Canadian food company McCain Foods Ltd has made an undisclosed strategic investment in TruLeaf Sustainable Agriculture Ltd, a Bedford, Nova Scotia-based agricultural technology company. Founded in 2011 by President and CEO Gregg Curwin, TruLeaf has developed an indoor vertical farming system to grow quality leafy green produce. Curwin said the partnership with McCain will help accelerate his company's farm development and expansion into global markets. In 2016, TruLeaf raised an $8.5 million financing led by former Scotiabank executive Mike Durland. It is also backed by Innovacorp.
3 min read · 13 April 2018
Québec City-based lithium company Nemaska Lithium Inc (TSX: NMX) has struck a US$150 million streaming deal with Orion Mine Finance Group, a U.S. mining private equity firm. The transaction forms part of a financing package of up to US$825 million intended for the construction, commissioning, working capital and reserve funds for the company's Whabouchi lithium mine and Shawinigan electrochemical plant. It provides for the sale to Orion of 14.5 percent on all lithium hydroxide and lithium carbonate produced. Reuters last week reported on Nemaska's deal with Orion, noting that Orion may also commit debt funding. SoftBank Group Corp has also invested.
4 min read · 13 April 2018
Genesis Robotics, the robotics affiliate of Langley, British Columbia-based Genesis Advanced Technology (GAT), has received a strategic, controlling investment from a unit of U.S.-based Koch Industries Inc. No financial terms were disclosed. The deal will result in the formation of a new entity, Genesis Robotics and Motion Technologies, focused on the commercialization of electric motor and actuation technologies, including LiveDrive, which will advance robotics designs and platforms. GAT was founded in 2009 by President Michael Gibney and Technical Director James Klassen. Genesis Robotics has previously reported raising funding from angel investors.
3 min read · 12 April 2018
4 min read · 12 April 2018
Canada’s venture capital market has started the year with a bang. The top 10 first-quarter VC financings drew a substantial $927 million from investors. That’s up 40 percent from the $661 million raised by the top 10 deals a year earlier and close to twice the $491 million raised by the top 10 deals in Q1 2016. The estimate is based on PE Hub Canada’s list of the largest rounds announced from January through March, supplemented by Thomson Reuters data.
3 min read · 12 April 2018
Agreement Express, a Vancouver-based onboarding automation platform for financial services, has secured an undisclosed majority investment from Frontier Capital, a U.S. growth equity firm. As a result of the deal, Frontier Managing Partner Richard Maclean and Vice President Dave Pandullo will join the board. Founded in 2001, Agreement Express' technology allows financial services firms to deliver a consistent onboarding experience for clients across product offerings and channels. It also provides for deep analytics. Led by CEO Mike Gardner, the company will use the funds raised to fuel growth though expanded sales and marketing, product innovation and new hires.
4 min read · 12 April 2018
U.S. private equity firm Union Partners has acquired Maksteel, a steel service centre and processor based in Mississauga, Ontario. No financial terms were released. The seller was the Welded Tube of Canada Group of Companies. Maksteel, established in 1970, provides purchasing, slitting, gauging, levelling, storage, cut-to-length and delivery services to customers in agriculture, steel pipe and tube, automotive, construction, energy and other industries. It has operational capacity exceeding 700,000 tons of material annually on both a toll and resale basis. Maksteel joins Union Partners' North American portfolio of metals and logistics companies.
3 min read · 11 April 2018
Calgary biotechnology company Resverlogix Corp (TSX: RVX) has received a commitment letter for a senior secured loan of about $38 million (US$30 million). The loan's provider is a syndicate led by Canadian alternative lending firm Third Eye Capital. Resverlogix said it also raised about $3.2 million in equity financing. The proceeds will support the company as it advances the Phase 3 clinical trial of its lead epigenetic therapeutic candidate. Resverlogix in December closed an $87 million private placement deal with China’s Shenzhen Hepalink Pharmaceutical Co Ltd.
3 min read · 11 April 2018
Entomo Farms, a Norwood, Ontario-based operator of a human-grade edible insect farm, has raised an undisclosed Series A financing. The investor was Canadian protein consumer packaged goods company Maple Leaf Foods Inc, which gained a minority stake. Founded in 2014 by Jarrod, Darren and Ryan Goldin, Entomo provides cricket and mealworm powders and whole roasted insects to global food producers looking for an alternative to traditional meat protein. The partnership with Maple Leaf will help Entomo meet its "aspiration to become the largest insect protein supplier in the world," Maple Leaf President and CEO Michael McCain said.
3 min read · 11 April 2018
Processia Solutions has acquired Europe's NobleTek BV and India's NobleTek PLM Solutions Pvt Ltd, both product-lifecycle-management (PLM) consulting and integration services affiliates of U.S.-based Noble Technologies Corp. No financial terms were disclosed for the deal, which was backed by longstanding Processia investor Fonds de solidarité FTQ. Processia, a Laval, Québec-based PLM consulting and system integration specialist, said the buy extends it global presence into India, the Netherlands and Sweden and strengthens the company's positioning, expertise and competitiveness.
3 min read · 11 April 2018
