Canadian software company AlayaCare Inc has secured $3.6 million in financing. The round was backed by Maple Leaf Angels and Recap Health Ventures, a Canadian venture capital firm focused on the healthcare sector. It follows the company's $2.4 million financing led by Klass Capital earlier this year. Established in 2014, Toronto-based AlayaCare is a developer of technology that provides management support to home care agencies, nurses and personal support workers, helping them to improve the care of their patients. It said the proceeds of its latest round will accelerate client management, research and product development, and expansion in the U.S. market.
4 min read · 27 November 2015
KERN Partners, a Canadian energy private equity firm, has changed its name to Azimuth Capital Management. It said the name Azimuth, a navigation term, is intended to reinforce its commitment to "navigating the dynamic energy environment." Calgary-based Azimuth has $1.6 billion of assets under direct management and an additional $1.7 billion of commitments in a co-investment program. Co-founded in 2000 by Managing Partner Jeff van Steenbergen and Pentti Karkkainen, who stepped down from his management role in 2014, the firm has a team of 18 professionals. Earlier this month, Azimuth invested in Kaisen Energy Corp, a Canadian heavy oil producer.
2 min read · 27 November 2015
Centric Health Corp (TSX: CHH) has agreed to sell substantially all of the businesses within its physiotherapy, rehabilitation and medical assessments division to Audax Private Equity, the mid-market private equity arm of U.S.-based Audax Group. The all-cash deal, expected to close within 90 days, is priced at $245 million, plus an additional $5 million payment tied to performance thresholds. Peter Stymiest, COO of the Centric units being sold, will as a result of the deal become CEO of the new entity under Audax's ownership. Toronto-based Centric said it will use a portion of the net proceeds to lower its debt and reduce leverage. Last year, Centric sold its retail home medical operations to Birch Hill Equity Partners.
7 min read · 25 November 2015
Canadian pension fund manager the Caisse de dépôt et placement du Québec has partnered in a consortium that acquired the 99-year lease of TransGrid, owner and operator of an electricity transmission network in Australia. The consortium, NSW Electricity Networks, was selected by the New South Wales government to buy the lease for about $9.9 billion. The Caisse will hold 24.99 percent of the equity, which represents an investment of $1.15 billion. Other consortium members included an affiliate of Abu Dhabi Investment Authority, Australia's Hastings Funds Management and Spark Infrastructure, and an affiliate of Kuwait Investment Authority.
3 min read · 25 November 2015
4 min read · 23 November 2015
Kaisen Energy Corp has received an initial investment from KERN Partners, a Canadian energy-focused private equity firm. The investment's value was not disclosed. Founded in March 2013, Calgary-based Kaisen is an explorer and producer of conventional heavy oil assets in Western Canada. It said the partnership with KERN will help the company develop its existing assets in the Saskatchewan heavy oil fairway and capitalize on acquisition opportunities in the current period of market turmoil. With the investment, KERN's Deputy Managing Partner Dave Pearce and Managing Director Chris Hooper have joined Kaisen's board of directors.
5 min read · 23 November 2015
Manitoba Telecom Services Inc (MTS) has agreed to sell its subsidiary Allstream Inc, a provider of bandwidth and telecom services to enterprise and public sector customers in Canada, to Zayo Group Holdings Inc (NYSE: ZAYO). The all-cash deal, valued at $465 million, is expected to close in the first quarter of 2016. Zayo, a communications infrastructure services business, said the acquisition provides it with extensive intercity and metro fiber assets located throughout Canada. Based in Boulder, Colorado, Zayo is a portfolio investment of U.S. private equity firm GTCR.
6 min read · 23 November 2015
4 min read · 23 November 2015
Toronto-based bioinformatics startup Deep Genomics has raised $5 million in seed-stage financing. True Ventures, a U.S. venture capital firm, led the round with participation from other investors that included Bloomberg Beta, a fund capitalized by Bloomberg LP. Deep Genomics, which spun out of the University of Toronto in 2014, is focused on developing machine learning technologies to transform precision medicine, genetic testing, diagnostics and the development of therapies. Its said it will use the proceeds of the seed round to grow the company's team and further develop and validate its proprietary technology.
4 min read · 18 November 2015
Corvus Energy, a manufacturer of energy storage systems, earlier this month received a strategic investment from Statoil Technology Invest (STI), the venture capital investment arm of Norwegian energy company Statoil. The deal's value was not disclosed. Corvus, which is based in Richmond, British Columbia, said the investment will help foster development of its advanced lithium ion battery technology for the offshore oil and gas industry. STI's investment follows two prior investments in Corvus made by Green Marine Capital. Corvus was ranked near the top of Deloitte's recently released 2015 Technology Fast 50 list, showing revenue growth of 16,943 percent since 2011.
3 min read · 17 November 2015
