Information Venture Partners, a venture firm launched in 2014 by former RBC principals, has secured most of the $100 million target set for its second fund, as investors show a growing appetite for opportunities in North America’s financial technology sector. The Toronto-based firm raised an initial $72.5 million for Information Venture Partners II from a group of LPs led by HarbourVest Partners.
3 min read · 12 January 2016
Canadian private equity firm Lex Capital Management has secured $142.5 million for its third energy fund, Lex Energy Partners LP III. The fund surpassed its target of $75 million, and approached its hard cap of $150 million, thanks to commitments from Canadian and U.S.-based high net worth individuals, pension funds, foundations, family offices and other institutional investors. Lex Capital CIO Dean Popil said Fund III will focus on "the growing pipeline of opportunities that we are currently seeing in this low price environment." Deals involving early-stage oil companies operating in Saskatchewan and other parts of Western Canada may include acquisition opportunities and distressed situations.
3 min read · 11 January 2016
Canadian private equity firm Onex Corp has agreed to sell KraussMaffei Group, a German manufacturer of plastics processing machinery, to a group of investors that includes China National Chemical Corp (ChemChina). The deal has a cash enterprise value of €925 million (US$1.0 billion) and is expected to wrap up during the first half of this year. Onex acquired a majority position in Munich-based KraussMaffei from Madison Capital for €276 million in December 2012. It was the firm's first European deal since the opening of Onex' office in London the same year. With the company's sale to ChemChina, Onex expects to receive proceeds of about €670 million (US$729 million).
3 min read · 11 January 2016
3 min read · 11 January 2016
3 min read · 11 January 2016
The Canadian Venture Capital & Private Equity Association (CVCA) and Thomson Reuters will publish their reports on Canadian venture capital market activity from 2015 in the coming weeks. PE Hub Canada has in the meantime compiled a list of the likely top 10 (disclosed) financings completed in the past year.
3 min read · 08 January 2016
Zymeworks Inc, which this week raised US$61.5 million in Series A financing, has entered into an optional merger agreement with Kairos Therapeutics Inc, a Vancouver-based specialist in antibody drug conjugates. The deal, announced concurrently with a strategic partnership between the two companies, would integrate their respective platforms, resources and pipelines to accelerate the development of novel anti-cancer biotherapeutics. As part of the strategic partnership, Vancouver-based Zymeworks announced it has made an undisclosed equity investment in Kairos. BDC Capital and Lumira Capital led the company's Series A round.
4 min read · 08 January 2016
Yellow Point Equity Partners has secured $150 million in the final close of its fourth private equity fund, earmarked for investments in mid-market companies in Canada and Northwestern United States. It is the largest fund raised in the Vancouver-based firm's 12-year history, bringing total assets under management to about $250 million.
2 min read · 08 January 2016
Canadian private equity firm TorQuest Partners has closed its sale of portfolio company Pinova Holdings Inc to Symrise AG. The deal, announced last September, had a total consideration of US$417 million. Jefferies LLC, Jones Day and Stikeman Elliott LLP advised Pinova on the transaction. Based in Brunswick, Georgia, Pinova is a maker of natural and renewable specialty chemicals. It was carved out of Ashland Inc by TorQuest for US$75 million in 2010. Last month, TorQuest sold another portfolio company, Array Marketing, to The Carlyle Group for an undisclosed amount.
3 min read · 08 January 2016
Vancouver-based Zymeworks, a biotherapeutics company, has raised US$61.5 million in Series A mezzanine financing. BDC Capital and Lumira Capital led the round with participation from other investors that included Eli Lilly and Co, Celgene, CTI Life Sciences Fund, the Fonds de solidarité FTQ, Perceptive Advisors, Teralys Capital, Northleaf Venture Catalyst Fund, Brace Pharma Capital and Merlin Nexus. With the round, Dion Madsen, a senior managing partner at BDC Capital, will join Zymeworks’ board of directors, while Dr. Daniel Hétu, a managing director at Lumira Capital, will become an observer. The round's proceeds will support clinical development of Zymeworks' lead therapeutic candidates.
4 min read · 08 January 2016
