TORONTO, Dec. 22, 2022 /CNW/ – Kensington Capital Partners Limited (“Kensington”) is pleased to announce a significant co-investment by BDC Growth Equity Partners (a division of BDC Capital), Horizon Capital Holdings (“Horizon”), and other co-investors in Resolute Health Corporation Limited (“Resolute”), a leading Canadian healthcare services business specializing in the testing and treatment of obstructive sleep apnea (“OSA”). Kensington acquired a controlling interest in Resolute in June of this year.
Established in 2005 in Dartmouth, Nova Scotia by Dr. Neil Smith as The Snore Shop, the company grew to become the largest provider of sleep therapy in Eastern Canada. Resolute subsequently expanded across the country to become the largest independent provider of sleep therapy and a leader in the diagnosis and treatment of OSA. Today, Resolute operates 73 clinics under 9 regional brands across 6 provinces and has provided testing and OSA therapy to over 250,000 patients with its differentiated, patient-centric approach to providing high-quality medical care.
“We are excited to support the Canadian leader in the sleep therapy sector and look forward to working with management and Kensington to continue to scale the business through organic initiatives as well as through select acquisitions,” said Loren Rafeson, Partner, BDC Growth Equity Partners. “Underpinning our investment thesis is the increasing awareness of the importance of sleep health, especially given that sleep apnea remains significantly undiagnosed across the population.”
“Horizon is thrilled to partner with Resolute’s management team to support the vision of scaling a Canadian leader in the sleep wellness industry,” said Alex Farley of Horizon. “We are pleased to engage in this exciting growth endeavour with an excellent and strategic group such as Kensington,” adds Enzo Gabrielli of Horizon.
About Resolute Health Corporation Limited
Headquartered in Bedford, Nova Scotia, Resolute Health Corporation Limited is an independent healthcare service provider established by experienced healthcare professionals, primarily focused on the testing and treatment of patients suffering with snoring and obstructive sleep apnea.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $6 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. For more information, please visit www.bdc.ca/capital.
About Horizon Capital Holdings
Horizon is the office of the Martin family. Based in Montreal, it is a broad-based investment and management organization providing diversification to the Family’s core holding Canada Steamship Lines. Horizon provides growth capital to well established businesses led by outstanding management. Its portfolio includes North American real estate and direct investments in private companies in various industries including food, financial services and retail.
About Kensington Capital Partners
Founded in 1996, Kensington Capital Partners Limited is an employee-owned, high performing alternative investment firm with offices in Toronto, Vancouver, and Calgary. Kensington’s mission is to build great businesses, and in doing so, create top-performing investment solutions for its investors. Kensington has assets under management of $2.6 billion, managed across several active funds. www.kcpl.ca
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
