Private Equity
TorQuest Partners has made an investment in Scarborough, Ontario-based Joriki Inc, a contract manufacturer of beverages and select food products. No financial terms were disclosed. Established in 1990, Joriki has over 200 employees across three Canadian manufacturing facilities located in Scarborough, Ontario, Pickering, Ontario and, Delta, British Columbia.
2 min read · 03 October 2019
Calgary-based Pason Systems Inc, a provider of specialized data management systems for drilling rigs, has agreed to acquire a minority stake in Intelligent Wellhead Systems Inc for $25 million. In addition to Pason's investment, Werklund Growth Fund LP has invested $10 million in IWS. Credit Suisse acted as financial adviser to WFO. Headquartered in Calgary, IWS is an oil and gas technology and service company.
4 min read · 03 October 2019
Montreal-based Korbit Technologies, a education technology startup, has secured over US$2 million in seed funding. Khosla Ventures was the lead investor. Korbit is a spin-off from the Montreal-based Mila lab led by professor Yoshua Bengio.
3 min read · 03 October 2019
Québec City-based natural stone quarrier Polycor Inc has acquired Bedford, Indiana-based Elliott Stone Company, a quarrier and fabricator of limestone. No financial terms were disclosed. Polycor is a portfolio company of Canadian private equity firm TorQuest Partners.
2 min read · 03 October 2019
AmacaThera, a Toronto-based developer of injectable hydrogel technology for medical applications, has secured US$3.6 million in seed funding. The investors were Sprout BioVentures/ Viva Biotech, Grey Sky Venture Partners and Toronto-based Lumira Ventures. AmacaThera is currently a resident company at the Johnson & Johnson Innovation – JLABS incubator.
1 min read · 03 October 2019
Toronto-based MindMed, a neuro-pharmaceutical company for psychedelic-inspired medicines, has secured US$6.2 million in funding. The investors included Bruce Linton, ex-CEO and founder of cannabis company Canopy Growth, Canadian businessman and "Shark Tank" co-host Kevin O'Leary, Compass Pathways and James Bailey, a partner at Bail Capital. In addition to the funding, Linton will join MindMed's board.
3 min read · 02 October 2019
Toronto-based AudienceView, a provider of e-commerce software for events and entertainment organizations, has acquired New York-based UniversityTickets, a ticketing and event management solution for higher education campuses and college athletics. No financial terms were disclosed. AudienceView is backed by Rubicon Technology Partners, a U.S. enterprise private equity firm.
3 min read · 02 October 2019
Pala Investments has increased its offer to acquire Cobalt 27 for $4 per share from $3.57 per share. This figure represents an additional $30 million cash consideration to Cobalt 27 shareholders. Scotiabank and Regent Advisors provided financial advice to Cobalt 27 on the new arrangement while Goldman Sachs did likewise for Pala. Pala has received financing commitments from Société Générale and ING Capital LLC as joint lead arrangers for loan facilities related to the transaction. Toronto-based Cobalt 27 is a battery metals streaming company.
7 min read · 02 October 2019
San Francisco and Toronto-based Naborly, a credit bureau for the rental industry, has secured US$7.5 million in seed funding. First Round Capital‘s Bill Trenchard led the round with participation from Liquid 2, Village Global VC, Assurant Insurance and Third Prime.
1 min read · 02 October 2019
Ontario Teachers' Pension Plan has teamed up with BCG Digital Ventures, the corporate venture, investment and incubation arm of Boston Consulting Group, to launch Koru, a Toronto-based venture incubator. Koru is focused on new digital businesses. Bryan Marcovici, a venture architect director at BCG Digital Ventures, will join Koru as the incubator's general manager and managing partner.
3 min read · 02 October 2019
