U.S. private equity firm Sentinel Capital Partners has made an undisclosed investment in Altima Dental Centres, a Canadian dental services organization. The platform deal is Sentinel's fifth in the dental industry. Founded in 1993 by Dr. Sven Grail and Dr. George Christodoulou, Toronto-headquartered Altima operates more than 30 dental clinics in Canada and provides services to more than 200,000 patients annually. Paul Murphy, a partner at Sentinel, said the deal will support the company's next phase of growth. Sentinel's other Canadian portfolio investments include The Luminaires Group, which was recapitalized in June 2016.
3 min read · 03 January 2017
3 min read · 27 December 2016
Canada’s venture industry in 2016 had its best fundraising year since the dot-com era, thanks to greatly improved supply-side conditions. Some 25 funds banked more than $2.2 billion in committed capital this year, according to preliminary data from Thomson Reuters and supplementary data compiled by PE Hub Canada. That’s up 86 percent from $1.2 billion raised in 2015. In fact, the data suggest fundraising levels in 2016 are the highest in Canada since 2002, when $2.5 billion was secured.
3 min read · 27 December 2016
Indian telecommunications service provider Reliance Communications Ltd (RCOM) has agreed to sell a stake in its mobile tower assets to Brookfield Infrastructure Partners and its institutional partners. RCOM will receive an upfront cash payment of US$1.6 billion as a result of the sale. RCOM, a Navi Mumbai affiliate of the Reliance Group, said the deal represents the largest investment by an overseas financial investor in India's infrastructure sector. In July, Toronto-based Brookfield Asset Management announced the US$14 billion close of its third global infrastructure fund.
4 min read · 23 December 2016
Fairfax Financial Holdings Ltd has agreed to invest in Mosaic Capital Corp, a Calgary-based private equity firm. Fairfax agreed to subscribe for $150 million of senior preferred securities, secured debentures and common share purchase warrants. If the warrants are fully exercised, it would own about 66 percent of Mosaic's shares. With the deal's close, expected in January, Fairfax President Paul Rivett will be appointed as a director. As part of the deal, Mosaic and Fairfax agreed to work together on mid-market private equity opportunities. Mosaic appointed Mark Gardhouse as its CEO in July. In August, it agreed to buy Mackow Industries.
6 min read · 23 December 2016
Infinite Electronics, a portfolio company of U.S. private equity firm Genstar Capital, has acquired KP Performance Antennas, an Edmonton-based manufacturer of broadband antennas and accessories. No financial terms were released. Infinite, an Irvine, California supplier of radio frequency technology products, said the deal will extend the scope of products available to its customers. Infinite, formerly known as Infinite RF Holdings Inc, was acquired by Genstar in May 2016.
2 min read · 22 December 2016
Canada Pension Plan Investment Board and Ontario Teachers' Pension Plan have closed their joint investment in an affiliate of Impulsora del Desarrollo y el Empleo en América Latina (Ideal), which owns one of Mexico’s largest toll road concessions. The deal, announced in June, saw CPPIB and Ontario Teachers' pay $1.35 billion for a 49 percent stake in the Autopista Arco Norte. Ideal will hold a 50.5 percent interest in the asset. The deal represents CPPIB's and Ontario Teachers' first joint investment in the Mexican market.
2 min read · 22 December 2016
Mission Ready Services Inc (TSX-V: MRS) has agreed to access a draw-down equity facility of up to $10 million from Alumina Partners, a U.S. private equity firm. Vancouver-based Mission Ready provides cleaning, logistics, maintenance, program management, consulting and client representation solutions for defense, security and protective services agencies. Rod Reum, the company's president and CEO, said the funding deal comes as Mission Ready prepares to roll out a portfolio of protective products and undertake a range of growth initiatives over the next 24 months.
3 min read · 22 December 2016
Halifax drug development startup Appili Therapeutics Inc has raised $2.15 million in a follow-on round. New and existing investors backed the deal, including Canadian venture capital firm Innovacorp and others that joined the company's $3.27 million seed financing in May. Founded last year with the support of Bloom Burton & Co, Appili is a developer of novel therapeutics for infectious diseases. It will use the latest funds raised to advance the company's lead product candidate, an antibiotic designed to treat anaerobic infections, into clinical trials. Appili also plans to add to its anti-infective pipeline.
3 min read · 22 December 2016
Adventus Zinc Corp, a recently formed Canadian mining company, has closed an $8 million seed financing. The investors include U.S. private equity firm Resource Capital Funds, U.K. private equity firm Greenstone Resources, and an affiliate of Altius Minerals Corp, a Canadian mining royalty business. Toronto-based Adventus, which acquired from Altius a portfolio of zinc exploration projects in Ireland and Canada, said the funds raised will be used to develop these assets and acquire new zinc projects. The company also filed a preliminary prospectus with Canadian regulators for a proposed $3 million initial public offering.
8 min read · 21 December 2016
