AQM Copper Inc (TSX-V: AQM), a Toronto-based mining company, has agreed to be acquired by Teck Resources Ltd (TSX: TCK.A-B). Vancouver's Teck agreed to pay about $25 million for AQM shares it does not own. The deal is expected to close in early 2017. AQM's officers and representatives of U.S. private equity firm Resource Capital Funds, holding about 18 percent of AQM's total issued and outstanding shares, have agreed to vote in favour of the acquisition. AQM is focused on exploring and developing copper deposits in Southern Peru.
7 min read · 21 November 2016
Triphase Accelerator Corp, a portfolio company of MaRS Innovation, has agreed to sell assets relating to its first investigational compound, marizomib, to Celgene Corp. No financial terms were disclosed. Triphase, a Toronto cancer-focused biotechnology accelerator, was launched by MaRS Innovation in partnership with the Ontario Institute for Cancer Research and MaRS Discovery District in January 2014. Celgene is a strategic partner. MaRS Innovation said the sale of marizomib, a novel brain-penetrant proteasome inhibitor used to treat glioblastoma, marks its first major portfolio exit.
4 min read · 21 November 2016
Canadian mining company Sage Gold Inc (TSX-V: SGX) has completed an $11.5 million financing package with affiliates of Cartesian Capital Group, a U.S. private equity firm. The financing package, which includes an equity investment and a secured gold prepayment investment, will help fund the company's development of its flagship Clavos gold project in the Timmins mining camp. Toronto-based Sage also announced its buy of a 40 percent minority interest in Clavos from Kirkland Lake Gold Inc for $1 million.
8 min read · 21 November 2016
Russell Food Equipment Ltd, a Vancouver provider of food service equipment and supplies (FE&S), has merged with Hendrix Hotel & Restaurant Equipment & Supplies Ltd, a Brockville, Ontario company that operates in the same industry. No financial terms were released for the deal, which created a new business, Russell Hendrix Foodservice Equipment. It will be "positioned as the market leader in the Canadian FE&S distribution industry," Mark Morris, a partner at U.S. private equity firm Blue Point Capital Partners, said. Blue Point acquired Russell last year. Russell Hendrix's CEO will be Larry Vander Baaren, who previously led Hendrix.
3 min read · 21 November 2016
Information Venture Partners wrapped up its second VC fund at $106 million with the help of a fourth strategic investor as well as increased commitments from existing limited partners. Information Venture Partners II, which invests in fintech and enterprise-software companies in Canada and the United States, closed late last month, General Partners Robert Antoniades and David Unsworth told PE Hub Canada. The fund edged past its $100 million target thanks mostly to a commitment from Manulife Financial, a Canadian insurer and financial-services firm.
2 min read · 21 November 2016
Québec private equity and venture captial firm Fondaction CSN and Coop Carbon have unveiled Fonds Carbone, a carbon contract fund. The $20 million fund will finance 15 to 25 projects to reduce greenhouse gases (GHGs) in exchange for generated offset credits. Coop Carbone was launched in 2014 to leverage carbon market opportunities to reduce GHGs in Québec. The organization's founding members are Fondaction CSN, Desjardins Group, La Coop fédérée, the Association québécoise pour la maîtrise de l’énergie, and the Centre of Excellence in Energy Efficiency.
3 min read · 18 November 2016
Canadian specialty pharmaceutical company Medicure Inc (TSX-V: MPH) has exercised its option to acquire a majority interest in Apicore Inc, a U.S. developer and maker of active pharmaceutical ingredients and pharmaceuticals. The US$33.25 million deal increased Medicure's stake in Apicore to 64 percent. Winnipeg's Medicure was backed by a $60 million term loan provided by Canadian specialty finance firm Crown Capital Partners and the Ontario Pension Board, an investor in Crown's funds. Medicure bought a minority stake in Apicore in 2014 with the help of Signet Healthcare Partners and other investors.
4 min read · 18 November 2016
Canadian venture capital firms Genesys Capital and BDC Capital have acquired additional common shares in Profound Medical Corp (TSX-V: PRN), a Toronto medical device company focused on treatments for prostate cancer. The investments were made as part of Profound's $17.4 million bought deal offering, announced earlier this week. Genesys invested via its latest fund, Genesys Ventures III, which raised $90 million in an initial close in August. It now owns about 21.4 percent of the company's total shares. BDC announced its investment in a separate release, taking a 24.3 percent interest.
2 min read · 18 November 2016
Novacap has added to its bench strength with a crop of fresh hires, including a successful tech entrepreneur and a former Stronach Group executive. The Montréal private equity firm announced the addition of five new professionals. They include Étienne Veilleux, founder of energy management solutions provider Distech Controls, who joined Novacap’s TMT group as a senior partner in September.
3 min read · 18 November 2016
Portland Investment Counsel Inc, a firm led by Canadian billionaire Michael Lee-Chin, has agreed to partner with Canadian specialty private equity firm Newlook Capital. An affiliate of Portland committed an undisclosed amount to Newlook Capital Industrial Services LP, which invests in lower mid-market industrial services companies located in Canada and the United States. Founded in 2010, Toronto’s Newlook is led by President and Managing Partner Elroy Gust.
2 min read · 17 November 2016
