Busy Bees Holdings Ltd has closed its acquisition of BrightPath Early Learning Inc (TSX-V: BPE), a Calgary-based early learning and childcare provider. The $145 million deal, announced in May, will result in BrightPath's delisting from TSX Venture Exchange today. Founded in 2010, BrightPath grew to become an operator of 78 locations in Canada. Busy Bees, the United Kingdom’s largest nursery chain, was acquired by Ontario Teachers' Pension Plan in 2013.
3 min read · 28 July 2017
Osram GmbH has acquired a strategic 25.1 percent interest in LeddarTech Inc, a Québec City-based provider of optical detection and ranging technology. The deal, valued in the "mid double-digit million euros," will form part of a larger financing expected to close shortly, LeddarTech CEO Charles Boulanger said. Germany's Osram, a lighting manufacturer, said its investment responds to increasing demand for LiDAR technology used in self-driving cars and other mobility applications. Founded in 2007, LeddarTech has raised funding from several sources. They include BDC Capital and GO Capital, which invested $7 million in the company in 2014.
3 min read · 28 July 2017
Mitel Networks Corp (TSX: MNW) (Nasdaq: MITL) has agreed to acquire ShoreTel Inc (Nasdaq: SHOR), a U.S. provider of business communication solutions. The cash deal reflects an equity value of about US$530 million and an enterprise value of about US$430 million. Ottawa-based Mitel said the acquisition, expected to close in the third quarter, will create the second-largest player in the unified-communications-as-a-service market. Mitel, a portfolio investment of Francisco Partners and Wesley Clover International, tried two years ago to buy ShoreTel, but withdrew its bid.
6 min read · 27 July 2017
The credit affiliate of Canada Pension Plan Investment Board has agreed to provide a subordinated facility of about $408 million (£250 million) to intu Properties plc, a British owner, manager and developer of regional shopping centres. The facility will support the company's business plans and is indirectly secured by intu Trafford Centre, a 1.9-million-square-foot shopping centre in Manchester, United Kingdom. CPPIB and intu have joint ownerships in shopping centres in Spain, including intu Asturias in Oviedo and Puerto Venecia in Zaragoza.
4 min read · 27 July 2017
Canada Pension Plan Investment Board has acquired rights to a portion of future royalties in venetoclax, a cancer treatment drug, from Australia's Walter and Eliza Hall Institute of Medical Research. CPPIB agreed to pay US$250 million in cash upfront and make potential milestone payments of up to US$75 million. The Institute will retain partial royalties in the treatment. CPPIB Managing Director John Graham said the deal is an "opportunity to expand CPPIB's global intellectual property program through the acquisition of royalty rights for this proven anti-cancer treatment." CPPIB has committed about $3 billion to IP investments since 2011.
3 min read · 27 July 2017
Caisse de dépôt et placement du Québec has acquired all of the Class A common shares of Boralex Inc (TSX: BLX) held by Cascades Inc for $287.5 million. The purchase represents 17.3 percent of the outstanding shares of Boralex, a Kingsey Falls, Québec-based developer, builder and operator of wind and other renewable energy power facilities. It entitles the Canadian pension fund to appoint two board members and have pre-emptive rights concerning future share issuances. As part of the deal, Boralex and the Caisse agreed to explore project investment opportunities. Founded in 1995, Boralex is led by President and CEO Patrick Lemaire.
3 min read · 27 July 2017
Precision medicine company PreciThera Inc has raised $29 million in Series A financing. The round, which follows PreciThera’s seed funding in May, was backed by Sanderling Ventures, Arix Bioscience, Fonds de solidarité FTQ, CTI Life Sciences and Emerillon Capital. Montréal-based PreciThera is focused on designing biological therapeutics for the treatment of orphan bone diseases.
5 min read · 27 July 2017
Canadian private equity firm Birch Hill Equity Partners has agreed to acquire the CCM ice hockey brand of Adidas Group, a German sportswear company. Birch Hill agreed to pay US$110 million for the business, the majority of which will be paid in cash and the remainder in the form of a secured note. The deal is expected to close in the third quarter of 2017. Headquartered in Montréal, CCM is a manufacturer of ice hockey equipment. It was acquired by Reebok, now a subsidiary of Adidas, in 2004. Earlier this year, Bauer ice hockey gear maker Performance Sports Group Ltd was bought by Sagard Capital Partners and Fairfax Financial Holdings.
3 min read · 27 July 2017
Precision medicine company PreciThera Inc has raised $36 million in a Series A financing. The round, which follows PreciThera's seed funding in May, was backed by Sanderling Ventures, Arix Bioscience, Fonds de solidarité FTQ, CTI Life Sciences and Emerillon Capital. Montréal-based PreciThera is focused on designing biological therapeutics for the treatment of orphan bone diseases. It plans to use the funds raised to develop novel molecules and advance its lead therapeutic candidate through IND and into clinical studies. The company was founded in 2016 by Dr. Philippe Crine, who previously founded Enobia Pharma Corp, and Dr. Susan Schiavi.
5 min read · 27 July 2017
The private equity group of Brookfield Asset Management has agreed to acquire 60 percent of Teekay Offshore Partners LP (NYSE: TOO), a provider of marine solutions focused on production and logistics to the offshore oil industry. Brookfield will pay about US$750 million for the stake. It will partner with Teekay Offshore's parent, Teekay Corp (NYSE: TK), a Vancouver-based marine energy specialist, which will retain a 14 percent interest in the affiliate. As part of the deal, Brookfield will acquire 49 percent of Teekay Offshore's general partner, with an option to buy an additional 2 percent. With the deal's close, it will appoint four directors to the general partner's board.
4 min read · 27 July 2017
