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Canadian M&A Market Recap: Week Ended September 7th

  • Posted By: Jennifer Wang, Simone Aria, Nolan Ryan, Daniel Borg, and Paris Aden

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Market Update

Sixty-three Canadian M&A transactions closed this past week. Year to date, M&A closed deal count is 4.0% lower than the comparable period in 2017. The Canadian dollar depreciated by 0.48 cents, ending the week at 76 cents. The TSX underperformed the S&P 500 by 0.7% in U.S. dollar terms. WTI Crude oil fell by 2.4%, ending the week at $67.39 per barrel.

According to the Lead Left, US LBO loan volume reached US$100 billion, up 32% year over year. The leveraged loan market hit the ground running on Tuesday, boosting a much anticipated deals pipeline.

Canadian M&A Transactions[i]

Energy (Announced)

Surge Energy to Acquire Mount Bastion Oil & Gas

Surge Energy Inc. (TSX:SGY), a Canadian company that explores, develops, and produces oil and gas properties in Western Canada, has agreed to acquire Mount Bastion Oil & Gas Corp., a Canadian company that engages in the exploration and production of oil and gas. Total transaction value is estimated to be $312 million.

Materials (Closed)

H.I.G. Capital has Acquired Recochem

H.I.G Capital LLC, a U.S-based private equity firm, has acquired Recochem Inc., a Canadian company that manufactures, packages, and distributes automotive and household chemical products. No transaction terms were released.

Atlas Roofing has Acquired ACH Foam Technologies

Atlas Roofing Corporation, a Canadian company that manufactures residential and commercial building materials, has acquired ACH Foam Technologies LLC, a U.S-based manufacturer and supplier of expanded polystyrene products for construction, geotechnical, packaging, and industrial applications internationally. No transaction terms were released.

Industrials (Announced)

Blueberries Cannabis to Acquire CDN MSOLAR

Blueberries Cannabis Corp., a Canadian producer of premium quality cannabis with operations in central Colombia, has agreed to acquire CDN MSOLAR Corp., a Canadian company that develops, produces, markets, sells, and distributes heating and cooling solutions for residential and commercial buildings in Canada. No transaction terms were released.

FICODIS to Acquire Transbearco

FICODIS Inc., a Canadian distributor of industrial supplies for industrial businesses, has agreed to acquire Transbearco Ltd., a Canadian provider of motion control and power transmission solutions in Canada. No transaction terms were released.

Industrials (Closed)

Evoqua Water Technologies has Acquired IsH2Otop

Evoqua Water Technologies Corp. (NYSE:AQUA), a U.S-based company that provides wastewater treatment systems and emergency water supply services, has acquired Le Groupe IsH2Otop, a Canadian company that provides industrial water management services to ultrapure pharmaceutical, university, industrial, and medical industries in Quebec. No transaction terms were released.

General Logistics Systems has Acquired Dicom Transportation Group Canada

General Logistics Systems B.V., a Dutch provider of parcel, logistics, and express services in Europe, has acquired the Canadian divison of Dicom Transportation Group, a Wind Point Partners backed company that provides business-to-business parcel services. Total transaction value is estimated to be $360 million.

Groupe SEGULA Technologies has Acquired UltragenCiactech

Groupe SEGULA Technologies SA, a French company that provides construction, engineering, and other services to automotive, aeronautics, energy, and petrochemical sectors, has acquired UltragenCiactech Inc., a Canadian provider of engineering services for instrumentation, automation and control in aeronautical, transportation, and manufacturing industries. No transaction terms were released.

Manac has Acquired Alutrec

Manac Inc., a Caisse de dépôt et placement du Québec, Fonds de solidarité FTQ, Placements CMI, and Fonds Régionaux de Solidarité FTQ Chaudière-Appalaches backed Canadian manufacturer and seller of trailers in North America, has acquired Alutrec Inc., a Canadian manufacturer of flatbed trailers. No transaction terms were released.

Bar W Petroleum and Electric has Acquired All Peace Petroleum

Bar W Petroleum and Electric Inc., a Canadian company that provides contracting services to the electrical and petroleum industries, has acquired All Peace Petroleum Ltd., a Canadian company that provides enviro-tanks for rent to the oil and gas industries. No transaction terms were released.

Consumer Discretionary (Closed)

KWT Global has Acquired Holmes Creative Communications

KWT Global, a U.S-based provider of communications and brand engagement services, has acquired Holmes Creative Communications Ltd., a Canadian provider of public and media relations, corporate communications, crisis management, media networking and related services. No transaction terms were released.

Global Public Affairs has Acquired IMPACT Consulting

Global Public Affairs Inc., a Canadian provider of research and counseling, government advocacy, and strategic communication services to clients internationally, has acquired IMPACT Consulting Ltd., a Canadian company that provides innovative and customized solutions for business planning, strategic development, and financial analysis. No transaction terms were released.

Entertainment Cruises has Acquired Mariposa Cruises

Entertainment Cruises Inc., a U.S-based company that operates dining and sightseeing cruises in the United States, has acquired Mariposa Cruises, a Canadian company that hosts private events, sightseeing tours, and cruises in Canada. No transaction terms were released.

Healthcare (Announced)

CordovaCann to Acquire Alterna Medicinals Canada

CordovaCann Corp. (OTCPK:LVRL.F), a Canadian company that focuses on the identification and evaluation of assets or businesses for purchase in the media, technology, and consumer industries, has agreed to acquire Alterna Medicinals Canada, a Canadian company that produces cannabis for the healthcare sector. Total transaction value is estimated to be $3.28 million.

Pediapharm to Acquire Medexus

Pediapharm Inc. (TSXV:PDP), a Canadian company that distributes prescription medicines used to treat pathological conditions and commercializes non-prescription products, such as non-prescription drugs and medical devices in Canada, has agreed to acquire Medexus Inc., a Canadian company that provides market leading prescription and over the counter brands. Total transaction value is estimated to be $28.4 million.

Healthcare (Closed)

Ampersand Capital Partners has Acquired Néomed-Labs

Ampersand Capital Partners, a U.S-based private equity firm, has acquired Néomed-Labs Inc., a Canadian company that provides clinical immunology laboratory services. No transaction terms were released.

ProPharma Group has Acquired SOLUTIONS in Health

ProPharma Group Inc., a U.S-based company that provides compliance, validation, and technical services to pharmaceutical, medical, and dietary supplement industries, has acquired SOLUTIONS in Health Inc., a Canadian company that provides medical information services to the pharmaceutical, biotechnology, and medical industries. No transaction terms were released.

Financials (Announced)

Alterna Savings and Credit Union to Acquire Toronto Municipal Employees' Credit Union

Alterna Savings and Credit Union Ltd., a Canadian credit union that provides daily banking services, loans and mortgages, and investment services, has agreed to acquire Toronto Municipal Employees' Credit Union Ltd., a credit union that offers financial products and services to its members. No transaction terms were released.

Financials (Closed)

Crawford & Company has Acquired James Dubé Spraggs Adjusters

Crawford & Company (Canada) Inc., a Canadian provider of claims management services to risk managers, employers, and insurers, has acquired James Dubé Spraggs Adjusters Ltd., a Canadian company that provides insurance claims and adjustments services. No transaction terms were released.

HUB International has Acquired Access Insurance Brokers

HUB International Limited, a AlpInvest Partners and Hellman & Friedman backed U.S-based provider of insurance brokerage services, has acquired Access Insurance Brokers Inc., a Canadian company that provides personal and commercial insurance solutions. No transaction terms were released.

BDO Canada has Acquired Calvista

BDO Canada LLP, a company that provides auditing, accounting, tax, financial, and management advisory services, has acquired Calvista LLP, a Canadian company that provides financial and consulting services to private enterprises, public companies, not-for-profit organizations and individuals internationally. No transaction terms were released.

Information Technology (Announced)

eXplorance to Acquire KnowledgeAdvisors

eXplorance Inc., a Canadian company that develops and delivers learning experience management solutions for clients internationally, has agreed to acquire KnowledgeAdvisors Inc., a U.S-based provider of learning and talent measurement solutions for talent development professionals. No transaction terms were released.

Ericsson to Acquire Cenx

Telefonaktiebolaget LM Ericsson (OM:ERIC B), a Swedish company that provides information and communications technology solutions for networks, IT and cloud, and media markets internationally, has agreed to acquire Cenx Inc., a Highland Capital Partners, Mesirow Financial Private Equity, DCM Ventures, BDC Venture Capital, Eastven Venture Partners, Wasatch Advisors, Cross Creek Advisors, Verizon Ventures, Mistral Venture Partners, and Ericsson Ventures backed Canadian company that offers service orchestration solutions for mobile, wireline, cable, and cloud data center service providers internationally. No transaction terms were released.

Information Technology (Closed)

JDM Technology Group has Acquired MicroMain

JDM Technology Group Inc., a Canadian provider of business software systems for architecture, engineering, and construction industries, has acquired MicroMain Corporation, a U.S-based provider of asset maintenance and facility management software and services. No transaction terms were released.

XPV Water Partners has Acquired Metasphere

XPV Water Partners, a Canadian private equity firm, has acquired Metasphere Ltd., a U.K-based manufacturer of remote telemetry systems for remote monitoring and control. No transaction terms were released.

Convergint Technologies has Acquired Altel

Convergint Technologies LLC, a U.S-based company that designs, installs, and services integrated building systems has acquired Altel Inc., a Canadian provider of electronic security solutions such as access control, surveillance cameras, barriers and turnstiles, and anti-intrusion systems. No transaction terms were released.

Other (Closed)

Strategic Pharmaceutical Solutions has Acquired Vet Success

Strategic Pharmaceutical Solutions Inc., a U.S-based company that provides online pharmacy services, has acquired Vet Success Inc., a Canadian provider of monthly practice performance reports, quarterly preventive care snapshots, professional consultations, marketing tools and connections to its member network of industry leaders and colleagues. No transaction terms were released.

Nubik has Acquired Idle Tools

Nubik Inc., a Canadian company specializing in the implementation, analysis, and customization of Salesforce tools and products, has acquired Idle Tools Corp., a U.S-based company that offers Salesforce implementation and consulting services. No transaction terms were released.

Refexio DKI has Acquired Novatech DKI

Refexio DKI, a Canadian company that innovates and operates in the disaster restoration industry, has acquired Novatech DKI, a Canadian company offers high quality disaster restoration services in Ottawa. No transaction terms were released.

Marcus & Millichap has Acquired McGill Commercial

Marcus & Millichap Inc. (NYSE:MMI), a U.S-based provider of investment brokerage and financing services to sellers and buyers of commercial real estate in North America, has acquired McGill Commercial Inc., a Canadian company that provides real estate services to property owners and investors. 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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