Toronto, ON -- MM Venture Partners, one of Canada's leading venture capital firms, announced
today that it has acquired its partner's interest in the GATX/MM Venture Finance
Partnership. With 100 per cent ownership of the portfolio, MM Venture Partners
is now uniquely positioned to expand its presence in the Canadian venture market.
Financing for this one of a kind acquisition was provided by Old Hill Partners,
a Connecticut based alternative asset manager and HSBC Capital (Canada) Inc.,
the merchant banking subsidiary of HSBC Bank Canada. This acquisition uniquely
positions MM Venture Partners as the sole owner of a portfolio of high caliber
venture investments, further cementing its position as one of Canada's leading
Venture Capital firms.
"We are delighted that such large sophisticated investors like Old Hill
and HSBC Capital (Canada) Inc. shared our vision, understood the diversity and
potential of the portfolio and were quick to respond to this opportunity. We
began working together immediately to make this buyout and initiative possible,"
said Minhas Mohamed, founder and Managing Partner of MM Ventures.
MM Venture Partners acquired the stake from a subsidiary of GATX Corporation.
The partnership represented the Canadian portion of GATX's venture lending business.
GATX continues to run off the portfolio of its US venture lending business,
Since inception in 1998, the partnership has deployed more than CAD$140 M of
capital focused on venture debt and equity investments. MM Ventures is home
to a seasoned team that has posted great returns since day one. The acquired
portfolio is comprised of interests in 35 emerging Canadian technology and biotechnology
Portfolio companies include BelAir Networks, Silanis Technologies, Vixs Systems,
Affinium Pharmaceuticals, Maptuit, Executive Manufacturing Technologies, March
Networks and Geocom.
"Over the past five years, GATX has been an excellent partner. Collectively,
we have built a strong portfolio generating great returns" said Minhas
Mohamed, founder and Managing Partner of MM Ventures. "When GATX informed
us of their intent to exit the business earlier this year, we saw it as an opportunity
to take control of the platform" said Mr. Mohamed.
About MM Venture Partners
Based in Toronto, MM Venture Partners is a privately held, venture management
firm that focuses primarily on private technology companies in Canada. Since
inception in 1998 MMVP has invested in excess of C$140MM in over forty emerging
companies within the technology and biotechnology sectors. For further information
please visit www.mmvp.com.
About HSBC Capital (Canada) Inc.
HSBC Capital (Canada) Inc. ("HSBC Capital") is the merchant banking
subsidiary of HSBC Bank Canada. With offices in Vancouver and Toronto, HSBC
Capital is distinguished from other Canadian merchant banking firms by its focus
on medium sized enterprises across Canada. To date, HSBC Capital has provided
over $300 Million in investment capital to more than 55 established Canadian
companies with high growth potential. For further information please visit www.hsbc.ca/capital.
About Old Hill Partners
Old Hill Partners, both directly and through its affiliated companies and managed
funds, invests in collateralized loans and securities. Founded in 1996, Old
Hill currently manages a portfolio of more than $1.5 billion backed by consumer
loans and leases, commercial and residential real estate, and other performing
and non-performing assets.
For more information, please contact:
MM Venture Partners
Minhas Mohamed, Managing Partner
Tel: 416-977-9718 ext.25
95 Wellington Street West