Private Equity
HarbourVest Canada Growth Fund, a venture fund of funds managed by Boston-based asset manager HarbourVest Partners, has secured $197.2 million in an initial close. The fund, the fourth to be formed in partnership with Ottawa's Venture Capital Action Plan (VCAP), raised about two-thirds of its commitments from a mix of banks, corporations and institutional investors.
3 min read · 16 April 2015
Canadian private equity firm Tricor Pacific Capital has bought Certified Recycling, a provider of recycling and waste solutions services based in Anaheim, California. The financial terms of the deal were not published. U.S. investment bank Lincoln International LLC was the exclusive financial advisor to the company. Certified Recycling said the partnership with Tricor will help it accelerate growth and enhance service and support to suppliers and brokers. The investment is the second closed to date by Tricor Pacific Capital Partners Fund V, which raised $345 million last June. In September 2014, the fund invested in Tiger Calcium, a manufacturer of calcium chloride products.
4 min read · 14 April 2015
TVM Capital Life Science and the Fonds de solidarité FTQ have made an investment to help launch Esperas Pharma Inc, a Montréal-based biopharmaceutical company focused on treatments for certain types of cancer, including triple negative breast cancer. The value of the investment was not disclosed. Esperas Pharma said the deal will help it develop a biopharmaceutical asset to clinical proof-of-concept. Last October, TVM Capital Life Science, a global venture capital firm with an office in Montréal, closed TVM Life Science Ventures VlI at US$201.6 million. The fund, which made the Esperas Pharma investment, was backed by Teralys Capital, Eli Lilly and Co, BDC Capital and Fondaction CSN, among others.
7 min read · 14 April 2015
TouchBistro Inc has secured $6 million in a Series A financing, bringing its total financing to date to about $12 million. The round's investors included Kensington Capital Partners, Relay Ventures, Difference Capital and JUST EAT Group, a U.K.-based online marketplace for restaurant delivery. TouchBistro, a Toronto-based provider of point-of-sale (POS) technology solutions for the food and beverage industry, said the strategic investment by JUST EAT includes a partnership to enhance their respective offerings to restaurants. TouchBistro reported that transactions processed using its technology currently total over $1 billion annually. Last November, JUST EAT acquired Edmonton's Delivery Town.
4 min read · 14 April 2015
Canadian venture capital firm Klass Capital has acquired Resolver Inc, a Toronto-based provider of corporate performance, compliance and assurance software with more than 400 global customers. The financial details of the transaction were not released. Klass Capital said Resolver will eventually be merged with another recent software acquisition, PPM, to create "a scalable SaaS platform for the risk and compliance market." Resolver’s top two executives will remain with the company. The acquisition follows several investments made by Klass Capital since January 2015, including Docebo SpA, Condo Control Central and AlayaCare.
3 min read · 13 April 2015
LABORIE Medical Technologies Inc, a portfolio company of U.S. private equity firm Audax Group, has bought Medical Measurement Systems BV (MMS), a Dutch developer and distributor of medical diagnostic systems for urodynamics, gastroenterology and neurology. The financial terms of the deal were not disclosed. LABORIE, a manufacturer of medical technology and consumables, said it will gain opportunities by leveraging MMS' products platform and will extend its global reach through MMS' distribution network. Based in Toronto, the company was acquired by Audax in 2012.
2 min read · 13 April 2015
An affiliate of European private equity firm EQT has agreed to buy WASH Multifamily Laundry Systems LLC, a provider of laundry services. The seller in the undisclosed deal is U.S. private equity firm CHS Capital. Weil, Gotshal & Manges LLP, Bain & Co and KPMG advised EQT on the deal, while Moelis & Co LLC, William Blair & Co and Kirkland & Ellis LLP advised WASH. Morgan Stanley, Goldman Sachs and Natixis will provide financing for the transaction. WASH is based in El Segundo, California, while its Canadian subsidiary Coinamatic Canada is based in Toronto. Coinamatic was bought by WASH in early 2013.
5 min read · 13 April 2015
Petra Petroleum Inc (TSX-V: PTL) has secured $31.7 million in gross proceeds from a private placement. The transaction will fund the company's proposed combination with Mitra Energy Ltd, an oil and gas company focused on Southeast Asia. Investors in the private placement included Ontario Teachers' Pension Plan (OTPP), Tyrus Capital and West Face Capital. Following the Mitra deal, OTPP and West Face are expected to hold about 27.7 percent and 23.8 percent, respectively, of the new entity's issued and outstanding shares. Based in Vancouver, Petra is focused on exploration opportunities in frontier areas and under-explored proven basins around the globe.
5 min read · 10 April 2015
Wealthsimple, which was launched last September with venture capital funding, has entered into a partnership with Canadian financial holding company Power Financial Corp. Under the terms of the partnership, Power Financial will invest $10 million in Wealthsimple. It has also committed to a potential additional investment of up to $20 million over the next 12 months, with an option to make further investments over the next three years. The Toronto-based Wealthsimple, a provider of technology-driven investment management strategies, said the deal will allow it to offer its solutions to more Canadian investors. The company is backed by Impression Ventures and a number of angel investors.
3 min read · 09 April 2015
Pattern Energy Group Inc (TSX: PEG) has agreed to buy three wind power facilities for a total purchase price of US$372 million, together with the assumption of US$320 million in net debt and certain tax equity non-controlling interests. The acquisition includes 90 megawatts of the K2 Wind Power Project located in the Ontario township of Ashfield-Colborne-Wawanosh. The company will assumed a 33 percent equity interest in the facility after acquiring it from Pattern Development for US$128 million plus debt. Pattern Energy Group LP, Pattern Energy's main shareholder, is backed by U.S. private equity firm Riverstone Holdings.
8 min read · 07 April 2015
