Yaletown Partners raised more than $100 million in initial commitments for its emerging-growth tech fund, encouraging the firm to bump up the pool's target, two people familiar with the matter told PE Hub Canada. Yaletown Innovation Growth Fund secured the capital in a first close in November, the sources said. It was anchored by a mix of new and returning limited partners, both domestic and international. With strong LP demand, the Vancouver firm adjusted the fund's original goal, the sources said. Yaletown is now seeking a minimum of $175 million and may go as high as $200 million if demand is sustained.
3 min read · 06 December 2017
AmorChem Group has launched AmorChem II Fund LP, a seed-stage biotechnology investor, at an initial capitalization of $44.2 million. The fund secured commitments from the Québec government, Fonds de solidarité FTQ, U.S. pharmaceutical giant Merck and other limited partners. AmorChem, which now manages $86 million, invests in promising life sciences projects originating from Québec universities and research centres that can be built into startups able to attract investors and pharmaceutical partners. The Montréal investor is led by General Partners Elizabeth Douville and Inès Holzbaur. A new general partner, Maxime Ranger, joined with Fund II's launch.
4 min read · 06 December 2017
Canadian private equity firm Novacap has acquired a majority stake in Joseph Ribkoff, a Montréal-based designer, manufacturer and distributor of fashionable women’s apparel. No financial terms were disclosed for the deal, which was done by Novacap in partnership with Fonds de solidarité FTQ, founder Joseph Ribkoff and company executives. Established in 1957, Joseph Ribkoff is currently active in 64 international markets. Novacap Senior Partner Domenic Mancini, the company's new chairman, said his firm will help accelerate Joseph Ribkoff's growth into new markets. Novacap's investment was made by Novacap Industries IV, which raised $470 million in 2016.
4 min read · 06 December 2017
Vancouver-based medical diagnostics specialist LightIntegra Technology Inc has secured $3.5 million in financing. The round was backed by the company's existing shareholders. Founded in 2009 by Dr. Elisabeth Maurer, LightIntegra's flagship product is ThromboLUX, which gives blood banks a simple and effective way to detect microparticle content and select the right blood product for transfusion patients. Commercial sales were launched in the U.S. market this year. Led by President and CEO Bill Dubiel, the company will use the funds raised for working capital.
2 min read · 05 December 2017
U.S. private equity firm BV Investment Partners (BV) has acquired a majority stake in Precision Nutrition Inc (PN), a Toronto-based nutrition certification and coaching software and services provider. No financial terms were released for the deal, which will see John Berardi and Phil Caravaggio, PN's co-founders, retain a significant interest. BV's Mike Ricciardelli, Justin Harrison, Justin Garrison and Scott Veazey will serve on the board. PN has served nearly 100,000 clients since its inception in 2005. BV said it will help the company further penetrate the fitness professional end market and expand into additional end market segments, and invest in its platform.
3 min read · 05 December 2017
Neo Performance Materials Inc, an advanced materials producer, has revised its recently filed initial public offering in Canada. The company, owned by U.S. distressed investor Oaktree Capital Management, said it will sell up to 12.8 million shares at $18 per unit, generating as much as $230 million in gross proceeds. It originally priced the offering, expected to close on December 8, to raise as much as $345 million. As reported by PE Hub Canada, Oaktree took control of Neo Performance when the Toronto-based company emerged from bankruptcy in 2016. The investor will account for all of the IPO's proceeds.
4 min read · 05 December 2017
ONCAP, the mid-market arm of Canadian private equity firm Onex Corp, has acquired IntraPac International Corp, a Mooresville, North Carolina-based maker of rigid packaging solutions. ONCAP IV, which raised $1.1 billion last year, invested $120 million in the undisclosed deal and will support IntraPac’s organic and acquisition-led growth. The seller is CI Capital Partners, which acquired the company in 2012. Founded in 2003, IntraPac operates nine production facilities in Canada, the United States and Costa Rica, and sells its products to customers in the personal care, household products, food and beverage, and pharmaceutical sectors.
3 min read · 05 December 2017
ONCAP, the mid-market arm of Canadian private equity firm Onex Corp, has acquired IntraPac International Corp, a Mooresville, North Carolina-based maker of rigid packaging solutions. ONCAP IV, which raised US$1.1 billion last year, invested US$120 million in the undisclosed deal and will support IntraPac's organic and acquisition-led growth. The seller is CI Capital Partners, which acquired the company in 2012. Founded in 2003, IntraPac operates nine production facilities in Canada, the United States and Costa Rica, and sells its products to customers in the personal care, household products, food and beverage, and pharmaceutical sectors.
4 min read · 04 December 2017
Hydrofarm LLC has acquired Eddi’s Wholesale Garden Supply Ltd and the distribution division of Greenstar Plant Products Inc, both Langley, British Columbia distributors of lawn and garden, hydroponic and horticulture products. No financial terms were released for the deals, which will see Greenstar remain an independent maker of plant nutrients. U.S.-based Hydroponics said the buys enhance its position as a "leading hydroponics and horticultural supplier in North America." Earlier in 2017, the company secured an investment led by Serruya Private Equity and joined by Hawthorn Equity Partners and Broadband Capital Investments.
3 min read · 04 December 2017
Napec Inc (TSX: NPC) has agreed to be acquired by U.S. alternative investment firm Oaktree Capital Management. The deal, expected to close in Q1 2018, is valued at about $320 million, including debt. The Fonds de solidarité FTQ, Napec's largest investor, with about 19 percent of shares and warrants outstanding, indicated it will vote in favour. Established in 1978, Drummondville, Québec-based Napec and its affiliates build and maintain utility electrical and natural gas transmission and distribution systems and related energy infrastructure. Led by President and CEO Pierre Gauthier, it operates primarily in Québec, Ontario and the eastern United States.
6 min read · 04 December 2017
