The private equity group of Brookfield Asset Management disclosed an increase in its ownership interest in Performance Sports Group Ltd (NYSE, TSX: PSG), an Exeter, New Hampshire-based maker of sports equipment and apparel. Shares acquired by Brookfield raised its stake in the company from about 10 percent to about 13.23 percent. The Canadian-born Performance Sports went public in mid-2014 after being backed by U.S. private equity firm Kohlberg & Co and other investors for about six years. It has recently faced market uncertainty concerning its financial status.
3 min read · 27 September 2016
Evok Innovations, launched in January to invest a $100 million clean technology fund, has closed its first round of investments. The firm invested in five companies and technology platforms: Mosaic Materials, Metabolik Technologies, DarkVision Technologies, Rotoliptic Technologies, and the Institute for Breakthrough Energy Technology. The financing of DarkVision, a Canadian developer of ultrasound-based imaging technology, was announced separately last week. Vancouver's Evok, led by CEO Marty Reed, is a partnership between BC Cleantech CEO Alliance, Cenovus Energy Inc and Suncor Energy Inc.
6 min read · 27 September 2016
U.S. resource private equity firm Denham Capital announced its partnership with JDS Silver Inc, a Vancouver-based mining company. Under the terms of the partnership, Denham provided US$65 million in funding to JDS Silver to complete construction and bring into production the Silvertip Mine in Northern British Columbia. The property, a high-grade silver-lead-zinc mine, has been under construction since late 2015 and is expected to begin production this month. Established in 2012, JDS Silver is led by CEO Jeff Stibbard. Denham said the company is its first investment in the Canadian mining industry.
3 min read · 27 September 2016
Vancouver-based women’s apparel retailer Aritzia Inc has filed a final prospectus with Canadian securities regulatory authorities for a secondary offering of subordinate voting shares. As expected, the shares will be sold by Brian Hill, the company's founder and CEO, and Berkshire Partners, a U.S. private equity firm. Priced at a top range of $16 per share, the offering is expected to generate gross proceeds of $400 million, or higher if an over-allotment option is exercised. The pricing gives Aritzia a market capitalization of $1.87 billion, Reuters reported. Berkshire acquired a majority stake in the company in late 2005.
5 min read · 27 September 2016
The Fonds de solidarité FTQ, CTI Life Sciences Fund and the Canadian affiliate of French pharmaceutical company Servier have invested $21 million to help launch a new biotechnology startup, Ilkos Therapeutics. Based in Laval, Québec, Ilkos will focus on the clinical development of an oral treatment for venous lower limb ulcers. Servier granted an exclusive licence to the company to pursue the project and will oversee it through Servier Canada's Centre of Excellence in Clinical Research. Ilkos' board will be chaired by Canadian healthcare executive Mark Beaudet. The Fonds' Danny Gagné, CTI's Jean-François Leprince, and Servier's Frédéric Fasano will take seats on the board.
5 min read · 26 September 2016
GuestLogix Inc has emerged from creditor protection under the ownership of a group of private equity firms and other investors. The latter, which include Stornoway Portfolio Management, Bridgecorp Canada, Logan Peak Capital and Klass Capital Corp, agreed to acquire the company for an undisclosed amount in July. GuestLogix, a Toronto-based provider of onboard retail and payment technology to the airline and passenger travel industry, also announced a change in management. Mike Abramsky, a Canadian technology executive, was hired as its CEO. GuestLogix said the new owners and management will support its growth plans and platform development.
4 min read · 26 September 2016
Québec City-based Greatify, a specialist in managing customer service teams, has raised $1 million in financing. Twenty-one members of angel network Anges Québec invested in the round alongside of Anges Québec Capital Fund. Founded in 2015 by CEO Thierry Poitras and CXO Daniel Lafrenière, Greatify provides digital solutions to businesses encountering employee engagement difficulties frequently associated with high staff turnover. It said the funds raised would be used to put its technology into the hands of clients, and to develop and implement strategies for entering new markets.
2 min read · 26 September 2016
Ecotex Service Corp and Fengate Capital Management have closed their acquisition of healthcare laundry facility Booth Centennial Healthcare Linen Services. The terms of the previously announced deal were not released. Based in Mississauga, Ontario, Booth is a provider of linen, laundry and surgical sterilization services to provincial hospitals and long-term care facilities. It was previously a not-for-profit organization owned by Toronto hospitals. Fengate is a Canadian alternative asset management firm focused on opportunities in infrastructure, real estate and private equity.
3 min read · 26 September 2016
Toronto-based biotechnology startup Cyclica Inc has secured $2.4 million in a Series A1 financing. The round was led by Canadian boutique finance advisory firm GreenSky Capital via the GreenSky Accelerator Fund I LP. It was joined by new and existing investors, including China Canada Angel Alliance and the family of Anthony Griffiths. Founded in 2013, Cyclica is an in silico drug discovery company that offers a predictive analytics platform that helps develop better and safer drugs. It plans to use the funds raised to scale up its sales and marketing efforts and pursue continued product development.
3 min read · 26 September 2016
While U.S. private equity firms are a growing presence in Canada’s mid-market, not that many have taken the step of opening a local office to source deals and keep tabs on portfolio companies. One of the few is Swander Pace Capital (SPC), a specialist in buyouts of lower mid-market consumer products companies. SPC opened a Toronto office seven years ago and hired Principal Valerie Scott to run it. PE Hub Canada sat down with Managing Director Andrew Richards and Scott to talk about SPC’s Canadian investment strategy, deals and the recent close of its sixth fund.
4 min read · 25 September 2016
