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Canadian M&A Market Recap: Week Ended June 8th

  • Posted By: Oriel Cohen, Parsa Pouyan, Daniel Borg, Paris Aden

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  • Comments: 1

Market Update

Sixty-three Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 6.1% lower than the comparable period in 2017. The Canadian dollar depreciated by 0.05 cents, ending the week at 77 cents. The TSX underperformed the S&P 500 by 0.7% in U.S. dollar terms. WTI Crude oil fell by 0.1%, ending the week at $65.74 per barrel.     

According to The Lead Left, Roughly one third of the CLO managers, arrangers, and investors across the stack surveyed by Thomson Reuters LPC said CLO issuance will be US$110bn this year. However, another third said US$120bn, while 10% said new issue CLOs will reach US$130bn.

Canadian M&A Transactions[i]

Energy (Closed)

Vermilion Energy has Acquired Spartan Energy

Vermilion Energy Inc. (TSX:VET), a Canadian company that acquires, explores, develops, and produces crude petroleum and natural gas, has acquired Spartan Energy Corp., a Canadian company that operates as an oil and natural gas exploration and production company in North America. Total transaction value is estimated to be $1.39 billion, implying a 6.4x EBITDA multiple and a 3.73x revenue multiple.

Materials (Announced)

Braingrid to Acquire Match Capital Resources

Braingrid Corporation, a Canadian company that designs, manufactures, and markets digital communication devices and software systems related to the Internet, has agreed to acquire Match Capital Resources Corporation, a Mourin Investments backed Canadian company that is engaged in oil and gas production, exploration and evaluation of mining properties. No transaction terms were released.

Materials (Closed)

Honey Badger Exploration has Acquired Thunder Bay Silver & Cobalt

Honey Badger Exploration Inc. (TSXV:TUF), a Canadian company that acquires, explores for, and develops metal properties in Canada, has acquired Thunder Bay Silver & Cobalt Corporation, a Canadian company that offers silver mining and exploration services. Total transaction value is estimated to be $910 thousand.

First Cobalt has Acquired US Cobalt

First Cobalt Corp. (TSXV:FCC), a Canadian company that engages in the acquisition and exploration of resource properties in Canada, has acquired US Cobalt Inc., a Canadian mineral exploration company that engages in the acquisition, exploration, development, and evaluation of mineral properties. Total transaction value is estimated to be $136 million.

Industrials (Announced)

British Columbia Investment Management and IFM Investors to Acquire GCT Global Container Terminals

British Columbia Investment Management Corporation, an investment management service, and IFM Investors Pty Ltd, an Australian company that provides investment services, have agreed to acquire GCT Global Container Terminals Inc., an Ontario Teachers' Pension Plan backed Canadian company that operates marine terminals. No transaction terms were released.

Industrials (Closed)

Procon Mining & Tunnelling has Acquired Procon Canada East

Procon Mining & Tunnelling Ltd., a Canadian company that provides start-to-finish solutions for the mining industry internationally, has acquired Procon Canada East Ltd., a Fonds de solidarité FTQ backed Canadian company that provides mining services. No transaction terms were released.

Coco Paving has Acquired Cruickshank Construction

Coco Paving Inc., a Canadian company that operates as a heavy civil construction company in Canada, has acquired Cruickshank Construction Limited, a Canadian company that provides road, bridge, and infrastructure construction services in North America. No transaction terms were released.

Consumer Discretionary (Closed)

Cadillac Fairview has Acquired The Ritz-Carlton Hotel Company of Canada

The Cadillac Fairview Corporation Limited, an Ontario Teachers Pension Plan backed Canadian company that owns, operates, and develops commercial real estate in North America, has acquired The Ritz-Carlton Hotel Company of Canada Limited, a company that provides lodging and hospitality services. No transaction terms were released.

Consumer Staples (Announced)

Gunpowder Capital to Acquire iBliss

Gunpowder Capital Corp. (CNSX:GPC), a Canadian company that provides merchant bank and advisory services in Canada, has agreed to acquire iBliss Inc., a Canadian company that manufactures consumable goods. Total transaction value is estimated to be $650 thousand.

Consumer Staples (Closed)

Wind Point Partners has Acquired Pestell Group

Wind Point Partners, a Glouston Capital Partners backed U.S.-based private equity and venture capital firm specializing in leveraged buyouts, recapitalizations, industry consolidations, growth capital, and expansion capital investments in middle market companies, has acquired Pestell Group, a Canadian company that, through its subsidiaries, provides hire trucking services, distributes minerals, feed ingredients, bird seed, animal shavings, and cat litter products. No transaction terms were released.

Cardinal Meat Specialists has Acquired D&S Meat Products

Cardinal Meat Specialists Limited, a Canadian company that manufactures and markets meat products, has acquired D&S Meat Products Ltd., a Canadian company that produces and markets meat products. No transaction terms were released.

Healthcare (Closed)

N. Harris Computer has Acquired Integrated Medical Delivery

N. Harris Computer Corporation, a Canadian company that develops software solutions for customers in utility, public sectors, schools group, and healthcare group businesses in North America, has acquired Integrated Medical Delivery L.L.C., a U.S.-based healthcare service company that provides outsourced business solutions to healthcare facilities, physicians, and insurance companies in a centralized off-site location. No transaction terms were released.

Nova Leap Health has Acquired Always Home Homecare Services

Nova Leap Health Corp. (TSXV:NLH), a Canadian company that provides personal homecare and support services, has acquired Always Home Homecare Services Ltd., a Canadian company that provides home healthcare services. Total transaction value is estimated to be $2.12 million, implying a 4.9x EBITDA multiple and a 0.88x revenue multiple.

Information Technology (Announced)

Process Sensing Technologies to Acquire LDetek

Process Sensing Technologies Limited, a Battery Ventures backed U.K.-based company that provides a suite of instruments and analyzers for precision measurements, has agreed to acquire LDetek Inc., a Canadian company that engages in manufacturing, developing and integrating online gas analyzers and gas chromatograph systems. No transaction terms were released.

Information Technology (Closed)

Deltek has Acquired ConceptShare

Deltek, Inc., a U.S.-based company that provides enterprise software and information solutions for project-based businesses in the professional services and government contracting markets worldwide, has acquired ConceptShare Inc., a Canadian company that provides solutions for the creative operations management market. No transaction terms were released.

Konica Minolta has Acquired Nymi

Konica Minolta Inc. (TSE:4902), a Japanese company that engages in business technologies, industrial, and healthcare businesses internationally has acquired Nymi Inc., a Recruit Strategic Partners backed Canadian company that develops and delivers Nymi Band, a wearable authenticator that identifies a user based on their unique electrocardiogram through proprietary technology called HeartID. No transaction terms were released.

CounterTack has Acquired GoSecure

CounterTack, Inc., a Goldman Sachs, EDB Investments, Siemens Venture Capital , Mitsui & Co. Global Investment, Fairhaven Capital Partners, NTT Docomo Ventures, Singtel Innov8, Razor’s Edge Ventures, and Ten Eleven Ventures backed U.S.-based company that provides real-time endpoint threat detection and response solutions to enterprises and government organizations, has acquired GoSecure Inc., a Canadian company that provides cyber security solutions. No transaction terms were released.

CarbonX Personal Carbon Trading has Acquired Zerofootprint Software

CarbonX Personal Carbon Trading Inc., a U.S.-based company that enables enterprise companies to satisfy the growing consumer demand for sustainable business practices, has acquired Zerofootprint Software Inc., a Canadian company that designs and develops software-as-a-service based enterprise carbon management solutions for customers internationally. No transaction terms were released.

Calian Group has Acquired Secure Technologies International

Calian Group Ltd. (TSX:CGY), a Canadian company that engages in the systems engineering, manufacturing, training, information technology, and health care solutions to industries and governments internationally, has acquired Secure Technologies International Inc., a Canadian company that provides information technology security consulting, information security planning, managed security, systems integration, and training support services. No transaction terms were released.

Merchants has Acquired Millennium Process Group

Merchants Ltd., a Franklin Templeton Investments backed South African customer management outsourcing solution provider that designs, builds, and operates contact centers for blue-chip companies internationally, has acquired Millennium Process Group Inc., a Canadian company that provides business process outsourcing solutions. No transaction terms were released.

SafeToNet has Acquired VISR

SafeToNet Ltd, a Wayra UK, DuKlaw Ventures and West Hill Capital backed U.K.-based company that develops Internet security software, has acquired VISR Inc., a Canadian company that offers VISR, a kid-friendly application that creates a bridge between a child’s online usage, and open family communication. No transaction terms were released.

Indeed has Acquired Resume.com

Indeed Inc., a U.S.-based company that owns and operates an online search job site that offers job seekers access to jobs from company websites and job boards worldwide, has acquired Resume.com, a Canadian company that provides an online resume building platform. No transaction terms were released.

Other (Announced)

Westcot Ventures to Acquire MMJ Technologies

Westcot Ventures Corp. (TSXV:WET.H), a Canadian natural resource company that focuses on acquiring, exploring, and developing mineral properties, has agreed to acquire MMJ Technologies Inc., a Canadian company that researches and analyses medical cannabis .No transaction terms were released.

Williamsville Sears Management to Acquire Buds Entertainment

Williamsville Sears Management, Inc. (OTCPK:WSML), a U.S.-based company that operates its own assets through its subsidiary companies, has agreed to acquire Buds Entertainment Inc., a Canadian entertainment company. No transaction terms were released.

Uniserve Communications to Acquire RootCellar Technologies

Uniserve Communications Corporation (TSXV:USS), a Canadian company that provides Internet access and telecommunications services to residential and business customers primarily in British Columbia and Alberta, has agreed to acquire RootCellar Technologies Corporation, a Canadian hybrid IT Consulting and IT Security firm, producing advanced new security technologies. No transaction terms were released.

Other (Closed)

Constellation HomeBuilder Systems has Acquired CustomerInsight

Constellation HomeBuilder Systems Inc., a Canadian company that provides homebuilding software and Website solutions in North America, has acquired CustomerInsight Inc., a Canadian company that focuses on management software and solutions. No transaction terms were released.

Optimum Talent has Acquired Vézina Nadeau Labre

Optimum Talent Inc., a Canadian company that provides integrated talent management services, has acquired Vézina Nadeau Labre, a Canadian company that specializes in professional solutions in organizational development, coaching, and career transition. No transaction terms were released.

BearCom Group has Acquired Spectrum Communications

BearCom Group, Inc., a U.S.-based wireless equipment dealer and integrator that sells, rents, installs, and services wireless communication products, has acquired Spectrum Communications Ltd, a Canadian company that provides specialized communication systems, solutions, and services. No transaction terms were released.

Evergreen Consumer Brands has Acquired Salon Selectives

Evergreen Consumer Brands Inc., a Canadian company that markets and sells branded and contract filled oral care, hair and body care, and spa products, has acquired Salon Selectives Inc., a Canadian company that offers a variety of hair products. No transaction terms were released.

Vista Hospitality has Acquired The Sheraton Baltimore Washington Airport Hotel

Vista Hospitality Co. Canada Inc., a company that owns, operates, and manages hotels, retirement homes, shopping malls, and office/medical buildings in North America, has acquired The Sheraton Baltimore Washington Airport Hotel. No transaction terms were released.

Wisetech Global has Acquired Fenix Data Systems

Wisetech Global Limited (ASX:WTC), an Australian company that provides cloud-based software solutions to the logistics industry worldwide, has acquired Fenix Data Systems Inc., a Canadian company that provides software solutions for the customs brokerage industry. Total transaction value is estimated to be $3.25 million.

MBC Group has Acquired Claim Assist Canada

MBC Group Ltd., a Canadian company that provides consulting and post-loss appraisal services, has acquired Claim Assist Canada, a company that provides small post-loss appraisal, ladder assistance, mediation services and industry education across 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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