U.S. private equity firm Audax Private Equity has agreed to sell Canada's Laborie Medical Technologies Inc to Patricia Industries, a subsidiary of Sweden's Investor AB. No financial terms were disclosed. Founded in 1967, Mississauga, Ontario-based Laborie is a provider of medical devices for urological, pelvic health and gastrointestinal applications. The company was acquired by Audax in July 2012. Since then, Laborie has completed 14 add-on acquisitions to expand product lines and enter global markets, Audax said. Laborie said it will continue growing as part of Patricia Industries, which makes control investments in private companies on behalf of Investor AB.
3 min read · 22 August 2016
Toronto-based Ecobee Inc, provider of a Wi-Fi enabled smart thermostat, has closed a $35 million follow-on financing. The Amazon Alexa Fund, Thomvest and Relay Ventures invested in the round. Founded in 2007, Ecobee has created thermostat technology that works with room sensors to adjust temperatures and deliver greater home comfort and energy savings. The company said it has experienced more than 100 percent year-over-year growth over time. Ecobee plans to use the funds raised to further develop its product. Last year, Ecobee received a strategic investment from Carrier Corp, a U.S. heating, ventilating and air-conditioning systems provider.
4 min read · 18 August 2016
Pattern Energy Group Inc (TSX: PEG) said it is in discussions to acquire a 90 megawatt interest in the 180 megawatt Armow Wind power facility from Pattern Development. No financial terms were released for the deal, which is expected to close within the next 30 to 45 days. The facility, located near Kincardine, Ontario, is jointly owned by Pattern Development and Samsung Renewable Energy Inc. It reached commercial operation in December 2015. Pattern Energy Group LP, Pattern Energy’s main shareholder, is backed by U.S. private equity firm Riverstone Holdings.
3 min read · 18 August 2016
Canadian media distributor Entertainment One Ltd (eOne) has acquired the equity it did not already own in Secret Location Inc, a Toronto-based digital content creation studio. No financial terms were released. EOne, which first invested in May 2014, said Secret Location will continue to operate as a distinct brand and help it leverage and strategicaly launch projects and products. Canada Pension Plan Investment Board bought a minority stake in eOne for $290 million last year. It was reported this week that U.S. private equity firm Kohlberg Kravis Roberts & Co (KKR) is considering a bid to acquire the company following eOne's rejection of an offer from ITV plc.
3 min read · 18 August 2016
U.K.-based AGI Holdings LLC said it recently acquired Brampton, Ontario's Aircraft Appliances and Equipment Ltd (AAE), a company focused on the design, manufacture, repair, overhaul and distribution of equipment for aircraft and naval ships. No financial terms were released. AGI, a maker of instruments and systems for the defence and civil markets, said the deal broadens its portfolio and expands its North American presence. AGI is backed by U.S. private equity firm J.F. Lehman & Co. It entered the portfolio with J.F. Lehman's acquisition of Aeronautical & General Instruments Ltd and Hoffman Engineering Corp in August 2014.
2 min read · 18 August 2016
Mark Organ, founder and CEO of advocate marketing software provider Influitive, was today the debut speaker in a new speaker series organized by Venture for Canada and presented by BDC Capital. The BDC Canadian Scale-Up Speaker Series was hosted at Influitive's Toronto headquarters. Organ founded Influitive in 2010. Since then it has raised $50 million in venture capital, including the $38 million raised in a Series B financing in March. Organ, a serial entrepreneur, previously led Eloqua, which was acquired by Oracle Corp in 2012.
3 min read · 18 August 2016
Canadian e-commerce and retail software company Shopify Inc (NYSE: SHOP) (TSX: SH) has launched an offering of Class A subordinate voting shares. Priced at about US$286.9 million in total, the offering includes shares to be sold by U.S. venture capital firm Bessemer Venture Partners and members of Shopify’s management team. The offering is expected to close on or about August 22nd. Bessemer is among a group of Canadian and U.S. investors that financed Ottawa-based Shopify prior to the company's initial public offering in May 2015.
5 min read · 18 August 2016
Canadian specialty pharmaceutical company Knight Therapeutics Inc (TSX: GUD) has committed $1 million to Genesys Ventures III, the third life sciences fund of Canadian venture capital firm Genesys Capital. Montréal-based Knight said the investment, made as part of a $130 million strategy, is its eighth in a life sciences fund. PE Hub Canada reported this week that Genesys raised $90 million in the initial close of Fund III, which is targeted to raise $125 million in total. Other disclosed fund investors include the Fonds de solidarité FTQ and HarbourVest Canada Growth Fund.
3 min read · 18 August 2016
Canadian specialty finance firm Wellington Financial has expanded into the healthcare and life sciences vertical with its hire of Jeff Chapman. Chapman, an experienced life sciences investment professional who most recently served as a senior executive at Comerica Bank, assumed the role of partner and head of healthcare and life sciences at Wellington. He will operate from the firm's Menlo Park office. Toronto-based Wellington closed its fifth innovation private debt fund at $300 million in 2015. It has since committed over $100 million to 11 venture-backed companies in Canada and the United States.
4 min read · 18 August 2016
Toronto-based lending technology platform Lendified Holdings Inc has agreed to receive up to $20 million in a credit facility provided by Liquid Capital Corp, a Canadian factoring and trade finance business. At the same time, the company secured $4 million in mezzanine financing via a private placement. Founded in 2015 by CEO Troy Wright and President Kevin Clark, Lendified operates an online credit marketplace that provides fixed-rate working capital loans and other financial services to small businesses. It plans to use the funds raised and partnership with Liquid Capital to support the growth of its lending activities in Canada.
5 min read · 18 August 2016
