Riverbed Technology Inc has agreed to acquire Xirrus, a Thousand Oaks, California maker of wireless networking products. No financial terms were released. San Francisco's Riverbed said the deal, expected to close this month, will help expand its software-defined wide area network and cloud networking solution. Riverbed was acquired two years ago by Thoma Bravo and Ontario Teachers’ Pension Plan (OTPP) for about US$3.5 billion. Xirrus is backed by August Capital, Canaan Partners, InterWest Partners, QuestMark Partners, US Venture Partners and others.
5 min read · 20 April 2017
Vancouver-based medical device startup Microdermics Inc has raised $1 million in a first-time financing. The round was backed by global investors, including K5 Ventures, Shoreline Ventures and e@UBC Seed Fund, an affiliate of the University of British Columbia. Microdermics develops hollow metal micro-needles intended to eliminate the need for hypodermic needles for many therapeutics and vaccinations. Led by President and CEO Grant Campany, the company will use the funds raised for scale-up and clinical validation studies in support of corporate partnerships.
4 min read · 20 April 2017
Syntax Systems, acquired last year by Canadian private equity firm Novacap, has bought Core Services Corp, a Somerset, New Jersey-based provider of hosting, cloud and consulting services for Oracle applications. No financial terms were disclosed for the deal, which was funded by Novacap, Northleaf Capital Partners and other investors. The combination of Syntax, a Montréal provider of enterprise-resource-planning software, and Core Services marks a key step toward creating "the leading provider of cloud-based ERP services," Novacap Senior Partner Ted Mocarski said. Novacap is currently raising its fifth mid-market technology fund, targeted at $600 million.
4 min read · 20 April 2017
Virtu Financial Inc (NASDAQ: VIRT), a U.S. electronic trading business, has agreed to buy KCG Holdings Inc (NYSE: KCG) in a cash transaction valued at about US$1.4 billion. With the deal's closing, expected in the third quarter, New York-based Virtu said it expects to migrate trading of the combined company onto a single platform. Several investors are backing the merger, including Canada's Public Sector Pension Investment Board (PSP Investments), which is partnering North Island and Singapore's GIC to invest US$625 million in Virtu's common stock.
8 min read · 20 April 2017
European private equity firm Partners Group and Canada's Public Sector Pension Investment Board (PSP Investments) have closed their acquisition of Cerba HealthCare SAS, a Paris-based medical laboratory services operator. The deal, announced in January, saw Partners Group and PSP Investments pay about 1.8 billion euros (US$1.9 billion) for the company. The seller was European private equity firm PAI Partners, which acquired a majority stake in Cerba from IK Investment Partners in 2010.
3 min read · 20 April 2017
Canada's Lundin Mining Corp (TSX: LUN) has closed its sale of an interest in TF Holdings Ltd, through which Lundin owned a 24 percent stake in Tenke Fungurume Mining SA, a copper and cobalt mine in the Democratic Republic of Congo. The buyer, Chinese private equity firm BHR Partners, paid US$1.136 billion in cash for the interest. The deal was announced last November. Lundin, a base metals mining company headquartered in Toronto, said the sale enables a focus on its majority-owned operations and projects, growth of the business, and maintenance of a strong balance sheet.
3 min read · 20 April 2017
Stelco, formerly U. S. Steel Canada Inc, said its salaried employees, retirees and affiliated groups have agreed to support the company's restructuring plan with Bedrock Industries Group. The steel producer, which has been operating under creditor protection since 2014, entered into a restructuring deal with Bedrock in late 2016, shortly after United States Steel Corp (NYSE: X) agreed to transfer ownership to the U.S. private equity firm. The agreement remains subject to court approval. Bedrock previously said it will continue operating Stelco's plants in Hamilton and Nanticoke, Ontario.
3 min read · 19 April 2017
Forestry.io, a Charlottetown, Prince Edward Island website content manager, has raised about $754,000 (US$560,000) in a seed-stage financing. The investors included an AngelList syndicate led by Silicon Valley investor Gil Penchina. Forestry.io said it is the first startup in Canada to close a round with an AngelList syndicate. Founded by CEO Scott Gallant and CTO Jordan Patterson in 2015, Forestry.io has developed a content management system that helps post and update material on static websites. It plans to use the funds raised to hire developers and marketing personnel.
2 min read · 19 April 2017
U.S. specialty pet retailer PetSmart Inc has acquired Chewy Inc, an online retailer of pet food and products based in Dania Beach, Florida. No financial terms were released; however, Recode reported the deal's value to be US$3.35 billion. It is expected to close later this year. PetSmart, which is based in Phoenix, Arizona, said Chewy’s e-commerce model complements its store footprint and other offerings. PetSmart was acquired in 2015 by a consortium led by BC Partners. Caisse de dépôt et placement du Québec, a Canadian pension fund, was among the investors.
5 min read · 19 April 2017
The Fonds de solidarité FTQ has made an investment in the Canadian subsidiary of France's Chocmod, a global manufacturer and distributor of cocoa truffles. The deal, the financial terms of which were not released, provided the Fonds will a minority stake in the business. Its investment, supported by a loan from National Bank of Canada, will help finance Chocmod's continued growth in North America from its base in Saint-Jean-sur-Richelieu, Québec. The company's plant in Saint-Jean-sur-Richelieu was opened in 2011 and exports truffle products to the United States.
3 min read · 19 April 2017
