Toronto-based wireless retail service Statflo Inc has raised $2.4 million in seed-stage financing. The round was led by Canadian venture capital firm Round13 Capital, with participation from Extreme Venture Partners, MaRS Investment Accelerator Fund, Globalive Capital, Rising Tide Fund, Garage Capital, Hedgewood and TIO Networks. Founded in 2012 by CEO Kevin Gervais, John Chapman and VP Product Ian Gervais, Statflo offers wireless dealers and operators a data-driven platform to increase sales, engage sales representatives and improve customer experiences. Statflo, which also announced a strategic partnership with iQmetrix, said it will use the funds to drive growth.
3 min read · 10 February 2016
Fairfax India Holdings Corp, a platform established in 2014 to make private equity and other investments in India, has acquired about 45 percent of ADI Finechem Ltd. The total consideration was about US$19 million. Based in Ahmedabad, India, ADI Finechem is a speciality oleochemical manufacturing company. The controlling shareholder of Fairfax India Holdings is Fairfax Financial Holdings Ltd, a Toronto-based financial services holding company.
1 min read · 09 February 2016
Canadian specialty finance firm Wellington Financial announced that it has provided a $10 million credit facility to the concurrently announced merger of TUC Managed IT Solutions and CareWorx Inc. Wellington said the funding will help Ottawa-based TUC, a managed information technology and cloud services provider, acquire Orangeville, Ont.-based CareWorx. a provider of technology solutions to senior care facilities. The combined company will adopt the CareWorx brand, Wellington said. EPIC Capital, a Canadian boutique investment firm, also participated in the deal.
4 min read · 08 February 2016
TUC Managed IT Solutions, a managed information technology and cloud services provider, has merged its operations with CareWorx Inc, a provider of technology solutions to senior care facilities. No financial terms were released. Ottawa-based TUC and Orangeville, Ont.-based CareWorx have been partners since November 2014. They said the merger "represents the next level of managed services providing the complete technology stack for senior care". Wellington Financial, a Canadian specialty finance firm, led funding for the deal, with participation from a healthcare venture capital fund managed by EPIC Capital, a Canadian boutique investment firm.
4 min read · 08 February 2016
Canadian venture capital firm Avrio Capital has raised $110 million in the final close of its third institutional late-stage fund, Avrio Ventures LP III. The fund closing, which included the launch of a parallel investment vehicle, is the largest in Calgary-based Avrio's history. Fund III's limited partners included cornerstone investors Farm Credit Canada and Export Development Canada, as well as Alberta Enterprise Corp, BDC Capital, Fondaction CSN, HarbourVest Canada Growth Fund and several family offices. Founded in 2002, Avrio invests in innovative food and agriculture companies. Its team has deployed more than $200 million to 50 portfolio companies, including Farmers Edge Inc and Hortau Inc.
5 min read · 08 February 2016
POZEN Inc and Tribute Pharmaceuticals Canada Inc have wrapped up their previously announced merger, creating a new parent company, Aralez Pharmaceuticals Inc (Nasdaq: ARLZ, TSX: ARZ). Headquartered in Canada, Aralez is a pharmaceutical business focused on developing cardiovascular, pain and other specialty therapies. Led by CEO Adrian Adams, it will also have operations in Ireland and the United States. The merger that launched Aralez was supported by up to US$350 million ($486 million) in commitments from a consortium led by U.S. healthcare investment firm Deerfield Management. QLT Inc, Broadfin Capital and JW Asset Management also invested.
3 min read · 05 February 2016
Therapure Biopharma Inc, a Canadian biopharmaceutical company owned by Catalyst Capital Group, has decided to postpone its proposed initial public offering. The company said that while it has been "performing above expectations", and meeting positive investor feedback, the current market environment is not conducive to a public sale at this time. As reported by PE Hub Canada last month, Therapure was seeking $130 million from its IPO, which included a secondary offering by Catalyst. GMP Securities' Steve Ottaway said his firm, one of the IPO's joint bookrunners, will continue to work with Catalyst and Therapure "to evaluate capital market conditions."
2 min read · 04 February 2016
Hortau Inc, a Canadian provider of precision irrigation management systems and services, has raised $10 million in follow-on financing. The investment was led by Advantage Capital Agribusiness Partners, a partnership of U.S.-based Advantage Capital Partners and nine farm credit organizations. It was joined by Canadian investors BDC Capital, Avrio Capital and Capital régional et coopératif Desjardins. Lévis, Québec-based Hortau said the new funds will allow it to continue growing. The company plans to expand its technical, grower support and research teams in 2016, and to expand into additional regions. Founded in 2002, Hortau's U.S. operations are located in San Luis Obispo, California.
5 min read · 04 February 2016
GFL Environmental has closed its $800 million buy of solid waste business Matrec Services, the company’s largest acquisition to date. It is also this year’s first large-cap Canadian private equity deal, thanks to an international group of investors that accounted for a major share of the purchase price.
3 min read · 04 February 2016
Blockstream, a San Francisco-based company focused on bitcoin and blockchain technology, has secured US$55 million in a Series A financing. The round was led by Horizons Ventures, AXA Strategic Ventures and Digital Garage, with participation from existing investors. The Series A round builds on the company's US$21 million seed-stage funding, co-led by Canadian venture capital firm Real Ventures in 2014. Blockstream, which also has a presence in Montréal, said it will use the new funds to bring "blockchain innovation to market using its sidechain technology", expand its operations and support industry partners. The company is led by Canadian entrepreneur Austin Hill.
3 min read · 03 February 2016
