Arbutus Biopharma Corp (Nasdaq: ABUS), a Vancouver-based developer of hepatitis B virus (HBV) therapeutic solutions, has agreed to sell US$116.4 million in convertible preferred shares to Roivant Sciences Ltd, a Swiss healthcare business. The proceeds will be used by the company to develop and advance its clinical and pre-clinical HBV drug pipeline. Arbutus will also partner with Roivant to accelerate pipeline development, grow its geographic footprint, and maximize the value of its non-HBV assets. Roivant is backed by several investors, including SoftBank Vision Fund. Earlier in 2017, SoftBank led a US$1.1 billion investment in the company.
4 min read · 03 October 2017
Gates Corp has acquired Atlas Hydraulics Inc, a Brantford, Ontario-based specialist in the design, manufacture and supply of hydraulic tube and hose assemblies. No financial terms were disclosed. Founded in 1979, Atlas Hydraulics serves agricultural, turf, construction, forestry and other industrial equipment manufacturers. Denver, Colorado-based Gates said the acquisition enhances its position in the fluid power market. Gates is a portfolio company of U.S. private equity firm Blackstone Group. Blackstone bought the business from Onex Corp and Canada Pension Plan Investment Board in 2014 for US$5.4 billion.
2 min read · 03 October 2017
Canadian private equity firm KV Private Equity has acquired Off Grid Trailers, a Blackfalds, Alberta-based producer of rugged off-road expedition and teardrop trailers sold across Canada and the United States. No financial terms were released for the deal, which KV Private Equity is doing in partnership with General Manager Mark Badgerow. The investment is the second made by KV Private Equity Fund, which in May backed Northern Lite Manufacturing Ltd. Based in Edmonton, KV Private Equity invests in lower mid-market operating companies in Western Canada.
2 min read · 03 October 2017
CrowdCare, a Toronto provider of enterprise cognitive care solutions, has rebranded as Wysdom.AI and raised $8.5 million in a follow-on financing. The round was led by ScaleUP Ventures, which announced a prior investment in Wysdom.AI earlier in 2017. Brightspark Ventures and Mantella Venture Partners also invested. Launched five years ago by CEO Ian Collins and President Jeff Brunet, Wysdom.AI's technology allows enterprises to deliver artificial intelligence-based customer care across all digital channels. The funds raised will be used to "scale our business and take this solution to hundreds of new clients," Collins said.
4 min read · 03 October 2017
U.S. private equity firm CCMP Capital Advisors has agreed to sell additional common shares of Jamieson Wellness Inc (TSX: JWEL), a Canadian vitamin maker that went public in July. CCMP will sell 8.1 million shares for 18.50 per unit. Together with a concurrent secondary sale, the gross proceeds will be about $150.2 million, not including the offering's greenshoe option. CCMP, which acquired Jamieson in 2014, will as a result reduce its stake from 39.2 percent to 17.7 percent, or 14.4 percent if the greenshoe option is exercised in full. As reported by PE Hub Canada, CCMP earned 3x its invested capital from Jamieson's initial public offering.
4 min read · 02 October 2017
Canadian cannabis investment firm Green Acre Capital has closed its debut fund, Green Acre Capital Fund I, raising $25 million. Most committed capital was secured from wealthy investors, with York Plains Investment Corp, W. Brett Wilson and Aphria Inc providing lead commitments. The fund will target investments in Canadian growth-stage ancillary companies in the legal medical and recreational cannabis industry. Its initial deals include Tokyo Smoke, a cannabis lifestyle and retail brand, and a merger of smoke shop product distributors. Based in Toronto, Green Acre is led by Managing Directors Matt Shalhoub and Tyler Stuart.
2 min read · 02 October 2017
Fonds de solidarité FTQ has provided a $50 million loan to Héroux-Devtek Inc, a Longueuil, Québec-based specialist in the design, manufacture, testing and repair of landing gear and actuation systems for the aerospace market. The loan's proceeds will support the acquisition of Compañia Española de Sistemas Aeronauticos SA (CESA), a Spanish affiliate of Airbus SE. The CESA deal, also announced today, reflects a purchase price of about $205 million. In a separate statement, Héroux-Devtek said the buy will increase its European presence, expand its product and service offering, and gain content on key aircraft programs and customers.
2 min read · 02 October 2017
Tricor Pacific Founders Capital has acquired a controlling interest in Armand Agra Inc and its affiliates, Sierra Meat and Seafood Co, a Reno, Nevada processor of meat and seafood products, and Flocchini Family Provisions, a Carson City, Nevada maker of gourmet sausages and deli meats. No financial terms were released. Tricor Founders, a Canadian family office, bought the business from the Flocchini family, who will retain partial ownership. Armand Agra will be held by Tricor Founders' specialty protein platform. Managing Director Derek Senft, who led the deal, said his firm will support the company's continued growth, in part via acquisitions.
4 min read · 02 October 2017
Trellis Solutions Inc, a Canadian cannabis inventory management software provider, has raised about $2 million in funding. The round was led by Casa Verde Capital, the venture capital firm of rapper Snoop Dogg. Additional funding was provided by cannabis incubator Gateway, an existing investor, as well as Argonautic Ventures, One Gun and others. Founded in 2014 by CEO Pranav Sood, Toronto-based Trellis leverages technology to help cannabis enterprises optimize operations and comply with regulations.
4 min read · 29 September 2017
Nanoport Technology Inc, a U.S. research lab for mobile technologies, has emerged from stealth and raised US$7 million in financing. Horizons Ventures led and was joined by other investors, including Canadian venture capital firm BrightSpark Ventures and Canadian alternative asset management firm Kensington Capital Partners. Founded in 2014, Sunnyvale, California-based Nanoport develops solutions for connectivity, haptics, multi-device applications and human-device interfaces. It also provides components for close-range communication, power transfer and modular device interactivity.
2 min read · 29 September 2017
