Case study for:

Clarion Medical Technologies

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"The Valitas team were always thoughtful, rational, with a win-win attitude and a laser-focus in getting the deal over the finish line. We have worked with a major firm before in a transaction but Valitas out-performed them in every aspect. I highly recommend Valitas to anyone looking for a competent, effective adviser to lead their transaction."

Samson Ling


Clarion Medical Technologies (“Clarion”) is a leading Canadian provider of medical and aesthetic equipment and consumables to hospitals, aesthetic clinics, and private medical practices.

  • The shareholders were considering a range of strategic alternatives to attain liquidity after attempting to sell Clarion in 2014 using a “Big 4” accounting firm as its financial advisor.


  • Developed a clear understanding of the current and future value of Clarion and its business units and studied a wide range of strategic alternatives.
  • Explored the sale of one of Clarion’s low-growth businesses.
  • Clarion was approached by Richards Packaging Income Fund (“Richards”) during this process.
  • Valitas negotiated a pre-emptive valuation and a deal structure that compared favourably to Clarion's other alternatives on a risk-adjusted basis.


  • Richards acquired Clarion for $64.4 million (plus earn-outs) on June 1, 2020.
  • The COVID-19 pandemic impacted Clarion’s aesthetic operations during the late stages of negotiations, which threatened to derail the transaction.
  • Valitas worked collaboratively with Richards’ financial advisor and the legal teams from both sides to implement a risk-sharing structure to address concerns with COVID-impacted performance post-closing.


Clarion’s shareholders realized a double-digit EBITDA multiple on closing, with an uncapped earn-out that would increase value by an additional $40 million if the plan is achieved.