical simulation software platform is used by film, entertainment, retail and consumer brand companies worldwide. The facility's proceeds will support the expansion of Ziva's suite of products and marketing activity.
3 min read · 13 August 2018
British Columbia Investment Management Corp (BCI), Public Sector Pension Investment Board (PSP Investments) and Alberta Investment Management Corp (AIMCo) have agreed to affiliate their timber investments. The agreement will see TimberWest Forest Corp and Island Timberlands LP, both Canadian timberland companies, share facilities and services, align best practices and work together to enhance forest stewardship. They will continue to operate independently. BCI and AIMCo have backed Island Timberlands since 2005. BCI and PSP Investments acquired TimberWest in 2011.
2 min read · 13 August 2018
Chinova Bioworks, a Fredericton developer of a mushroom-based natural preservative, has closed a seed-stage financing. No financial terms were released; however, Entrevestor reports Chinova raised about $2.6 million. The round was led by DSM Venturing and Rhapsody Venture Partners and joined by AgFunder, Natural Products Canada and others. Founded in 2016 by CEO Natasha Dhayagude and COO David Brown, Chinova is developing an antimicrobial mushroom chitosan fibre to enhance the shelf-life of foods, beverages and cosmetics. It will use the funds raised to build its team, scale up production and manufacturing, and accelerate commercialization.
4 min read · 13 August 2018
Toronto-based specialty pharmaceutical company Aralez Pharmaceuticals Inc (TSX: ARZ) has entered into agreements with stalking-horse buyers to sell its main assets for about $328 million (US$250 million). Aralez agreed to sell its Vimovo royalties and local operations to Nuvo Pharmaceuticals Inc, a Toronto-based healthcare company, for US$110 million. It also agreed to sell its Toprol-XL franchise to Deerfield Management, a U.S. healthcare investor, for US$140 million. Aralez said it has begun proceedings under the Companies' Creditor Arrangement Act and will wind down following the asset sales. Aralez launched in 2016 through a merger backed with US$350 million in Deerfield-led commitments.
5 min read · 13 August 2018
Wynnchurch Capital has acquired a business that makes the uniforms worn by Canada’s military, border control and correctional facilities’ personnel. The private equity firm said this week it invested in Logistik Unicorp, a Saint-Jean-sur-Richelieu, Québec, provider of uniform solutions to corporate and public-sector organizations. Terms weren’t disclosed. The sellers were Argosy Partners and Clearspring Capital Partners. The platform investment is Wynnchurch’s 10th in Canada and seventh since 2009, when the Chicago-based firm opened an office in Toronto.
3 min read · 10 August 2018
