Knowlton Development Corp (KDC) has acquired Northern Labs Inc, a Manitowoc, Wisconsin-based full-service liquid product contract manufacturer. No financial terms were disclosed for the deal, which was financed by Canadian private equity firm Novacap, KDC's majority owner, as well as Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, IQ, Export Development Canada, Fondaction CSN and others. KDC, a Longueuil, Québec-based maker of health and beauty products, said the acquisition will enhance its speciality household division, which was created last month with the company's buy of Strategic Value Partners' Aromair unit.
5 min read · 12 December 2017
Tiger Infrastructure Partners, a U.S. infrastructure private equity firm, has made an undisclosed investment in Crosslake Fibre Inc, a Toronto developer of fibre-optic projects in Canada and the United States. Founded in 2016 by CEO Michael Cunningham, Crosslake is undertaking the first submarine cable system across Lake Ontario to directly connect Toronto and Buffalo, New York. The project, launched in May, is expected to be ready for service in September 2018. Crosslake is also planning for a submarine cable system connecting cable landing stations in Wall, New Jersey to Long Island, New York. The partnership with Tiger will support the company's growth, Cunningham said.
3 min read · 11 December 2017
Vancouver-based junior mining company Firesteel Resources Inc (TSX-V: FTR) has raised US$20.6 million in funding under a prepaid forward gold purchase agreement. The agreement was made with an affiliate of Pandion Mine Finance, a U.S. mining investment firm. The funds raised will be used by the company to restart production at the Laiva Gold Mine near Raahe, Finland and retire certain creditor obligations. Firesteel plans to eventually acquire 100 percent of the Laiva project. Pandion is backed by Mks Pamp Group and Ospraie Management.
4 min read · 11 December 2017
Canadian biopharmaceutical company ImmunoBiochem Corp has raised undisclosed financing. The round was backed by angel investors and the company’s founding investor, which were not identified. Located at Johnson & Johnson Innovation-JLABS in Toronto, ImmunoBiochem has developed technology that targets unique proteins in the secretomes of cancer cells with antibody-drug conjugates. It is completing pre-clinical development and plans to bring the new therapies into the clinic. Led by CEO Anton Neschadim, ImmunoBiochem is supported by MaRS Health and the H2i accelerator at the University of Toronto.
6 min read · 11 December 2017
Canadian private equity firm Onex Corp has agreed to acquire SMG Holdings Inc (SMG World), a West Conshohocken, Pennsylvania-based manager of convention centres, stadiums, arenas, theatres, performing arts centres and other venues. No financial terms were released for the deal, which is expected to close in early 2018. Founded in 1977, SMG provides management services to nearly 240 venues worldwide. It was bought in 2007 by American Capital, which was bought earlier this year by Ares Capital Corp. Onex is acquiring SMG through Onex Partners IV, which raised US$5.7 billion in 2014. Onex Partners V closed last month at US$7.15 billion.
3 min read · 11 December 2017
The Government of Nova Scotia plans to commit $15 million to a new venture capital fund that will invest in late-stage technology companies located in the province and elsewhere in Atlantic Canada. The fund, which is targeted to raise $50 million to $75 million by leveraging additional limited partners, will be managed by Canadian venture capital firm Build Ventures. The government will also commit $10 million to a fund earmarked for investments in early-stage companies in the region, the manager of which has not yet been selected. The fund initiatives are the result of an Innovacorp-led strategic process launched in June 2016.
2 min read · 08 December 2017
Caisse de dépôt et placement du Québec has agreed to invest in Innocap Investment Management Inc, a Montréal-based provider of managed account solutions. No financial terms were released for the equity and debt deal, which is expected to close in the first quarter of 2018. It will see the Caisse and company management join BNP Paribas Capital Partners, the private equity arm of France's BNP Paribas SA, as shareholders, replacing National Bank of Canada, which sold its stake. BNP Paribas acquired a 25 percent interest in Innocap in 2007, when the business was a National Bank affiliate. Founded in 1996, Innocap manages US$5.7 billion in assets.
4 min read · 08 December 2017
Fiera Comox, a private equity and agriculture investment affiliate of Fiera Capital Corp, has hired Patrick Lynch as a partner, private equity. Prior to joining the firm, Lynch was head of funds and partnerships at Caisse de dépôt et placement du Québec. Before then, he served in a similar role at Mubadala Development Co, an Abu Dhabi sovereign wealth fund. Lynch will now be responsible for all aspects of Fiera Comox's private equity strategy, which will be launched in 2018. Montréal-based Fiera Comox was formed last year by the principals of Comox Equity Partners and Fiera Capital, a Canadian asset manager.
3 min read · 08 December 2017
Neo Performance Materials Inc, an advanced materials supplier, has closed its initial public offering in Canada. The company raised gross proceeds of more than $200 million, all of which will go to its majority owner, U.S. distressed investor Oaktree Capital Management. The amount raised may increase to $230 million if the offering's greenshoe option is fully exercised. Toronto-based Neo Performance, which emerged from bankruptcy last year, will commence trading today on the Toronto Stock Exchange under the symbol "NEO". The company originally priced its IPO to raise as much as $345 million.
3 min read · 08 December 2017
Canada Pension Plan Investment Board (CPPIB) has acquired an interest in Goodman Hong Kong Logistics Partnership (GHKLP), owner of a portfolio of modern warehouse properties in Hong Kong. CPPIB paid about $320 million for the stake in GHKLP, which as of September 2017 had investments valued at about $4.7 billion in 13 assets, including a 50 percent interest in Goodman Interlink, which is co-owned with CPPIB. CPPIB said the deal gives it more exposure to the "fast growing logistics sector."
2 min read · 08 December 2017
