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Canadian M&A Market Recap: Week Ended November 23rd

  • Posted By: Kyle Johnston, Aaron Kwok, Dawid Misiak, Daniel Borg, and Paris Aden

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Market Update

Sixty-two Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 1.4% lower than the comparable period in 2017. The Canadian dollar depreciated by 0.39 cents, ending the week at 76 cents. The TSX outperformed the S&P 500 by 2.5% in U.S. dollar terms. WTI Crude oil fell by 11.0%, ending the week at $50.42 per barrel.

According to the Lead Left, Europe has been a key area of interest for investors in private debt. In fact, almost half (47%) of private investors surveyed by Preqin in June view Europe as presenting the best opportunities – the largest proportion of investors showing preference for any region. This has led to European private debt universe exploding over the last decade, and funds focused on the region now hold $200bn in assets under management.

Canadian M&A Transactions[i]

Energy (Announced)

BTU Metals to Acquire Burgundy Exploration

BTU Metals Corp. (TSXV:BTU), a Canadian company that operates as a junior exploration company in Canada and the U.K., has agreed to acquire Burgundy Exploration Corp., a Canadian company that explores and develops oil and gas resources in the Philippines. Total transaction value is estimated to be $288 thousand.

Industrials (Closed)

Manitoulin Global Forwarding has Acquired N/J International

Manitoulin Global Forwarding Inc., a Canadian company that provides international freight forwarding services, has acquired N/J International Inc., a U.S. based transportation services company. No transaction terms were released.

McIntosh Perry Consulting Engineers has Acquired Onstream Engineering

McIntosh Perry Consulting Engineers Ltd., a Canadian company that offers consulting engineering services and technical solutions, has acquired Onstream Engineering Ltd., a Canadian company that specializes in the design and project management of oil and gas pipelines. No transaction terms were released.

Cervus Equipment has Acquired Deermart Equipment Sales

Cervus Equipment Corporation (TSX:CERV), a Canadian company that primarily engages in the sale, after-sale service, and maintenance of industrial equipment, has acquired Deermart Equipment Sales Ltd, a Canadian company that sells new and used agricultural and lawn equipment. No transaction terms were released.

Chalmers Group of Companies has Acquired Primus Sterilizer

Chalmers Group of Companies, a Canadian manufacturing company that serves customers in North America, has acquired Primus Sterilizer Co LLC, a Blue Sage Capital backed U.S.-based company that specializes in the production of steam sterilizers used in medical and research facilities. No transaction terms were released.

Environmental 360 Solutions has Acquired Can Pak Environmental

Environmental 360 Solutions Inc., a Canadian company that provides waste management services, has acquired Can Pak Environmental Inc., a Canadian waste management company. No transaction terms were released

Consumer Discretionary (Announced)

AutoCanada to Acquire Rose City Ford Sales

AutoCanada Inc. (TSX:ACQ), a company that operates franchised automobile dealerships across Canada, has agreed to acquire Rose City Ford Sales Limited, a Canadian company that operates as a dealer of Ford cars. Target is a subsidiary of Ford Motor Company. No transaction terms were released.

Consumer Discretionary (Closed)

Foodtastic has Acquired Enoteca Monza Pizzeria Moderna

Foodtastic Inc., a Canadian restaurant operator, has acquired Enoteca Monza Pizzeria Moderna, a Canadian company that owns and operates a chain of restaurants in Québec. Enoteca Monza Pizzeria was a subsidiary of the Foursome Restaurant Group Inc. No transaction terms were released.

Consumer Staples (Closed)

Aleafia Health has Acquired Flying High Brands

Aleafia Health Inc. (TSXV:ALEF), a Canadian company that operates as a vertically integrated cannabis company in Canada, has acquired Flying High Brands Inc., a Canadian joint venture that specializes in cannabis at many stages throughout the production process. Total transaction value is estimated to be $12.0 million.

Financials (Announced)

Cape Cove Financial Management to Acquire WealthTerra Capital Management

Cape Cove Financial Management, a Canadian portfolio management company, has agreed to acquire WealthTerra Capital Management Inc., a Canadian securities dealer that specializes in private market investments. No transaction terms were released.

NG Holdings to Acquire PI Financial

NG Holdings LLC, a U.S.-based holding company, has agreed to acquire PI Financial Corp., a Canadian boutique investment banking firm that offers financial advisory services to small and mid capital companies. Total transaction value is estimated to be $100 million.

OpTown Properties to Acquire Timeless Capital

OpTown Properties Ltd., a Canadian company that rents and sells real estate assets in Canada, has agreed to acquire Timeless Capital Corp., a Canadian company that focuses on the identification and evaluation of assets or businesses. No transaction terms were released.

Financials (Closed)

Equiom has Acquired Xen Accounting

Equiom Limited, an Isle of Man based company that provides trust and corporate services to it’s customers internationally, has acquired Xen Accounting, a Canadian company that provides online accounting solutions for small businesses. No transaction terms were released.

Information Technology (Closed)

Kev Group has Acquired TRA

Kev Group Inc., a Canadian company that develops software programs for educational institutions, has acquired TRA Inc., a U.S.-based company that provides a cloud-based school activity fund account software for the K-12 public school market. No transaction terms were released.

BusBud has Acquired Clickbus Turkey

BusBud, Inc., an iNovia Capital, Claridge, Teralys Capital, Real Ventures, Revolution Ventures, OMERS Ventures, Plaza Ventures and White Star Capital backed Canadian company that provides online bus travel booking services, has acquired Clickbus Turkey, a Turkish online booking platform for bus travel in Europe. The target was a subsidiary of Rocket Internet SE (ETR: RKET) and HV Holtzbrink Venture Adviser GmbH. No transaction terms were released.

Trimble Navigation has Acquired Vantage Manitoba

Trimble Navigation Limited, a Canadian company that distributes and sells precision agriculture products and equipment, has acquired Vantage Manitoba, a company that provides agricultural technology products. The target was a subsidiary of AgWest Ltd. No transaction terms were released.

Other (Closed)

Output Services Group has Acquired Formost Data Products

Output Services Group Inc., a U.S.-based company that provides e-bill processing services, has acquired Formost Data Products Inc., a Canadian printing company that specializes in manifold business forms. No transaction terms were released.

Osoyoos Cannabis has Acquired LKP Solutions

Osoyoos Cannabis Inc., a Canadian company that produces medical grade cannabis, has acquired LKP Solutions Inc., a Canadian exploration stage junior mining company that focuses on both base and precious metals in North America. 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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