Private Equity
Canadian venture capital firm McRock Capital has closed McRock iNFund LP at more than $65 million in committed capital. The closing, which reached the top end of the fund's target, was enabled by a commitment from HarbourVest Canada Growth Fund, a venture fund of funds initially capitalized in April. HarbourVest joined existing investors, including Alberta Enterprise Corp, BDC Capital, Cisco Investments, Export Development Canada, Électricité de France, Kensington Venture Fund and Teralys Capital Innovation Fund. As reported by peHUB Canada last month, the fund will target opportunities to leverage industrial Internet software and sensor solutions that can create new capabilities for key industries.
3 min read · 28 August 2015
Canadian cloud management platform AirVM has raised $8 million in a Series A financing led by RHO Canada Ventures. RHO was joined in the round by Build Ventures, a new investor, and Wesley Clover International, an existing backer of the startup. AirVM, which has its headquarters in Ottawa, will use the proceeds of the deal to meet global demand for its cloud enablement software, AirSembly, and to expand into new markets, new cloud services and new platform technologies. Founded in 2008 by CEO Joshua Vautour, the company has over time facilitated transactions by thousands of service providers, re-sellers and customers.
4 min read · 27 August 2015
The private equity group of Brookfield Asset Management has wrapped up its acquisition of GrafTech International Ltd. After buying a minority stake earlier this week, Brookfield purchased additional shares of GrafTech’s common stock, giving it a total interest of about 86.4 percent. As reported by peHUB Canada in April 2015, the entire transaction is valued at about US$840 million. Based in Independence, Ohio, GrafTech is a producer of graphite material solutions used in steel manufacturing and other industries and end markets. Upon the completion of a merger arrangement with Brookfield, the company's shares will be delisted from the New York Stock Exchange.
2 min read · 14 August 2015
Canadian private equity firm Serruya Private Equity has acquired Sani-Service, a Canadian commercial hygiene and chemical services provider with operations in Ontario, British Columbia and Alberta. The financial details of the transaction were not published. The company, which is based in Markham, Ontario, was bought from Swisher Hygiene Inc, a U.S. sanitation solutions business. Serruya Managing Partner Michael Serruya said the firm sees opportunities to grow Sani-Service organically and through strategic acquisitions. Earlier this year, Serruya bought Tivoli Audio LLC.
2 min read · 14 August 2015
Intelex Technologies Inc, a Canadian provider of environmental, health, safety and quality management software, has secured $160 million in funding. The round was led by U.S. growth equity firm JMI Equity and was joined by HarbourVest Partners. With more than 1,000 clients, Intelex's solutions help businesses improve performance, mitigate risk, and ensure compliance with international standards. The round's proceeds will be used to support the Toronto-based company's continued growth. As part of the deal, JMI's David Greenberg, Harry Gruner and Bert Winemiller will join Intelex's board of directors, as will HarbourVest's Rob Wadsworth.
5 min read · 13 August 2015
GMD Distribution Inc, the logistics arm of GMD PharmaSolutions, has acquired Adjuvantz Inc, a provider of patient support programs for therapeutic disciplines with headquarters in Toronto. The financial terms of the deal were not released. Based in Oakville, Ontario, GMD specializes in the management and distribution of pharmaceuticals, biological and medical devices in Canada. Earlier in 2015, U.S. private equity firm Hammond Kennedy Whitney & Co (HKW) recapitalized the company's two divisions, including GMD Distribution, and said it would support GMD's expansion plans.
2 min read · 12 August 2015
Canadian private investment firm Manitex Capital has acquired a 44 percent equity interest in Ortho Regenerative Technologies Inc (Ortho RTi), a Kirkland, Québec-based biotechnology company that develops medical devices for unmet needs in the orthopedics market. The transaction is comprised of a $500,000 equity investment and a $240,000 credit facility. Ortho RTi this week agreed to acquire and develop a platform technology for the repair and regeneration of damaged joints, including the knee and shoulder, from Québec innovation hub Univalor and Polytechnique Montréal.
3 min read · 12 August 2015
TMAC Resources Inc, a portfolio company of U.S. private equity firm Resource Capital Funds (RCF) and other investors, has completed its previously-announced initial public offering (IPO), giving TMAC a Toronto Stock Exchange listing under the symbol "TMR". The offering, which was targeted to raise $135 million in gross proceeds, brought in $155.1 million in total, which accounts for an over-allotment purchase option granted to underwriters. The IPO's net proceeds will be used in part to fund development of the Toronto-based company’s Hope Bay gold project in Nunavut. The project is scheduled for initial production in December 2016.
3 min read · 11 August 2015
PHEMI, a big data platform designed for healthcare institutions, has raised a fresh round of financing to bring its technology to a wider array of enterprises and industries. The Vancouver-based startup announced today that it has secured $12.2 million in a Series A round co-led by Canadian venture firms CTI Life Sciences and Discovery Capital, and joined by existing investors BDC Capital and Yaletown Venture Partners.
3 min read · 11 August 2015
Precious metals producer North American Palladium Ltd (NAP) (TSX: PDL) has closed its previously-announced recapitalization deal with Brookfield Asset Management‘s private equity group. As a result, amounts owing to Brookfield have been converted into equity. Brookfield now owns 92 percent of NAP’s outstanding common shares and has appointed Managing Partners Peter Gordon and David Nowak to the board of directors. The Toronto-based NAP has yet to complete a $50 million rights offering backstopped by Brookfield and other parties. The offering's net proceeds will be used to repay a bridge loan facility with Brookfield and fund operations at its Lac des Iles palladium mine in Ontario.
8 min read · 07 August 2015
