Sitka Biopharma, a biotechnology spin-off of the Centre for Drug Research and Development (CDRD) and the University of British Columbia (UBC), recently raised seed funding. The investment, the value of which was not disclosed, came from life sciences venture capital firm Quark Venture. Founded in 2013, Vancouver-based Sitka is a developer of nanoparticle platform technology aimed at increasing drug absorption in difficult-to-penetrate tissues. The seed funding will allow the company to advance its lead compound for the treatment of bladder cancer into clinical trials.
5 min read · 21 April 2016
A new report by Bain & Co said private equity and corporate merger and acquisition deals in the global healthcare sector increased in 2015, but accounted for fewer investment dollars. Bain found deal volume rose 6 percent last year, with 199 transactions counted in total. However, deal value, totaling US$23.1 billion in 2015, slipped 20 percent from the year before. Bain said 2015 was a "year of juxtaposition" for investors in healthcare given robust market activity that was partially constrained by competition, high values, capital market volatility and economic uncertainty.
6 min read · 21 April 2016
Canadian mining company Victoria Gold Corp (TSX-V: VIT) has launched a $24 million private placement transaction. Electrum Strategic Opportunities Fund, a private equity fund managed by U.S. investment firm Electrum Group, will account for most of the money, giving it an approximate 13.6 percent interest in Victoria. Sun Valley Gold LLC, a U.S. hedge fund, will account for the rest, increasing its current stake to about 18 percent. With the deal's close, Electrum will have the right to nominate a board director. Toronto-based Victoria said the funds raised will be used to continue exploration and development of the company's Eagle Gold Project in Yukon.
6 min read · 21 April 2016
Gary Jonas Computing Ltd, an affiliate of Constellation Software Inc (TSX: CSU), has acquired the assets of Multi-Systems Inc (MSI), a Phoenix, Arizona-based software provider to the hospitality industry. No financial terms were disclosed. Gary Jonas said the MSI deal adds to its growing hospitality business unit. Toronto-based Constellation, an acquirer, manager and builder of vertical market software companies, is a portfolio investment of OMERS Private Equity.
2 min read · 20 April 2016
Forum Equity Partners has agreed to sell part of its Canadian public-private partnership (PPP) portfolio to Fiera Infrastructure for about $400 million. The five assets being sold include a 100 percent equity stake in the Billy Bishop Toronto City Airport Pedestrian Tunnel, a project that was completed in mid-2015. Forum, a Toronto-based alternative investment management and development firm, said the deal will give it significant capital to reinvest. Montréal-based Fiera Capital Corp (TSX: FSZ), manager of Fiera Infrastructure, said the purchase marks the beginning of a new initiative it will undertake in partnership with Aquila Infrastructure Management.
4 min read · 20 April 2016
Winnipeg-based Frontier Supply Chain Solutions Inc has acquired the assets of Euroworld Transport Systems Canada Inc from Calyx Transportation Group Inc, a portfolio company of U.S. private equity firm Wynnchurch Capital. No financial terms were disclosed. Vaughan, Ont.-based Euroworld is a transporter of alcoholic beverages and other products. Frontier, a provider of logistics, trade consulting and customs services, said the deal improves its volume and positions it in new segments. Wynnchurch bought Calyx, a Canadian transportation and logistics services specialist, in May 2006.
2 min read · 20 April 2016
Canadian electric and gas utility business Fortis Inc (TSX: FTS) has agreed to partner with Singapore's sovereign wealth fund GIC in its proposed acquisition of ITC Holdings Corp (NYSE: ITC) for about US$11.3 billion. Under the agreement's terms, GIC would acquire a 19.9 percent equity interest in ITC, a U.S. electricity transmission company, for US$1.228 billion in cash. With the GIC agreement, Fortis said it has completed a key component of the ITC acquisition financing. St. John's, N.L.-based Fortis announced plans to buy ITC in February. Once closed later this year, the deal would make Fortis one of North America's top 15 public utilities, the company said.
8 min read · 20 April 2016
PrecisionHawk Inc, a provider of aerial data and safety technology for drones, has secured about $22.7 million (US$18 million) in follow-on financing. The company, which is based in Raleigh, North Carolina and Toronto, was backed in the round by new investors Verizon Ventures, a subsidiary of USAA, NTT Docomo Ventures and Yamaha Motor, as well as existing investors Intel Capital, Millennium Technology Value Partners and Innovate Indiana Fund. Founded in 2011, PrecisionHawk said it will use the new investment's proceeds to continue product innovation and global expansion.
4 min read · 20 April 2016
Bridgit, a cloud-based mobile and web communication platform designed for the construction industry, has secured $2.2 million (US$1.7 million) in seed-stage financing. The round was led by U.S. venture capital firm Hyde Park Venture Partners, and was joined by Canadian firm Vanedge Capital. Kitchener, Ont.-based Bridgit, founded in 2012, has so far been used by over 100 contractors and achieved double-digit month-over-month revenue growth, the company reported. It said it will use funds raised to hire new engineers and salespeople and acquire more U.S. customers. Bridgit was previously funded by angel investors.
4 min read · 20 April 2016
Cobra Electronics Corp, a U.S. supplier of mobile and consumer products, has bought WASPcam, the Canadian maker of an action-sports camera. No financial terms were released. WASPcam, a division of Ariss, Ont.-based 636 Distributing Inc, was founded by Justin Moore in 2013. Cobra said the acquisition will help extend its portfolio of consumer electronics products. Based in Chicago, Cobra is held by Cedar Electronics Holdings Corp, a portfolio investment of U.S. private equity firm Monomoy Capital Partners.
4 min read · 19 April 2016
