Automotive Acquisitions in Canada

FFUN Group has acquired Key Auto Group, adding four dealerships and a collision centre in Yorkton and Swan River to expand its presence across Saskatchewan and Manitoba. The deal brings additional OEM brands (Toyota, Cadillac, GMC, Chevrolet, Buick, Kia) into FFUN's portfolio and supports the company's strategy of regional expansion and operational integration.

Fulcrum Capital Partners has made a control investment in GlassMasters Autoglass, a Calgary-based multi-location autoglass repair, replacement and ADAS calibration platform serving retail and commercial customers across four Canadian provinces. Fulcrum intends to support GlassMasters' growth by investing in people, locations and capabilities to expand the company's reach and service offering.

AutoCanada Inc. completed the acquisition of Modern Autobody, a single-location collision and refinish repair facility in Edmonton, Alberta. The purchase expands AutoCanada's collision repair footprint in the Edmonton market and strengthens its luxury and electric vehicle OEM certification coverage while creating opportunities to establish insurer direct repair programs and capture operational synergies.

Fastco Canada, a subsidiary of Groupe Touchette, acquired the ENVY wheel brand to strengthen its portfolio and expand its footprint in the Canadian/North American wheel market. Fastco will lead product development and brand positioning while Groupe Touchette will manage market deployment and customer support through its national distribution network, improving product availability and fitment precision (FastFinder).

ONCAP, the lower mid‑market private equity platform of Onex Corporation, has partnered with CSN Collision in a growth investment to acquire various collision centres from CSN founders, who will remain shareholders. The capital and partnership will enable CSN to establish a scaled platform of corporate-owned collision repair centres and accelerate add-on acquisitions across North America and Europe.

Northern Roads Auto Group has acquired Bill's Toyota — widely described as Canada’s oldest Toyota dealership — from the Pasincky family (William Pasincky Jr. and Michael Pasincky). Performance Brokerage Services advised and represented both parties in the transaction as Northern Roads expands its dealership footprint in Ontario (Fort Erie).

Traveland RV has acquired Minard's Leisure World, the #1 volume RV dealer in Saskatchewan, from founders Susan and Gene Minard. The two Minard's locations in Weyburn and Watrous will continue operating under the Traveland brand (renamed Traveland's Minard's RV); Performance Brokerage Services served as exclusive sell-side advisor.

The Richter Group and The Scherle Group purchased Terrace Ford Lincoln from Go Auto and have rebranded the dealership as Lakewest Ford Lincoln. Performance Brokerage Services advised on the transaction; the buyer families plan to expand their family-owned dealership presence in the Burlington market and continue operations under local ownership.

Grafiti Holding Inc., a former subsidiary of XTI Aerospace that was renamed Damon Inc., completed a business combination with Damon Motors, making Damon Motors a wholly‑owned subsidiary of the combined company. The combined company (Damon Inc.) was approved for a Direct Listing on the Nasdaq Global Market under ticker DMN, with a pro‑forma equity value of approximately $300 million; XTI Aerospace received Damon securities and completed a 1‑for‑50 distribution of Damon shares to its record date shareholders.

Xos, Inc. completed an all-stock acquisition of ElectraMeccanica Vehicles Corp., adding roughly $48 million to Xos' balance sheet and providing growth capital to support scaling of deliveries. ElectraMeccanica shareholders received 0.0143739 shares of Xos common stock per ElectraMeccanica share, and ElectraMeccanica common shares were delisted from Nasdaq following the close.

DexKo Global Inc. has completed the acquisition of Cerka Industries Ltd., a Milton, Ontario-based manufacturer of trailer axles and distributor of trailer components to dealers and OEMs across Canada. The deal integrates Cerka into DexKo/Dexter’s distribution and manufacturing network to expand DexKo’s reach and service capability in the Canadian trailer market.

The Mufflerman Inc., a portfolio company of Argyle Capital Partners, acquired five EuroMechanic-branded automotive repair and tire locations in the Greater Toronto Area and Guelph from Carflex, Inc. The deal, which closed on November 3, 2023, expands The Mufflerman's multi-brand network and adds niche European-vehicle repair capability while EuroMechanic will continue to operate as a distinct division.

Cloyes Gear & Products, a MidOcean-backed automotive aftermarket platform, has acquired Rotomaster, a global turbocharger and components specialist headquartered in British Columbia, Canada. Terms were not disclosed; the deal expands Cloyes' product portfolio and increases its vehicles-in-operation (VIO) coverage and aftermarket capabilities.

The Mufflerman Inc., a portfolio company of Argyle Capital Partners, has acquired Fleet Specialties Inc., a North York, Ontario-based provider of fleet maintenance, repair, management and custom upfitting. The transaction closed on March 31, 2023; Fleet's founders and employees will remain and the business will operate as a distinct division of The Mufflerman.

Martinrea International Inc. has acquired the assets of Montreal-based Effenco Development Inc., a green-tech company that designs and manufactures electrification and connectivity solutions for heavy-duty vocational trucks. Martinrea says the acquisition supports its sustainability and innovation initiatives and will leverage Martinrea's global manufacturing and supply chain capabilities to grow Effenco's technologies and customer deployments.

LKQ Corporation has entered into a definitive agreement to acquire all outstanding shares of Uni-Select Inc. for C$48.00 per share in cash, representing an enterprise value of approximately C$2.8 billion (US$2.1 billion). The acquisition is expected to generate about US$55 million of annual run-rate cost synergies by year three and expands LKQ's presence in automotive refinish paint and Canadian mechanical parts distribution; closing is expected in H2 2023 subject to customary approvals.

Transtar Holding Company, a Blue Point Capital Partners portfolio company, has acquired Pro Form Products, an Ontario-based manufacturer of refinishing and repair products for automotive, aviation, industrial and marine applications. Pro Form will operate as a subsidiary of Transtar Autobody Technologies as the acquisition expands Transtar's product line, geographic coverage across the U.S. and Canada, and entry into new end-markets.

TRADER Corporation has agreed to acquire the Canadian operations of Dealertrack, VinSolutions, Dealer.com, Xtime and Kelley Blue Book from Cox Automotive's Canadian Retail business. The move brings Canadian-focused dealer software, digital retailing and valuation capabilities into TRADER to deliver more localized services for Canadian dealerships and OEMs; most Canadian Cox Automotive Retail employees are expected to transition to TRADER.

AutoCanada Inc. acquired Kavia Auto Body, an SGI Elite collision centre in Saskatoon, Saskatchewan, to expand its national collision centre network and better align collision services with its nearby dealerships. The facility holds multiple OEM certifications (Tesla, GM, Ford, Kia, Stellantis, Nissan, Infiniti, Genesis, Honda, Acura, Subaru, Hyundai) and will continue operating as part of AutoCanada's collision operations.

Safe Fleet, a portfolio company of Oak Hill Capital Partners, has acquired Kerr Industries and its subsidiary Crown North America to expand Safe Fleet's law enforcement upfit capabilities. The deal brings Kerr's multi-location vehicle upfitting and engineering expertise into Safe Fleet's law enforcement product and service portfolio, enabling cross-selling and a larger trained installer/service network across the U.S. and Canada.

Burnout Brands, a portfolio company of Hidden Harbor Capital Partners, made a strategic investment in BD Engine Brake Inc. (BD Diesel), a British Columbia–based manufacturer and distributor of turbochargers, transmissions and performance diesel products. The deal is an add-on to build the Burnout Brands platform and the existing BD Diesel owners will retain an ownership stake; terms were not disclosed.

The FFUN Group, a Saskatoon-based automotive operator, acquired Forest City Mazda in London, Ontario from the Palladino Auto Group, effective June 16, 2022. The deal marks FFUN's expansion into the Ontario market and adds the group's first Mazda rooftop as it grows its national footprint (FFUN employs ~575 across Canada and now operates 29 rooftops).

Champlain-backed JLD-Laguë, together with Groupe Soucy (and backed by Champlain Financial Corporation), completed the acquisition of Location Sauvageau and Location Légaré in June 2022. The deal brings the leading Quebec short- and medium-term commercial vehicle rental businesses (3,800+ utility vehicles combined) into JLD-Laguë's platform as an add-on to accelerate growth and expand service offerings in Quebec.

Turnspire Capital Partners, through a newly formed operating company Spectra Premium Mobility Solutions, completed the acquisition of the assets of Spectra Premium Industries pursuant to CCAA and Chapter 15 proceedings. The acquisition gives Turnspire control of Spectra's North American manufacturing and distribution platform—headquartered in Boucherville, Quebec—with more than 700 employees and operations serving OEM and aftermarket automotive, heavy-duty truck and industrial markets.

Micro Bird Holdings, the Blue Bird–Girardin joint venture, has acquired a controlling interest in GranTuned Automobiles (Ecotuned), an EV drivetrain integrator founded in 2011. The deal strengthens Micro Bird and Blue Bird's leadership in the Type A school bus EV market by bringing Ecotuned's proprietary two-speed transmission, BMS and integration capabilities in-house while the Ecotuned founders remain shareholders and will continue to operate the business.

Liberty Spring has completed the acquisition of Elka Suspension, combining the two companies to expand product offerings, capture supply‑chain efficiencies, and accelerate innovation in the suspension market. Elka’s founders and team will remain in place and operations/brand will continue under the ELKA SUSPENSION name while Liberty Spring integrates capabilities across its global manufacturing footprint.

Lion Electric completed a business combination with special purpose acquisition company Northern Genesis Acquisition Corp., resulting in approximately US$490 million of net proceeds (including a concurrent PIPE). As a result of the transaction Lion began trading on the NYSE and TSX under the ticker LEV; the proceeds will be used to finance U.S. manufacturing expansion, develop battery systems and repay outstanding debt. Lion's founder and CEO Marc Bédard will continue to lead the company, and Northern Genesis directors Ian Robertson and Chris Jarratt joined the board.

Keyloop has acquired RAPID RTC (Winnipeg) and enquiryMAX (Leeds), adding lead aggregation, lead response, enquiry management and showroom applications to its automotive retail technology portfolio. The deals — announced shortly after Keyloop was acquired by Francisco Partners — expand Keyloop's sales and marketing capabilities and deepen its integrations with dealers and OEMs.

Toronto-based private equity firm Argyle Capital Partners has acquired The Mufflerman Inc., a 12-location automotive service and repair chain in Southwestern Ontario, from the Brouwer Family. The transaction closed on March 1, 2021 and includes a management transition with Costa Haitas named as the new President as part of a family succession and platform-build strategy.

Repairify, Inc. d/b/a asTech, a portfolio company of Kinderhook Industries, acquired adasThink to integrate its ADAS identification and calibration technology into asTech’s diagnostic and repair workflow. The transaction is asTech's tenth add-on under Kinderhook ownership; financial terms were not disclosed and adasThink founder Nick Dominato will join the Repairify team.

Repairify, Inc. d/b/a asTech, a portfolio company of Kinderhook Industries, has acquired Root Four Imagination Inc., the maker of the BlueDriver direct-to-consumer aftermarket diagnostic scan tool. The purchase is asTech's ninth add-on under Kinderhook and expands asTech/Repairify's aftermarket diagnostic and eCommerce capabilities; financial terms were not disclosed.

Signal Automotive, a technology-enabled wholesale automotive platform, raised $20 million in growth financing led by Kayne Partners Fund (the growth private equity group of Kayne Anderson Capital Advisors). The capital will be used to expand Signal's dealer network across North America and further develop its technology platform and data analytics capabilities.

XPEL, Inc. agreed to acquire Protex Centre, a Montreal-based wholesale-focused paint protection film installation business with over 20 employees. The transaction (approx. CAD$3.25 million) expands XPEL's presence in the Montreal market and will combine the acquired business with XPEL's previously acquired Protex Pointe-Claire window film business to provide an integrated wholesale solution.

Westbridge Capital Ltd., a private equity management company, has acquired KAVIA Auto Body, Inc., a leading collision- and auto-body repair provider based in Saskatoon, Saskatchewan. Raj Kavia, the retiring owner and president, will remain involved as chairman while Westbridge signals this purchase is the first of several planned transactions in the collision-repair industry vertical.

Butcher Engineering Enterprises, Ltd., a holding of the family-owned Spencer Butcher Group, acquired the Autrans Ingersoll value-added assembly operations from Autrans Corporation (a subsidiary of Sojitz Corporation). The transaction transfers the Ingersoll, Ontario automotive just-in-time/just-in-sequence assembly operation to Spencer Butcher Group, expanding its high-complexity, high-volume manufacturing capabilities.