Toronto-based medical device developer Thornhill Medical has raised an undisclosed Series A financing. The round was led by Yonghua Capital, a Chinese private equity firm. Thornhill, spun out of University Health Network in 2003, develops and manufactures devices in the areas of vascular diagnostics, emergency medical services and field medicine, and patient safety. The company will use the funds raised for its released line of emergency mobile products, sales and marketing, and continued clinical research in non-invasive cardiac and brain stress testing. Thornhill is led by President and CEO Kipton Lade.
The big story in Canada’s venture market in 2018 may be late-stage deals. Since January, the market’s top financings have backed a long lineup of tech companies in scaling mode, among them Auvik Networks, Breather, Coveo, Ecobee, Elastic Path, Ritual, Rubikloud, TouchBistro, Wattpad and Wealthsimple. VC funds poured more than C$2 billion ($1.5 billion) into […]
The big story in Canada’s venture market in 2018 may be late-stage deals. Since January, the market’s top financings have backed a long lineup of tech companies in scaling mode, among them Auvik Networks, Breather, Coveo, Ecobee, Elastic Path, Ritual, Rubikloud, TouchBistro, Wattpad and Wealthsimple. VC funds poured more than $2 billion into these growth and late-stage rounds, the largest sum invested over a six-month period in 18 years, according to Thomson Reuters data.
C1 Ventures, a venture capital firm set up by Central 1 Credit Union, has made its debut investment in Agility Forex, a Vancouver-based financial technology company specializing in currency pricing. C1 Ventures acquired a 28 percent stake in Agility. Terms weren’t disclosed. Founded in 2013 by CEO Andrew McGuire and COO Iain Thomson, Agility’s software platform supports low-cost cross-border payments by small businesses and individuals. The partnership with C1 Ventures will help the company expand its reach in Canada. Vancouver-based Central 1 is a financial facility and trade association for Canadian credit unions.
Canadian private equity firm Onex Corp has agreed to acquire KidsFoundation Holdings BV, a Dutch childcare services provider, in partnership with existing management. No financial terms were released for the deal, which is expected to close later this year. The seller is U.S. private equity firm H.I.G. Capital. H.I.G. established KidsFoundation in 2014 through the acquisition of assets from the estate of Estro Group. Based in Almere, the Netherlands, KidsFoundation offers nursery care as well as before- and after-school care services.
Canadian private equity firm Onex Corp has agreed to acquire KidsFoundation Holdings BV, a Dutch childcare services provider, in partnership with existing management. No financial terms were released for the deal, which is expected to close later this year. The seller is U.S. private equity firm HIG Capital. HIG established KidsFoundation in 2014 through the acquisition of assets from the estate of Estro Group. KidsFoundation offers nursery care as well as before- and after-school care services. It currently provides childcare for more than 30,000 children across 281 centres. In 2018, Onex closed its fifth flagship private equity fund, Onex Partners V, securing US$7.15 billion in committed capital.
Digital Media Solutions LLC (DMS) has acquired W4 Performance Ad Market, a Los Angeles-based digital performance advertising network. No financial terms were released. DMS, a Clearwater, Florida-based digital marketing and lead generation services provider, said the deal gives it extensive distribution across online channels, “allowing the company to control hundreds of millions in online advertising spend.” In 2016, DMS secured a US$20.5 million investment from Canadian private equity firm Clairvest Group.
Our Home & Miniature Land Inc, a Toronto developer of an indoor miniature attraction, has closed the first of two financing rounds. The undisclosed deal was led by Canadian investment firm Canso Investment Counsel and joined by 98 investors. Founded in 2012 by President Jean-Louis Brenninkmeijer, Our Home & Miniature Land is creating an immersive and interactive attraction showcasing Canadian vistas, landmarks and cities in miniature scale. The company said the current round will close in September. It will launch a second financing when a site facility is located. The attraction is expected to open in 2020.
Fonds de solidarité FTQ has invested $100 million in a partnership with Port de Montréal to fund companies with a development project connected with the port’s logistics chain. The financing, which will be made available as share capital or an unsecured loan, is intended to attract Canadian and foreign businesses that want to set up near the port’s facilities in Montréal and Contrecœur. It will also help existing users of facilities develop their activity. Port de Montréal is the second largest port in Canada. It handles a range of goods, including containerized and non-containerized cargo, liquid bulk and dry bulk.
GCR Inc, a U.S. professional services and software products provider, has acquired MB3 Technologies Inc, an Ottawa-based software company focused on emergency grants management. Terms weren’t disclosed. Launched in 2005 by President and CEO Matt Blakely, MB3’s software has helped manage grants for disasters throughout the United States. GCR said the acquisition will strengthen its software solutions for public safety and disaster recovery. Based in New Orleans, GCR was acquired last year by U.S. private equity firm Hammond, Kennedy, Whitney & Co.
Farsound Aviation Ltd has acquired Sterling Aircraft Products Inc, a Concord, Ontario-based distributor of fasteners used in the gas turbine engines of aerospace and power generation customers. No financial terms were disclosed for the deal, which saw Farsound buy the company from the family of Sterling President Hans Pump. Romford, U.K.-based Farsound provides maintenance, repair, and overhaul supply-chain management services to the aerospace and defence sectors. It said the deal will expand its product portfolio. Farsound was acquired in 2011 by U.K. private equity firms Rubicon Partners and Grovepoint Capital.
Intertape Polymer Group Inc (TSX: ITP) has agreed to acquire Polyair Inter Pack Inc, a Toronto-based maker and marketer of protective packaging products, including bubble cushioning, foam, mailers and air pillow systems. Intertape, a Montréal-based packaging company, agreed to pay about $192 million (US$146 million) in cash. The deal is expected to close in the third quarter. Founded in 1968, Polyair operates seven manufacturing facilities in North America. Intertape said the deal will strengthen its product bundle, bring additional scale of protective solutions, and facilitate cross-selling. Polyair has been backed by U.S. private equity firm Glencoe Capital since 2004.
Aritzia Inc (TSX: ATZ), a Vancouver-based women’s fashion brand, said U.S. private equity firm Berkshire Partners and another investor will sell subordinate voting shares for $16.55 per unit. The secondary offering is expected to generate proceeds of more than $100 million or more than $115 million if the greenshoe option is exercised in full. Upon completion of the offering, and assuming no exercise of the greenshoe option, Berkshire will hold about 22.4 percent of issued and outstanding shares and about 45.1 percent of the voting power attached to all of the shares. Aritzia went public in 2016, raising $460 million. Berkshire acquired the company in 2005.
Slack, a cloud-based collaboration software provider, has acquired Missions, an app that automates processes and tasks in Slack. The seller was Robots & Pencils, a Calgary-based digital innovation agency. No financial terms were disclosed. Slack said it will build on Missions’ technology to help enterprise teams streamline routine tasks, freeing them to do more creative and strategic work. Led CEO Stewart Butterfield, a Canadian entrepreneur, San Francisco-based Slack last year raised US$250 million from SoftBank Group, Accel Partners and other investors. Founded in 2009, Robots & Pencils is backed by U.S. investors Next Sparc and Zanite Ventures.
Armored Things has raised $5.5 million in a seed-stage financing. The round was led by U.S. venture capital firm Glasswing Ventures and Canadian firm iNovia Capital and joined by new and existing investors. As a result, Todd Simpson, an iNovia partner, will join the board. Based in Boston, Armored Things uses Internet-of-Things devices and their data to provide safety to large venues, such as schools, stadiums and streets.
Armored Things has raised US$5.5 million in a seed-stage financing. The round was led by U.S. venture capital firm Glasswing Ventures and Canadian firm iNovia Capital and joined by new and existing investors. As a result, Todd Simpson, an iNovia partner, will join the board. Based in Boston, Armored Things uses Internet-of-Things devices and their data to provide safety to large venues, such as schools, stadiums and streets. The company will use the funds raised for platform development and sales and marketing in advance of an initial product release next year.
Nutrien Ltd (TSX, NYSE: NTR), a Saskatoon-based crop inputs and services provider, has agreed to acquire Agrible Inc, a U.S. provider of predictive analytics tools that deliver field-specific data and forecasts to growers and other companies. Nutrien agreed to pay US$63 million for Agrible. The deal is expected to close this month. Nutrien, formed in January by the merger of Agrium Inc and Potash Corp, said the acquisition will provide it with digital capabilities that support the growth of its retail business. Founded in 2012, Agrible was backed by Archer Daniels Midland Co, Flyover Capital, Maumee Ventures, Serra Ventures and other investors.
Vancouver-based gaming company Gateway Casinos & Entertainment Ltd has struck a deal with Ontario Lottery and Gaming Corp (OLG) to acquire the assets of OLG’s Central Gaming Bundle. Terms weren’t disclosed. As a result, Gateway entered into leases for Casino Rama Resort on Chippewas of Rama First Nation lands and OLG Slots at Georgian Downs in Innisfil. Gateway, which was awarded bundles in Northern Ontario and Southwestern Ontario last year, now operates 11 gaming properties in the province. The deal increases its properties in Canada to 27. Gateway has been owned since 2010 by Canadian private equity firm Catalyst Capital Group.