Montréal medical device company SoundBite Medical Solutions Inc has closed a second tranche of its Series A financing. SoundBite raised $5.2 million more from its investors, bringing the round's total to $25 million. The Series A's first tranche, announced in April, was led by Fidelity Investments Canada ULC. Founded in 2015 by Steve Arless, Martin Brouillette, Louis-Philippe Riel and Steven Dion, SoundBite is a developer of shock wave technology to address needs in interventional vascular treatment. It will use the funds raised to further advance clinical and product development programs over the next 30 months.
2 min read · 13 June 2018
Beauty-products brand Marc Anthony, backed by U.S. private equity firm TA Associates, has priced its recently filed initial public offering in Canada. The Toronto company expects to raise about $126 million of treasury proceeds by selling shares at $14 to $16 per unit. It also expects to secure about $116 million to $132 million in secondary proceeds. The greenshoe option, if fully exercised, will increase secondary proceeds, bringing the IPO's bring total to about $278 million. Marc Anthony is one of five Canadian PE-backed companies to announce or complete an IPO since January.
3 min read · 13 June 2018
Business Development Bank of Canada (BDC) and Export Development Canada (EDC) have launched a two-year program to provide $50 million in new financing to Canadian technology companies engaged in, or planning to engage in, an international business. Companies will be able to access working capital loans of up to $1 million. BDC and EDC will also refer clients to each other to increase capital access and networking opportunities. Federal Innovation Minister Navdeep Bains said the initiative will give technology companies "strong partners to help them scale up and tap into international markets."
4 min read · 13 June 2018
Brookfield Renewable Partners has acquired additional shares in TerraForm Power Inc (Nasdaq: TERP), a U.S. owner and operator of a renewable power portfolio including solar and wind assets. The buy, achieved through a US$650 million private placement, increased Brookfield's interest in the company to 65 percent from 51 percent. The proceeds will be used to support TerraForm’s acquisition of Saeta Yield, a Spanish renewable energy company. The deal, announced in February, is valued at US$1.2 billion. Brookfield Renewable, an affiliate of Brookfield Asset Management, bought TerraForm last year for US$$656 million.
3 min read · 12 June 2018
Public Sector Pension Investment Board (PSP Investments) earned a total portfolio net return of 9.8 percent in its fiscal 2018 as well as a five-year annualized net return of 10.5 percent. Both returns are above their benchmarks. This performance helped increase the Montréal-based pension fund's total net assets to $153 billion, up 12.9 percent from the prior year's $135.6 billion. PSP's private equity investments generated a one-year net return of 12.9 percent in fiscal 2018, while infrastructure investments accounted for a net return of 19.3 percent. Neil Cunningham was appointed PSP's new president and CEO in February, replacing André Bourbonnais.
6 min read · 12 June 2018
Montréal-based flexible workspace provider Breather has raised C$60 million in a follow-on-financing, bringing total funding to about C$150 million. The latest round was led by Caisse de dépôt et placement du Québec and Singapore’s Temasek. Other investors included Ascendas-Singbridge. Founded in 2013 by CEO Julien Smith and CCO Caterina Rizzi, Breather has scaled its presence in the global workspace rentals sector to 10 cities, including New York City, San Francisco and London. It now operates close to 500 spaces. Breather’s other investors include Menlo Ventures, Valar Ventures, RRE Ventures, Slow Ventures and Real Ventures, all of which backed its Series C round in 2016.
3 min read · 12 June 2018
Fengate Real Asset Investments has entered into a US$100 million equity commitment and co-development partnership with PowerFin Partners, an Austin, Texas-based solar power developer and operator. The deal includes as a seed investment Fengate's acquisition of a 9.1 megawatt DC portfolio of operating solar projects in Texas. It will also see Fengate invest in the development and construction of PowerFin’s pipeline of projects over multiple years. Fengate, a Toronto-based investor in infrastructure, private equity and real estate, said the clean-energy partnership transaction is its third in North America and second this year.
4 min read · 12 June 2018
Toronto-based retail business Canadian Tire Corp Ltd (TSX: CTC.A, CTC) has priced a private placement offering to raise $650 million of unsecured medium-term notes. The offering is expected to close on or about July 3. Canadian Tire said it will use the proceeds partly to help finance its acquisition of Helly Hansen, a Norwegian producer of men’s and women’s sports and work apparel and gear. Announced last month, the deal is valued at $985 million, not including debt. The seller is Ontario Teachers’ Pension Plan, Helly Hansen's majority owner since 2012.
4 min read · 12 June 2018
Canaccord Genuity Acquisition Corp (TSX: CGAC.UN, CGAC.WT), a Canadian special purpose acquisition corporation (SPAC), has agreed to merge with Spark Power Corp, an Oakville, Ontario-based electrical power services and solutions company. No financial terms were disclosed. Spark serves more than 4,500 industrial, commercial, institutional, renewable and agricultural customers, as well as utility markets, including municipalities, universities, schools and hospitals across North America. The deal will see the company continue to be led by Co-CEOs Jason Sparaga and Andrew Clark. Spark is the qualifying transaction of CGAC, which completed its IPO last year.
4 min read · 12 June 2018
Montréal-based flexible workspace provider Breather has raised $60 million in a follow-on-financing, bringing total funding to about $150 million. The latest round was led by Caisse de dépôt et placement du Québec and Singapore's Temasek. Other investors included Ascendas-Singbridge. Founded in 2013 by CEO Julien Smith and CCO Caterina Rizzi, Breather has scaled its presence in the global workspace rentals sector to 10 cities, including New York City, San Francisco and London. It now operates close to 500 spaces. Breather's other investors include Menlo Ventures, Valar Ventures, RRE Ventures, Slow Ventures and Real Ventures, all of which backed its Series C round in 2016.
3 min read · 12 June 2018
