Monthly Archives: January 2013
A new report by CB Insights says Canada was second only to the United Kingdom in the number of non-U.S. acquisitions of private technology companies in 2012. The report, which counted 2,277 acquisitions last year, noted Canada "has a lot of momentum as of late on both the financing and exit front". Thomson Reuters (publisher of peHUB Canada) has reported steady venture-backed exits in Canada in 2012, including one of the largest buys in market history, the US$1.1 billion purchase of Montréal’s Enobia Pharma Corp. by Alexion Pharmaceuticals Inc.
British private equity firm 3i Group, which is undergoing a restructuring process, is likely to continue disposing of assets in the coming months, reports Reuters. A source "familiar with the situation" said 3i is now preparing to sell several portfolio companies, including Canadian manufacturer Mold-Masters Ltd. The Financial Times reports the sale of the company could be worth C$700 million. Georgetown, Ontario-based Mold-Masters, which produces hot runner technology and systems, received a significant investment from 3i in 2007.
CGI Group Inc., a Montréal-based IT and business process services company, achieved revenues totaling C$2.53 billion in the first quarter of 2013, which represents year-over-year growth of 148 percent. The growth takes into account the impact of CGI's C$2.7 billion acquisition of British IT provider Logica plc in August 2012. Around the time of this acquisition, CGI received a C$1.0 billion private equity investment from Canadian pension fund manager the Caisse de dépôt et placement du Québec.
Allocadia Software Inc., a Vancouver, British Columbia-based provider of cloud software for marketing operations, has closed a C$1 million seed-stage financing round. Proceeds from the deal, which involved Canadian venture capital firms Beehive Holdings and iNovia Capital, as well as local entrepreneurs, will be used to accelerate the company's growth. Nanon de Gaspé Beaubien-Mattrick, President and Founder of Beehive, also joined Allocadia’s board. Beehive focuses on women entrepreneurs, offering them coaching, capital and a connected network.
BV Investment Partners has put New Track Media up for sale, sources tell peHUB. Petsky Prunier is advising on the auction.
Nova Capital Management has opened North American offices in Chicago, the firm announced. David Jacobs joined the firm as an investment partner. Nova Capital is a specialist acquirer of corporate and private equity portfolios.
Eugene Chung has joined TechStars as Managing Director for the New York City program. He joins from New Enterprise Associates where he helped manage NYC-area investments BuzzFeed and Bedrocket. Earlier in his career, Chung worked at Pixar Animation Studios, and as an energy investor at Warburg Pincus.
Providence Equity Partners is getting more time to wrap up its latest mega-fund. The firm's LPs granted the media-focused PE firm a six-month extension, until June 30, to close its seventh fund, several placement and LP sources say.
British private equity group 3i is to focus on further asset disposals over the coming months, saying that it intends to build on strong progress made in its efforts to restructure the business, Reuters reported. Since shareholder frustration at poor share price performance and weak results from its buyout business forced a change in chief executive last year, the owner of women's fashion retailer Hobbs and Tommee Tippee baby bottle maker Mayborn has been on a drive to reboot its flagging fortunes.
New Centaur LLC, a portfolio company of Canadian mid-market buyout firm Clairvest Group, is now free of regulatory constraints to proceed on its bid to acquire Indiana Grand Casino and Indiana Downs in Shelbyville, Indiana. The previously-announced acquisition has been estimated to value US$500 million. Indianapolis-based New Centaur, which holds various gaming interests in the state, including the Hoosier Park Racing & Casino, first received investment from Clairvest in 2010.