Cyclica Inc has secured $2.25 million in a Series A2 financing, an extension of the $2.4 million Series A1 financing closed last year. The latest round was led by Canadian finance advisory firm GreenSky Capital via GreenSky Accelerator Fund II. It was joined by other new and existing investors, including Epic Capital, Uni-Innovate Group and HH&E Ventures. Founded in 2013, Toronto-based Cyclica provides a software platform that helps pharmaceutical companies assess the safety and efficacy of drugs. Led by President and CEO Naheed Kurji, the startup will use the funds raised to continue commercializing its platform globally and invest in R&D.
3 min read · 26 July 2017
Sentient Science, a U.S. materials science-based software-as-a-service company, has raised US$22.5 million in a Series B financing. The round, Sentient's third since its founding in 2001, was backed by Canadian growth equity firm Georgian Partners. Buffalo, New York-based Sentient provides prognostic health monitoring and life extension actions to reduce costs and improve the reliability of rotating mechanical equipment, such as wind turbines. It will used the funds raised for new hires, software platform enhancements, and to facilitate the company's entrance into the commercial aerospace and rail markets.
5 min read · 26 July 2017
Calgary oil and gas company Canadian International Oil Corp (CIOC) has secured an equity commitment of $150 million from U.S. energy private equity firm Riverstone Holdings, CIOC's largest investor. The deal, which adds to the $200 million invested by Riverstone in 2014, will support development of the company's Montney resource base in Alberta. CIOC also announced the issue of $208 million in unsecured senior notes to affiliates of GSO Capital Partners, FS Investments, BlackRock Advisors and Kayne Anderson Capital. The proceeds will be used in part to redeem a secured second-lien term loan and repay borrowings under the company's credit facility.
5 min read · 26 July 2017
Canadian private equity firm Champlain Financial Corp has acquired Riverside Lobster International Inc, a branded seafood processor and wholesale distributor based in Meteghan Center, Nova Scotia. No financial terms were released for the deal, which was announced by Ascendiant Capital Markets LLC, Riverside's financial advisor. The company will be merged with Cheticamp Fisheries International Ltd, acquired by Champlain in May. The merger will create a Maritime seafood business with revenue of more than $175 billion, Ascendiant said. Marc Poulin, formerly the CEO of Sobeys Inc, will serve as executive chairman of Champlain's seafood platform.
3 min read · 26 July 2017
Borealis Infrastructure has agreed to acquire an additional 5.5 percent interest in the holding company of Thames Water Utilities Ltd, a U.K. provider of water and wastewater services. No financial terms were disclosed for the deal, which is expected to close this year. The seller is Australia's AMP Capital. Borealis, the infrastructure investment arm of the Ontario Municipal Employees Retirement System (OMERS), originally became an investor in Thames Water earlier in 2017. The additional investment will increase its overall stake in the company to about 23 percent.
2 min read · 26 July 2017
Francisco Partners and minority investors have agreed to sell a majority stake in Corsair, a Fremont, California provider of computer components and peripherals, to EagleTree Capital, a U.S. private equity firm. The deal, valued at US$525 million, will be backed by co-investors. They include Canada's Investment Management Corp Ontario (IMCO). IMCO, which oversees $60 billion in assets on behalf of Ontario Pension Board and Workplace Safety and Insurance Board, was officially launched this week in part to seek out private-market investment opportunities. The Corsair deal is expected to close in the months ahead.
5 min read · 26 July 2017
Brantford, Ontario clean technology company GreenMantra Technologies has secured up to $3 million in financing from Closed Loop Fund, a social impact fund managed by U.S.-based Closed Loop Partners. The proceeds will be used to expand the capacity of its manufacturing operations, which convert post-consumer and industrial waste plastics into high-value polyethylene and polypropylene waxes. The waxes are used in a range of industrial applications. GreenMantra's other investors include ArcTern Ventures and Cycle Capital Management, which backed a $5.5 million round last year. The company is led by President and CEO Kousay Said.
3 min read · 26 July 2017
Canaccord Genuity Acquisition Corp, a Canadian special purpose acquisition corporation (SPAC), has filed a final prospectus with most domestic regulators for an initial public offering of $30 million Class A restricted voting units. The proceeds will be used to acquire one or more businesses. The SPAC, which is sponsored by CG Investments, an affiliate of Canaccord Genuity Group Inc, will target a growth company with an enterprise value of between $50 million and $250 million for its qualifying acquisition.
4 min read · 25 July 2017
Infrastructure investment required to support global economic growth is expected to reach US$97 trillion by 2040, according to a report by the G20's Global Infrastructure Hub. The report, Global Infrastructure Outlook, also found that US$18 trillion, or almost 19 percent of the total forecast, will be unfunded if current spending trends continue. The United States will see the largest gap in infrastructure spending at US$3.8 trillion. Canada will have one of the lowest funding gaps. Based on current trends, Canada is expected to meet 98 percent of spending on infrastructure required to keep pace with a 61 percent rise in GDP by 2040, the report found.
6 min read · 25 July 2017
Canadian financial holding company Fairfax Financial Holdings has agreed to invest $190 million in AGT Food and Ingredients Inc (TSX: AGT), a Regina, Saskatchewan-based processor of pulses, staple foods and ingredients for export and domestic markets. The investment will made in preferred securities and common share purchase warrants, giving Fairfax the right to nominate up to two board members. AGT, which also supplies retail packaged and canned foods, will use the funds raised to repay debt, invest in growth initiatives, and for other priorities. Founded in 2007, the company is led by President and CEO Murad Al-Katib.
4 min read · 25 July 2017
