Canadian venture capital firm Avrio Capital has invested in POS Bio-Sciences Inc, a Saskatoon-based contract research organization offering process development, analytical and custom processing services for the bioprocessing industries. No financial terms were released for the investment, the sixth made to date by Avrio Ventures III, which raised $110 million last year. Avrio Managing Director Steven Leakos said the deal will help POS make the transition from a primary research focus to “a product-focused platform.” Founded in 1973, the company is led by CEO Dale Kelly. In March, Avrio invested in the US$6.5 million Series A financing of Farmlead Inc.
3 min read · 20 June 2017
Terrebonne, Québec-based software company Xpertdoc Technologies Inc has secured $2.285 million in mezzanine financing from BDC Capital's Growth and Transition Capital. The funds raised helped the company invest in the construction of a new building and attract and retain information technology professionals. Founded in 2000 by CEO Francis Dion, Xpertdoc provides document generation and customer communications management solutions. It reports achieving a 40 percent year-over-year growth rate over the past six years, in part due to U.S. sales.
3 min read · 20 June 2017
Onex Credit Partners LLC, the credit investment arm of Canadian private equity firm Onex Corp, has priced its 13th collateralized loan obligation (CLO) offering at about US$610 million. The transaction will be issued by a newly formed special purpose vehicle, backed by a portfolio of syndicated leveraged loans. Onex has committed to buy and hold a majority of the equity for the life of the deal. Onex last month launched its its fifth flagship buyout fund at a US$6.5 billion target.
2 min read · 19 June 2017
Sustainable Development Technology Canada (SDTC) has made a $5.5 million investment in Ranovus Inc, an Ottawa-based developer of advanced interconnect solutions for the telecommunications and information technology industries. Founded in 2012, Ranovus is led by President and CEO Hamid Arabzadeh. It is backed by Azure Capital Partners, BDC Capital, Export Development Canada, MaRS IAF, OMERS Ventures and T-Venture. SDTC, which funds early-stage clean technology projects, also invested $1.45 million in Heliene Inc and $903,000 in BioLINE Corp.
3 min read · 19 June 2017
Hayward Industries Inc, a U.S. maker of residential and commercial swimming pool equipment and industrial flow control products, has agreed to be acquired by a private equity consortium. No financial terms were released. The consortium is led by U.S. private equity firms CCMP Capital Advisors and MSD Partners and includes Alberta Investment Management Corp (AIMCo), a Canadian pension fund. Elizabeth, New Jersey-based Hayward, a family-owned business, said the deal will support investments in product innovation, geographic expansion and acquisitions.
5 min read · 19 June 2017
Lululemon Athletica Inc (Nasdaq: LULU) has made an undisclosed minority investment in 7mesh Industries Inc, a Squamish, British Columbia maker of high performance cycling apparel. Vancouver-based Lululemon, an athletic clothing company, said the deal forms part of a strategic partnership with 7mesh, intended to create opportunities in advanced technical apparel. 7mesh was founded in 2013 by clothing industry executives. Lululemon is backed by U.S. private equity firm Advent International. Advent acquired a minority stake in the business for US$845 million in August 2014.
2 min read · 19 June 2017
Montréal financial technology startup Mylo, which closed a pre-seed round last month, has acquired Tactex Asset Management, a Canadian wealth management firm with a client asset book of $110 million. No financial terms were released for the deal, which Mylo said provides "immediate revenue." Mylo CEO Philip Barrar said the acquisition allows the company to launch and manage its own investment funds, giving users "with as little as $1 available to save and invest, get the same professional advice and low cost as those who have hundreds of thousands." Mylo, a mobile personal finance provider, is backed by Ferst Capital Partners and angel investors.
3 min read · 19 June 2017
Tricor Pacific Founders Capital has acquired Saxon Chocolates Inc, a Toronto-based maker of fine Belgian chocolate and a wide variety of other confectionery products. No financial terms were disclosed. Tricor Founders, a Canadian private equity family office, made the investment through Ganache Gourmet Inc, which owns Totally Chocolate LLC, acquired last year. Tricor Founders Managing Director Derek Senft, who led the deal, said the investor aims to make further acquisitions in the edible gifting and confections space. The Saxon Chocolates transaction comes on the heels of Tricor Founders' buy of Keybrand Foods Inc last week.
3 min read · 19 June 2017
Caisse de dépôt et placement du Québec has partnered with GE Capital Aviation Services (GECAS), GE's aircraft leasing business, to create a global aircraft financing platform. The platform, to be capitalized at US$2 billion, will be named Einn Volant Aircraft Leasing. It will focus on acquiring fuel-efficient aircraft from airlines and leasing them back under long-term leases. GECAS will source the opportunities and invest alongside the platform. Caisse President and CEO Michael Sabia said the initiative will "provide financing solutions to airlines to help support the growth of their fleet and answer essential industry needs."
4 min read · 19 June 2017
Pattern Energy Group Inc (NASDAQ, TSX: PEGI) announced several initiatives to increase the San Francisco-based power company's growth outlook and access to capital. They include a new strategic partnership with Public Sector Pension Investment Board (PSP Investments). The deal will see the Canadian pension fund buy a 9.9 percent stake in Pattern, making it the company's largest shareholder. PSP will also co-invest US$500 million in projects acquired by Pattern, including Canada's Meikle and Mont Sainte-Marguerite wind projects. A vehicle managed by Riverstone Holdings will account for most of an additional US$724 million commitment.
10 min read · 19 June 2017
