Kirk Falconer

Novacap, Caisse de dépôt back Pivotal Payments in C$525 mln deal

Novacap, Caisse de dépôt back Pivotal Payments in $525 mln deal

Novacap has closed the largest technology deal in the firm’s 35-year history, teaming up with Caisse de dépôt et placement du Québec to back a payment processing company. Novacap and the Caisse today announced their investment in Pivotal Payments, a payment and merchant services specialist based in Montréal. The deal values the business at about $525 million. As a result, the two investors hold a majority stake in the company, Novacap President and Managing Partner Pascal Tremblay told PE Hub Canada. He added the deal nonetheless reflects a “true partnership” with management and especially Pivotal’s chief executive, Philip Fayer.

Penfund commits $15 mln to refinancing of THL's Give & Go

Canadian private equity firm Penfund has further invested in Give & Go Prepared Foods Corp, a Canadian maker of branded and private-label sweet baked goods. Penfund provided an additional US$15 million of second-lien debt as part of Give & Go's recent first- and second-lien refinancing. Toronto-based Give & Go was last year acquired by U.S. private equity Thomas H. Lee Partners from OMERS Private Equity, reportedly for about $1 billion (US$800 million). Earlier in 2017, the company bought the business of U.S.-based United Baking Co Inc and its affiliates Uncle Wally’s LLC and Vision Enterprises LLC.

Transit raises $5 mln Series A round led by Accel Partners

Montréal-based urban transportation app Transit has secured $5 million in a Series A financing. The round was backed by existing Canadian and U.S. venture capital firms, among them Accel Partners, which led. Accomplice, BDC Capital and Real Ventures also invested. Launched in 2013 by CEO Sam Vermette and CTO Guillaume Campagna, Transit's app helps millions of users in more than 130 cities navigate local transport options and plan trips. The company said it will use the funds raised to further develop and enhance its technology.

Deep Genomics lands $13 mln in follow-on round led by Khosla

Deep Genomics, a Toronto genetic medicine startup, has raised $13 million in follow-on financing. Khosla Ventures led the round and was joined by True Ventures, which led the company’s $5 million seed financing in 2015. Spun out of the University of Toronto in 2014, Deep Genomics is building a biologically accurate, data- and artificial intelligence-driven technology platform that supports geneticists, molecular biologists and chemists in the development of therapies.

Fortress lends up to $40 mln more to fintech platform Mogo

Mogo Finance Technology Inc (TSX: MOGO), a Canadian digital finance company, has raised a new senior secured credit facility from U.S. private equity firm Fortress Investment Group. The facility, which will provide the company with up to $40 million, will be used to repay and replace an existing $30 million facility with Fortress. Mogo has another $50 million facility with Fortress. Vancouver-based Mogo provides a range of online consumer financial services, including loans. President and CFO Greg Feller said the new facility increases available loan capital "on more favourable terms and extends the maturities of all of our funding facilities to 2020."

Deep Genomics lands $16 mln in follow-on round led by Khosla

Deep Genomics, a Toronto genetic medicine startup, has raised about $16 million (US$13 million) in follow-on financing. U.S. venture capital firm Khosla Ventures led the round and was joined by True Ventures, which led the company's $5 million seed financing in 2015. Spun out of the University of Toronto in 2014, Deep Genomics is building a biologically accurate, data- and artificial intelligence-driven technology platform that supports geneticists, molecular biologists and chemists in the development of therapies. It will use its platform to unlock new classes of anti-sense oligonucleotide therapies and advance them for clinical evaluation. Deep Genomics is led by CEO Brendan Frey.

Brookfield closes $750 mln acquisition of Teekay Offshore stake

The private equity group of Brookfield Asset Management has closed its buy of 60 percent of Teekay Offshore Partners LP (NYSE: TOO), an affiliate of Vancouver-based marine energy transportation, storage and production company Teekay Corp (NYSE: TK). The deal, announced in July, is valued at US$750 million. As a result of the close, Brookfield nominated four representatives to Teekay Offshore’s general partner: David Levenson, Jim Reid, Walter Weathers and Bradley Weismiller. Teekay Offshore President and CEO Ingvild Sæther said the deal positions the business to "take advantage of future opportunities as the global energy market recovers."

Koho raises $8 mln from Portag3 Ventures, opens Toronto HQ

Vancouver financial services platform Koho has raised $8 million in additional financing from Portag3 Ventures, a fund launched last year by Canada’s Power Financial Corp. With the round, Paul Desmarais III, senior vice president of Power Financial, Adam Felesky, president of Portag3, and Michael Katchen, co-founder and CEO of Wealthsimple, joined the board. Koho will use the funds raised to scale the platform and expand its engineering and operations team at a new Toronto headquarters.

Persistence Capital taps Norman Steinberg as senior advisor

Canadian healthcare private equity firm Persistence Capital Partners (PCP) has appointed Norman M. Steinberg as a senior advisor. Steinberg is currently chair emeritus of Norton Rose Fulbright Canada. In the period 2005 to March 2017, he was co-chair and then chair of Norton Rose Fulbright and its predecessor, Ogilvy Renault. During his 40-year legal career, he has focused on M&A, corporate finance and corporate governance, and advised on key Canadian deals. Steinberg will advise PCP as the firm explores new healthcare opportunities. He will also provide strategic and operational advice to portfolio companies.