Evok Innovations, a partnership between BC Cleantech CEO Alliance, Cenovus Energy Inc and Suncor Energy Inc, has launched a new $100 million clean technology fund. The fund will invest in opportunities focused on developing and commercializing energy solutions that address environmental and economic challenges facing the oil and gas industry. Cenovus and Suncor, both integrated energy producers based in Calgary, have each committed up to $50 million in capital to Evok for a 10-year investment period. Founded in late 2015, Evok is led by CEO Marty Reed, formerly a partner at The Roda Group, a U.S. seed-stage venture capital firm.
4 min read · 14 January 2016
U.S.-based Audax Private Equity has closed its buy of Lifemark Health and Viewpoint Medical Assessments, previously units of Centric Health Corp. The acquisition was valued at up to $250 million at the time of its announcement last November. Toronto-based Lifemark, which oversees Viewpoint, provides physiotherapy and rehabilitation treatment services, as well as medical assessment services, in Canada. Audax said it will partner with Lifemark CEO Peter Stymiest to help grow the business organically and through acquisitions.
3 min read · 14 January 2016
Canadian private equity firm Ironbridge Equity Partners has invested in Back in Motion Rehab Inc, a provider of employment, rehabilitation and physiotherapy services headquartered in Richmond, British Columbia. The deal was done in partnership with Back in Motion's management team. No financial terms were released. Ironbridge Managing Partner Peter Samson said the focus of the investment will be to help expand the scale and scope of the business. Back in Motion is the seventh investment of Ironbridge Equity Partners II LP, which raised $154 million in 2014. Late last year, the fund acquired the assets of Advance Engineered Products Ltd.
2 min read · 14 January 2016
Terrestrial Energy Inc, an advanced nuclear technology provider, recently secured $10 million in Series A financing. The investors were not disclosed. Based in Oakville, Ontario, Terrestial is developing a next-generation nuclear reactor based on its integral molten salt reactor technology. The company is currently focused on commercializing this technology. CEO Simon Irish said the funds will be used to support pre-construction and pre-licensing engineering, and to support further engagement with industry and nuclear regulators. Founded in 2013, Terrestrial's U.S.-based operations are located in New York.
3 min read · 13 January 2016
Cubico Sustainable Investments has bought two Brazilian wind farm complexes from Casa dos Ventos for R$2 billion (US$494 million), including debt. The deal, the investor's first in Brazil, includes plants with 392 megawatts of capacity in Pernambuco and Piauí states. London-based Cubico also announced that it has opened an office in São Paulo to evaluate additional opportunities. A renewable energy and water investment platform, Cubico was launched in May 2015 with the backing of Ontario Teachers’ Pension Plan, Public Sector Pension Investment Board (PSP Investments) and Banco Santander SA.
4 min read · 13 January 2016
Leaders Fund has launched an inaugural $100 million evergreen venture capital fund. Based in Toronto and Atlanta, Georgia, Leaders Fund will focus on making investments in enterprise software-as-a-service (SaaS) companies in those areas and in other markets in Canada and the United States. The new firm was co-founded by David Stein, founder and co-CEO of Rypple (acquired by Salesforce.com) and co-founder of Workbrain (acquired by Infor); Steve DeBacco, who most recently served as CRO of Applied Predictive Technologies (acquired by Mastercard) and was COO of Workbrain; and Gideon Hayden, previously a senior associate at OMERS Ventures.
4 min read · 13 January 2016
Westport Innovations Inc (TSX: WPT, Nasdaq: WPRT) has struck a deal to receive up to US$71.3 million in financing from U.S. private equity firm Cartesian Capital Group. The deal calls for an up-front investment of US$17.5 million in non-dilutive capital, with additional funding to come as milestones are reached and new opportunities are established. With the deal, Cartesian Founder Peter Yu will join the company's board of directors. Vancouver-based Westport, a developer of advanced, low-emission fuel system and vehicle technologies, said the investment will support its global growth initiatives. In September, the company agreed to merge with Fuel Systems Solutions Inc.
6 min read · 12 January 2016
Avison Young Inc has acquired North Rae Sanders, a British commercial property services provider, with a focus on the logistics-warehousing, manufacturing, office and mixed-use sectors. No financial terms were released. Avison, a commercial real estate services business, said the deal expands its footprint in the United Kingdom. Toronto-based Avison has been a portfolio investment of Canadian private equity firm Tricor Pacifc Capital since 2011. Late last year, Tricor rebranded its fifth fund, creating a new private equity firm, Parallel49 Equity.
10 min read · 12 January 2016
Diablo Technologies Inc, an Ottawa-based provider of memory technology solutions, has raised $19 million in a Series C financing. The round was led by a new investor, Israeli venture capital firm ICV. Existing Diablo investors Battery Ventures, BDC Capital, Celtic House Venture Partners and Hasso Plattner Ventures also participated. Founded in 2003, Diablo is focused on delivering products that enhance the performance and capability of memory system designs. It plans to use the proceeds of the Series C round to further accelerate customer deployments through expansion of sales, applications support and research. The company opened an office in Silicon Valley in 2014.
3 min read · 12 January 2016
The Toronto-based firm aims to raise about $71 million to back fintech companies in the United States and Canada
3 min read · 12 January 2016
