BOS Solutions Holdings Inc, a Calgary provider of solids and liquid waste separation solutions, has filed with Canadian securities commissions for an initial public offering of its common shares. The IPO, which has not yet been priced, will include a secondary offering by Advent International, a U.S. private equity firm. Advent acquired the company in October 2010. CIBC Capital Markets and BMO Capital Markets are the offering's lead underwriters. Founded in 2002, BOS primarily serves the North American oil and gas industry. It is the fifth Canadian private equity-backed company to announce or close an IPO so far this year.
3 min read · 14 March 2017
Toronto medical device company CellAegis Devices Inc has secured about $12.8 million (US$9.5 million) in a Series C financing. The round was led by Canadian venture capital firm CTI Life Sciences Fund and co-led by an undisclosed U.S. strategic investor. MaRS Catalyst Fund, Broadview Ventures and several family offices also invested. With the deal, Dr. Shermaine Tilley, a CTI managing partner, and Broadview's Christopher Colecchi have joined the board. CellAegis has developed the non-invasive autoRIC Device, which delivers therapy to patients with cardiovascular conditions. It will use the funds raised to support U.S. clinical testing and commercialization.
3 min read · 14 March 2017
AcuityAds Holdings Inc (TSX-V: AT) has agreed to acquire Visible Measures Corp, a Boston-based programmatic platform provider for analytics-led video advertising. The acquisition is an all-cash transaction valued at US$10 million. Silicon Valley Bank agreed to finance it with a revolving line of credit. AcuityAds, a Toronto provider of digital media solutions enabling advertisers to connect with audiences, said the buy will help it gain a more substantial footprint in the video advertising and programmatic TV markets. Visible Measures is backed by DAG Ventures, General Catalyst, Mohr Davidow Ventures and Northgate Capital, among others.
6 min read · 13 March 2017
OPTrust, which invests on behalf of OPSEU Pension Plan, reported a net six percent return on its investments in 2016, outpacing its benchmarks. As a result, net assets overseen by OPTrust increased to $19 billion at the end of December, up from $18.4 billion at the same time in 2015. Private equity investments returned 20.6 percent in 2016, making it a top-performing asset class. OPTrust said last year's activity included commitments to 10 new private equity investments, totaling $488 million, in North America, Europe and Asia.
3 min read · 13 March 2017
Medgate Inc recently acquired IQS Inc, a Cleveland, Ohio provider of web-based enterprise quality management software. No financial terms were released. The deal "rounds out" Medgate’s offering of enterprise environmental, health and safety software solutions, the company said. Based in Toronto, Medgate in 2016 secured an investment led by Norwest Venture Partners and joined by Georgian Partners and BMO Financial Group. Its purchase of IQS comes on the heels of the company's buy of regAction Inc last month.
3 min read · 13 March 2017
Alberta Investment Management Corp (AIMCo) has agreed to invest US$500 million in the acquisition of Swiss insurer Allied World Assurance Co Holdings AG by Fairfax Financial Holdings Ltd. Fairfax, a Canadian financial holding company, announced the proposed buy of Allied World for US$4.9 billion in December. The cash-and-stock transaction is expected to close in the second quarter. AIMCo's investment will give it a stake in the company of about 10 percent. Allied World is a provider of property, casualty and specialty insurance and reinsurance solutions.
2 min read · 13 March 2017
Canadian private equity firm Birch Hill Equity Partners has recapitalized Cozzini Bros Inc, a U.S. knife-rental and knife-sharpening service company. No financial terms were disclosed for the deal, which provided Birch Hill with a majority stake. It also gave an exit to Audax Private Equity, which bought Cozzini in 2010. Des Plaines, Illinois-based Cozzini provides cutlery and other sharpening services to more than 40,000 U.S. restaurants, grocery stores, institutional kitchens and other foodservice establishments. Birch Hill's Pierre Schuurmans said his firm will back Cozzini's next stage of growth by continuing its acquisition program and increasing outside sales efforts.
3 min read · 13 March 2017
Citron Hygiene, formerly known as Cannon Services, has acquired Workplace Essentials, a washroom and workplace hygiene company based in Billerica, Massachusetts. No financial terms were disclosed. The acquisition is Citron Hygiene's second since it was bought last April by Canadian private equity firm Birch Hill Equity Partners. The company acquired Sani-Service from Serruya Private Equity last September. Peter Farrell, president and CEO of Citron Hygiene, a Toronto-based provider of washroom hygiene, pest control and life safety services, said his company's latest add-on deal is an important first step in its North American and global growth plan.
3 min read · 10 March 2017
Betterez Inc, a Toronto reservations and ticketing management platform, has raised an undisclosed seed financing. The round was led by Amadeus Ventures, the venture fund of Spanish travel and tourism technology company Amadeus IT Group. Donald Carty, former chairman and CEO of American Airlines Inc, also invested. Founded in 2011 by CEO Tal Shalit, Betterez said the number of travel and tour companies using its software more than doubled in 2016, while processed volume grew over 400 percent. It plans to use the funds raised to build out sales, distribution, operations and back-office features and capabilities.
3 min read · 10 March 2017
Healthcare of Ontario Pension Plan (HOOPP) reported a 10.35 percent return on its investments in 2016, exceeding its portfolio benchmark by 4.23 percent. As a result, net assets overseen by the Canadian pension fund increased to $70.4 billion at the end of last year, up from $63.9 billion in 2015. Private equity investments returned 15 percent on a currency-hedged basis, compared to 17.7 percent the year before. At present, private equity accounts for 7.5 percent of HOOPP's total assets.
3 min read · 10 March 2017
