Veri, a soon-to-be-released platform that connects social celebrities with their fans, has raised seed-stage financing. The "multi-million dollar" round, the terms of which were not disclosed, was led by Bob Wetenhall, owner of Canadian football team the Montreal Alouettes and founder of McConnell Wetenhall & Co Inc. Based in Montréal, Veri has developed an app that gives social celebrities the chance to offer fans a one-on-one connection. The funds raised will allow the company to further develop the technology, which is due for its public launch later this year.
3 min read · 11 October 2016
U.S. specialty insurance broker AmWINS Group Inc, which last year secured an investment from Public Sector Pension Investment Board (PSP Investments), has agreed to a partnership with Dragoneer Investment Group, a U.S. investment firm. The deal, which values AmWins at about US$2.6 billion, will provide an exit to U.S. private equity firm New Mountain Capital. With the close, expected within the next two months, Dragoneer will own a 35 percent interest in AmWINS, while Montréal-based PSP Investments will hold a 30 percent interest.
5 min read · 11 October 2016
Kensington Venture Fund has made an undisclosed investment in Real Matters Inc, a Markham, Ontario-based real estate technology platform. The investment adds to the $100 million private placement deal and equity issue announced by Real Matters in April, one of the largest financings raised by a private Canadian technology company in three years. Kensington Venture Fund, a venture fund of funds managed by Toronto-based investment firm Kensington Capital Partners, raised $306 million in a final close in March.
2 min read · 11 October 2016
Canadian private equity firm Onex Corp announced that Brian Horton has joined Onex Credit Partners LLC as a portfolio manager. Horton, who has about 25 years of market experience, will work with Paul Travers to continue growing the firm's collateralized loan obligation (CLO) platform. Onex Credit focuses on non-investment grade credit investing and manages about US$7.5 billion. Last month, the group priced its 12th CLO offering at about US$560 million.
3 min read · 11 October 2016
Toronto-based specialty lender Health Smart Financial Services last month secured an undisclosed minority growth equity financing. The round was led by iA Financial Group. Founded in 2009, Health Smart operates a technology platform that allows healthcare providers to offer their customers monthly payments for services and products that require out-of-pocket expense. The company said it plans to use the funds raised to build merchant and customer relationships, further invest in its platform, and grow the balance sheet. Health Smart is led by President and CEO Wayne Pommen, formerly a principal at TorQuest Partners.
3 min read · 11 October 2016
Canadian specialty foods producer SunOpta Inc (Nasdaq: STKL, TSX: SOY) has entered into a partnership with U.S. private investment firm Oaktree Capital Management. With the deal, Oaktree invested $85 million in the form of exchangeable preferred shares, which will be used to reduce SunOpta's second lien debt and increase flexibility. Oaktree will be limited to a 19.99 percent interest in the company. Toronto-based SunOpta said it, Oaktree and Engaged Capital are conducting a business review aimed at delivering long-term value to shareholders and accelerating growth. Reuters previously reported that SunOpta has been under pressure from hedge fund investors to make strategic changes.
10 min read · 07 October 2016
Scientific Games Corp (NASDAQ: SGMS) has acquired Karma Gaming's portfolio of interactive games, including second-chance games and eInstant games. The undisclosed deal was closed in June. Las Vegas, Nevada-based Scientific Games, which also hired several Karma Gaming developers, said the purchase accelerates its interactive strategy and product roadmap. Karma Gaming, a Halifax-based provider of online and social games for regulated lotteries, was founded in 2012. It is backed by RHO Canada Ventures, Vanedge Capital, Innovacorp and other investors.
7 min read · 07 October 2016
Tetra Bio-Pharma Inc, formerly known as GrowPros Cannabis Ventures Inc, has secured a draw-down equity facility of up to $2 million from U.S. private equity firm Alumina Partners. Based in Ottawa, Tetra is a consulting firm for the medicinal cannabis and hydroponic wholesale industry. The funds raised will be used as working capital to back various projects, Tetra said.
3 min read · 07 October 2016
Calgary's Wolf Midstream Inc has wrapped up its acquisition of a 50 percent ownership interest in Access Pipeline Inc, operator of a heavy oil transportation pipeline network servicing facilities in the northeastern region of Alberta. The deal, announced in July, saw Wolf pay Devon Energy Corp $1.4 billion for the stake. Canada Pension Plan Investment Board, which last year formed a partnership with Wolf to invest in midstream opportunities in Western Canada, committed $825 million to the acquisition.
2 min read · 07 October 2016
Vancouver-based clinical-stage pharmaceutical company MSI Methylation Sciences Inc has secured about $39.6 million (US$30 million) in funding. The investor was Quark Venture, a Canadian life sciences venture capital firm. MSI is developing an oral, small-molecule therapy for adjunctive treatment of major depressive disorder. The funds raised from Quark will facilitate further product development in a phase 2 B trial. Founded in 2007, MSI is led by President Nancy Harrison, formerly a partner at Ventures West Management. The company is also backed by British venture capital firm Inventages Venture Capital.
4 min read · 07 October 2016
