Inocucor Corp, a developer of biological inputs for high-value produce and row crops, has raised an additional $9.5 million for its Series B financing. The tranche was led by U.S. food and agriculture investor Pontifax AgTech and joined by Cycle Capital Management, Desjardins Innovatech and Cairn Investments. It brings the total value of the round, initially closed last year, to $38.5 million. Founded in 2007 in Montréal, Inocucor has with the Series B opened a new headquarters in Denver, Colorado. It will use the funds raised for the opening, a new production facility, commercialization of two biostimulants, and development of biocontrol products.
4 min read · 08 January 2018
Inocucor Corp, a developer of biological inputs for high-value produce and row crops, has raised an additional $12.1 million (US$9.5 million) for its Series B financing. The tranche was led by U.S. food and agriculture investor Pontifax AgTech and joined by Cycle Capital Management, Desjardins Innovatech and Cairn Investments. It brings the total value of the round, initially closed last year, to $50.9 million (US$38.5 million). Founded in 2007 in Montréal, Inocucor has with the Series B opened a new headquarters in Denver, Colorado. It will use the funds raised for the opening, a new production facility, commercialization of two biostimulants, and development of biocontrol products.
4 min read · 08 January 2018
The private equity group of Brookfield Asset Management has agreed to acquire a 75 percent interest in Schoeller Allibert Group BV, a Dutch designer and maker of returnable plastic packaging systems. The stake is being acquired from JPMorgan Chase & Co for about 205 million euros (about $245 million). Brookfield is partnering with Schoeller Allibert’s founder, the Schoeller family, which will continue to hold a 25 percent interest.
4 min read · 08 January 2018
Canadian private equity firm Clairvest Group has sold its interest in Wellington Financial, a Toronto-based specialty finance firm, to the Canadian Imperial Bank of Commerce (CIBC). No financial terms were disclosed for the deal, which includes the loan assets of Wellington Financial Fund V, which raised $300 million in 2015. Wellington was launched in 2000 by Clairvest and Mark McQueen, the firm's president and CEO, to provide growth-oriented debt to Canadian and U.S. technology companies, many of them venture-backed. Wellington's team will join the newly created CIBC Innovation Banking, which provides strategic advice and funding to innovative clients across North America.
3 min read · 08 January 2018
Planswell, a Toronto-based financial planning software startup, has opened for business with a $6.8 million seed-stage financing. The investors, which included former senior financial executives, were not identified. Founded three years ago, Planswell uses patent-pending technology to help individuals and families in British Columbia, Alberta, Manitoba, Ontario, New Brunswick and Nova Scotia create financial plans and maximize their investment potential. Led by CEO Eric Arnold, the company has already built more than 17,000 free financial strategies for Canadians.
3 min read · 08 January 2018
Neiman Marcus Group Ltd has named Geoffroy van Raemdonck, an executive at upscale clothing manufacturer Ralph Lauren Corp, to succeed Karen Katz as CEO of the debt-burdened luxury retailer next month, Reuters reported. Van Raemdonck was Ralph Lauren’s group president for Europe, the Middle East and Africa and head of travel retail. He previously was CEO at St. John Knits International Inc, where he oversaw a turnaround of the luxury apparel retailer. Neiman Marcus is struggling with a nearly US$5 billion debt load, due mainly to its 2013 leveraged buyout by Ares Management and Canada Pension Plan Investment Board. Like other retail chains, Neiman Marcus has also suffered as customers move away from brick-and-mortar stores in favor of online shopping.
2 min read · 05 January 2018
The Fonds de solidarité FTQ reported comprehensive income of $506 million in the first six months of its 2017-2018 financial year. The Montréal-based investor, led by President and CEO Gaétan Morin, also earned a 12-month return of 8.9 percent, which helped increase its net assets to $13.7 billion. During the six-month period ending November 30, Fonds de solidarité FTQ invested $526 million of development capital, primarily in Québec businesses, up from $287 million invested in the same period the year before.
3 min read · 05 January 2018
ECi Software Solutions Inc has acquired PrintFleet Inc, a Kingston, Ontario-based software company that specializes in print management and assessment solutions, training, business development and support programs for the imaging industry. No financial terms were released. ECi, a Forth Worth, Texas-based provider of industry-specific business management software and services, said the deal gives it an expanded global footprint in print and service management. PrintFleet was founded in 2003 by Chairman Brian Cosgrove. ECi was acquired last year by Apax Partners from Carlyle Group and Level Equity.
3 min read · 05 January 2018
The private equity group of Brookfield Asset Management has agreed to acquire a 75 percent interest in Schoeller Allibert Group BV, a Dutch designer and maker of returnable plastic packaging systems. The stake is being acquired from JPMorgan Chase & Co for about $310 million (€205 million). Brookfield is partnering with Schoeller Allibert's founder, the Schoeller family, which will continue to hold a 25 percent interest. Cyrus Madon, CEO of Brookfield Business Partners, said an "increased global focus on sustainability, waste reduction, e-commerce and logistics automation" positions the returnable packaging industry and the company for "meaningful growth."
4 min read · 05 January 2018
Universal mCloud Corp (TSX-V: MCLD) has agreed to acquire 100 percent of nGrain, a Vancouver-based technology company that uses artificial intelligence to assess damage to vehicles and property. The cash-and-stock deal, valued at about $2.95 million, including debt, is expected to close in Q1 2018. MCloud, a Vancouver-based provider of internet-of-things-connected asset care solutions, said the purchase will give it additional patents and capabilities, as well as an increased customer base. Founded in 2000, nGrain has been backed by Canadian growth equity firm Tandem Expansion Fund, Canadian private equity firm Hawthorn Equity Partners, and others.
4 min read · 04 January 2018
