Private Equity Venture Capital M&A Updates – May 24, 2013

Friday, May 24, 2013 send an anonymous tip Highlights: Social+Capital Partnership II holds initial close AvidBiologics completes Series A Catalyst Capital, Quadrangle and debtholders approve TELUS acquisition of Mobilicity Social+Capital Partnership II holds initial close The Social+Capital Partnership II L.P. has held an initial close. The Social+Capital Partnership II has a fundraising target of $325 million. The Social+Capital Partnership is a partnership of philanthropists, technologists and capitalists utilizing venture capital as a force to create value and change on a global scale. The Partnership is based in Palo Alto, California. The Social+Capital Partnership was founded by Managing General Partner Chamath Palihapitiya in 2011, its managing team also includes General Partners, Mamoon Hamid and Ted Maidenberg. Read online Morguard closes $450 million proporties acquisition from Pearlmark Morguard North American Residential Real Estate Investment Trust (TSX: MRG.UN) has closed the acquisition of the remaining six multi-unit residential properties from Pearlmark Multifamily Partners, LLC, an institutional fund sponsored by private equity firm Pearlmark Real Estate Partners, L.L.C. for US $232 million, excluding closing costs. On December 21, 2012, Morguard entered into an agreement to acquire a portfolio of 12 multi-unit residential properties from Pearlmark for an aggregate purchase price of US $450 million. Read online Revision Military raises $12 million from BDC and The Caisse The Business Development Bank of Canada (BDC) and the Caisse de dépôt et placement du Québec (The Caisse) have made made an $12 million investment in Revision Military Inc., a developer and manufacturer of ballistic eyewear, head protection systems and other protective equipment designed for military and tactical use. BDC is investing $7 million while the Caisse is contributing $5 million. Read online Catalyst Capital, Quadrangle and debtholders approve TELUS acquisition of Mobilicity Data & Audio-Visual Enterprises Holdings Inc. (DAVE Holdings) and its affiliates (Mobilicity) said Catalyst Capital Group, Quadrangel and other debtholders have approved the $380 million acquisition plan by TELUS. Catalyst Capital Group is a principal holder of First Lien Notes. Quadrangle Capital Partners will receive its prorated shares of payments to Unsecured Pari Passu Notes (estimated to be less than 50 cents to 1 dollar) and will lose its entire investment in the form of unsecured subordinated notes (outstanding amount including accrued interest payable in kind of approximately $37 million as at March 31, 2013), along with unspecified equity investment in Mobilicity. Read online AvidBiologics completes Series A AvidBiologics Inc., a developer of antibody‐drug conjugates (ADCs), has completed second tranche of its Series A round of private financing, raising $Subscribe to View AvidBiologics announced the closing of Series A in April 2012. Founded in 2011, AvidBiologics holds rights to novel compounds previously engineered in collaboration with NRC – Biotechnology Research Institute, and Fox Chase Cancer Centre. Read online StickerYou secures private financing StickerYou Inc., a provider of custom product platform, has secured a new round of private financing, raising $Subscribe to View from a group of private investors. Founded in 2008 by CEO Andrew J. Witkin, StickerYou offers flexible and easy-to-use proprietary technology platform that enables individuals and businesses to create their own high-quality ... Read online

Private Equity Venture Capital M&A Updates – May 23, 2013

Thursday, May 23, 2013 send an anonymous tip Highlights: BRP prices $301 million IPO with $2.54 billion post-valuation SolarWinds to acquire Accel-KKR backed N-able for $120 million ViXS Systems enters into $116 million amalgamation agreement with W 7 BRP prices $301 million IPO with $2.54 billion post-valuation BRP Inc. (TSX: DOO, pending), a portfolio company of Bain Capital and Caisse de dépôt et placement du Québec, has priced its proposed initial public offering (IPO) of Subordinate Voting Shares. BRP will issue 12,200,000 Subordinate Voting Shares at a price of $21.50 per Subordinate Voting Share for gross proceeds of $262.3 million. ... Bain Capital, Beaudier, Bombardier family, and Caisse de dépôt et placement du Québec acquired Bombardier’s recreational products division for $960 million in December 2003, with an equity investment of $230 million. Their combined stake is now worth $2.086 billion based on the offering price. Read online SolarWinds to acquire Accel-KKR backed N-able for $120 million SolarWinds, Inc., (NYSE: SWI), through SolarWinds Worldwide, LLC, has agreed to acquire N-able Technologies International, Inc., a portfolio company of Accel-KKR and Laurence Capital Corp., for $120.0 million in cash. Ottawa based N-able is a leader in Cloud-based remote monitoring and management (RMM) and service automation software for Managed Service ... Read online Signal Hill Equity Partners adds Mayank Chadha and Sundri Sengupta to operations team Signal Hill Equity Partners has added Mayank Chadha and Sundri Sengupta as Director of Operations and Director of Human Resources-Talent respectively. Chadha and Sengupta will join Signal Hill Equity Partners's operations team that focuses exclusively on assisting the portfolio companies execute their operational improvement plans and growth strategies. Chadha will provide operational, ... Read online Avison Young arranges $104.8 million financing for Calloway REIT Avison Young has completed a private, structured finance transaction with an aggregate balance of $104.8 million. The transaction includes four Wal-Mart-tenanted, new-format stores in Ontario and was placed on behalf of Calloway Real Estate Investment Trust (Calloway REIT) in early May 2013. This transaction employs an alternate-debt vehicle that allows ... Read online Cadent Energy Partners' Logan International up for sale Logan International Inc. (TSX: LII), a company majority owned by Cadent Energy Partners, LLC, said its board of directors has undertaken a process to identify, examine and consider strategic alternatives available to maximize value for shareholders. This process includes seeking proposals from potential buyers. Simmons & Company International has been ... Read online ViXS Systems enters into $116 million amalgamation agreement with W 7 ViXS Systems Inc., a portfolio company of Celtic House Venture Partners, New Enterprise Associate (NEA) and NOVACAP, and W 7 Acquisition Corp. (TSX-V: WSV.P) have formally entered into an amalgamation agreement. Upon closing of the transaction, current shareholders of ViXS, holders of Subscription Receipts, and former shareholders of W 7 will own approximately 67%, 33% and less than 1%, respectively, of the issued and outstanding ViXS common shares post-amalgamation. ViXS current shareholders will own 33.35 million shares with a deemed value of $116.7 million. Read online

Private Equity Venture Capital M&A Updates – May 22, 2013

Wednesday, May 22, 2013 send an anonymous tip Highlights: Signal Hill establishes Western Canada presence with new Calgary office BDC Venture Capital leads LeddarTech's $2.5 million 2nd round CPPIB's Teine Energy closes US $300 million Senior Secured Second Lien Term Loan financing Signal Hill establishes Western Canada presence with new Calgary office Signal Hill Equity Partners has opened a new office in Calgary. Signal Hill currently has two private equity investments, C & V Portable Accommodations Ltd. and Westridge Cabinets, in Alberta and has dedicated additional equity capital to expand its presence in Western Canada. "Expanding our presence with a dedicated office in Alberta is an important milestone in our strategic plan," said James C. Johnson, Managing Partner of Signal Hill. Signal Hill has hired Stephen Hughes, formerly Oil & Gas Institutional Sales with Integral Wealth Securities Limited, as Vice President to oversee the Calgary office. Stephen has spent the past decade working ... Read online BDC Venture Capital leads LeddarTech's $2.5 million 2nd round LeddarTech Inc. has raised $2.5 million in second round of venture capital financing led by BDC Venture Capital and BDC managed Go Capital LP. Other existing investors iSource Gestion, Accès Capital Québec, and Desjardins-Innovatech (formerly Innovatech Québec et Chaudière-Appalaches) also participated in the financing. LeddarTech closed first round of financing with the same investors in December 2009. Read online AmorChem commits to fund Dr. Nabil Seidah's hypercholesterolemia project AmorChem and Univalor have made new funding commitment to the project led by Dr. Nabil Seidah, of Institut de recherches cliniques de Montréal (IRCM). This project, launched in March 2012, is focused on finding drugs which can interact with PCSK9, a well-known target which pharmaceutical companies are pursuing in the ... Read online Difference Capital Funding to restructure and change name to Difference Capital Financial Difference Capital Funding Inc. (TSX-V: DCF) will seek shareholder approval of share consolidation, name change and reorganization at its annual and special meeting of shareholders to be held on June 13, 2013 at the offices of Wildeboer Dellelce LLP. Difference Capital Funding intends to consolidate its outstanding common shares on the basis of ten (old) for one (new) shares, or such other ratio as may be determined by the board of directors. Read online Northwater makes follow-on investment in RedWave Energy Northwater Capital Management Inc. through Northwater Intellectual Property Fund LP 3, has invested additional US $1 million in RedWave Energy Inc., according to regulatory filling. RedWave Energy has now raised $3 million in venture funding from Northwater Intellectual Property Fund. Frank Egan, Sector Expert with Northwater Capital, has recently joined RedWave Energy ... Read online Bessemer Venture Partners leads Adaptive Planning's $45 million round Adaptive Planning Inc., a provider of cloud-based business analytics solutions, has raised $45 million in new round of financing led by Bessemer Venture Partners (BVP) and with participation from existing investors ONSET Ventures, Norwest Venture Partners (NVP), RBC Venture Partners, Cardinal Venture Capital, Monitor Ventures, and other investors. Byron Deeter, Partner of BVP, will join Adaptive Planning’s board of directors. Read online CPPIB's Teine Energy closes US $300 million Senior Secured Second Lien Term Loan financing Teine Energy Ltd., a portfolio company of CPP Investment Board (CPPIB), has entered into a Senior Secured Second Lien Term Loan providing for US $300 million of funds with a final maturity date of May 17, 2019. Pricing on the new term loan was set at L+625 with a ... Read online Atlas and Blue Wolf to acquire Twin Rivers from Brookfield Blue Wolf Capital Partners LLC and Atlas Holdings have reached an agreement to acquire a controlling interest in Twin Rivers Paper Company, Inc. from Brookfield Asset Management Inc. for undisclosed amount. The transaction is expected to close in approximately three weeks, allowing time for certain procedural requirements. Read online Ritchies Auctioneers and Sugi Financial announce $20 million equity placement 2282150 Ontario Inc., dba Ritchies Auctioneers, and Sugi Financial have partnered "in the largest equity placement in the fine art industry ever to be witnessed in Canadian history." With offices in Dubai, Hong Kong and New York, the two partnering companies plan to take Ritchies successful auction model internationally. Read online

Private Equity Venture Capital M&A Updates – May 21, 2013

Tuesday, May 21, 2013 send an anonymous tip Highlights: Halogen closes $55 million IPO and JMI Equity secondary offering TowerBrook Investors IV Canadian fundraising LX Ventures closes Mobio Technologies acquisition Halogen closes $55 million IPO and JMI Equity secondary offering Halogen Software Inc. (TSX: HGN), a leading provider of cloud based talent management solutions, has closed its previously announced initial public offering (IPO) and secondary offering of its common shares. Halogen issued 4,365,218 common shares at a price of $11.50 for total gross proceeds to Halogen of $50.2 million. Pursuant to an con-current secondary offering, JMI Equity Fund VI, L.P. sold 434,782 common shares at the offering price for gross proceeds of approximately $5 million. Halogen's common shares have commenced trading on the Toronto Stock Exchange under the symbol "HGN". Halogen stock opened at $12.60 and closed 20% at $13.15 with 1,298,717 shares changing hands for the first day of trading. Read online TowerBrook Investors IV Canadian fundraising TowerBrook Capital Partners L.P., the transatlantic London and New York-based investment management firm, has recently closed a first and final close for TowerBrook Investors IV at its hard cap of US $3.5 billion. Canadian investor committed US $Subscribe to View TowerBrook Investors IV (892), L.P., an Alberta limited partnership, secured $950 million in commitments from five investors. Read online Ares Capital Europe II secures Canadian commitments Ares Capital Europe II fund has held a second closing. Canadian investors committed US $Subscribe to View million to Ares Capital Europe II (D), L.P. whose family of funds also includes Ares Capital Europe II (E), L.P. and Ares Capital Europe II (D) Offshore, L.P. Ares Capital Europe II held an initial closing in January 2013 raising $472.35 million from 14 limited partners. Read online MB Special Opportunities Fund secures Canadian commitment MB Global Partners, LLC, an asset management firm focusing on opportunities in the credit markets and other special situations, has secured US $Subscribe to View million for its inaugural fund, MB Special Opportunities Fund, a US $750 million target fund. MB Global Partners was founded by CEO Maria Boyazny as a powerful platform for investors to get exposure to a broad set of credit dislocation opportunities. Read online Paper Excellence closes acquisition of Tembec's NBSK pulp mill Tembec Inc. (TSX: TMB) has closed the sale of its NBSK pulp mill and related assets located in Skookumchuck, BC to Paper Excellence Canada Holdings Corporation, a subsidiary of Paper Excellence B.V., for a consideration of $94.6 million, including $25.5 million in working capital. Approximately 280 employees are included ... Read online LX Ventures closes Mobio Technologies acquisition LX Ventures Inc. (TSX-V: LXV) has closed its previously announced acquisition of Mobio Technologies Inc. In consideration for the assets of Mobio, LX Ventures has issued 2,000,000 common shares valued at $600,000 based on LXV closing stock price of $0.30 on May 16, 2013. Mobio Technologies had raised over $Subscribe to View from Rho Canada, Naavon Capital Corporation, Adarsan Holdings Ltd., and private investors. Read online Doughty Hanson extends $1.5 million Sustainable Energy Standby Equity Commitment Doughty Hanson Technology Ventures (Doughty Hanson) will extend its $1.5 million standby equity commitment to Sustainable Energy Technologies Ltd (TSX-V: STG) to May 1, 2014. The standby equity commitment has been provided as additional security for Sustainable Energy's operating line with a Canadian Chartered Bank. Read online

Private Equity Venture Capital M&A Updates – May 17, 2013

Friday, May 17, 2013 send an anonymous tip Highlights: Ambit Biosciences raises $90 million from NASDAQ IPO and private placement Kilmer's Altasciences acquires Vince and Associates Hydrostor secures first round of financing Ambit Biosciences raises $90 million from NASDAQ IPO and private placement Ambit Biosciences Corporation (NASDAQ: AMBI) has closed its previously announced initial public offering (IPO), raising US $65 million through the issuance of 8.125 million shares at $8.00 per share. As part of IPO, Ambit Biosciences also sold 3,134,495 shares at the offering price in a con-current private placement (PP) for gross proceeds of approximately $25.1 million. On closing, Ambit Biosciences will have 17,712,558 shares issued and outstanding with a market cap of $141.7 million. Ambit stock last traded at $7.79 at 11:45AM on May 16, 2013. Major shareholders/backers, OrbiMed Private Investments III, LP, Perseus-Soros Biopharmaceutical Fund, L.P. , Apposite Healthcare Fund LP, MedImmune Ventures, Inc., Roche Finance Ltd, GrowthWorks Canadian Fund Ltd., Forward Ventures IV, L.P., will continue to own 60.4% of Amit outstanding shares following the closing of the IPO and private placement. Read online Kilmer's Altasciences acquires Vince and Associates Altasciences, a portfolio company of Kilmer Capital Fund II, has acquired Vince and Associates Clinical Research for undisclosed amount. Edgemont Capital Partners acted as exclusive financial advisor to Vince and Associates in its sale to Altasciences. Founded in 2001, Overland Park, Kansas Vince and Associates manages complex early development clinical drug trials ... Read online iCON Infrastructure Partner II fundraising iCON Infrastructure has held an initial closing for iCON Infrastructure Partner II, LP, raising €461 million in commitments from twenty-four limited partners. CEPRES GmbH and AVP Limited acted as placement agents. Canadian investors committed €Subscribe to View million to iCON Infrastructure Partner II. iCON Infrastructure was formed in 2004 within the Global Markets division ... Read online Catalyst Capital not interested in bidding for Mobilicity Catalyst Capital Group, the largest debtholder in Mobility, has issued the following statement in responding today's announcement that TELUS has agreed to acquired Data & Audio-Visual Enterprises Holdings Inc. (DAVE Holdings Inc) and its affiliates, dba Mobilicity, a portfolio company of Quadrangle Capital Partners, for $380 million. The entire purchase price will be used to satisfy Mobilicity’s secured and unsecured debt. Read online TELUS officially announces Mobilicity acquisition TELUS has officially announced the entering into an agreement to acquire Data & Audio-Visual Enterprises Holdings Inc. (DAVE Holdings Inc) and its affiliates, dba Mobilicity, a portfolio company of Quadrangle Capital Partners, for $380 million. TELUS said if the deal receives the required approvals, it would ensure continued service to ... Read online CPP Fund earns 10.1%, net assets surpasses $183 billion, reports CPPIB The CPP Fund ended its fiscal year on March 31, 2013 with net assets of $183.3 billion, compared to $161.6 billion at the end of fiscal 2012. The $21.7 billion increase in assets for the year consisted of $16.2 billion in net investment income after operating costs and $5.5 billion ... Read online AltaGas closes $515 million acquisition of LS Power's Blythe Energy Center AltaGas Ltd. (TSX: ALA, ALA.PR.A, ALA.PR.U), through AltaGas Power Holdings (U.S.) Inc., has closed the acquisition of Blythe Energy, LLC, associated major spare parts, and a related 230 kV 67-mile electric transmission line from LS Power Equity Advisors, LLC for US $515 million. Blythe Energy owns a 507 MW natural gas-fired ... Read online Plazacorp completes KEYreit offer Plazacorp Retail Properties Ltd. (TSX-V: PLZ) has successfully closed its $8.35 per unit offer to acquire KEYreits (TSX: KRE.UN). A total of 13,288,370 units of KEYreit were validly deposited prior to the expiry time of the offer, representing approximately 88.5% of KEYreit's issued and outstanding units. Read online The Jim Pattison Broadcast Group Announces Acquisition of Three FM Radio Stations from Bell Media and Astral (Kamloops, B.C.) - Bell Media, Astral Media Inc. (Astral) and the Jim Pattison Broadcast Group Limited Partnership (Pattison) today jointly announced Pattison’s acquisition of three key FM radio stations located in Calgary and Winnipeg. Subject to regulatory approvals, Pattison will purchase the following two Bell Media stations and one Astral station: Read online Hydrostor secures first round of financing Hydrostor Inc., an energy storage technology developer, has recently secured a first round of financing, raising $Subscribe to View million from a group of investors including The MaRS Cleantech Fund. Early this month, MaRS Cleantech Fund announced it has made an undisclosed amount investment in Hydrostor but did not mention its investment in fact was part of a large financing round. The financing closed in April 2013. Read online dTechs EPM secures financing dTechs EPM Ltd., a Calgary based provider of energy profile management (EPM) for utilities provider, has secured a new round of financing, raising $Subscribe to View dTechs enables electric utilities to monitor their entire distribution grid, allowing for the detection, monitoring ... Read online OSC seeks input on crowfunding and other startup and SME financing options The Ontario Securities Commission (OSC) will hold a roundtable on June 11, 2013 to seek input from investors and potential investors on investing in startups and small and medium sized enterprises (SMEs). The OSC is considering ways to help startups and SMEs raise money. One option under consideration is "crowdfunding", ... Read online Tactex backs Tick Data buyback by Neal Falkenberry and Thomas Myers Neal Falkenberry and Thomas Myers, with backing of Tactex F1 Private Equity Fund, have bought back Tick Data, Inc., the firm has been led by them. Founded in 1984, Tick Data, Inc. provides clean, reliable historical intraday time series data for the equities, options, and futures markets. After eight years of ownership ... Read online