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Cross Border Activity - November 2007

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Cross border activity continued to slow in November as three Massachusetts’ private equity/venture capital firms each acquired an Ontario-based company.  Details of November’s cross border activity are listed below.

• Centra Industries Inc. (Ontario) received a $24.9 million equity investment from Heritage Partners (Massachusetts).  Centra is a manufacturer of structural components and assemblies for commercial aircrafts.  The deal also included leveraged financing led by CIT.
   
• Tranzyme Pharma (Quebec) raised $20 million in private financing.  The deal was led by existing investors H.I.G. Ventures (Florida), Thomas, McNerney & Partners (Connecticut), Quaker BioVentures (Pennsylvania), and BDC Venture Capital.
   
• xkoto Inc. (Toronto), a provider of data virtualization solutions, raised $7.5 million in Series B funding.  The deal was led by GrandBanks Capital (Massachusetts), and existing investor GrowthWorks Canadian Fund also participated in the round.
    

Cross Border M&A

 

• Ampersand Ventures (Massachusetts) acquired all the outstanding common shares of Rand A Technology Corporation (Toronto), amounting to a total consideration of approximately $42 million.  RAND Worldwide is one of the world’s leading providers of professional services and technology to the engineering community.

    
• Private equity firm Fenway Partners (New York), acquired Canadian transportation firm Consolidated Fastfrate.  Financial terms of the deal were not disclosed.