Canadian private equity firm Beringer Capital has acquired Adweek, a New York-based source of news for marketing, media and advertising professionals. No financial terms were disclosed. Mediabistro Holdings LLC, a U.S. group of media and creative brands, was the seller. With the deal, Brian F. Martin, co-founder of Beringer, has been appointed Adweek's chairman. Established in 1978, Adweek has been ranked within the top three most shared media content sources online. Toronto-based Beringer, an investor in digital media and marketing services, said it would provide the business with resources to expand its current editorial content.
3 min read · 18 July 2016
U.S. private equity firm Gryphon Investors has agreed to acquire Lawler Foods Ltd, a Humble, Texas-based maker of gourmet cheesecakes, layer cakes, pies and other desserts. No financial terms were released for the deal, which is expected to close this month. Gryphon said Lawler will be part of the same premium dessert platform as The Original Cakerie, a Canadian manufacturer of frozen desserts. Gryphon acquired a majority stake in the Delta, British Columbia-based company in December, calling it "a uniquely attractive platform for expansion in the North American baked goods sector."
4 min read · 18 July 2016
Canadian clinical-stage biopharmaceutical company DiaMedica Inc (TSX-V: DMA) has agreed to receive a strategic investment of about $5.2 million (US$4 million). The investment, which will be made in two tranches, will come from Hermed Capital Healthcare Fund, a private equity fund sponsored by China's Fosun Pharmaceutical Group and South Korea's SK Group. DiaMedica, a developer of treatments for neurological and kidney diseases, has offices in Winnipeg and Minneapolis, Minnesota. It plans to use the proceeds of the deal to advance its research programs, including an upcoming clinical trial for DM199, a therapy developed to treat stroke patients.
4 min read · 18 July 2016
Telus Health has agreed to acquire the Canadian business of Nightingale Informatix Corp (TSX-V: NGH), a provider of cloud-based solutions to healthcare organizations. No financial terms were disclosed for the acquisition, which includes Nightingale's electronic medical record (EMR) software and related assets. Telus Health said the deal will broaden its EMR customer base in Ontario and Atlantic Canada. Markham, Ontario-based Nightingale has received funding from several investors, including Beedie Capital Partners (2014) and a consortium led by Wellington Financial (2007).
2 min read · 18 July 2016
Canadian private equity firm Clairvest Group closed its first platform investments in roughly a year, backing a pair of U.S. companies in the digital media and gaming industries. In a release issued to shareholders last month, Clairvest disclosed a US$20.5 million investment in Digital Media Solutions , a performance marketing company. The second investment saw Clairvest acquire a minority stake in video gaming specialist Accel Entertainment for US$32.5 million. The deals illustrate the Toronto-based firm's long history of investing in sectors that leverage its domain knowledge.
3 min read · 18 July 2016
Contract packaging software provider Nulogy Corp has secured $14 million in follow-on investment from U.S. venture capital firm Tola Capital. With the round, Tola's Aaron Fleishman has joined the company's board. Toronto-based Nulogy is a developer of enterprise cloud solutions that help clients manage supply-chain challenges more effectively and at a lower cost. It plans to use the funds raised to invest in technology and services. Founded in 2002, Nuology raised $7.5 million in late 2014 in a round led by Red Sky Capital Management. It is also backed by Klass Capital and MaRS Investment Accelerator Fund.
4 min read · 18 July 2016
Canadian specialty finance firm Crown Capital Partners has increased the size of its fourth special situations debt fund to $125 million. Crown Capital Fund IV, which initially closed last September, received an additional commitment of $25 million. The fund is expected to receive further commitments as new deal opportunities are identified. As reported by PE Hub Canada in June 2015, the recently listed Crown Capital is pursuing a two-track fundraising process that includes public sources. Total funds raised support the firm’s program for investing debt and quasi-equity in mid-market companies.
3 min read · 15 July 2016
The Business Development Bank of Canada (BDC) and ATB Financial have agreed to provide $1 billion to finance Alberta-based small and mid-sized companies. The federal and provincial financial institutions will each contribute $500 million in new loans under the program. BDC and ATB said the partnership shows their commitment to "to stand by Alberta businesses in good times and difficult times."
4 min read · 15 July 2016
MRC Technology has sold a portion of its royalty interest in a cancer drug to Canadian private equity firm DRI Capital for US$150 million. The drug, pembrolizumab, is being marketed by Merck & Co Inc as Keytruda. It is a new treatment that stimulates the body’s immune system to fight cancer. Scientists at MRC, a British medical research charity, have supported development of the drug, which has been approved by U.S. regulators for treating advanced melanoma and non-small cell lung cancer. Toronto-based DRI made the investment via its third healthcare royalty fund, Drug Royalty III, which raised US$1.45 billion in late 2013.
4 min read · 15 July 2016
Apex Clean Energy has sold its majority interest in a 217-megawatt renewable energy portfolio to Northleaf Capital Partners. No financial terms were released. The portfolio consists of three wind and solar power facilities in Texas. Apex, a Charlottesville, Virginia-based renewable energy developer and operator, will provide asset management services. In separate transactions, Apex and Northleaf arranged debt financing and tax equity commitments for the projects. Based in Toronto, Northleaf manages more than $7 billion in infrastructure and private equity commitments.
3 min read · 15 July 2016
