While you were feasting on turkey and trimmings, Canadian venture capitalists were hard at work.
Covington Fund II Inc. said Thursday it won approval to combine with five VenGrowth Asset Management funds. It offered no financial terms for the transaction, though VenGrowth assets are roughly $320 million. According to Covington, the deal will produce one of Canada’s largest venture capital funds with net assets of $425 million and 50 to 55 portfolio investments — a rival to perhaps the largest fund, GrowthWorks Ltd.
The deal sparked some controversy. GrowthWorks also sought the assets and had circulated a dissident proxy requesting the opportunity to present a better offer. Tim Lee, the firm’s senior VP of investments, said it continues to look into the shareholder votes held Thursday as it considers its next move.
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Author: Mark Boslet
