Alasko Foods Inc has acquired FooDelicious Inc, a packaged frozen food company based in Ingersoll, Ontario. No financial terms were released. Alasko, a Montréal-based supplier of branded and private-label frozen fruits and vegetables, said the deal will strengthen its packing and distribution capabilities. Alasko serves food service, industrial and retail channels across Canada. It was acquired in 2010 by Catterton Partners, a U.S. consumer-focused private equity firm. Last year, the company also secured an investment from Canadian investors Avrio Capital and Fondaction CSN.
Computational fluid dynamics (CFD) solutions provider Envenio Inc has raised $1.3 million in financing. Canadian venture capital firm Celtic House Venture Partners, Green Century Investment and New Brunswick Investment Fund (NBIF) were the round’s investors. Launched in 2010, Fredericton-based Envenio is the creator of EXN/Aero, an on-demand, cloud-hosted CFD software tool that enables rapid, high-accuracy engineering and scientific computer simulations. Led by CEO Ian McLeod, it plans to use the funds raised to expand its sales and engineering teams and advance its global strategy. Celtic House Partner Tom Valis has joined the company’s board.
U.S. media intelligence services provider Meltwater has acquired Infomart, the media monitoring and analytics platform of Canadian publisher Postmedia Network Canada Corp (TSX: PNC.A/B). In a separate statement, Postmedia said the deal’s purchase price is $38.25 million. It is expected to close in August. Meltwater, which is based in San Francisco, said the transaction will expand its presence and offering in North America. The company earlier this year closed a US$60 million debt financing with Silicon Valley Bank and Vector Capital to support its acquisition strategy. Postmedia in 2016 struck a deal with bondholders to reduce its debt.
The Fonds de solidarité FTQ disclosed an investment of about $11.6 million (US$8.75 million) in Repare Therapeutics Inc, a Montréal developer of precision oncology drugs that target specific vulnerabilities of tumour cells. The investment formed part of Repare’s $90 million (US$68 million) Series A financing, co-led by Versant Ventures and MPM Capital. The Fonds said the deal is part of its life sciences strategy. The strategy combines commitments to funds like Versant Venture Capital VI, which raised US$400 million earlier this year, and direct investments.
Export Development Canada has provided a $6.5 million contract financing credit facility to Corvus Energy Inc, a Canadian designer and maker of energy storage systems and lithium-ion battery solutions for hybrid and electric marine applications. The funds raised will allow the company to fulfill export contracts, primarily for hybrid ferries in Europe. Founded in 2009, Richmond, British Columbia-based Corvus has secured financing from Statoil Technology Invest, the venture capital arm of Norwegian energy company Statoil ASA, and Green Marine Capital.
Fairfax Africa Holdings Corp (TSX: FAH.U) has agreed to invest a minimum of US$130 million in Atlas Mara Ltd, a financial services institution focused on the region of sub-Saharan Africa. The deal will anchor a broader strategic investment in Atlas Mara and is expected to give Fairfax Africa an interest of at least 35 percent. The proceeds will be used by Atlas Mara to invest in sub-Saharan banks and other priorities. Fairfax Africa, an affiliate of Canada’s Fairfax Financial Holdings Ltd, raised US$500 million earlier this year to invest public equity, private equity and debt in African businesses.
Toronto cloud accounting platform Hubdoc Inc has secured about $4.85 million in seed-stage financing. The round was led by Canadian venture capital firms BDC Capital and Round13 Capital and joined by Hyde Park Venture Partners and other investors. Hubdoc is led by co-CEOs Jamie Shulman and Jamie McDonald.
Itafos (TSX-V: IFOS), a producer of phosphate-based fertilizers and related products, recently completed a private placement transaction, raising US$34.05 million. The key investors were Zaff, a U.S. distressed private equity firm and Itafos’ majority owner, Pala Investments and J.P. Morgan Asset Management. The proceeds are being used to recommission Itafos’ operations in Brazil and other priorities. Itafos was acquired by Zaff last October. The company recently redomiciled from Canada to the Cayman Islands and delisted its securities from the Toronto Stock Exchange, moving them to the TSX Venture Exchange.
U.S. private investment firm Oaktree Capital Management has increased its ownership of common shares in SunOpta Inc (Nasdaq: STKL, TSX: SOY), a Canadian specialty foods producer. In May, Oaktree acquired about 1.4 million shares at US$8 per unit, growing its total interest in the business to approximately 16.16 percent of outstanding shares. Last year, Oaktree invested $85 million in the form of exchangeable preferred shares in Toronto-based SunOpta, which was intended to help reduce the company’s second lien debt and enhance flexibility.
Canadian private equity firm Lynx Equity has acquired G&W Commercial Interiors, a Seattle, Washington provider of commercial flooring products, installation and related services in the U.S. Pacific Northwest. No financial terms were released. With the deal, Steve Woodman, the company’s vice president, has assumed the role of president. The investment is Lynx’s second in the U.S. flooring products industry. Toronto-based Lynx is focused on acquiring small businesses from owners looking to retire. Last year, PE Hub Canada profiled Brad Nathan, the investor’s founder and president.
Canada’s life sciences sector is on a roll. Current levels of venture capital investment are unprecedented. This week another major deal was announced, with Repare Therapeutics, a Montréal developer of precision oncology drugs, securing about $90 million in a Series A financing. One of the sector’s other big stories is the IPO of biotherapeutics provider Zymeworks. The company, which last month raised about $86 million on the Toronto and New York exchanges, is now being talked about as Canada’s next biotech anchor company.
Canada’s life sciences sector is on a roll. Current levels of venture capital investment are unprecedented. Dollar flows set a record last year, with C$1.1 billion ($830 million) deployed to 74 biotech companies, according to Thomson Reuters data. That exceeds the prior record in 2000 by 32 percent. The robust deal-making has continued in 2017. VC […]
Mediagrif Interactive Technologies Inc (TSX: MDF) has agreed to acquire substantially all of the assets of Orckestra Inc, a Montréal provider of digital unified and omnichannel commerce solutions for the retail and manufacturing industry. No financial terms were disclosed for the deal, which is expected to close this month. Mediagrif, a Canadian information technology business, said the acquisition will help it gain a footprint in the digital retail sector. Founded in 2006, Orckestra is backed by Fonds de solidarité FTQ, Fondaction CSN and W Investments. Including its Series B financing, closed in 2015, the company raised about $20 million.
Calgary biotechnology company Resverlogix Corp (TSX: RVX) has closed a $10 million equity offering. Eastern Capital and Shenzhen Hepalink Pharmaceutical Co Ltd, existing investors in the company, accounted for most of the funding. The deal increases Eastern’s stake to up to 26.3 percent of outstanding shares, and Hepalink’s stake to up to 14.9 percent. The offering’s proceeds will be used by Resverlogix to fund research and clinical trial activities related to its treatments for cardiovascular disease and other conditions, among other priorities. Founded in 2001, the company is also backed by U.S. venture capital firm NGN Capital.
Toronto cloud accounting platform Hubdoc Inc has secured about $6.4 million (US$4.85 million) in a seed-stage financing. The round was led by Canadian venture capital firms BDC Capital and Round13 Capital and joined by Hyde Park Venture Partners and other investors. Founded in 2011, Hubdoc has developed an accounting application that uses cloud computing and machine learning to collect and analyze documents for financial reporting, reconciliation and audit proofing. It will use the funds raised to scale growth globally, accelerate innovation and hire new team members. Hubdoc is led by co-CEOs Jamie Shulman and Jamie McDonald.
U.S. private equity firm Sverica Capital Management has acquired iWave Information Systems Inc, a Charlottetown, Prince Edward Island prospect research software company that provides fundraising intelligence to healthcare, education, and non-profit organizations. No financial terms were disclosed. Sverica partnered with Ross Beattie and iWave CEO Gerry Lawless in buying the company from Jamie Hill, iWave’s former top executive. Beattie, formerly CEO of HGS Canada Inc, will join the company as executive director and vice chairman. Established in 1991, iWave currently serves more than 2,000 client organizations worldwide.
Canadian online alternative investment platform Crowdmatrix Inc said it will provide investors with access to private technology companies through a partnership with Plaza Ventures, a Canadian venture capital firm. The partnership will see accredited investors use Crowdmatrix’s platform to invest in companies via Plaza Ventures Fund IV. Plaza is currently raising the micro-fund. By offering Plaza and other private equity funds on its site, Crowdmatrix said it hopes to open up the asset class to small investors. One of Plaza’s portfolio companies, SweetIQ Analytics Corp, was acquired earlier this year.
Ottawa fraud detection solution MindBridge Analytics Inc recently secured $4.3 million in a seed-stage financing, according to report by the Globe and Mail. The round was backed by Canadian venture capital firm Real Ventures and U.S. firm 8VC, the report said. MaRS Investment Accelerator Fund is among the company’s other investors. Founded in 2015, MindBridge provides advanced anomaly detection solutions. Its flagship product, Ai Auditor, acquires and analyzes financial data to pinpoint unusual activity using a combination of machine learning, data science and artificial intelligence technologies.