Canada's Stantec Inc (TSX, NYSE: STN) has agreed to sell Innovyze, a U.S. provider of water infrastructure modeling and simulation software solutions, to an affiliate of European alternative investments firm EQT. EQT agreed to pay US$270 million for the business in a deal expected to close in the second quarter. Stantec, an Edmonton professional consulting services company, acquired Innovyze as part of last year's buy of MWH Global Inc. EQT said in a separate release it will support Innovyze's continued growth through a focus on new product capabilities, customer segments and geographies.
3 min read · 21 March 2017
407 International Inc, the operator of Ontario toll highway Highway 407, has agreed to issue $250 million in senior notes through its $1.8 billion medium-term notes program. The deal will be processed by a syndicate led by RBC Dominion Securities Inc and BMO Nesbitt Burns Inc. The proceeds will be used to fund a series reserve account, repay debt and other priorities. 407 International is owned by Ferrovial SA, Canada Pension Plan Investment Board (CPPIB) and SNC-Lavalin. CPPIB struck a deal in 2010 to acquire its 40 percent interest.
2 min read · 21 March 2017
Fight Against Cancer Innovation Trust (FACIT) has launched the Prospects Oncology Fund, a pre-seed evergreen fund intended to support oncology discoveries in Ontario. Managed by FACIT, the fund will provide up to $200,000 to help technologies attract seed-stage investment. Opportunities will be sourced within Ontario research institutions and startups. FACIT, established by the Ontario Institute for Cancer Research to commercialize oncology innovations, said the fund will address a capital gap "commonly associated with early-stage research and translational discoveries."
3 min read · 21 March 2017
Canadian biotechnology company Prevtec Microbia Inc has secured $2.5 million in follow-on financing. Telesystem, Desjardins-Innovatech, Grupo Corporativo Fuertes and Echo Capital FIER Outaouais invested in the round. Prevtec, a developer of biological products for the prevention of diseases in food animals, said the funds raised will be used to launch a second swine vaccine in the European Union. The investment will also allow the company to add to its European team and manage demand from pig producers. Founded in 2001, Montréal-based Prevtec is led by President and CEO Michel Fortin.
2 min read · 21 March 2017
Hootsuite has acquired the Snapchat analytics solution developed by Naritiv, a Los Angeles content creation company. No financial terms were released for the deal, which follows Hootsuite’s buys of AdEspresso and LiftMetrix earlier this year. Hootsuite, a Vancouver-based social media management platform, said the addition of Naritiv’s solution will enable its customers to leverage Snapchat in their digital marketing campaigns. Hootsuite has raised about US$250 million in venture capital funding from Accel Partners, Insight Venture Partners, OMERS Ventures and other investors. Naritiv closed a Series A round last year, according to Crunchbase.
3 min read · 21 March 2017
Canadian clinical-stage biopharmaceutical company Aurinia Pharmaceuticals Inc (Nasdaq: AUPH, TSX: AUP) has closed a public offering of common shares, generating gross proceeds of about US$173.1 million. The Victoria, British Columbia company said it plans to use the proceeds for research and development initiatives, including Phase 3 clinical trial activities for lupus nephritis, and working capital purposes. Aurinia three years ago raised US$52 million in venture capital funding. It continues to be backed by several investors in that round, including Lumira Capital and ILJIN Life Science.
3 min read · 21 March 2017
Ontario Pension Board (OPB) reported an annual investment return of 8.1 percent in 2016. This provided the pension fund manager with net investment income of $1.75 billion and net assets of $24.4 billion at year's end. OPB, which administers Ontario's Public Service Pension Plan, said it continued to shift assets from public to private markets in 2016, increasing its gross exposure by about $831.6 million. The private equity portfolio saw the largest increase: 68.5 percent.
2 min read · 21 March 2017
Avison Young Inc has acquired Hunter & Associates LLC, a Raleigh, North Carolina commercial real estate business. No financial terms were disclosed. The add-on acquisition, Avison's third so far this year, expands the company's property management, retail real estate brokerage, and landlord and tenant-representation service offerings in the Carolinas. Avison, a Toronto-based provider of commercial real estate services, is a portfolio investment of Canadian private equity firm Parallel49 Equity. Between 2011 and 2015, it was backed by Parallel49’s predecessor, Tricor Pacific Capital.
6 min read · 21 March 2017
Kew Media Group, a Canadian special purpose acquisition corporation, has closed its buy of Frantic Films Corp, a branded content and live-action production company based in Winnipeg. The buy formed part of broader transaction in which Kew acquired six content companies to create a global media platform. Kew previously disclosed an upfront purchase price of about $104.1 million for all of the assets. Frantic Films has since 2007 been a portfolio company of PRIVEQ Capital Funds, a Canadian private equity firm. PRIVEQ at the time said it invested $5 million to help the company grow.
2 min read · 20 March 2017
U.S. private equity firm Carlyle Group has acquired Arctic Glacier Group Holdings Inc, a Canadian manufacturer and distributor of packaged ice to consumers across North America. No financial terms were disclosed. Carlyle bought the Winnipeg-based company from U.S. private equity firm HIG Capital, which acquired it out of bankruptcy in 2012 for US$434.5 million. Earlier this month, the Wall Street Journal said HIG was planning to sell Arctic Glacier to Carlyle for US$723 million. Founded in 1996, Arctic Glacier serves more than 75,000 retail accounts. It is the fifth investment of Carlyle Global Partners, Carlyle’s long-duration fund, which raised US$3.6 billion last year.
5 min read · 20 March 2017
