The Fonds de solidarité FTQ has invested about $9.5 million (US$7.5 million) in DalCor Pharmaceuticals, a Montréal-based developer of precision treatments for cardiovascular disease. The investment formed part of the company's recently closed $100 million Series B financing. DalCor, which emerged from research conducted at Montréal Heart Institute, is led by CEO Robert McNeil, the founder of U.S. life sciences venture capital firm Sanderling Ventures. The Fonds committed US$30 million to Sanderling Ventures Fund VII in September 2013.
3 min read · 26 April 2016
Canadian private equity firm Birch Hill Equity Partners recently acquired Cannon Hygiene Canada in partnership with Peter Farrell, the company's president and CEO. No financial terms were disclosed. Toronto-based Cannon Canada is a fixed route logistics business that provides washroom hygiene, pest control and life safety services and products in Ontario and Québec. The partnership with Birch Hill is intended to accelerate the company's plan "to become the leading service provider for hygiene and pest control in Canada," Farrell said. The global Cannon Hygiene was founded in the United Kingdom in 1955. Farrell has led its Canadian operations since 1996.
2 min read · 26 April 2016
Sherwood Park, Alberta-based TerraPro Inc has reorganized its business under the same management team and a reconstituted board of directors. TerraPro secured funding as part of the transaction, including subordinated debt from the Business Development Bank of Canada (BDC). No financial terms were released. The proceeds of the funding will be used to repay obligations to a previous lender, deal costs, and other priorities, the company said. TerraPro is a provider of terrain protection and environmental products, equipment and services to a variety of industries in Canada and abroad.
3 min read · 26 April 2016
Eigen Innovations Inc has raised $1.4 million in follow-on funding. The round's investors included New Brunswick Innovation Foundation (NBIF), BDC Capital and several angel investors. Based in Fredericton, New Brunswick, Eigen is a provider of vision systems, sensors, and software that increase the efficiency of manufacturing systems. Along with its fundraising, the company announced that Co-Founder and CTO Scott Everett has replaced Richard Jones as CEO. Jones will remain on Eigen's board of directors.
2 min read · 26 April 2016
Onex Credit Partners LLC, the credit investment arm of Canadian private equity firm Onex Corp, has priced its 11th collateralized loan obligation (CLO) offering at US$500 million. The transaction will be issued by a newly formed special purpose vehicle, backed by a portfolio of syndicated leveraged loans. Onex has committed to purchase and hold most of the equity. With the offering's close, the credit group will manage about US$7 billion. Earlier this month, Onex hired Walt Jackson, formerly of Goldman Sachs, to launch the firm’s direct lending platform.
2 min read · 26 April 2016
The common shares of Pacific Exploration & Production Corp (TSX: PRE) will be delisted from the Toronto Stock Exchange effective at the close of market on May 25th. Shares trading will remain suspended until then. The delisting is the result of Pacific Exploration's restructuring agreement with debt-holders, including Canadian private equity firm Catalyst Capital Group. Announced earlier this month, the deal will see about US$5.3 billion of the company's debt converted to equity. Toronto-based Pacific Exploration is an explorer and producer of natural gas and crude oil in Latin America.
6 min read · 26 April 2016
TIO Networks Corp (TSX-V: TNC) has closed its buy of Softgate Systems Inc, a Fairfield, New Jersey-based provider of consumer retail bill payment solutions. The previously-announced deal, valued at about US$31 million, saw representatives of Softgate investors Edison Partners and Napier Park Global Capital join TIO's board. Silicon Valley Bank extended a US$5.7 million loan to TIO in connection with the acquisition. Based in Vancouver, TIO is a cloud-based bill payment processor. It said the Softgate deal creates North America's largest provider of walk-in bill payment services with a pro-forma revenue run-rate of over $105 million.
6 min read · 26 April 2016
GSO Capital Partners LP, the credit arm of U.S. private equity firm Blackstone Group, has acquired about 11 million common shares in Amaya Gaming Group Inc (Nasdaq/TSX: AYA), a Montréal-based provider of products and services in the gaming and interactive entertainment industries. The buy resulted from an exercise of warrants on Amaya shares bought by GSO in 2014, when the credit group contributed funding to Amaya's acquisition of Rational Group Ltd. GSO estimates its interest in Amaya now stands at about 19.99 percent of the company's total issued and outstanding shares.
3 min read · 26 April 2016
ThinkCX Technologies Inc, a Canadian predictive analytics software company, has secured $1 million in seed-stage financing. The round was led by Vancouver Founder Fund with participation from new and existing angel backers. Founded in 2012, Langley, B.C.-based ThinkCX has developed technology that uses social intelligence to help companies optimize the value of subscription-based or recurring-billing customers. It will apply the round's proceeds to growth of a direct sales model, the launch of a channel distribution strategy, and support of R&D and plans for entering new markets.
4 min read · 22 April 2016
CDPQ Infra, the infrastructure investment arm of the Caisse de dépôt et placement du Québec, has announced plans for its Réseau électrique métropolitain (REM), an electrified rail network that will link locations in the Greater Montréal area. The new network represents an investment of about $5.5 billion. The Caisse said it will commit $3 billion to the project. The proposed financial structure also requires investments by the Québec and Canadian governments. Once completed, the REM will be one of the largest automated transportation systems in the world, the Caisse said.
6 min read · 22 April 2016
