PeerWell, a San Francisco-based health technology company, has secured US$6.5 million in a Series A financing. The round was led by OMERS Ventures, the venture capital arm of Canadian pension fund OMERS. It was joined by existing backer XSeed Capital and several individual investors. Founded in 2015, PeerWell provides a surgery optimization platform that helps patients with musculoskeletal conditions prepare for surgery and recover faster. In so doing, it contributes to lowering patient risk, controlling costs, and improving return-to-work times. Led by CEO Manish Shah, PeerWell will use the funds raised to accelerate the roll-out of its worker’s compensation solution.
4 min read · 27 August 2019
Canada's private equity (PE) market saw $3 billion invested in 158 deals in the second quarter of 2019, up 54 percent from three months earlier but down 63 percent from Q2 2018, according to a report by the Canadian Venture Capital and Private Equity Association (CVCA). PE investment between January and June totalled $4.9 billion, the lowest amount invested in a first half since CVCA began collecting data (2013). The dollars went to 289 deals in this period, down from 324 deals in H1 2018. There was a record share of deals in the information and communications technology sector in Q2 2019 (20 percent). The industrial and manufacturing sector captured a comparable share (21 percent).
4 min read · 27 August 2019
Ontario Teachers' Pension Plan (OTPP) said Rosemarie McClean, COO, enterprise operations, and senior vice president, will depart the organization at the end of this year. McClean, who joined Ontario Teachers' in 1986 and assumed her current role in 2014, will become CEO of the United Nations Joint Staff Pension Fund (UNJSPF) in January 2020. Based in New York, UNJSPF provides benefits to more than 205,000 staff of the United Nations and 23 other member organizations. As of June 30, it oversaw assets valued at US$67.4 billion.
3 min read · 26 August 2019
Shareholders of Transat AT Inc (TSX: TRZ), a Montréal-based tour operator, have approved the company's proposed acquisition by Air Canada (TSX: AC) for $18 per share in cash. Air Canada, Canada's largest airline, amended the deal earlier this month. It is valued at about $720 million and expected to close early next year. Transat's largest shareholders include Fonds de solidarité FTQ and Caisse de dépôt et placement du Québec. Both voted in favour of the acquisition, according to a report by Reuters.
2 min read · 26 August 2019
Geologic Systems Ltd has acquired Top Analysis Ltd, a Calgary-based provider of thermal oilsands information and competitive intelligence though a software-as-a-service platform. No financial terms were released for the purchase, which includes Top's entire product suite and team, led by President Trevor Phenix. Geologic, a Calgary-based provider of data and software decision support systems to the upstream oil and gas industry in Western Canada and elsewhere , said the deal will allow the company to better serve its customers. Established in 1983, Geologic in 2015 secured an investment from U.S. technology private equity firm BV Investment Partners.
4 min read · 26 August 2019
U.S. real estate private equity firm Spear Street Capital has acquired O Mile-Ex, a Montréal-based artificial intelligence (AI) and technology hub. No financial terms were disclosed. The sellers were Canadian real estate development and investment firm TGTA, Québec private equity and venture capital firm Fondaction, and several local pension funds. In 2014, TGTA and Fondaction partnered in the acquisition of two buildings that now make up the nearly 400,000 square-foot O Mile-Ex. TGTA designed, developed, financed and managed the project. O Mile-Ex today houses some 20 tenants, including Element AI, a Montréal-based AI solutions company backed by venture capital investors.
4 min read · 26 August 2019
360insights has acquired Ohana Companies, a Wilmington, Delaware-based promotional marketing business and rebate service provider. Terms weren't released for the deal, which follows 360insights' purchase earlier this year of MTC Performance, a Schaumburg, Illinois-based provider of sales incentive management solutions. 360insights, a Whitby, Ontario-based channel incentives management platform, said the acquisition of Ohana bolsters its consumer rebate offerings. Founded in 2008 by CEO Jason Atkins, 360insights closed a $30 million financing in 2016. The round was led by Sageview Capital and joined by OMERS Ventures, Klass Capital, Leaders Fund and Export Development Canada.
3 min read · 26 August 2019
Fengate Asset Management has hired Jaime McKenna as managing director and group head, real estate. McKenna joins from Canadian real estate company Minto Group, where she has worked since 2008. McKenna most recently held the roles of chief investment officer of Minto Apartment REIT, and senior vice president, investments, of Minto Capital. Based in Toronto, Fengate is alternative investment manager focused on infrastructure, private equity and real estate strategies.
2 min read · 26 August 2019
ComTech Energy has acquired a controlling interest in Kraus Global Ltd, a Winnipeg-based supplier of alternative fuel dispensing equipment and solutions. Terms weren't released for the deal, which was backed by undisclosed subordinated debt financing from Canadian private equity firm NorthSpring Capital Partners. NorthSpring invested in ComTech two years ago. Kraus is a portfolio investment of Canadian private equity firm PRIVEQ Capital Funds. In 2015, PRIVEQ led a management buyout of the company, deploying $6.2 million. ComTech, a Milton, Ontario-based designer, builder and maintainer of compressed natural gas fuelling infrastructure, said the acquisition positions it strategically in the global alternative fuels industry.
3 min read · 26 August 2019
Industrious, a New York-based provider of workplace solutions, has raised $80 million in a Series D financing. The round, which brings total funding to $222 million, was backed by several investors, including Brookfield Properties, an affiliate of Brookfield Asset Management, and Canada Pension Plan Investment Board. Founded in 2013, Industrious operates flexible workspaces and related sites through landlord partnerships. It currently has more than 80 locations in over 45 U.S. cities. The funds raised will be used for growing landlord services, doubling the company’s network size, and expanding globally.
4 min read · 23 August 2019
