Ardent Health Services and LHP Hospital Group Inc have agreed to merge. No financial terms were disclosed for the deal, which is expected to close in early 2017. With the close, the new business will be the second largest private, for-profit hospital operator in the United States with 19 hospitals in six states. Equity financing for the merger will be provided by Ardent's owner, Equity Group Investments. Plano, Texas-based LHP, established to provide capital and expertise to not-for-profit hospitals and hospital systems, is backed by Canada Pension Plan Investment Board (CPPIB) and CCMP Capital Advisors.
4 min read · 06 October 2016
U.S. consumer health enterprise software company Welltok Inc has raised US$33.7 million in a Series E financing. The round saw participation from both new and existing investors, including Canadian growth equity firm Georgian Partners, which led the company's US$45 million follow-on round last December. Denver, Colorado-based Welltok said the latest funds raised will be used to continue development of its CaféWell health optimization platform plus complementary offerings, and to expand into new market segments. Georgian Partners raised US$375 million for its third fund in August.
3 min read · 06 October 2016
The National Angel Capital Organization (NACO) and BDC Capital have given the 2016 Canadian Angel of the Year award to Manny Padda. The award, presented at NACO's National Angel Summit, recognizes an individual investor who has made a significant contribution to the growth and development Canada's angel ecosystem. Padda is the founder and managing director of New Avenue Capital, a Vancouver-based firm focused on venture capital, recruitment, private lending and real estate, and social venture and philanthropy. He has led the organization since 2010.
3 min read · 06 October 2016
Canadian oil and gas company Velvet Energy Ltd has closed a private placement of US$125 million of senior secured second lien notes. Affiliates of FS Investments, GSO Capital Partners and CI Investments were the source of the financing, the proceeds of which will be used by Velvet to pay down debt and expand its Edson Ellerslie development program. The company also plans to draw $30 million on its private equity line to advance exploration initiatives. Last year, Calgary-based Velvet secured an additional $100 million commitment from its backers, Warburg Pincus, Trilantic Capital Partners and ZAM Ventures.
4 min read · 06 October 2016
Montréal customer experience analytics specialist iPerceptions has bought the ad tech business of Datacratic, a machine learning and artificial-intelligence technology company also based in Montréal. No financial terms were released. iPerceptions said the acquisition strengthens its position in the machine learning and audience data space and increases the value of its offering to enterprise customers. iPerceptions is backed by Canadian investors Telesystem and XPND Capital, and has also secured funding from Wellington Financial, a Canadian specialty finance firm. Datacratic is backed by Canadian venture capital firms Real Ventures and BDC Venture Capital.
3 min read · 06 October 2016
Toronto-based financial technology company Financeit Canada Inc has raised a $22 million (US$17 million) equity financing. The round was led by new investors The Pritzker Organization and DNS Capital, as well as existing investors. The latter may include include Goldman Sachs, which led a minority equity investment in the company last year. Financeit, a cloud-based point-of-sale financing platform, said the latest funds raised was used in part to fund its previously-announced acquisition of TD Bank Group’s indirect home improvement financing assets. The money will also support the company's continued growth.
3 min read · 06 October 2016
Canada’s top 10 third-quarter venture financings attracted more than $329 million from investors, down 30 percent from the $470 million that went into the top 10 deals in the same quarter a year ago. The estimate is based on PE Hub Canada's list of the largest deals announced from July through September, and preliminary data from Thomson Reuters. The quarterly data suggest a possible slowing of momentum in Canada's venture market, compared with the robust activity reported in the year's first half.
3 min read · 06 October 2016
The Canadian Innovation Exchange (CIX) has announced this year's roster of 20 innovative companies to be inducted into the annual CIX Top 20 program. The companies were selected by a committee made up of technology experts and investors from across Canada and will appear at the CIX 2016 event in Toronto on November 22nd. They are: Blue J Legal, CareGuide, Drop Loyalty, Exact Media, Finn.ai, Gemba Software Solutions, Instant Financial, Landr, League, Medella Health, Overbond, Repayable, SweetIQ, TritonWear, TrustPoint Innovation Technologies, Unata, Wantoo, Zeitdice, Zensurance and Zoom.ai.
3 min read · 05 October 2016
Maple Leaf Angels and Maple Leaf Angels Capital Corp have launched their second angel investment fund, MLA48 Fund II. The fund will be limited to 48 limited partners and have an expanded size and scope relative to MLA48 Fund I. Terms were not released. Fund I was launched in October 2014 to finance early-stage companies in information, communications and entertainment sectors in southern Ontario. It invested in Orchard, Sharethebus, ConferenceCloud and Oneset. Founded in 2007, Maple Leaf Angels is a Toronto-based angel investment organization.
3 min read · 05 October 2016
U.S. private equity firm HIG Capital has acquired Dominion Colour Corp (DCC) a Toronto-based designer, developer and maker of colour pigment solutions and preparations for the coatings, plastics and specialty ink industries. No financial terms were disclosed. Founded in 1946, DCC provides its pigment solutions to more than 400 customers in 70 countries. HIG Capital Managing Director Keval Patel said the firm plans to work with DCC's management team to further expand its product portfolio, organically and through acquisitions. Mark Vincent, who was previously the company's executive vice president, will now lead DCC as CEO.
3 min read · 05 October 2016
