Montréal financial technology startup Mylo has raised $2 million in seed-stage financing with the promise of an additional $500,000 investment in the months ahead. Desjardins Capital and Robert Raich invested in the round alongside Ferst Capital Partners, which led the company's $1.25 million pre-seed financing last year. Launched in 2015 by CEO Philip Barrar, Mylo provides a mobile platform that rounds up everyday purchases by users and invests the spare change. It will use the funds raised to scale operations and develop back-end technology to become a full-service artificial intelligence-driven personal financial manager.
4 min read · 09 January 2018
Pure Industrial Real Estate Trust (TSX: AAR.UN), a Vancouver-based owner and operator of industrial properties in Canadian and U.S. markets, has agreed to be acquired by Blackstone Property Partners, the real estate investment arm of Blackstone Group. Blackstone agreed to buy all of the outstanding trust units of Pure for $8.10 per unit in an all-cash transaction valued at $3.8 billion, including debt. The deal is expected to close in the second quarter. Listed in 2007, Pure reports generating a return of more than 345 percent since inception. It currently holds 168 properties located across North America, according to its website.
5 min read · 09 January 2018
U.S. private equity firm Gryphon Investors has acquired Atlanta Cheesecake Co (ACC), a Kennesaw, Georgia-based maker of frozen cheesecakes for in-store bakeries and grocery and club food stores in North America. No financial terms were disclosed. Gryphon said ACC will be combined with The Original Cakerie, a Canadian maker of frozen desserts, acquired in 2015, and Lawler Foods Ltd, a U.S. maker of gourmet cheesecakes, cakes and pies, acquired in 2016. The three brands form part of Gryphon-owned umbrella company Dessert Holdings, based in St. Paul, Minnesota.
4 min read · 09 January 2018
Sound United LLC has acquired Classé Audio, a Montréal-based maker of high-performance music and theatre components. No financial terms were released for the deal, which saw Classé Audio sold by its British owner and distributor B&W Group. Sound United, an audio brands platform affiliated with DEI Holdings, said Dave Nauber, Classé Audio's president, will continue to lead the business. DEI, which is based in Vista, California, was acquired by U.S. private equity firm Charlesbank Capital Partners in 2011.
3 min read · 08 January 2018
Celtaxsys Inc, a U.S. clinical-stage developer of novel therapies for rare inflammatory diseases, has raised an undisclosed Series E financing. The round was led by U.S. private equity firm Invus Group and joined by several other investors, including Canadian life sciences venture capital firm Lumira Capital. The funds raised will support acceleration of the Phase 3 clinical and manufacturing preparatory activities for the company's lead candidate, acebilustat, an oral drug that aims to preserve lung function in cystic fibrosis. Founded in 2004, Celtaxsys has its headquarters in Atlanta, Georgia.
4 min read · 08 January 2018
Comvest Credit Partners, the credit affiliate of U.S. private equity firm Comvest Partners, has provided a $40 million senior term loan to Cash 4 You Corp, a Cambridge, Ontario-based consumer finance retailer. The funds raised will be used to refinance the company's existing debt and fund growth opportunities. Established in 2001, Cash 4 You serves near prime and subprime consumers through more than 100 financial service centres located across Ontario. It is led by CEO Amir Mahmoudzadeh.
2 min read · 08 January 2018
Neo Performance Materials Inc, an advanced materials supplier, has wrapped up the greenshoe option of its recent initial public offering in Canada. The option generated an additional $19.8 million, bringing the issue's total proceeds to about $220 million. The company's majority owner, U.S. distressed investor Oaktree Capital Management, accounted for the entire amount, leaving it with 65.7 percent of issued and outstanding shares. Toronto-based Neo Performance, which emerged from bankruptcy in 2016, commenced trading on the Toronto Stock Exchange under the symbol “NEO” in December.
4 min read · 08 January 2018
Canadian private equity firm Onex Corp has hired Nehal Abdel Hakim as managing director, capital markets. Operating from New York, Abdel Hakim will be responsible for leading the firm's capital markets activities in support of new private equity investments and existing portfolio companies. Abdel Hakim joins Onex from the global capital markets group of Morgan Stanley, where she served for seven years, most recently as executive director, leveraged and acquisition finance. Toronto-based Onex in November closed its fifth private equity flagship fund at US$7.15 billion.
2 min read · 08 January 2018
4 min read · 08 January 2018
For Canada’s venture capital market, 2017 was a remarkable year. The story is told partly in milestones. They include the largest financing of a local IT company in 25 years (Lightspeed); the largest round on record for an artificial-intelligence startup (Element AI), and strategic funding of a top maker of laser sensors used in self-driving cars (LeddarTech). They were among Canada’s top 10 venture-capital financings last year, which together raised more than $1 billion from investors. The number is based on PE Hub Canada’s list of the largest deals announced in 2017, supplemented by preliminary data from Thomson Reuters.
4 min read · 08 January 2018
