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Canadian M&A Market Recap: Week Ended December 14th

  • Posted By: Kyle Johnston, Aaron Kwok, Simone Aria, Dean Walt, and Paris Aden

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Market Update

Sixty-seven Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 1.6% lower than the comparable period in 2017. The Canadian dollar depreciated by 0.46 cents, ending the week at 75 cents. The TSX underperformed the S&P 500 by 0.7% in U.S. dollar terms. WTI Crude oil fell by 2.2%, ending the week at $51.47 per barrel.

According to The Lead Left, the European private debt market has been a key area of interest for investors over the past year. In fact, 47% of the private debt investors surveyed in June of this year view Europe as presenting the best opportunities. The number of investors seeking opportunities in the region has also risen to 1,755 as of November 2018.

Canadian M&A Transactions[i]

Energy (Announced)

Finning International to Acquire 4Refuel Canada

Finning International Inc. (TSX:FTT), a Canadian company that sells, services, and rents heavy industrial products internationally, has agreed to acquire 4Refuel Canada LP, a Kelso & Company and Transportation Resource Partners backed company that provides mobile refueling services in North America. Total transaction value is estimated to be $260 million.

Energy (Closed)

Mistras Group has Acquired Onstream Pipeline Inspection

Mistras Group, Inc. (NYSE:MG), a U.S.-based company that provides technology enabled asset protection solutions worldwide, has acquired Onstream Pipeline Inspection Ltd., a Canadian company that provides inline inspection services to pipeline operators in Western Canada. Total transaction value is estimated to be $189 million, implying a 5.3x revenue multiple. Onstream Pipeline Inspection was a subsidiary of Novacap Investments.

Spira Data has Acquired eJourney Manager

Spira Data Corp., a Canadian company that develops mobile and office operational software solutions for the oil and gas, construction, and energy industries worldwide, has acquired eJourney Manager, a Canadian company that provides mobile automation for journey management and work alone processes. No transaction terms were released.

Industrials (Announced)

Xebec Adsorption to Acquire Compressed Air International

Xebec Adsorption Inc. (TSXV:XBC), a Canadian company that provides gas purification, generation, and filtration solutions to the natural gas, renewable, and chemical compounds market, has agreed to acquire Compressed Air International Inc., a Canadian company that distributes compressed air systems. Total transaction value is estimated to be $2.20 million.

Industrials (Closed)

EnGlobe has Acquired DST Group

EnGlobe Corp., a Canadian company that provides soil, materials, and environmental engineering services, has acquired DST Group Inc., a Canadian company that offers engineering consultancy services in the field of environmental, geotechnical, blast, and demolition activities. No transaction terms were released.

CBCL has Acquired Conquest Engineering

CBCL Limited, a Canadian company that provides engineering and environmental design and consulting services in Atlantic Canada, has acquired Conquest Engineering Ltd, a Canadian company that offers geotechnical and materials engineering consulting services. No transaction terms were released.

Consumer Discretionary (Announced)

Abattis Bioceuticals to Acquire Bev Canna Enterprises

Abattis Bioceuticals Corp. (OTCPK:ATTB.F), a Canadian biotechnology company that researches, develops, licenses, and markets ingredients and formulas for use in the biopharmaceutical and nutrition markets in Canada, has agreed to acquire Bev Canna Enterprises Inc., a Canadian company that produces cannabis infused beverages. Total transaction value is estimated to be $15.0 million.

Consumer Discretionary (Closed)

StreetTeam Software has Acquired Campus Vacations

StreetTeam Software Limited, a Draper Esprit, Accel-KKR, Elderstreet Investments, SAATCHiNVEST, Kima Ventures, Frontline Ventures and SGH Capital backed U.K.-based company that operates a peer-to-peer event marketing platform, has acquired Campus Vacations Inc., a Canadian company that provides student travel services. Total transaction value is estimated to be $9.30 million.

Sportscene Group has Acquired Moishes

Sportscene Group Inc. (TSXV:SPS.A), a Canadian company that develops, operates, and franchises a chain of sports entertainment-themed resto-bars, has acquired Moishes Inc., a stand-alone restaurant located in Montréal, Québec. No transaction terms were released.

G Adventures has Acquired TruTravels

G Adventures Inc., a Canadian company that provides adventure travel services, has acquired TruTravels Limited, a U.K.-based company that provides tour and travel services. No transaction terms were released.

Consumer Staples (Closed)

Hammond, Kennedy, Whitney & Company has Acquired Fresh Direct Produce

Hammond, Kennedy, Whitney & Company Inc., a US-based private equity firm, has acquired Fresh Direct Produce LLC, a Canadian company that imports, markets, and distributes fresh produce. No transaction terms were released.

            Empire Co has Acquired Farmboy

Empire Co Ltd. (TSX: EMP.A), a Canadian company that engages in food retail and real estate businesses, has acquired Farmboy Inc., a Canadian grocer specializing in fresh produce, meat, bakery, cheese, and kitchen-prepared items. Total transaction value is estimated to be $800 million. Farmboy was a subsidiary of Berkshire Partners.

Financials (Announced)

CI Financial to Acquire WealthBar Financial Services

CI Financial Corp (TSX:CIX), a Canadian, publicly owned asset management company, has agreed to acquire WealthBar Financial Services Inc., a Nicola Wealth Management and Full Stack Foundry backed Canadian company that provides online financial planning and investment advisory services. No transaction terms were released.

Echelon Wealth Partners to Acquire Dundee Securities

Echelon Wealth Partners Inc., a Canadian company that provides wealth management and capital markets services, has agreed to acquire Dundee Securities Ltd., a full-service Canadian investment dealer that provides sell-side and investment management services. Total transaction value is estimated to be $5.30 million. Dundee Securities is a subsidiary of Dundee Corporation.

Financials (Closed)

Arthur J. Gallagher has Acquired Accompass

Arthur J. Gallagher & Co. (NYSE:AJG), a U.S.-based company that provides insurance brokerage, consulting, and third-party claims settlement and administration services to their international client base, has acquired Accompass Inc., a Canadian company that designs and manages investment and retirement programs. No transaction terms were released.

Information Technology (Closed)

Formstack has Acquired TabbleDabble

Formstack LLC, a Providence Strategic Growth Capital Partners and Greater Sum Ventures backed U.S.-based company that provides online form building software services, has acquired TabbleDabble Inc., a Canadian company that provides businesses with mobile interactive touch screen solutions for attracting and connecting with a target audience while collecting valuable data. No transaction terms were released.

Winning By Design has Acquired Science to Sales

Winning By Design Inc., a U.S.-based company that provides strategy consulting and coaching programs for software as a service (SaaS) sales organizations, has acquired Science to Sales, a Canadian company that offers research and consulting services for sales and marketing firms. No transaction terms were released.

CareWorx has Acquired Fully Managed

CareWorx Inc., a Wellington Financial LP and Kayne Anderson Capital Advisors backed Canadian company that provides technology solutions to senior care organizations worldwide, has acquired Fully Managed Inc., a Canadian company that provides digital IT and data management services to businesses and non-profit organizations in Vancouver. No transaction terms were released.

Emerson Electric has Acquired iSolutions

Emerson Electric Co. (NYSE:EMR), a U.S.-based technology and engineering firm that provides various solutions to industrial, commercial, and consumer markets worldwide, has acquired iSolutions Inc., a Canadian company that offers data management consulting services. No transaction terms were released.

Obasa Hospitality has Acquired IBC Hospitality Technologies

Obasa Hospitality Inc, a Canadian company that leverages their technology platforms to connect families and professionals to unique hospitality services, has acquired IBC Hospitality Technologies, a U.S.-based company that develops proprietary software for the hospitality industry. No transaction terms were released.

Tyler Technologies has Acquired SceneDoc

Tyler Technologies Inc. (NYSE:TYL), a U.S.-based company that provides integrated information management solutions and services for the global public sector, has acquired SceneDoc Inc., a Canadian company that develops a platform for data collection, digital evidence management, and workflow. No transaction terms were released.

ECi Software Solutions has Acquired Lasso Data Systems

ECi Software Solutions, Inc., an Apax Partners and The Carlyle Group backed U.S.-based company that develops and provides cloud-based and on-premise business management software solutions, has acquired Lasso Data Systems Inc., a Canadian company that designs, develops, and markets international, on-demand customer relationship management and home builder software products. No transaction terms were released.

Arctic Wolf Networks has Acquired RootSecure

Arctic Wolf Networks, Inc., an Adams Street Partners, Redpoint Ventures, Lightspeed Venture Partners, Sonae Investment Management and Unusual Ventures backed U.S.-based company that provides cloud-based network security services has acquired RootSecure Corporation, a Canadian company that develops SaaS platforms to aggregate and identify risk indicators in the cyberspace. 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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