Members of angel network Anges Québec have partnered with Aligo Innovation LP, private investors, and Cystic Fibrosis Canada in an undisclosed financing of Laurent Pharmaceuticals Inc. Based in Montréal, Laurent is a biopharmaceutical company focused on developing a drug (LAU-7b) that aims to treat the compromised immune-inflammatory response in cystic fibrosis. The proceeds of the round will support the company's preparations for a Phase II clinical trial of the drug. Laurent was founded in 2012.
3 min read · 06 April 2016
The Caisse de dépôt et placement du Québec and Investissement Québec (IQ) have together invested $12.8 million in AddÉnergie Technologies Inc, a Canadian developer, maker and operator of smart charging solutions for electric vehicles. Based in Québec City, AddÉnergie operates close to 2,000 charging stations in Canada, and aims to add 8,000 new charging stations in the next five years. The funding provided by the Caisse and IQ will support this objective. Founded in 2009, AddÉnergie is led by President and CEO Louis Tremblay.
3 min read · 06 April 2016
Shnier-GESCO LP, a portfolio company of U.S. private equity firm Blue Point Capital Partners, has acquired Tierra Sol Ceramic Tile Ltd, a Canadian distributor of ceramic and porcelain tile, glass and metal accents, and natural stone products. No financial terms were disclosed. Blue Point said Tierra Sol will operate as an autonomous sister division to Shnier-GESCO, a distributor of floor coverings, and enhance the latter's product capabilities and geographic footprint. Based in Brampton, Ontario, Shnier-GESCO was acquired by Blue Point in March 2013. It was sold by Canadian private equity firms Ironbridge Equity Partners, Signal Hill Equity Partners and Penfund.
3 min read · 06 April 2016
U.S. private equity firm Bridge Growth Partners has acquired a majority stake in Solace Systems Inc, a Canadian provider of infrastructure messaging technology. No financial terms were released for the deal, which is intended to support Solace's global growth. With the acquisition, Tom Manley, senior principal of Bridge Growth Partners, and Alok Singh, its co-founder and managing principal, will join the company's board of directors. Founded in 2001, Ottawa-based Solace has been venture-backed since 2005, according to Thomson Reuters. Its current investors include Canadian firms Hawthorn Equity Partners, Tandem Expansion and Wesley Clover International.
4 min read · 06 April 2016
Onex Corp has hired Walt Jackson to launch the Canadian private equity firm's direct lending platform. Jackson has thirty years of experience in the leveraged loan, high-yield and mezzanine markets, most recently as COO of the Private Credit Group at Goldman Sachs’ merchant banking division. He will work at Onex Credit Partners, the credit investing arm of Onex, and lead its expansion to include providing non-investment grade loans to mid-market and larger businesses. Toronto-based Onex currently manages US$22.5 billion of assets.
3 min read · 05 April 2016
Avison Young Inc has acquired Phoenix, Arizona-based GPE Management Services LLC and GPE Commercial Advisors LLC, which together do business as the GPE Companies. No financial terms were released. The acquisition of GPE, a commercial real estate business and healthcare real estate specialist, provides Avison with a new office in Phoenix. Avison, a Toronto-based commercial real estate services company, has been backed by Tricor Pacific Capital since 2011. It is now part of the portfolio of Tricor's successor Parallel49 Equity.
9 min read · 05 April 2016
The Business Development Bank of Canada (BDC) said the Venture Capital Action Plan (VCAP) has achieved its goal of launching four privately-managed funds of funds with a total of $1.35 billion under management. BDC, which helped implement VCAP, said the milestone was reached with the final close of HarbourVest Canada Growth Fund, which followed earlier closes by Teralys Capital Innovation Fund, Kensington Venture Fund and Northleaf Venture Catalyst Fund. VCAP, established three years ago to encourage private sector participation in Canada's venture capital market, succeeded in leveraging $900 million from corporate, institutional and other private limited partners, BDC said.
3 min read · 05 April 2016
Boston-based asset manager HarbourVest Partners has closed its venture fund of funds HarbourVest Canada Growth Fund at $375 million. HarbourVest Canada, the fourth and final fund closed in partnership with Ottawa's Venture Capital Action Plan (VCAP), received two-thirds of its committed capital from institutional, corporate, high-net-worth investors and other limited partners based in Canada, the United States and Europe. Led by HarbourVest Principal Senia Rapisarda, the fund has since its initial close last year committed money to a range of Canadian and international venture capital funds. It has also invested directly in Canadian companies, including Intelex Technologies Inc. HarbourVest Canada's close brings total fundraising by VCAP-backed funds to $1.36 billion.
3 min read · 05 April 2016
Hub International Ltd has bought the assets of Harmony Insurance Ltd, a Hinton, Alberta-based provider of commercial lines insurance for small businesses and personal insurance solutions. The deal's financial terms were not released. Hub, a Chicago-based insurance brokerage with significant operations in Canada, has been a portfolio company of U.S. private equity firm Hellman & Friedman since October 2013. Last year, Hub acquired several Canadian businesses, including Cortex Financial Inc, Gamble & Associates Insurance Ltd, Progressive Home Warranty and Pacific Home Warranty.
2 min read · 05 April 2016
STEP Energy Services Ltd, a portfolio company of Canadian private equity firm ARC Financial Corp, has agreed to acquire certain assets of Sanjel Corp, a Calgary-based energy service company. No financial terms were disclosed for the deal, which will see STEP add Sanjel's Canadian pressure pumping, coiled tubing and cementing assets to its own services offerings. The acquisition will be facilitated through a court-monitored process and is expected to close in May. STEP, a Calgary-based oilfield service specialist, was founded in 2011 with a $75 million investment from ARC Financial. Last year, the company bought GASFRAC Energy Services Inc.
2 min read · 05 April 2016
