Toronto firm Maverix taps ex-H.I.G. exec

Michael Wasserman is joining as managing partner Maverix Private Equity, a newly formed private equity firm that recently closed its inaugural growth fund at $500 million. Joining Marverix founders John Ruffolo and Mark Maybank, Wasserman is returning to Canada after 17 years at H.I.G. Capital, where he remains a senior advisor, officials said. In addition to his Maverix firm-wide responsibilities, he will be leading the Toronto-based firm’s investments in healthcare and wellness. "I could not be prouder to be coming home to join this talented group of investors and entrepreneurs", said Wasserman. "The progress and evolution of the Canadian innovation ecosystem in recent years has been nothing short of remarkable. Maverix is uniquely positioned to help catalyze the growth of disruptive Canadian businesses and global leaders and I am truly humbled and excited to be part of this compelling effort." Wasserman previously was a managing director of H.I.G. BioHealth Partners, H.I.G.’s dedicated healthcare investment fund. He was charged with sourcing and managing a diverse investment portfolio of healthcare business across stages, sectors and geographies. Healthcare has been a very popular arena within private equity as of late. In its tenth annual global healthcare private equity report, Bain & Company said that private equity deal volume in the sector rose to record levels with growth of 21% in 2020, and that deal valuations have room to grow. A total of 380 deals were done in 2020 as dry powder and a strong appetite for exits created a soaring market for healthcare deals, according to Bain. In addition to Wasserman, Peter Hass has also joined Maverix as associate partner. Hass will be leading investment deal execution including financial modelling and leading due diligence. He will also work closely with portfolio companies in strategic and financial management as well as the evaluation of organic and inorganic growth opportunities, and formerly worked at both Mattamy Asset Management and OMERS Growth Equity. In addition, Jonathan Goodman, co-founder, president and CEO of publicly traded Paladin Labs Inc., which was acquired in 2014 by Endo International for $3.2 billion will be joining the Maverix Advisory board as its sixth member. Under Mr. Goodman's leadership, $1.50 invested in Paladin at its founding was worth $142 nineteen years later. The same day that Paladin was sold, Mr. Goodman started a second publicly traded specialty pharmaceutical company, Knight Therapeutics Inc., which has now raised $685 million of equity in five rounds of financing all at increasing valuations. Since inception in February 2014, Knight has generated over $220 million of net income. Maverix targets North American companies with rapidly growing revenue and evidence of a profitable business model. Its target check size is expected to average $50 million for meaningful minority positions in portfolio companies.

Toronto firm Maverix taps ex-H.I.G. exec

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