Kirk Falconer

Personalized health startup Newtopia raises follow-on funding

Newtopia has secured a follow-on investment from Bloom Burton & Co, a Canadian investment banking firm specializing in the health sector. The value of the investment round was not disclosed, however, Techvibes reported it to be $2 million. Based in Toronto, Newtopia is a personalized health coaching company focused on helping individuals achieve weight loss and make healthy living decisions. Earlier this year, it received funding from insurance underwriter Argo Group US Inc. It has also been backed by Canadian venture capital firm BDC Capital and a number of angel investors.

Aquiline Capital buys majority stake in Beach & Associates

U.S. private equity firm Aquiline Capital Partners recently purchased a majority equity interest in Beach & Associates Ltd, a specialty reinsurance intermediary based in Toronto. The financial details of the acquisition were not disclosed. Jonathan Beach, the company's founder and chairman, will retain a significant investment stake. Beach's senior partners have invested alongside Aquiline and will own approximately 15 percent of the company. Beach, which was founded in 1988, said the deal will provide it with expertise and capital to strengthen the business.

Novacap to sell Multibar to Kohlberg's Nellson Nutraceutical

Nellson Nutraceutical LLC, a portfolio company of U.S. private equity firm Kohlberg & Co, has agreed to buy Le Groupe Multibar Inc, a manufacturer of nutritional and snack bars based in Montréal. The financial terms of the transaction were not published. The seller is Canadian private equity firm Novacap, which has invested in Multibar since 2003. Nellson, a U.S. manufacturer of nutritional bar and powder products, said the acquisition will increase its production capabilities, expand its product lines, and diversify its customer mix. The deal is expected to close within 60 days. In October, Novacap raised $300 million in the first close of Novacap Industries IV LP, and re-invested in Knowlton Development Corp (KDC).

Russell Square Partners leads investment in Bitmaker Labs

Canadian private equity firm Russell Square Partners has led a substantial equity investment in Bitmaker Labs. The value of the deal was not published. Founded in 2012, Bitmaker is a provider of education in computer programming and technology, including web development and user experience design. Concurrent with Russell Square's investment, the company announced the appointment of a new management team led by president Andrew Mawer and CEO Craig Hunter. Bitmaker said proceeds of its investment will support curriculum development, hiring of additional teachers, improvements to its Toronto flagship location, and expansion opportunities.

Mitel Networks withdraws $574 mln bid for ShoreTel

Mitel Networks Corp (TSX: MNW) (Nasdaq: MITL) has withdrawn its $574 million offer to acquire ShoreTel Inc (Nasdaq: SHOR), a U.S.-based business communications solutions provider. Mitel said the decision was reached after the "repeated refusal of ShoreTel's board of directors to engage in discussions of any kind regarding a potential transaction." Reuters reported last week that ShoreTel saw the offer as undervaluing its business. The Ottawa-based Mitel, which is backed by Francisco Partners, Wesley Clover International Corp and other investors, disclosed it was trying to buy ShoreTel in October.

Rho Canada, Build Ventures lead $3 mln financing of Resson

Resson Aerospace Corp has received $3.025 million in venture capital financing. The round was led by Canadian venture capital firms Rho Canada Ventures and Build Ventures, and was joined by BDC Capital, New Brunswick Innovation Foundation and other private investors. Headquartered in Fredericton, New Brunswick, Resson is a bioinformatics and data analytics startup that helps large agricultural producers create efficiencies to maximize crop production and profits. The company said that investment proceeds will be used to accelerate its technology and hire staff. Resson was founded in 2013.

Peak Rock Capital invests in mushroom producer Highline

An affiliate of U.S. private equity firm Peak Rock Capital has invested in Highline Produce Ltd, a Canadian producer of mushrooms. The financial details of the transaction were not released. Based in Leamington, Ontario, Highline produces, packages, and distributes varieties of fresh white, mini bella, portobella, and exotic mushrooms for the retail and food service end markets. The company said the partnership with Peak Rock will increase its capabilities for achieving growth and allow it to pursue new product development.

Digital health and wellness startup LEAGUE seeded with $4 mln

LEAGUE Inc, a digital health and wellness platform, has secured US$4 million in seed-stage funding. The deal was led by OMERS Ventures with the participation of Infinite Potential Technologies LP, Foundation Capital and Real Ventures. The company was formed and will be led by CEO Michael Serbinis, the former head of Canadian e-reading company Kobo Inc. Focused on preventative health solutions through a mobile platform that stores health information, LEAGUE plans to launch in early 2015. The company is currently looking for healthcare professionals to participate in its beta program. Serbinis earlier this year launched venture capital firm Three Angels Capital and invested in BitLit.

GreenMantra raises $17 mln in funding to recycle plastics

GreenMantra Recycling Technologies Ltd has completed a series of funding deals that gave it more than $17 million in proceeds. The investment included equity financing from Canadian venture capital firms Cycle Capital Management and ArcTern Ventures, debt financing from Comerica Bank and Export Development Canada, and additional support from the Ontario Ministry of Research and Innovation and Sustainable Development Technology Canada. The funds will be used to expand the production capabilities of GreenMantra, which is focused on turning plastics into high-value specialty chemicals. Founded in 2010, the company is based in Brantford, Ontario.

Intel Capital, Innovacorp invest in first round of Reno Sub-Systems

Reno Sub-Systems Canada Inc has confirmed an earlier report by peHUB Canada that it has raised venture capital funding from Intel Capital, the investment arm of Intel Corp. The Bedford, Nova Scotia-based startup said other investors in its first round included Canadian venture capital firm Innovacorp. The financing's value was not published. Reno Sub-Systems designs, develops and delivers sub-systems used to control process systems made by original equipment manufacturers. It said proceeds of the deal will be used to bring the company's technology to market and "enable next generation advanced semiconductor manufacturing process technology nodes."