Canadian luxury retailer Hudson’s Bay Co (TSX: HBC) said shareholders representing almost two-thirds of outstanding common shares now support the proposed $632 million (US$500 million) equity investment in the company by Rhône Capital. Hudson's Bay previously said it had written consent from shareholders representing more than 50 percent of shares. The Ontario Securities Commission will hear an appeal concerning the deal in December. U.S. hedge fund Land & Buildings launched the appeal after the Toronto Stock Exchange conditionally approved the Rhône investment.
2 min read · 27 November 2017
Smooth Commerce, formerly known as SmoothPay, has closed a $2 million financing. The round was backed by new and existing investors, including Skunkworks Investment Corp, which committed $500,000. Founded in 2013, Toronto-based Smooth Commerce provides a platform for retailers to engage with customers through mobile payment, order ahead, loyalty rewards, and offers and promotions. It also provides merchants with insights into customer behaviours. Led by CEO Brian Deck, Smooth Commerce will use the funds raised to enhance its product, complete technology integrations, build its team, and execute on opportunities.
3 min read · 27 November 2017
4 min read · 27 November 2017
This year has been eventful for Lumira Capital. The Toronto life-sciences investor held a first close for Fund IV, completed the fund’s debut deals, tied up investing by prior funds, and took a portfolio star public. One milestone was met in this week's announcement of the Series A financing of Kalgene Pharmaceuticals, a developer of treatments for Alzheimer’s disease. Lumira led the undisclosed round and was joined by Anges Québec, Anges Québec Capital, Accel-Rx and family offices. Kalgene is the final deal of Merck Lumira Biosciences Fund, an early-stage vehicle managed by Lumira, which together with the later-stage Lumira Capital II raised $167 million over 2012-2013. With both funds now fully invested, Lumira is positioned to bring Lumira Capital IV to a final close in 2018 and back a new series of North American biotech financings.
4 min read · 27 November 2017
Trend Micro Inc has acquired Immunio, a Canadian provider of real-time security protection for web applications. No financial terms were released. Trend Micro, a Japanese cybersecurity business, said the deal allows it to expand its hybrid cloud security solution for the development and operations (DevOps) lifecyle. Based in Montréal, Immunio was founded in 2013 by CEO Zaid Al Hamami and CTO Mike Milner. It was seeded in 2015 in a round backed by Bloomberg Beta, Hoxton Ventures and Real Ventures, and last year raised $5 million of Series A financing led by White Star Capital.
4 min read · 27 November 2017
Startup accelerator Bioindustrial Innovation Canada (BIC) has agreed to partner with five venture capital firms to capitalize emerging companies in Canada's bioeconomy and clean technology sectors. ArcTern Ventures, Cycle Capital Management, Fraser Mackenzie Merchant Capital and Greensky Capital of Canada and France's Sofinnova Partners will work with BIC to explore opportunities to co-invest in BIC portfolio companies. Sarnia, Ontario-based BIC supports early-stage companies focused on converting renewable resources into value-added bioenergy, biofuel, biochemicals and biomaterials.
4 min read · 24 November 2017
Canadian specialty food products company Premium Brands Holdings Corp (TSX: PBH) has acquired all or part of three U.S. food businesses for about $200 million (US$156.5 million). The deals include the 100 percent buy of Raybern Foods LLC, a Hayward, California-based maker of branded specialty sandwiches for the U.S. retail market. Raybern's was sold by U.S. private equity firm TSG Consumer Partners. Premium Brands also bought 100 percent of sandwich maker Buddy's Kitchen Inc, and a 50 percent stake in artisan bread maker Shaw Bakers LLC. Vancouver's Premium Brands is backed by Canadian private equity firm Pender West Capital Partners.
5 min read · 23 November 2017
GOrendezvous Inc, an online agenda and appointment management platform, has closed a $755,000 financing. The round was backed by eighteen members of angel network Anges Québec and Anges Québec Capital. Founded in 2012, Montréal-based GOrendezvous developed its platform for professionals in the health, beauty, wellness and fitness sectors. It plans to use the funds raised to fuel growth through investments in marketing that help generate sales in new markets outside of Québec. Marcel Larochelle, formerly a senior financial executive, led the round for Anges Québec.
3 min read · 22 November 2017
Canada’s venture capital market saw continued growth in Q3 2017, with $980 million invested in 149 financing rounds, up 43 percent from a year ago, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). This contributed to $2.6 billion invested in 431 rounds at the end of September, suggesting that deal-making is likely to top the $3.2 billion invested in all of 2016, the CVCA said. Activity has been driven by large financing sizes, averaging $6.04 million in the third quarter, particularly in IT sectors, which took 69 percent of dollars invested, and life sciences sectors, which secured over one-fifth of the total.
3 min read · 22 November 2017
Canada’s private equity market saw $20.9 billion invested in 447 deals in the first nine months of 2017, already surpassing the $13.8 billion invested in all of 2016, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). Three mega-deals, including the $4.8 billion buyout of DH Corp, accounted for 38 percent of total values; however, the report also found growth in other market segments. Activity in Q3 2017 contributed to overall trends, with $7.1 billion invested in 160 deals, up 133 percent from Q3 2016. The industrial and manufacturing sector has so far accounted for the largest share of 2017 PE deals, or 19 percent of the total.
3 min read · 22 November 2017
