Canadian agricultural technology company Agrisoma Biosciences Inc has raised $15.4 million in a Series B financing. The round was co-led by Groupe Lune Rouge, the investment vehicle of Guy Laliberté, founder of Cirque du Soleil, and Cycle Capital Management and BDC Capital, which also invested in the company's Series A in 2014. With the latest round, Lune Rouge CFO Catherine Vu has joined the board. Founded in 2001, Agrisoma is the developer of Carinata, a non-food oilseed crop designed for sustainable production of biofuels. Led by President and CEO Steven Fabijanski, the Gatineau, Québec company will use the funds raised for global expansion.
4 min read · 11 April 2017
An affiliate of U.S. private equity firm New Water Capital Partners has recapitalized GSC Technologies, a Montréal-based maker of kayaks and watersports equipment, as well as storage and outdoor furniture products. No financial terms were disclosed. Established in 1982, GSC has company-owned manufacturing locations and outsourced partners across the United States and Canada. Its president and vice-president, respectively Robert Farber and Jason Farber, will continue in their roles. The partnership with New Water is intended to increase the company's brand awareness, geographic expansion, and broadening of product lines, Principal Anuj Singh said.
2 min read · 11 April 2017
Metamaterial Technologies Inc (MTI), a Canadian smart materials and photonics company, has raised $8.3 million in a Series A financing. The round was led by Radar Capital, a Canadian investor in pre-IPO companies. It was joined by Innovacorp, which also invested in MTI in 2015, and other backers. Founded in 2011 by CEO George Palikaras, Halifax-based MTI specializes in metamaterial research, nanofabrication and computational electromagnetics. It will use the funds raised to help commercialize its aerospace laser-protection product and develop production tools for its platform technology. MTI last year acquired Rolith Inc.
3 min read · 11 April 2017
Burlington, Massachusetts-based power generation provider InterGen said its shareholders are exploring a potential sale of the business. The announcement, made in response to media speculation, confirmed that InterGen and its shareholders are looking into the possibility of a sale or a change in ownership structure. The company is jointly owned by Ontario Teachers’ Pension Plan and China Huaneng Group-Guangdong Yudean Group. Ontario Teachers' acquired its 50 percent interest as part of a $2.2 billion acquisition deal in 2005.
2 min read · 11 April 2017
Blackfalds, Alberta biotechnology company Hemostemix Inc (TSX-V: HEM) has agreed to receive $4.4 million in senior debt funding from Wood Capital, a Barbados private equity firm. As part of its agreement with Wood, the company is contemplating additional financing of up to $8 million. Both transactions may entail conversion privileges. Hemostemix is focused on developing and commercializing blood-derived cell therapies to treat ischemic diseases. It will use the funds raised to consolidate its current debt, rebuild its team, support the Phase 2 trial of its lead therapy candidate, and leverage "larger, more sustainable financing."
10 min read · 10 April 2017
Direct Travel Inc, a portfolio company of U.S. private equity firm ABRY Partners, has agreed to merge with Vision Travel Inc, a Toronto-based travel management company. No financial terms were disclosed for the deal, which is expected to close this month. The combination of Direct, a Denver, Colorado-based travel manager, and Vision will create a North American business with more than US$3 billion in sales and offices in more than 60 locations, the companies said. ABRY invested in Direct last year, when it acquired the equity interest of Silver Oak Services Partners.
3 min read · 10 April 2017
Fiera Infrastructure, an infrastructure investment firm, has acquired an indirect equity interest in a renewable energy portfolio owned by D.E. Shaw Renewable Investments LLC, an affiliate of D.E. Shaw Group, and other investors. No financial terms were released. The portfolio consists of eight U.S.-based solar and wind power generation projects, as well as three other projects expected to be added in 2017. The total portfolio reflects a gross generation capacity of 921 megawatts and includes assets located across eight states. Fiera Infrastructure is an affiliate of Montréal asset manager Fiera Capital Corp.
4 min read · 10 April 2017
French food company Cérélia Group has acquired English Bay Batter Inc, a Vancouver-based bakery business that makes cookies, muffins, brownies and other pastries sold across North America. No financial terms were released. Cérélia said the deal creates a global business with an enlarged range of product offerings distributed via retail, in-store bakery and food-service channels. Founded in 1983 by CEO Jack Seguin, English Bay was acquired by Canadian investment holding company Kilmer Van Nostrand in 2014. Manulife Capital and BMO Capital Partners also invested. Cérélia has been backed by European private equity firm IK Investment Partners since 2015.
2 min read · 10 April 2017
U.S. mining private equity firm Orion Mine Finance has made an equity investment in Leagold Mining Corp (TSX.V: LMC) a Vancouver company focused on mid-tier gold production opportunities in Latin America. Orion bought common shares and receipts worth about $67.1 million (US$50 million) as part of a US$200 million financing package provided in support of Leagold's acquisition from Goldcorp Inc of the Los Filos gold mine in Guerrero State, Mexico. The package included a credit facility with an Orion affiliate of US$150 million. Leagold announced the close of the acquisition, valued at US$350 million, earlier this month.
3 min read · 10 April 2017
BDC Capital has hired Michelle Scarborough as managing director, strategic investments and women-in-tech. In that role, Scarborough will lead BDC's strategic investments in support of Canada's innovation ecosystem. She will also manage the firm's $50 million investment in women-led technology startups, announced last November. Scarborough joins BDC from Kensington Capital Partners, where since 2015 she led the firm's investment activity in Western Canada. Her other prior roles include managing partner at Fronterra Ventures and chair of the National Angel Capital Organization.
3 min read · 10 April 2017
