The Alberta Investment Management Corp. is acquiring a Canadian rail service provider.
In a deal reached with the business’s previous owners — its employees and TorQuest Partners Inc. — the investment organization has secured ownership of Cando Rail and Terminals Ltd. No changes in the company’s management will occur as a result of the transition.
Based in Manitoba, Cando operates more than 40 industrial railyards, nine terminals and one railroad. It provides a range of services including short line operations, industrial switching, material handling, loading, railcar staging and train assembly. Since 2018, when TorQuest first acquired a 75 per cent stake in the business, its revenues have more than doubled.
In other news, the Ontario Teachers’ Pension Plan is leading a funding round for a Swedish medical services provider.
Teachers’ Venture Growth, the pension fund’s alternative investing arm, led the US$160 funding round for KRY International, a company connecting European patients to medical professionals through a mobile platform. The Ontario Teachers’ previously invested in KRY in late 2019.
The investment round comes after a period of significant growth for KRY. As a result of the coronavirus pandemic and the subsequent increase in demand for digital health-care services, its revenues quadrupled from the beginning of 2020 to the end of 2021. The organization is seeking to expand its mental health and women’s health services and is scaling its ability to provide for the medical needs of chronic disease patients, including those suffering from diabetes and asthma, according to a press release.
In the release, Olivia Steedman, executive managing director of TVG, said the company was making European health-care systems more sustainable. “. . . KRY has grown to be trusted by millions across Europe who require immediate access to doctors, nurses and psychologists. By providing integrated, digital solutions, KRY has reduced the burden on health-care systems and delivered improved patient journeys.”