Each week we provide an overview of insider trading, investing in local businesses and news from public companies.
He invests nearly $700,000
Photo archive, Ben Pelosse
Former National Bank CEO Louis Vachon bought shares in Ontario aerospace company MDA for just over $688,000 in the second half of August. Mr. Vachon, director of MDA since May, served as head of Quebec’s largest bank from 2007 to 2021. MDA, a company with a strong Quebec presence, has fallen more than 55% since returning to the market in April 2021.
Kaloom raises $27.4 million
Young scion Kaloom has closed a US$21 million (CA$27.4 million) financing split equally with the Quebec Department of Commerce and Montreal firm Alternative Capital. Founded in 2014 by Laurent Marchand, Kaloom develops software for the telecommunications industry. The company recently entered Japan.
An intact manager sells
CFO of insurer Intact, Louis Marcotte, sold nearly $780,000 worth of stock in his employer in late August. Mr. Marcotte has been with Intact for 16 years and has held his current position since 2013. He currently resides in England. Year-to-date, Intact’s stock is up more than 20% in the stock market.
Panache raises $100 million
Canadian company Panache Ventures raised $100 million from sources including Investissement Québec, BMO, Telus, Ontario Growth Finance Corporation and Alberta Enterprise Corporation. This amount allows Panache to launch its second pre-seed and seed fund. Panache’s first fund, launched in 2018, raised $58 million and invested in 100 companies.
Westgroupe goes… to the West
Quebec eyewear manufacturer and distributor Westgroupe, founded in 1961 by Rodney Adam Suliteanu, has accepted an offer to buy from Calgary-based FYihealth group. The value of the transaction was not disclosed. The Alberta-based company already owns Quebec-based chains Grimard Optique, Visique and Bonlook. FYihealth has over 300 eye care and beauty clinics across Canada.
FTEX raises $1.8 million
Montreal startup FTEX has just raised nearly $1.8 million in a funding round led by Blue Vision Capital, a new investment firm in which Quebec has invested nearly $17 million. FTEX develops networked drive systems for bicycles, scooters and electric mopeds.