Inception IBD has closed a $14.1 million Series A financing led by Versant Ventures, a U.S. life sciences venture capital firm. Versant was joined in the round by the Fonds de solidarité FTQ and by existing investor Inserm Transfert Initiative. Seeded last year, Inception IBD is the first company to be launched from drug discovery incubator Inception Sciences Montreal, which is backed by Versant. It aims to advance novel targets identified from genomic analysis of inflammatory bowel disease tissue (IBD) and from proprietary drug discovery tools licensed from Inserm. Inception IBD plans to use the proceeds of its Series A round to develop a portfolio of therapeutics.
3 min read · 10 December 2015
Montréal-based Orckestra, a software and services provider, has secured $12 million in Series B financing, adding to the $8 million raised last year. Orckestra's existing investors, the Fonds de solidarité FTQ, Fondaction CSN and W Investments, committed to the latest financing. Founded in 2006, Orckestra has developed an omni-channel commerce solution for mid-size and large enterprise retailers, grocers and branded manufacturers. Its new investment will be used to expand the company's sales capabilities in North America and increased presence in Europe, complete the integration of Composite, acquired by Orckestra earlier this year, and other priorities.
5 min read · 10 December 2015
Canadian private equity firm Tricor Pacific Capital has rebranded its fifth fund, Tricor Pacific Capital Partners Fund V, and its investment advisory business. The new firm, Parallel49 Equity, takes its name from Tricor's long-standing deal presence on both sides of the Canada-United States border. Parallel49 Equity, which has offices in Vancouver and Chicago, will invest $400 million in mid-market companies in specialty manufacturing, business services and value-added distribution sectors. The firm will be led by Managing Partners Brad Seaman, Scott Daum, Nick Peters and Rob Wildeman. Rod Senft and Trevor Johnstone, Tricor's founders, will sit on its investment committee.
2 min read · 08 December 2015
The British Columbia government has announced plans to form a $100 million venture capital fund focused on stimulating growth in the province's technology sector. The BC Tech Fund, part of the government's innovation strategy, aims to develop a sustainable venture capital system in British Columbia. As such, it will build on the activity of BC Renaissance Capital Fund, a $90 million venture fund of funds launched in 2007. The new fund will get underway next year following a process to secure a private sector fund manager to administer it. Venture invested in British Columbia in the first nine months of 2015 has been estimated at between $223 million and $290 million.
6 min read · 08 December 2015
Cott Corp (NYSE: COT) (TSX: BCB) has agreed to acquire Aquaterra Corp, a portfolio company of Canadian private equity firm Birch Hill Equity Partners. The deal is valued at $62 million and is expected to close in January 2016. Founded in 1882 as Laurentian Water Co, Aquaterra delivers water, coffee and other kitchen supplies directly to homes and offices. Cott, a U.S.-based beverage producer, said the acquisition gives it a national direct-to-consumer route distribution fleet in Canada with about 70,000 customers. Aquaterra entered Birch Hill's portfolio in 2006 when the investor bought Danone Waters of Canada and renamed it Aquaterra. The company has since completed two acquisitions.
6 min read · 08 December 2015
Canadian private equity firm TorQuest Partners has sold its majority interest in Array Marketing, a Toronto-based provider of visual merchandising solutions to cosmetic brands, to The Carlyle Group. No financial terms were released; however, TorQuest told PE Hub Canada that it earned more than five times its investment from the sale, as well as a 61 percent internal rate of return. TorQuest acquired Array in June 2012 and supported investments that helped to improve operations, expand international capabilities, and enhance service to clients. The company's sale represents TorQuest's third liquidity event this year. In May the firm sold Kissner Milling Co Ltd, and in September it agreed to sell Pinova Holdings Inc.
2 min read · 07 December 2015
Walter Capital Partners, a new Canadian private equity firm, has been launched with an initial commitment from The Walter Group of Companies. The commitment, totaling $100 million, is expected to be supplemented by capital from other sources, including Managing Partners Pierre Fitzgibbon and Éric Phaneuf. Walter Capital plans to invest without predetermined horizons in private small and medium-sized companies looking to accelerate their growth. As an affiliate of the family-run Walter Group, the firm will source opportunities and manage investments from its headquarters in Montréal and a second office in Boston.
4 min read · 07 December 2015
Ontario Teachers' Pension Plan (OTPP), the owner of U.K.-based Bridon, has agreed with Belgium's Bekaert to combine the ropes and advanced cords operations of the two companies. No financial terms were released. The new business, Bridon Bekaert Ropes Group, will have 19 manufacturing entities in 11 countries. It will be jointly owned by Bekaert and OTPP, with the former holding a 67 percent stake, and the latter a 33 percent stake. The partners said the combined business will account for about € 600 million (US$653 million) in sales annually. Teachers' Private Capital, the private equity arm of OTPP, acquired Bridon from Melrose Industries in 2014.
2 min read · 07 December 2015
Montréal-based iNovia Capital, one of Canada’s best known venture firms, is only weeks away from wrapping up its fourth information technology fund, a source with knowledge of the matter told PE Hub Canada. Fund IV is targeted to raise $150 million in committed capital, which if reached will make the fund the largest raised to date by the firm.
2 min read · 06 December 2015
Worximity Technology Inc has secured $2 million in seed-stage financing from Canadian venture capital firm W Investments and the Fonds de solidarité FTQ. Based in Montréal, Worximity has developed connectivity solutions and a mobile Tileboard application that help factory managers and employees monitor production in real time. Founded in 2011 by President and CEO Yannick Desmarais, the company said the investment's proceeds will be used to grow the size of its computer development team, enhance its technology, and seek new markets in the United States and South America.
4 min read · 04 December 2015
