Livingston International Inc has acquired Affiliated Customs Brokers Ltd, a Canadian customs brokerage and freight forwarding specialist with operations across North America. No financial terms were released. Toronto-based Livingston, a provider of customs brokerage, transportation and logistics services, said the deal will strengthen its offerings in both Canada and the United States, adding particular strength in the Québec market. Livingston is a portfolio company of Canada Pension Plan Investment Board and U.S. private equity firm Sterling Partners. The latter took the company private for $324 million in January 2010.
2 min read · 19 September 2016
Montréal-based IRYStec Software Inc, a perceptual display processing technology company, has closed its Series A financing. No financial terms were disclosed for the round. It was backed by Canadian venture capital firms BDC Capital and Tandemlaunch, as well as angel investors, including Purple Angels. Founded last year, IRYStec has developed perceptual software technology that automatically adapts the colour and contrast of mobile and automotive device displays. It plans to use the funds raised to support marketing and sales activities. In June, PE Hub Canada interviewed TandemLaunch General Partner Helge Seetzen.
3 min read · 19 September 2016
Canadian holding company Namakor Holdings, the Québec Manufacturing Fund (QMF) and the Caisse de dépôt et placement du Québec have acquired all outstanding shares of Groupe Graham International (GGI). No financial terms were disclosed. Based in Lachine, Québec, GGI specializes in the design, engineering and manufacturing of customized electro-mechanical assemblies used in a range of industries. Eric Saint-Jacques has been tapped as the company's new chief executive. The partnership with Namakor, QMF and long-standing investor the Caisse is intended to support GGI's international growth plan.
4 min read · 19 September 2016
Onex Credit Partners LLC, the credit investment arm of Canadian private equity firm Onex Corp, has priced its 12th collateralized loan obligation (CLO) offering at about US$560 million. The transaction will be issued by a newly formed special purpose vehicle backed by a diversified portfolio of broadly syndicated leveraged loans. Onex has committed to buy and hold a majority of the equity for the life of the deal. With the close of the offering, the credit group will manage about US$7.5 billion.
3 min read · 19 September 2016
TVM Capital Life Science has made an undisclosed investment in AurKa Pharma Inc, a Montréal-based company created to develop to proof-of-concept a compound originally discovered by Eli Lilly and Co. The compound has the potential to treat certain types of solid tumors, including small cell lung cancer and treatment-resistant breast cancer. Led by CEO Caroline Fortier, AurKa plans to begin clinical development next year. TVM Capital Life Science, which has an office in Montréal, invested via TVM Life Science Ventures VII, which raised US$201.6 million in late 2014. Eli Lilly was one of the fund's backers.
5 min read · 19 September 2016
Calgary's Seven Generations Energy Ltd has acquired a minority interest in Steelhead LNG, a Vancouver energy company focused on developing liquefied natural gas (LNG) projects in British Columbia. No financial terms were released. The investment was part of an agreement struck between the two companies to explore new midstream supply chain infrastructure that would link natural gas resources to Steelhead LNG's proposed export facilities. Steelhead LNG is backed by Canadian energy private equity firm Azimuth Capital Management (formerly KERN Partners). Canada Pension Plan Investment Board is the largest investor in Seven Generations.
6 min read · 19 September 2016
U.S. private equity firm Audax Private Equity has wrapped up its sale of Laborie Medical Technologies Inc, a Mississauga, Ontario-based provider of medical devices for urological, pelvic health and gastrointestinal applications. The previously-announced deal, the terms of which were undisclosed, saw the company go to Patricia Industries, an affiliate of Sweden's Investor AB. Audax acquired Laborie in July 2012 and helped it achieve "a market-leading position in urology and a rapidly growing gastroenterology business," Audax Managing Director Young Lee said.
3 min read · 19 September 2016
Montréal smart apparel provider OMsignal Inc has raised a US$10 million investment led by Canadian mobile venture capital firm Relay Ventures. The round, which builds on the company's Series A financing in mid-2014, was joined by MAS, Bessemer Venture Partners, Techstars Ventures, Real Ventures, Mistral Ventures, Primera Capital, Investissement Québec and Export Development Canada. OMsignal also announced the launch of OMbra, a smart sports bra embedded with sensor technologies, and OMrun, a mobile app. Both new products were designed for women runners. OMsignal was founded in 2011 by Stephane Marceau and Frederic Chanay.
4 min read · 19 September 2016
Waterloo-based Thalmic Labs Inc, maker of the Myo gesture control armband, has raised US$120 million in a Series B financing. The round, one of the largest on record in Canada's venture capital market, was led by Intel Capital, the Amazon Alexa Fund and Fidelity Investments Canada. Existing backers Spark Capital, First Round Capital and iNovia Capital also invested. Founded in 2012 by Stephen Lake, Matthew Bailey and Aaron Grant, Thalmic developed Myo as a wearable device to read the electrical activity of muscles to control technology with gestures and motion. It plans to use the funds raised to fuel continued growth and develop more human-computer interaction products.
3 min read · 19 September 2016
Canadian private equity firm TorQuest Partners has acquired majority control of Polycor Inc, a Québec City-based natural stone producer, for an undisclosed amount. The deal, done alongside of TorQuest's co-investors and PNC Mezzanine Capital, was part of a merger of the company with U.S.-based Swenson Granite Works and its subsidiary Rock of Ages. The merger creates "the largest dimensional stone company in North America," TorQuest Partner Alan Lever said. Polycor said it expects to show post-deal revenue of over US$150 million per year. TorQuest made the investment via TorQuest Partners Fund III. In June, the firm closed its fourth mid-market fund at $925 million.
3 min read · 16 September 2016
