Canadian alternative equity firm Alaris Royalty Corp has earned about $23.5 million with the previously announced sale of the U.S. assets of portfolio company Agility Health Inc (TSX-V: AHI), a Grand Rapids, Michigan-based rehabilitation solutions provider. Alaris said it realized an internal rate of return of about 25 percent as a result. Agility's U.S. assets were sold to Alliance Physical Therapy Partners LLC, a portfolio company of GPB Capital Holdings, for US$45 million. In a separate release, Agility said its Canadian affiliate, Medic Holdings Corp, an operator of foot care clinics and maker of orthotics, will be its primary post-sale asset.
3 min read · 01 March 2018
Ontario Capital Growth Corp (OCGC), a venture capital agency of the Ontario government, said it plans to launch a venture capital fund focused on giving local life sciences companies the financing they need to scale up and reach global markets. OCGC has issued an expression of interest to identify fund managers to collaborate with other institutional investors, such as corporations, banks and pension funds. The Ontario government has pledged to commit up to $50 million to venture capital funds specializing in investments in life sciences sectors.
3 min read · 01 March 2018
U.S. private equity firm GI Partners has acquired a majority stake in Doxim Inc, a Markham, Ontario-based provider of customer engagement software-as-a-service solutions to the financial services industry, from Strattam Capital. No financial terms were disclosed for the deal, which will see Doxim's management team, led by CEO Chris Rasmussen, continue to hold a significant interest. Rasmussen said the new partnership with GI will help Doxim "build the foundation for our next phase of growth." Founded in 2000, Doxim has more than 1,700 bank, credit union and wealth management clients. It was acquired by Strattam, a U.S. private equity firm, in 2014.
4 min read · 01 March 2018
SaskWorks Venture Fund, a retail venture capital fund active in Saskatchewan, has raised $40 million in its latest fund-raising year, reaching the fund's subscription limit under federal and provincial tax laws. Managed by Regina-based private equity firm PFM Capital, SaskWorks invests in small and medium-sized private companies in the province. Established in 2001, the fund has more than 29,000 shareholders and over $491 million in assets under management.
2 min read · 28 February 2018
Vancouver-based copper mining company Coro Mining Corp has agreed to receive a US$5 million loan from Greenstone Resources, a U.K. metals and mining private equity firm and Coro's majority shareholder. The loan's proceeds will be used for working capital and Coro co-owned SCM Berta SA, which holds several mining assets in Chile. The company said the transaction will also allow it time to consider alternative scenarios relating to its assets and funding options. Greenstone led Coro's $16.2 mln private placement offering last year.
2 min read · 28 February 2018
AcuityAds Holdings Inc (TSX-V: AT) has agreed to acquire ADman Interactive SL, a Spanish outstream video supply-side platform for native formats. AcuityAds agreed to pay about $21.4 million (€13.7 million) in cash and earn-outs in a deal expected to close in the second quarter. AcuityAds, a Toronto-based provider of digital media solutions enabling advertisers to connect with audiences, said the buy expands its addressable market, creates revenue opportunities, and extends its global footprint. Founded in 2010, ADman Media has been backed by Spain's Inveready Technology Investment Group.
5 min read · 28 February 2018
Vancouver apparel company Indochino recently raised a strategic investment from Japan's Mitsui & Co. No financial terms were disclosed. The funds raised and partnership will help the company expand across North America and invest in its global operations and supply chain. Founded in 2007 and led by CEO Drew Green, Indochino provides custom men's clothing online, via mobile and in its showrooms. Mitsui is the company's third strategic partner, joining Dayang Group, which invested in 2016, and Postmedia Network Inc. Indochino is also backed by Acton Capital Partners, Highland Consumer Partners, Madrona Venture Group and Version One Ventures.
4 min read · 28 February 2018
Jiffy on Demand, a Toronto-based home maintenance service platform, has secured about $3 million (US$2.4 million) in a follow-on financing. Canadian early-stage venture capital firm Golden Venture Partners led the round. It was joined by Hedgewood, which backed the company's 2016 financing, and Two Small Fish Ventures. Founded in 2015, Jiffy's mobile platform connects consumers needing home maintenance work with repair professionals. Led by CEO Ryan Shupak, the company will use the funds raised for platform development, marketing initiatives and geographic growth, including in the United States. Jiffy recently launched in Boston.
3 min read · 28 February 2018
Student Transportation Inc (TSX, Nasdaq: STB), a Wall, New Jersey-based provider of school transportation, safety and fleet services, has agreed to be acquired by a consortium led by Caisse de dépôt et placement du Québec and Ullico Inc. The consortium will buy all of the company's outstanding common shares not currently held by them for US$7.50 per unit. The deal is expected to close in the second quarter. The Caisse has invested in Student Transportation for 16 years, most of that time as its largest shareholder. The company's Canadian division is located in Barrie, Ontario.
6 min read · 28 February 2018
Dragoneer Investment Group has invested about $186 million (US$146 million) in PointClickCare Technologies, a Toronto-based cloud software platform targeted to the long-term and post-acute care market. With the deal, Dragoneer's Christian Jensen has joined the board. Dragoneer, which led the company's $111 million financing last year, bought the additional shares from existing investors. As a result, the U.S. growth equity firm increased its stake to over 20 percent, making it PointClickCare's largest institutional investor. Founded by CEO Mike Wessinger, PointClickCare reported year-over-year profitable growth of more than 25 percent in fiscal 2017.
3 min read · 28 February 2018
