Q-News
May 2010
Posted in M&A News
There were 14 private M&A transactions reported in
April. A lot of the activity involved
Ontario-based companies, with seven Ontario-based acquirers, and eight
transactions involving the acquisition of an Ontario company. Five of the eight cross-border deals also
involved an Ontario
player, with two acquirers and three target companies. Six of the transactions involved the
acquisition of Canadian technology companies, with two of these going to a
US-based buyer. Staying with the
technology theme, three of the four foreign acquisitions made by Canadian
buyers involved a target company that is in the tech space.
Canadian M&A
transactions:
Premier Tech, a Quebec-based manufacturer of automated bag packaging machinery,
acquired an Ontario-based lawn and garden product manufacturer Sure-Gro
from Clarke, a Halifax-based private equity group.
Premier Tech will pay C$10.4 million in cash and C$3.1 million in notes for
the company.
Thornhill-based BAASS Business Solutions – a technology
consulting firm to the retail, manufacturing, distribution, and not for profit
industries – has acquired ProfitPoint, a Mississauga-based provider of integrated business
systems to small and medium-sized company. The terms of the deals were not disclosed.
Imanet, which providers enterprise and on-demand technology
solutions to customs brokers, freight forwarders, exporters and self-clearing
importers, has agreed to be acquired by The Descartes Systems Group for $6
million. By engaging in this acquisition, the Descartes Systems Group intends
to enhance its Global Logistics Network and strengthen its ties with the Canada
Border & Security Agency.
Pet Valu Canada, a specialty retailer and
wholesale distributor of pet food products headquartered in Markham, has acquired Bosley’s Pet Food Plus for an
undisclosed amount. Bosley has 23 pet food stores in the Vancouver area. Pet Valu is backed by
Altlanta-based Roark Capital Group.
Toronto-based CNW Group, an online newswire provider,
acquired Dna13,
an Ottawa-based company focused on the development of software that measures
the success of online PR campaigns, for an undisclosed amount.
Com Dev International, a global manufacturer of space
hardware based in Cambridge, Ontario,
acquired all of the assets of privately owned Routes AstroEngineering for
$1.7 million, a Kanata, Ontario company that engineers and
manufactures space systems used for remote sensing and observation.
Correction
to last month’s Newsletter: In April, we
reported that Blackberry Partners Fund was an investor in Viigo alongside
Ventures West and RBC Venture Partners. That turned out to be incorrect. My apologies.
Cross Border
M&A:
An investor group that includes Ontario
Teachers Pension Plan and US-based Stonebridge Partners acquired
Exal
Group, an Ohio-based company that manufactures specialty aluminum
containers.
Fate Therapeutics, a California-based stem cell biotechnology company, acquired Verio Therapeutics for an
undisclosed amount. Verio is an Ottawa-based
biotechnology company specializing in stem cell research.
NetApp, a
California-based provider of storage and data management, announced that it
will acquire Vancouver-based storage virtualization company Bycast. Bycast is backed by GrowthWorks Capital and BDC Venture
Capital.
Valeant Pharmaceuticals (NYSE: VRX), a California-based specialty
pharmaceutical company, acquired Vital Science, an over-the-counter
distributor of dermatology products based in Woodbridge, ON for C$10.5 million.
SMART Technologies, a Calgary-based producer of electronic
whiteboards, acquired NextWindow, a New Zealand-based
producer of optical touch screens. The rationale behind the acquisition is that
it will allow SMART Technologies to expand into Asian markets.
Sanmina-SCI, a San Jose-based electronic
manufacturing services company, agreed to acquire BreconRidge for an
estimated $53 million. BreconRidge
is an Ottawa-based provider of design and manufacturing services for electronic
products. The deal will be financed by a combination of debt and equity.
CAE, a Quebec-based company that provides simulation
technologies for the civil aviation industry and defense forces, acquired Datamine
Corporate, a UK-based software provider for the mining sector.
BoardSuite, a Toronto-based company with a
SaaS tool that helps companies manage real-time access to corporate documents,
acquired US-based HireCaliber, the developer of a SaaS
recruitment tool that helps SMEs manage their online career pages.
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