U.S. private equity firm SK Capital Partners has acquired a majority stake in Tri-Tex Co Inc, a Saint-Eustache, Québec-based specialty chemicals manufacturer and distributor focused on the adhesives, coatings and sealants, surfactants, and textile chemical markets. No financial terms were disclosed for the deal, which saw SK Capital partner with the company's management, led by President and CEO Natalie Laham. SK Capital, which invests in specialty materials, chemicals and pharmaceuticals, said Tri-Tex is positioned to grow through acquisitions that can augment its geographic scope and product portfolio.
3 min read · 02 June 2017
Greenlight Financial Technology Inc, an Atlanta, Georgia-based developer of a smart debit card for kids, has raised US$7.5 million in seed-stage financing. Canadian venture capital firm Relay Ventures led the round, which also saw participation from Social Capital, New Enterprise Associates and TTV Capital. With the investment, Relay Partner Alex Baker joined the board. Founded in 2014, Greenlight reported that it is on track to process more than 1,000,000 transactions this year. It will use the funds raised to accelerate growth, in part by expanding its engineering, marketing and customer service teams.
4 min read · 02 June 2017
Monteris Medical Inc has secured US$26.6 million in a Series C financing. The round was led by new investors Versant Ventures and SightLine Partners, with participation from current investors Birchview Capital and BDC Capital’s Healthcare Venture Fund. Based in Plymouth, Minnesota and Winnipeg, Manitoba, Monteris is a provider of minimally invasive laser ablation systems for treating brain lesions. It said it will use the funds raised to invest in further innovation, clinical research and commercial expansion. Founded in 1999, Monteris' technology was developed from research begun at Winnipeg's St. Boniface General Hospital.
4 min read · 01 June 2017
TIMIA Capital Corp has agreed to provide $2 million in revenue financing to Beanworks Solutions Inc, a Vancouver developer of accounting workflow automation solutions. TIMIA will deploy $500,000 at the time of the deal's closing and make further disbursements linked to the company's revenue growth. Beanworks, established in 2012, is led by Co-Founder and CEO Catherine Dahl. TIMIA, a Canadian specialty finance firm, provides funding to technology companies in exchange for a royalty on revenue.
2 min read · 01 June 2017
Uni-Select Inc (TSX: UNS) has agreed to acquire Parts Alliance Group Ltd, a British distributor of automotive aftermarket parts with 161 corporate stores and 38 affiliated locations. The deal is valued at about $356 million (£205.0 million) and expected to close in the third quarter of 2017. The seller is U.K. private equity firm HgCapital, which first invested in Parts Alliance in 2012. Uni-Select, a Boucherville, Québec distributor of automotive refinish and industrial paint products and aftermarket parts, said the deal will facilitate its entry into the European market with a leadership position in the United Kingdom.
6 min read · 01 June 2017
CIC Capital Canada, an affiliate of French banking group Crédit Mutuel CM11-CIC, has launched a US$500 million North American Growth Fund. The evergreen fund, which will earmark US$150 million for opportunities in Canada, will invest in minority growth equity and buyout deals backing companies with EBITDA of about $3 million to $15 million. Preferred sectors include include food and beverage, healthcare, information technology, specialty manufacturing, business services and aerospace. Montréal's CIC Capital, which manages Emerillon Capital's venture capital fund in partnership with Desjardins Group, also said it plans to open offices in Toronto and the United States.
3 min read · 01 June 2017
Ritchie Bros (NYSE, TSX: RBA), a Canadian auctioneer of heavy equipment and trucks, has closed its acquisition of IronPlanet Inc, a U.S. online marketplace for heavy equipment and other durable assets. The deal, announced last August, was valued at about US$758.5 million. Vancouver-headquartered Ritchie said the acquisition accelerates its strategy of becoming a one-stop, multi-channel company where customers can buy, sell, or list equipment both onsite and online. Founded in 1999, Pleasanton, California's IronPlanet was backed by Accel Partners, Kleiner Perkins Caufield & Byers, Caterpillar and Volvo Construction Equipment.
6 min read · 01 June 2017
Zymeworks Inc (NYSE, TSX: ZYME) has raised additional proceeds from its initial public offering in Canada and the United States with the partial exercise of the over-allotment option. In total, the Vancouver biotherapeutics provider secured about $86 million (US$63.6 million). Zymeworks earlier said the proceeds will be used to further advance the company’s pipeline of product candidates and increase liquidity. Launched in 2003, Zymeworks is backed by multiple venture capital and strategic investors, including BDC Capital, Celgene, CTI Life Sciences Fund, Eli Lilly & Co and Lumira Capital.
3 min read · 31 May 2017
Canadian specialty finance firm Crown Capital Partners has provided a $30 million special situations term loan to Marquee Energy Ltd (TSX-V: MQX), a Calgary-based junior oil and gas company. The funds raised will be used by the company to repay an existing senior debt facility and expand its capital program. Established in 2000, Marquee is focused on the development and production of light oil in the Michichi region of eastern Alberta. It is led by President and CEO Richard Thompson.
3 min read · 31 May 2017
Canadian mining company Lundin Gold Inc (TSX: LUG) has struck a project finance deal worth US$400 million to US$450 million with U.S. mining private equity firm Orion Mine Finance Group and Blackstone Tactical Opportunities, an affiliate of the Blackstone Group. The package consists of a gold prepay credit facility for US$150 million, a stream loan credit facility of US$150 million, and US$100 million to US$150 million available for future equity financings. Vancouver-based Lundin said the funds raised will be used to develop its Fruta del Norte gold project in Ecuador. It acquired the project in 2014 as part of a US$240 million transaction.
5 min read · 31 May 2017
