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Canadian M&A Market Recap: Week Ended April 13th

  • Posted By: Chris Angelatos, Ty Wilson, Shelby Canvin, Ali Saleh, and Paris Aden

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Market Update

Fifty-one Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 7.4% lower than the comparable period in 2017. The Canadian dollar appreciated by 1.06 cents, ending the week at 79 cents. The TSX underperformed the S&P 500 by 0.2% in U.S. dollar terms. WTI Crude oil rose by 8.4%, ending the week at $67.33 per barrel.

Check out The Lead Left’s Chart of the Week breaking down the top five industries for most middle market non-sponsored loan issuance in the first quarter of the year. Oil and Gas topped the list, issuing ~US$0.7bn in new money and ~US$1.8bn in refinancing. Oil and gas was followed by Manufacturing, Business Services, Technology, and Healthcare.


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Canadian M&A Transactions[i]

Materials (Announced)

Duckworth Capital to Acquire Goldspot Discoveries

Duckworth Capital Corp. (TSXV:DUKE.P), a Canadian company that identifies and evaluates assets and businesses, has agreed to acquire Goldspot Discoveries Inc., a Canadian company that engages in mineral exploration and mining. No transaction terms were released.

Materials (Closed)

LANSCO COLORS has Acquired Dominion Colour

LANSCO COLORS, a U.S-based company that supplies pigments to plastic, construction, and ink companies around the world, has acquired Dominion Colour Corporation, a Canadian company that develops, manufactures, and supplies color pigments, pigment preparations, and dispersions to customers worldwide. No transaction terms were released.

Walter Capital Partners has Acquired Plasticase

Walter Capital Partners, a Canadian private equity and venture capital firm, has acquired Plasticase Inc., a Canadian company that designs and manufactures plastic injection molded cases for businesses. No transaction terms were released.

Tidal Enterprises has Acquired Northwest Rope

Tidal Enterprises Ltd., a Canadian supplier of aquaculture mooring system components, has acquired Northwest Wire Rope Ltd., a Canadian supplier of industrial wire ropes. No transaction terms were released.

Union Partners has Acquired Maksteel

Union Partners LLC, a U.S-based private equity firm, has acquired Maksteel, Inc., a Canadian company that operates a steel service centre for products used in various industries in North America. No transaction terms were released.

Industrials (Announced)

Clairvest Group to Acquire Discovery Air Defence Services

Clairvest Group Inc. (TSX:CVG), a Canadian private equity firm, has agreed to acquire Discovery Air Defence Services Inc., a Canadian company that provides combat airborne training services to the Canadian Armed Forces. Total transaction value is estimated to be $20.8 million.

Industrials (Closed)

POWER Engineer has Acquired MITKOR Consulting

POWER Engineers Inc., a U.S-based global consulting and engineering company, has acquired MITKOR Consulting, Ltd., a Canadian company that provides project management services to the Power and Electrical utilities industry. No transaction terms were released.

CCL Industries has Acquired Illen Products

CCL Industries Inc. (TSX:CCL.B), a Canadian specialty packaging company, that manufactures and sells labels, containers, and specialty films, has acquired Illen Products Ltd., a Canadian company that does business as Imprint Plus and manufactures professional, reusable name badge system. Total transaction value is estimated to be $25.0 million.

Consumer Discretionary (Closed)

Park Lawn has Acquired Opatovsky Funeral Home

Park Lawn Corp. (TSX:PLC), a Canadian company that provides goods and services associated with the death care profession in Canada and the United States, has acquired Opatovsky Funeral Home, a Canadian company that provides funeral services. Total transaction value is estimated to be $2.5 million.

De Marque has Acquired Distribuidora Digital de Libro

De Marque Inc., a Fonds de solidarité FTQ and Fonds d'investissement de la culture et des communications backed Canadian company that develops and distributes digital book warehouses and delivery platforms internationally, has acquired Distribuidora Digital de Libros, S.A., a Spanish company that offers distribution and promotion services to publishers for their eBooks. No transaction terms were released.

JAN Kelley Marketing has Acquired Rainforest Digital

JAN Kelley Marketing Inc., a Canadian marketing services company, has acquired Rainforest Digital Inc., a Canadian digital marketing services company. No transaction terms were released.

Healthcare (Announced)

Cannabis Wheaton Income to Acquire Robinson's Cannabis

Cannabis Wheaton Income Corp. (TSXV:CBW), a Canadian cannabis streaming company, has agreed to acquire Robinson's Cannabis Inc., a Canadian company that produces cannabis for medical use. Total transaction value is estimated to be $14.6 million.

MM Enterprises USA to Acquire OutdoorPartner Media

MM Enterprises USA LLC, a U.S-based cannabis company, has agreed to acquire OutdoorPartner Media Corporation, a Canadian company specializing in the high-growth alternative out-of-home advertising industry. No transaction terms were released.

Scythian Biosciences to Acquire MMJ Colombia Partners

Scythian Biosciences Corp. (TSXV:SCYB), a Canadian company that engages in the research and development of cannabinoid-based combination drug therapies for the treatment of concussions and traumatic brain injury, has agreed to acquire MMJ Colombia Partners Inc., a Canadian company embedded in the medical cannabis market for Colombia. Total transaction value is estimated to be $39.8 million.

Healthcare (Closed)

National Access Clinic has Acquired Cannabis Care Group 

National Access Clinic Corp. (TSXV:NAC), a Canadian company that owns and operates clinics in Canada, has acquired Cannabis Care Group Inc., a Canadian company that distributes cannabis products to pharmacies. The acquired Company will be renamed National Access Cannabis Medical Inc.Total transaction value is estimated to be $10.1 million.

Financials (Announced)

KPMG to Acquire Adoxio Business Solutions

KPMG LLP (Canada) agreed to acquire Adoxio Business Solutions Ltd., a Canadian Dynamics CRM solutions and Application Development company. No transaction terms were released.

Financials (Closed)

FTSE International has Acquired FTSE TMX Global Debt Capital Markets

FTSE International Limited, a U.K.-based company that provides index and data services, has acquired FTSE TMX Global Debt Capital Markets, a Canadian company that provides an index for fixed income exchange-traded funds. No transaction terms were released.

Industrial Alliance Financial Group has Acquired ABEX Brokerage Services

Industrial Alliance Financial Group (TSX:IAG), a Canadian insurance and wealth management company, has acquired ABEX Brokerage Services, a Canadian company that offers general agency support to insurance advisors primarily in Western Canada. No transaction terms were released.

Information Technology (Announced)

Victory Square Technologies to Acquire Limitless Blockchain Technology

Victory Square Technologies Inc. (CNSX:VST), a Canadian blockchain-focused venture builder in Canada, has agreed to acquire Limitless Blockchain Technology LLC, a Canadian company that develops hardware, software, and networking blockchain solutions. Total transaction value is estimated to be $5.5 million.

Avanquest to Acquire Combined Entity of Upclick Inc., Lulu Software, Inc. and Adaware

Avanquest a French company that offers software distribution services, has agreed to acquire 50.1% stake in the new company that will be formed after a merger between Upclick Inc., Lulu Software, Inc., and Adaware, all of which are Canadian companies that operate in the internet, PDF applications, and internet solutions space. Total transaction value is estimated to be $15.8 million.

Information Technology (Closed)

Jonas Operating Group has Acquired XLerant

Jonas Operating Group, a Canadian company that owns and operates software companies worldwide, has acquired XLerant, Inc., an Advantage Capital Partners, Chrysalis Ventures and Connecticut Innovations, Inc. backed U.S-based company that provides a cloud-based budgeting, forecasting, and reporting software solution for finance teams and budget managers. No transaction terms were released.

EquiSoft has Acquired Kronos Technologies

EquiSoft, a Canadian company that provides information technology consulting services for financial, media, and entertainment industries in the United States and Canada, has acquired Kronos Technologies Inc., a Canadian company that offers Web-based client management applications. No transaction terms were released.

NRT Technology has Acquired National Cred-A-Chek

NRT Technology Corp., a Canadian company that provides integrated ticket redemption and cash access kiosks and payment services to casino operators, retailers, and ATM operators worldwide, has acquired National Cred-A-Chek, Inc., a U.S-based company that offers online portals to provide a variety of financial services to support and streamline casinos worldwide. No transaction terms were released.

Utilities (Announced)

Contem Canada to Acquire LT Bandeirante

Contem Canada, a utilities company, has agreed to acquire LT Bandeirante, a Brazilian company that provides electricity transmission services. No transaction terms were released.

Energy (Announced)

Capstone Oilfield Services has Acquired Doull Site Assessments

Capstone Oilfield Services Ltd., a Canadian well abandonment and blowout recovery company, has acquired Doull Site Assessments Ltd., a Canadian well integrity services and a technology provider to the Canadian oil and gas industry. No transaction terms were released.

Other (Announced)

Black Press to Acquire GateHouse Media Alaska

Black Press Ltd., a Canadian company that publishes community newspapers in print and online formats in North America, has agreed to acquire GateHouse Media Alaska Holdings, Inc., a U.S-based company previously owned by New Media Investment Group (NYSE:NEWM), which is currently one of the largest publishers of locally-based print and digital media in the United States. No transaction terms were released.

Other (Closed)

JustRun International has Acquired Les Courses Gourmandes

JustRun International, a Canadian event organization company, has acquired Les Courses Gourmandes Inc., a Canadian company that operates and owns many running circuits in Eastern Canada. No transaction terms were released.


[i] Includes all M&A transactions in which either the target or buyer is a Canadian private company.

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