Private Equity
Canadian private equity firm Waterton Global Resource Management has wrapped up a new partnership earmarked for deals in the metals and mining industry. The firm’s second fund, Waterton Global Precious Metals Fund II, closed at just over US$1 billion. The partnership was oversubscribed, with a small group of institutional LPs – primarily endowments, pension funds and sovereign wealth funds – committing large individual sums, said Isser Elishis, the Toronto-based firm’s managing partner and CIO. As a result, Waterton Fund II raised 33% more than its US$750 million target.
3 min read · 07 April 2014
Canadian real estate-focused private equity firm KingSett Capital has acquired shares in MCAN Mortgage Corp (TSX: MKP), an investor in residential mortgages and other assets with headquarters in Toronto. The investment represents around 7% of the outstanding common shares of the company. In connection with the deal, Scott Coates, managing director at KingSett, will be nominated to serve on MCAN's board of directors. In 2013, KingSett and H&R Real Estate Investment Trust jointly bought Primaris Retail Real Estate Investment Trust for around $5 billion.
5 min read · 19 March 2014
Patheon Inc (TSX:PTI), a provider of drug development and manufacturing services, has completed the previously announced deal to take the company private. That transaction, which valued company at US$1.4 billion, will result in Patheon being amalgamated with JLL/Delta Canada Inc, an indirect subsidiary of DPx, formed by U.S. private equity firm JLL Partners and Dutch food and chemicals group Royal DSM in a separate US$2.65 billion deal. Patheon will continue to carry on business under its own name. At the time of the Patheon deal announcement in November 2013, the proposed offer of US$9.32 per share implied a US$582 million payout to investors other than JLL, which has had a major stake in Patheon since 2007. DPx, which is based in Durham, North Carolina, is 51% owned by JLL and 49% by Royal DSM. Patheon was found in Fort Erie, Ontario, in 1974.
4 min read · 11 March 2014
In the early weeks of 2014, Eric Margolis, long-time owner of vitamins, minerals and nutrition supplements wholesaler Jamieson Laboratories, sold the Toronto-based business to U.S. private equity firm CCMP Capital Advisors. The deal, valued at over $300 million, was at once a succession event and a transition to new owners who are able to assume risk and effectively position the company for its next phase of long-term growth. CCMP managing directors Joe Scharfenberger and Rich Zannino and executive adviser Doug Cahill recently shared the details of their growth strategy for Jamieson with peHUB Canada.
4 min read · 10 March 2014
Canadian private equity firm Imperial Capital Group has closed its fifth fund, Imperial Capital Acquisition Fund V, raising $295 million in total. Fund V exceeded the $250 million target set for it, as reported in September by peHUB Canada, and attracted more than 200 Canadian and global high-net worth investors who have committed alongside institutional investors. Imperial's latest fund also raised well over twice the commitments made to its previous fund, closed in 2009. Imperial makes control-stake investments in lower mid-market companies in Canada and the U.S. Enterprises most often have EBITDA in the range of $5 million and $15 million. Many of the firm's deals have been done in healthcare, branded consumer products and business services sectors. Founded in 1989, Imperial has its headquarters in Toronto.
2 min read · 07 March 2014
Canadian specialty finance firm Wellington Financial LP has provided US$11 million in venture debt financing to Operative Media Inc, a New York-based specialist in cloud-software solutions and outsourced ad services for media businesses. Proceeds of the investment will help Operative Media to continue enhancing its platform, expanding global operations and developing new offerings for publishers. Founded in 2000, the company is backed by U.S. venture capital firm Edison Ventures. It has also received financing from Orix Ventures.
3 min read · 06 March 2014
Pythian, a provider of data management consulting and services, has secured $6 million in new funding. The investors included the Business Development Bank of Canada (BDC) and Royal Bank of Canada (RBC). Proceeds of the investment will be used to expand the market reach of the company's leading product offering, Adminiscope, a data security solution that is focused on helping global retailers eliminate data security breaches. Founded in 1997, Pythian has it headquarters in Ottawa.
3 min read · 05 March 2014
Aurinia Pharmaceuticals Inc (TSX-V: AUP) has completed a US$52 million private placement. The deal was led by venBio, New Enterprise Associates, Redmile Group, RA Capital Management, Great Point Partners and Apple Tree Partners, with the participation of existing investors Lumira Capital, ILJIN Life Science and Difference Capital. Lumira, Difference Capital and ILJIN in 2013 helped finance Aurinia's merger with Isotechnika Pharma Inc. The Edmonton-based company intends to use the new funds for the clinical and non-clinical development of its lead drug candidate, a therapy for treating lupus nephritis. Aurinia's current leadership team includes former senior managers of Aspreva Pharmaceuticals Corp, which was acquired in 2008.
6 min read · 18 February 2014
Boris Wertz’s instiutional seed fund is just over a year old, but has risen to become one of the top 10 seed funds in North America
6 min read · 16 February 2014
Axine Water Technologies Inc said Wednesday that it has raised $5.6 million in a Series A financing round. The investors included U.S. venture capital firm The Roda Group, and Canadian firms Chrysalix Energy Venture Capital and BDC Venture Capital, which are existing investors. Based in Vancouver, British Columbia, Axine Water Technologies is a developer of chemical-free solutions that treat pollutants in industrial wastewater. Update: Funding proceeds will be used to ensure Axine's continued progress towards commercialization of its wastewater treatment technology platform. The company has been venture-backed since 2012.
3 min read · 12 February 2014
