Immunotec Inc (TSX-V: IMM) a Canadian maker of nutritional, skin care and wellness products, has agreed to be taken private. A partnership of business executive Mauricio Domenzain and Mexican private equity firm Nexxus Capital will acquire the company for a cash consideration of $0.485 per share. The deal, expected to close in June, concludes a strategic review initiated by Immunotec in response to two of its founding shareholders, Charles Roberts and Dieter Beer, who sought to monetize their stakes. Established in 1996, Immunotec has its headquarters in Vaudreuil-Dorion, Québec.
6 min read · 23 March 2017
Canadian miner Coro Mining Corp has launched a private placement offering intended to raise up to $16.15 million. The deal's proceeds will fund the company's acquisition of Minera Rayrock Ltda, a unit of Peruvian mining company Compañía Minera Milpo SAA, and other priorities. Coro said that its majority investor, U.K. metals and mining private equity firm Greenstone Resources, plans to invest, and if necessary, account for the entire offering. If that happens, Greenstone will increase its interest to 63.71 percent. Vancouver-based Coro explores and develops copper projects in Latin America.
3 min read · 23 March 2017
Retailer Sears Canada Inc (TSX: SCC) has entered into a credit agreement with KKR Capital Markets LLC, an affiliate of Kohlberg Kravis Roberts & Co, and GACP Finance Co LLC for a five-year secured term loan of up to US$300 million. The loan, to be used for general corporate purposes, will be available in two tranches. The first tranche of US$125 million was drawn in full this week. One of Sears Canada's largest shareholders in ESL Investments, the U.S. hedge fund manager led by Edward Lampert.
2 min read · 23 March 2017
The Canadian Venture Capital and Private Equity Association (CVCA) has welcomed the federal government's decision to implement a new scheme to stimulate risk financing of Canadian technology entrepreneurs and startups. Ottawa's Budget 2017 unveiled the Venture Capital Catalyst Initiative (VCCI), a $400 million program to be administered by BDC Capital. Like the Venture Capital Action Plan (VCAP), a comparable program launched in 2014, VCCI will leverage private-sector capital to bring up to $1.5 billion into the market. It will give a particular focus to late-stage opportunities. CVCA CEO Mike Woollatt said VCCI will help "catalyse Canadian venture capital."
3 min read · 23 March 2017
An affiliate of Canadian private equity firm Stern Partners has acquired the business and assets of Jean Machine, a Toronto-based denim and fashion retailer. No financial terms were released. With the deal, the company, which sells from some 30 stores, will continue to operate independently. Jean Machine reportedly filed for bankruptcy earlier this year. Ronald Stern, president of Stern Partners, said the investor "is confident in the underlying business" and believes that "with Jean Machine's liquidity issues behind it, the business is well-positioned for success." In January, Stern Partners acquired LGBTQ TV network OUTtv.
3 min read · 22 March 2017
Fleet Complete has acquired BigRoad, a Waterloo provider of hours-of-service and regulatory compliance solutions. No financial terms were disclosed. Fleet Complete, a Toronto provider of fleet, asset and mobile workforce management software, said the deal will help it to capture the largest share of the truck driver market. Founded in 2000, Fleet Complete expanded into Europe in 2015 and Australia in 2016, and currently serves more than 8,000 companies worldwide. It is majority owned by U.S. private equity firm Madison Dearborn Partners. Madison acquired the business in September 2014.
4 min read · 22 March 2017
Toronto biotechnology startup Propellon Therapeutics has raised $3 million in seed-stage financing. The investment was made by Fight Against Cancer Innovation Trust (FACIT), an affiliate of the Ontario Institute for Cancer Research. FACIT established Propellon last year to develop a portfolio of WDR5-targeted anti-cancer therapeutics. The funds raised will allow it to accelerate the nomination of a candidate drug and prepare for a Series A financing or strategic partnership to back clinical trials. Earlier this week, FACIT launched a new fund to support Ontario oncology discoveries.
3 min read · 22 March 2017
Canada Goose Holdings Inc (TSX, NYSE: GOOS), a portfolio company of Bain Capital, has closed its initial public offering in Canada and the United States. Canada Goose raised about $390 million in gross proceeds, which includes the full exercise of an over-allotment purchase option granted to underwriters. Announced earlier this year, the IPO included a secondary sale by Bain. With its close, the U.S. private equity firm remains the company's majority shareholder. Toronto-based Canada Goose is a designer and maker of luxury outdoor apparel. The public sale reportedly valued it at about $1.8 billion.
3 min read · 22 March 2017
Fengate Real Asset Investments has closed a new private equity fund, LPF Equities Fund, capitalized at $100 million. The fund will draw on the firm's background in infrastructure and real estate to target investments in mid-market operating businesses and platforms in a range of North American industries, Fengate said. The fund has already made its debut investment, backing Cricket Energy Group of Companies, a Concord, Ontario provider of residential and commercial energy services and solutions. No financial terms were disclosed. Earlier this week, Toronto-based Fengate appointed Justin Catalano to head its newly created private equity group.
3 min read · 22 March 2017
Source Energy Services Ltd, a provider of frac sand and logistical services to the oil and gas industry, has postponed its initial public offering on the Toronto Stock Exchange. Source, which recently priced the IPO to raise $300 million, said the delay was a result of "current adverse capital market conditions." Calgary-based Source has been backed by Canadian private equity firm TriWest Capital Partners since 2013. Earlier this month, Bloomberg reported STEP Energy Services Ltd, a Calgary oilfield service provider backed by ARC Financial Corp, had also postponed its IPO.
2 min read · 22 March 2017
