Toronto— September 21, 2004 — A new multimillion-dollar specialty finance company run by national investment
veterans is looking to funnel millions to Canadian technology and life sciences
The launch of MMV Financial Inc., the specialized technology finance company,
was announced today from their Toronto head office.
The Company’s opening capitalization will drive a $300 million investment
program providing debt financing to technology and life sciences companies
in the emerging and mid-market sectors.
Financing for this innovative company was provided by some of the world’s
leading private equity firms and financial institutions including, Caisse de
dépôt et placement du Québec of Montreal, Conning Capital
Partners of Hartford, Connecticut and Wells Fargo Foothill part of Wells Fargo & Company
“We are excited about the creation of this specialized technology finance
vehicle, which is a first of its kind in Canada, backed by a very prestigious
group of investors,” said Minhas Mohamed, President and CEO, MMV Financial. “The
Canadian technology sector continues to flourish and we see this as a great
opportunity to deploy capital which will provide potentially very high returns
to our investors.”
MMV Financial is being managed by one of the most proven technology finance
teams in Canada that has a stellar six-year track record (formerly MM Venture
Partners). The launch of this new company levers existing expertise and will
drive significant expansion in the coming years. It will focus on technology
and life sciences companies throughout Canada.
”Conning Capital has a great history of backing growth companies including
innovative financial services companies throughout North America and Europe,” said
Steve Piaker, Partner, Conning Capital Partners. “MMV Financial, with
its seasoned management and proven business model provides an ideal platform
from which to capitalize on the quality technology and life sciences companies
being built in Canada over the coming years.”
Collectively, the early to mid stage technology and life sciences sectors
represent an increasingly significant component of the North American economy.
For year ending December 31, 2003, venture funds invested more than US$18B
in U.S. based companies while more than US$1.3B was invested in Canadian firms.
Given solid investment in both markets for six months ending June 30, 2004,
it is projected each market will meet or exceed last years levels for year
ending December 31, 2004. MMV Financial's prime target will be providing financing
to the 1,400+ privately held venture backed companies and 500+ public traded
companies based in Canada focused on these two sectors.*
"We are very pleased to be financial backers of MMV Financial" said
Talel Sahraoui, Caisse de depot et placement du Québec. "It is
led by a senior management team with an excellent six year track record and
has the ingredients in place to become a significant financial services company
in the coming years"
“MMV Financial is supporting the growth of technology, one of the fastest
growing sectors of the economy," said David Gittleman, SVP, Wells Fargo
Foothill. "The senior management team is focused on its vision of continued
growth and providing high returns to its investors. Given MMV Financial’s
national footprint and its management’s reputation for success, it is
well-positioned to lead the industry as this sector continues to prosper."
About MMV Financial Inc.
MMV Financial Inc. is a Toronto based specialized finance company providing
debt financing directly to early to mid-stage technology and life sciences
companies with a focus on the Canadian and North American sectors. For further
information on MMV Financial Inc., please visit http://www.mmvf.com.
For More Information:
MMV Financial Inc.