Consumer Products Acquisitions in Canada

Blacktusk Outdoors has acquired Lucky Strike Bait Works, a historic Canadian fishing lure and tackle maker founded in 1929. The deal adds a legacy brand to Blacktusk's growing portfolio of fishing and outdoor consumer brands and intends to keep Lucky Strike's operations in Ontario while investing in product design, distribution and digital capabilities.

Apotex Inc. has acquired CanPrev, a Canadian natural health company known for its CanPrev, Cyto-Matrix, and Orange Naturals brands. The deal brings Apotex into the Canadian health and wellness consumer market, expanding its channels into health food stores, naturopathic/professional channels, grocery retail and strengthening its consumer health product portfolio.

Organigram Holdings Inc. acquired 100% of Motif Labs Ltd. for $90 million upfront consideration (C$50M cash and C$40M in Organigram common shares) plus up to C$10M contingent share consideration. The acquisition gives Organigram #1 market share in the Canadian recreational cannabis market, adds Motif's extraction and high‑volume vape/IPR manufacturing capabilities and a Southwestern Ontario distribution hub, and is expected to deliver >C$10M of cost synergies over ~24 months.

SNDL Inc. completed the acquisition of Indiva Limited's business and assets through a court-approved transaction under the Companies' Creditors Arrangement Act (CCAA). The deal, valued at an estimated $22.7 million in consideration (primarily a credit bid of Indiva's indebtedness plus cash to repay priority claims), adds Indiva's London, Ontario production facility and a portfolio of edibles brands and SKUs to SNDL's operations to expand its infused edibles capabilities.

Moose Knuckles, the Montreal-based luxury outerwear brand, has received a strategic investment from Bosideng alongside majority investor Cathay Capital. Bosideng will join the Cathay Capital-led investor group while Cathay remains the majority shareholder; co‑founders Ayal Twik and Noah Stern are exiting as shareholders. The capital and strategic partnership are intended to accelerate Moose Knuckles' global expansion, with a particular focus on growth in Asia and expanded product and retail initiatives.

Montreal-based apparel company Lolë Brands has acquired Quebec-founded Louis Garneau Sports, the cycling and sports equipment company behind the Garneau, Sugoi and Sombrio brands. The deal, effective immediately, will broaden Lolë’s product offering in cycling and sports apparel as part of its global expansion; financial terms were not disclosed.

BRS & Co., a New York-based private equity firm, sold Organika Health Products, Inc., a Vancouver-based marketer of nutritional supplements, in a management buyout to the founding Chin family. During BRS's ownership Organika expanded product innovation and retail distribution; the transaction returns ownership to the company's founders and management.

High Tide Inc. has entered into a definitive agreement to acquire all intellectual property and related assets of the Canadian cannabis brand Queen of Bud for CA$1,000,000 (CA$100,000 cash and the remainder in High Tide common shares). Queen of Bud's founder Ashley Newman will remain involved as Global Brand Ambassador as High Tide integrates the brand into its in-house portfolio to expand its consumer product and ancillary offerings domestically and internationally.

An affiliate of Nexus Capital Management LP has completed the acquisition of substantially all assets of MAV Beauty Brands Inc., a Toronto-based personal care and hair care platform. Nexus said it will partner with CEO Serge Jureidini and the existing management team to pursue a refreshed capital structure, product innovation, expanded retail partnerships and renewed growth.

Banyan Capital Partners has acquired Second Nature Designs Limited, a Hamilton, Ontario-based manufacturer and distributor of dried florals and home décor products. Founder and president Steve Koning and the management team will retain a minority ownership as Banyan partners with the company to pursue growth across North America.

Ladybug Resource Group, Inc. (OTC PINK: LBRG) announced the acquisition of Growhouse Nutraceuticals Ltd., a sports nutrition and nutraceutical supplements company. Growhouse reported $2.7 million in revenue for the year ended December 31, 2022 and $2.4 million in revenue growth through July 30, 2023; Ladybug said the acquisition will leverage Growhouse's products, MACH scaling architecture, and customer retention capabilities to drive revenue growth for shareholders.

Lucy Scientific Discovery Inc. (NASDAQ: LSDI) agreed to acquire BlueSky Wellness Inc. in an all-stock transaction that will add a portfolio of plant-based wellness CPG brands (Keoni, Keoni Sport, Blush Wellness, AMMA Healing) and e-commerce capabilities. BlueSky shareholders will receive 3.5 million Lucy shares plus up-to-five-year EBITDA-based earnouts; Lucy expects the combined transactions with its High Times IP acquisition to add at least $30 million in revenue and $10 million of EBITDA in the first 12 months.

VitaNatural USA Inc. completed the acquisition of dietary supplement brand Vitamin Bounty. The purchase brings a digitally-native portfolio with retail distribution into VitaNatural's wellness platform, with the combined management team aiming to expand product assortment, marketing and distribution across e-commerce and grocery channels.

Krystal Growth Partners has made a strategic growth investment in Stonz Wear Inc., the Vancouver-based maker of all-weather children’s footwear and apparel. The capital will support Stonz’s plans to solidify its position in Canada and accelerate expansion into the United States.

Lifeist Wellness Inc. acquired 100% of 1000501971 Ontario Inc. (the ‘Zest' brand / Zest Cannabis) for CAD 3,411,707.90 in an all‑stock transaction. The acquisition — completed in July 2023 pursuant to an amended share purchase agreement — adds nine SKUs (vape, infused pre-rolls and flower) to Lifeist's CannMart distribution business to accelerate growth and expand high‑margin product offerings across Canadian provincial channels.

Tilray Brands, Inc. will acquire all issued and outstanding common shares of HEXO Corp. under a court-approved plan of arrangement, with HEXO shareholders receiving 0.4352 Tilray shares per HEXO share (implying US$1.25 per HEXO share based on a 60-day VWAP). The deal, announced alongside a waiver and amendment agreement to address HEXO's near-term covenant and liquidity issues, is intended to combine HEXO's cultivation and brand assets with Tilray's larger cannabis and CPG platform.

KV Capital (through KV Private Equity Fund II) has completed its first Fund II acquisition, acquiring Mountain Sports Distribution Inc., a Golden, British Columbia-based full-service powersports distributor. KV Capital will support MSD's growth by expanding its brand roster and dealer network across Canada and beyond; financial terms were not disclosed.

FitLife Brands, Inc. has completed the acquisition of Mimi's Rock Corp. through a statutory plan of arrangement, making Mimi's Rock an indirect wholly owned subsidiary. The transaction expands FitLife's portfolio of dietary supplement and wellness brands and was financed with cash on hand plus proceeds from a $12.5 million term loan.

Cincy Brands, a Cincinnati-based consumer products acquirer, has purchased Sapadilla, an earth-friendly cleaning products brand originally founded in Vancouver, Canada. The Gorilla Glue Company sold the Sapadilla brand but will remain a minority investor; Cincy Brands plans to scale the brand through its ecommerce, retail and supply-chain capabilities as part of its growing portfolio.

SNDL Inc. completed the previously disclosed acquisition of The Valens Company Inc. in an all‑stock transaction valued at approximately CAD 138 million (plus assumption of a CAD 60 million term loan), issuing ~27.6 million SNDL shares to former Valens shareholders. The deal brings Valens' extraction, processing, manufacturing and lab capabilities into SNDL's vertically integrated cannabis platform and is expected to deliver cost synergies and expand SNDL's branded product offering and low‑cost manufacturing capacity.

Spin Master Corp. has agreed to acquire Canadian puzzle maker 4D Brands International Inc., adding the company's premium 3D puzzle and model construction kits and licensed collectibles to Spin Master's puzzles and games portfolio. The deal — expected to close January 2023 — will see 4D founder Shaun Sakdinan join Spin Master as Senior Director of Design in Toronto, Ontario.

Kids2, LLC acquired the assets of Baby Dream Company Inc., adding the Baby Dream Machine to its Ingenuity brand portfolio. The acquisition brings the DTC-born sleep device into Kids2's global distribution network to broaden product offerings in infant sleep and soothing solutions.

Ironbridge Equity Partners, together with Kore's management team, has acquired a controlling interest in Kore Outdoor Inc. from Fulcrum Capital Partners. Kore Outdoor, headquartered in Montreal, Quebec, is a global manufacturer and distributor of paintballs and paintball-related products; Ironbridge says the investment will support the company's growth and product innovation.

Strategic Retail Partners (SRP), a portfolio company of Aurora Capital Partners, acquired Quebec-based Distributions Franco, a distributor of electronics, eyewear, toys, jewelry and clothing for convenience stores and service stations. The deal, which closed February 28, 2022, expands SRP’s product portfolio and strengthens its presence in the Quebec and broader Canadian convenience-store channels.

ONCAP, the mid-market private equity platform of Onex, has purchased a majority stake in Merrithew International Inc., the Toronto-based developer, manufacturer and retailer of Pilates equipment, accessories, content and education. The investment (from ONCAP IV) was made in partnership with Merrithew founders Lindsay and Moira Merrithew to support the company's continued global growth and expansion through organic initiatives and acquisitions; terms were not disclosed.

TruArc Partners, a U.S.-based middle-market private equity firm, has made a strategic investment in New Directions Aromatics, a Toronto-area supplier of natural and organic raw materials to the cosmetics, health & beauty and personal care markets. The partnership will provide capital and operating support to expand capabilities, pursue add-on acquisitions, and accelerate growth; TruArc operating partners Don Sturdivant and John Schweig will join New Directions' board as co-chairmen.

PFM Capital Inc., on behalf of the Apex III Investment Fund and SaskWorks Venture Fund, together with Roynat Equity Partners invested in GHC Systems Inc. (doing business as Surface Hair) to support the brand’s growth and expansion. The capital will be used to accelerate product innovation, increase brand awareness, and support Surface’s salon-focused distribution and education initiatives.

AS Beauty, a New York–based beauty company, has acquired Cover FX, the Toronto-founded cosmetics and skincare brand created by Lee Graff. The acquisition expands AS Beauty’s digital-first, direct-to-consumer portfolio (its fourth since 2019) and is expected to meaningfully grow the parent company’s size and revenue.

Carmelina Capital Partners has completed the sale of Hayabusa Fightwear, Inc., a Kingston, Ontario-based developer and manufacturer of combat sports equipment and apparel, to RAF Industries. Carmelina had invested in Hayabusa in 2016 and supported growth through DTC expansion and product innovation; Vermillion Capital served as exclusive financial advisor and Stikeman Elliott as legal counsel to Hayabusa.

Organigram Holdings Inc. acquired all of the issued and outstanding shares of Laurentian Organic Inc. in a cash-and-share transaction with aggregate upfront consideration of CAD 36 million plus potential earnouts. The acquisition brings the Tremblant Cannabis and Laurentian craft brands into Organigram’s portfolio, strengthens its presence in Quebec, and expands its premium/hash product offering to accelerate revenue and EBITDA growth.

Sport Maska Inc., owner of the CCM Hockey brand, acquired Tournament Sports Marketing Inc., the owner of Jackson Ultima and Atom skates. The acquisition expands Sport Maska's product portfolio into figure and roller/inline skates and aims to grow the company's presence across on- and off-ice skating markets.

Generational Equity advised RJS Trading International, Ltd. (dba Alamode Home), a Richmond, British Columbia-based home textile wholesaler, on its sale to a private investor. The transaction closed on November 15, 2021, transferring ownership of the company that sells bedding, bath and window goods primarily through wholesale distributors.

Halifax-based skincare brand Skinfix has received a minority growth investment from private-equity firm Stride Consumer Partners. The capital will be used to scale Skinfix's direct-to-consumer business, expand retail distribution (including Sephora and a planned Australia entry), invest in product innovation and clinical studies, and build out the company's leadership team.

SAXX Underwear Co. Ltd., the Vancouver-based men's premium underwear brand, received a strategic investment from TZP Group through TZP Capital Partners III, L.P., with Brentwood Associates exiting and NLS Group Holdings retaining a significant minority interest. TZP will partner with SAXX to accelerate omnichannel growth, expand the brand geographically (particularly in the United States and Europe), and pursue new product categories and retail distribution opportunities. Terms were not disclosed.

Minerals Technologies Inc. (MTI) has acquired Normerica Inc., a Toronto-based producer of branded and private-label pet care products, including bentonite-based cat litter. The transaction expands MTI’s North American cat litter manufacturing footprint and strengthens its global pet care platform; Normerica generated about $140 million in 2020 and employed ~320 people.

Aritzia has agreed to acquire a 75% stake in Vancouver-based premium athletic wear brand Reigning Champ for approximately $63 million USD, with the remaining 25% of equity to be converted into Aritzia shares in installments through 2024–2026. The deal accelerates Aritzia's expansion into men's apparel and will leverage Aritzia's direct-to-consumer platform, boutiques and operational infrastructure to grow Reigning Champ's brand and distribution.

HEXO Corp agreed to acquire all outstanding shares of Redecan for a total purchase price of $925 million payable in cash and HEXO common shares. The deal combines HEXO's national footprint and international reach with Redecan's efficient greenhouse production, strong pre-roll technology and leading market share in key Canadian provinces to create a market leader in Canadian adult-use cannabis.

HEXO Corp. agreed to acquire all outstanding common shares of 48North Cannabis Corp. in an all‑share plan of arrangement valued at approximately $50 million on an enterprise value basis. The deal is intended to strengthen HEXO’s position in the Canadian adult‑use market, diversify its product portfolio (including topicals and other CPG formats) and realize up to ~$12 million of annual synergies within one year of closing.

Tilray and Aphria completed their previously announced business combination, with Aphria shareholders receiving 0.8381 Tilray shares for each Aphria common share. The combined company will operate as Tilray, creating a global cannabis consumer packaged goods leader with expanded geographic footprint, product portfolio and targeted annual pre-tax cost synergies of approximately US$81 million.

Evriholder Products, a portfolio company of Edgewater Growth Capital Partners IV, has acquired Murray Sales Inc. (MSC), the designer and distributor of Joie-branded impulse and kitchenware products. The add-on expands Evriholder’s product portfolio and global retail/e‑commerce distribution, with the entire Murray Sales team joining Evriholder and retaining equity in the combined platform.

Canopy Growth Corporation agreed to acquire all outstanding shares of The Supreme Cannabis Company in an all‑share arrangement valuing the transaction at approximately C$435 million on a fully diluted basis. The deal adds Supreme’s premium brands (including 7ACRES) and a scalable Kincardine cultivation facility to Canopy’s portfolio, strengthening Canopy’s Canadian market position and providing operational and brand synergies.

Canopy Growth Corporation has completed the acquisition of AV Cannabis Inc. (Ace Valley), buying 100% of the Ontario-based cannabis brand to expand its portfolio of ready-to-enjoy products. Canopy plans to leverage its national sales, marketing and distribution capabilities to scale Ace Valley across Canada and optimize production to drive growth and margins.

Dig It Apparel Inc., led by Claudia Harvey, has acquired Suncayr, the inventor of the SPOTMYUV sunscreen-sensing sticker technology. The acquisition brings SPOTMYUV's Dermatrue UV-sensing technology into Dig It's consumer product portfolio to accelerate distribution across retail, dermatology and white-label channels.

Toronto-based pet food brand Open Farm raised a $65MM+ minority growth investment led by growth equity firm General Atlantic, with existing minority partner Encore Consumer Capital associated with the company. The funding will be used to accelerate brand expansion, broaden retail and e-commerce distribution, and support product innovation and sustainability initiatives.

The Flowr Corporation (TSXV: FLWR) will acquire all outstanding common shares of Terrace Global Inc. (TSXV: TRCE) in a court‑approved plan of arrangement in a share‑based transaction valuing Terrace at approximately $63 million. The deal (0.4973 Flowr shares per Terrace share, implied $0.22 per Terrace share) is intended to strengthen Flowr's international presence and create a vertically integrated cannabis platform with enhanced liquidity and reduced indebtedness.

BevCanna Enterprises Inc. entered into a share exchange agreement to acquire Naturally Pure Therapy Products Corp., a direct-to-consumer e-commerce retailer of natural health, nutraceutical and hemp-based CBD products. BevCanna will issue 30,000,000 common shares (deemed $0.20 per share; total deemed consideration C$6,000,000) in exchange for all issued and outstanding securities of Pure Therapy, providing BevCanna with an established e-commerce platform, ~22,000 customers and recurring subscription revenue to support launch and expansion of hemp-based CBD beverages into North America and Western Europe.

Spencer Supports Canada Ltd., a portfolio company of Champlain Financial Corporation, has acquired Domestic Converters Inc. (DC), a Montreal-based seamless apparel manufacturer selling under the Climawear brand and private labels to Canadian and US retailers. The add-on transaction strengthens Spencer's position in intimate apparel, brings seamless manufacturing expertise and eco-friendly fabrics, and diversifies its North American customer base.

Champlain Financial Corporation led an investor group to acquire La Canadienne, a Montreal-based designer, manufacturer and retailer of women's winter footwear. Champlain plans to leverage La Canadienne's Canadian-made heritage and retail, wholesale and e-commerce channels to expand the brand into new markets and drive growth under new leadership.

Pestell Group, a portfolio company of Wind Point Partners, has acquired VersaPet Inc., a Toronto-based manufacturer of private label and branded cat litter. The add-on expands Pestell Pet Products' cat litter manufacturing capacity and broadens its product portfolio and geographic presence in the pet products market.

ShoreView Capital Partners has sold Paradigm Electronics Inc., the designer and manufacturer of consumer audio and home theater products (brands include Paradigm, MartinLogan and Anthem). The buyer group is led by original Paradigm co-founder Scott Bagby alongside John Bagby in a founder-led buyback that represents ShoreView’s final realization from its Fund I portfolio.