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Canadian M&A Market Recap: Week Ended April 27th

  • Posted By: Daniel Borg, Ty Wilson, Melissa Shang, Parsa Pouyan, and Paris Aden

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Market Update

Forty-one Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 10.4% lower than the comparable period in 2017. The Canadian dollar depreciated by 0.81 cents, ending the week at 78 cents. The TSX outperformed the S&P 500 by 0.2% in U.S. dollar terms. WTI Crude oil fell by 0.4%, ending the week at $68.10 per barrel.

Check out The Lead Left’s ‘Pulse of Private Equity’ publication showing the impact of add-on deals to the average holding period of PE firms. The data shows that platforms with add-on acquisitions take an average of approximately one year longer to exit versus platforms with no add-ons. This has helped push PE holding periods to a median of five years.

Canadian M&A Transactions[i]

Industrials (Closed)

Brooks Automation has Acquired BioSpeciMan

Brooks Automation Inc. (NasdaqGS:BRKS), a U.S.-based company that provides automation and cryogenic solutions, has acquired BioSpeciMan Corporation Inc., a Canadian company that provides temperature controlled biological sample storage services. Total transaction value is estimated to be $6.4 million, reflecting a 2.5x revenue multiple.

Consumer Discretionary (Announced)

British Columbia Investment Management to Acquire Springs Window Fashions

British Columbia Investment Management Corporation, an AEA Investors LP backed investment manager, has agreed to acquire Springs Window Fashions LLC, a Golden Gate Capital and Gladstone Management backed U.S.-based company that designs and manufactures commercial window treatments. No transaction terms were released.

Consumer Discretionary (Closed)

Fulcrum Capital Partners has Acquired Athletica Sport Systems

Fulcrum Capital Partners , a Canadian private equity firm, has acquired Athletica Sport Systems Inc., a Canadian company that engages in the design, manufacturing, and installation of dasher board systems for hockey, indoor soccer, lacrosse, and other sports and recreational activities. No transaction terms were released.

Consumer Staples (Closed)

Naturally Splendid Enterprises has Acquired Absorbent Concepts

Naturally Splendid Enterprises Ltd. (TSXV:NSP), a Canadian company that develops, produces, and commercializes hemp-derived foods and nutritional food enhancers, has acquired Absorbent Concepts Inc., a Canadian company that processes, packages, and distributes organic hemp-based products. Total transaction value is estimated to be $640 thousand, reflecting a 0.59x revenue multiple.

La Cooperative Fédérée de Quebec has Acquired Standard Nutrition Canada

La Cooperative Fédérée de Quebec, a Desjardins Business Capital, Fondaction, Fonds de solidarité FTQ, and National Bank of Canada backed Canadian company that operates as an agri-food enterprise, has acquired Standard Nutrition Canada Co., a Canadian company that offers animal nutrition products and services. No transaction terms were released.

Healthcare (Announced)

Cannabis Growth Opportunity to Acquire Green Relief

Cannabis Growth Opportunity Corporation (CNSX:CGOC), a Canadian cannabis investment corporation, has agreed to acquire Green Relief Inc., a Canadian company that cultivates and manufactures medical cannabis. Total transaction value is estimated to be $1.2 million.

PharmaCielo to Acquire Ubiquo Telemedicina

PharmaCielo Ltd., a Canadian company that focuses on processing and supplying all natural, medicinal-grade cannabis oil extracts, has agreed to acquire Ubiquo Telemedicina SAS, an information technology company that owns and operates a web platform that connects patients, healthcare providers, and administrators. Total transaction value is estimated to be $1.5 million.

Healthcare (Closed)

GrowForce has Acquired WILL Cannabis Group

GrowForce, Inc., a Canadian pharmaceuticals cannabis platform company, has acquired WILL Cannabis Group, a Canadian company that produces cannabis for medicinal purposes. No transaction terms were released.

Financials (Closed)

April Société Anonyme has Acquired Benecaid Health Benefit Solutions

April Société Anonyme (ENXTPA:APR), a French company that designs, manages, and distributes insurance solutions, has acquired Benecaid Health Benefit Solutions Inc., a Canadian financial services company that focuses on the delivery and administration of employee benefit solutions. No transaction terms were released.

Information Technology (Announced)

SmugMug to Acquire LudiCorp Research and Development

SmugMug Inc., a Saints Capital backed U.S.-based company that operates an online photo-sharing website, has agreed to acquire LudiCorp Research and Development Ltd., a Canadian company that operates Flickr, a real-time media-sharing community site. Ludicorp Research and Development was a subsidiary of Altaba Inc. No transaction terms were released.

Information Technology (Closed)

Meltwater News US has Acquired Sysomos

Meltwater News US Inc., a company that operates a media intelligence platform, has acquired Sysomos Inc., an OMERS backed Canadian company that develops a Software as a Service based social media analytics and intelligence management solution. No transaction terms were released.

Telecommunication Services (Announced)

Fiera Infrastructure to Acquire Islalink Submarine Cables

Fiera Infrastructure Inc., a Canadian investment firm specializing in infrastructure investments, has agreed to acquire Islalink Submarine Cables S.L., an EQT Partners backed  Spanish infrastructure company that owns and operates submarine fiber optic cables in and around Spain. No transaction terms were released.

Other (Announced)

Stantec to Acquire Cegertec

Stantec Inc. (TSX:STN), a Canadian company that provides professional consulting services in the area of infrastructure, has agreed to acquire Cegertec Inc., a Canadian mechanical and industrial engineering company. No transaction terms were released.

Other (Closed)

McIntosh Perry Consulting Engineers has Acquired Luiz Leon & Associates

McIntosh Perry Consulting Engineers Ltd., a Signal Hill Equity Partners backed Canadian company that offers consulting engineering services and technical solutions, has acquired Luiz Leon & Associates Ltd., a Canadian consulting and engineering firm. No transaction terms were released.

Armacel has Acquired TB Concept

Armacell LLC, a U.S.-based company that manufactures elastomeric foam insulation products for applications in mechanical systems, has acquired TB Concept Inc., a Canadian company that manufactures saddles and shields for insulated pipes. No transaction terms were released.

United Raw Pet Food has Acquired Naturawls Pet Products

United Raw Pet Food Inc., a Dane Creek Capital backed Canadian holding company which through its subsidiaries, manufactures raw pet food products, has acquired Naturawls Pet Products, a Canadian company that manufactures raw pet food and dehydrated pet treats. 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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