Private Equity
ProteinQure, a Toronto-based software platform for computational protein drug discovery, has raised about $5.2 million (US$4 million) in a seed-stage financing. U.S. venture capital firm Felicis Ventures led the round. It was joined by 8VC, Golden Ventures, Inovia Capital, Global Founders Capital and angel investor Tom Williams. Launched two years ago by CEO Lucas Siow, CTO Tomas Babej, Head of R&D Mark Fingerhuth and CSO Chris Ing, ProteinQure uses molecular simulations, machine learning and quantum computing to solve drug design challenges and deliver new protein-based therapeutics. The company will use the funds raised for new hires and to expand industry partnerships.
3 min read · 26 July 2019
Hudson’s Bay Co (TSX: HBC) said a special committee of its board will consider Catalyst Capital Group's offer to buy up to $150 million worth of the Canadian retailer's common shares. Catalyst, a Canadian private equity firm, earlier this week offered to acquire up to 14.8 million shares as a means of blocking the proposed take-private acquisition of Hudson's Bay, announced in June. Hudson's Bay said the committee, formed to evaluate the $1.74 billion proposal made by a group led by Executive Chairman Richard Baker, has invited shareholders to share their views. It also plans to explore other strategic alternatives.
3 min read · 25 July 2019
Toronto-based philanthropic fundraising platform Wisely has raised $1.5 million in a seed-stage financing, bringing its total funding so far to $2.1 million. The round was led by Canadian early-stage venture capital firm Ripple Ventures, with participation from Verstra Ventures and Maple Leaf Angels. Founded in 2017 by CEO Artiom Komarov, CTO Ryan Henry and COO Wes Moon, Wisely provides artificial intelligence-enabled technology to help charities, foundations, educational institutions and non-profit organizations more effectively pursue donations. The round's proceeds will be used by Wisely to expand its operations in the North American market.
2 min read · 25 July 2019
BDC Capital has provided undisclosed mezzanine financing to support the management buyout of Perfexia, a Kitchener, Ontario-based maker of light metal components and heavy welded assemblies. BDC partnered with Jeff Heffernan, formerly a Perfexia executive and minority shareholder. The seller was David Jones, the company's owner since 2000. BDC, which has previously backed Perfexia, invested through its Growth and Transition Capital group. Director Mark Lunick led the deal. Founded in 1977, Perfexia specializes in laser cutting, forming and welding of components, finished parts and assemblies for the industrial, construction, transportation and consumer product sectors.
3 min read · 25 July 2019
Rimot, a Dartmouth, Nova Scotia-based remote infrastructure monitoring company, has raised $1.2 million in financing. Canadian early-stage venture capital firm Innovacorp invested $500,000, with the rest coming from angel investors. Founded in 2016, Rimot offers turnkey remote monitoring and analytics to help business and government organizations ensure the reliability of critical equipment in the field and minimize downtime, maintenance costs and risk. Led by CEO Andrew Boswell, Rimot will use the round's proceeds to accelerate its growth in Canada and the United States.
2 min read · 25 July 2019
True Sports Inc has acquired Accra Golf Shafts, a Kingston, Ontario-based designer, manufacturer and marketer of custom-fit golf clubs. No financial terms were disclosed. Dave Makarucha and Gawain Robertson founded Premium Golf Management Co (PGMC), Accra's parent company, in 2002. PGMC was included in the acquisition. True Sports, the parent company of True Temper, a Memphis, Tennessee-based sports products maker, said the deal increases its options in the custom club fitting environment. True Temper was acquired in 2012 by U.S. private equity firm Lincolnshire Management.
2 min read · 24 July 2019
Luci.ai, a Toronto-based artificial intelligence (AI) technology startup founded this year, has raised $500,000 in a seed-stage financing. The round's investors were not disclosed. Luci.ai also announced the launch of its AI dispatch and scheduling-as-a-service platform, LuciX, which helps businesses make deliveries and manage appointments. The technology is targeted to food delivery, groceries and retail, parcel and courier, retail and delivery, third-party logistics, home services, field service, warehouse management and other sectors. Luci.ai's founding team includes scientists, engineers and industry experts from Amazon, Alibaba, DHL and Canadian Tire.
3 min read · 24 July 2019
Shareholders and option-holders of WestJet Airlines Ltd (TSX: WJA) have voted to approve its deal to be acquired by Canadian private equity firm Onex Corp. More than 92.5 percent of the votes cast at a special meeting were in favour. In May, Onex offered to buy Calgary-based WestJet, Canada’s second-largest airline carrier, for $3.5 billion or $5 billion including debt. The transaction is expected to wrap up later this year. Established in 1996, WestJet provides scheduled service to more than 100 destinations in the Americas and Europe and to more than 175 destinations in over 20 countries through partnerships.
4 min read · 24 July 2019
DW Healthcare Partners raised its largest fund to date, collecting US$610 million ($800 million) for its fifth healthcare-focused pool of capital. The Toronto- and Park City, Utah-based firm surpassed its US$500 million target, Founder and Managing Partner Andrew Carragher told Buyouts. Fund V, which closed on Monday, is more than double the US$295 million raised in the firm’s fourth fund, which closed in March 2017. The vehicle’s limited partner base encompasses global institutional investors that committed in prior funds, with some nine to 10 new institutional investors having joined Fund V, Carragher said.
1 min read · 24 July 2019
