Food & Beverage Acquisitions in Canada

French family-owned Nasta Pet Food has acquired Canadian premium pet food manufacturer FirstMate Pet Foods (and its parent Taplow Ventures Ltd), strengthening Nasta’s commercial and manufacturing platform in North America. The deal is supported by a EUR 120 million senior unitranche facility from H.I.G. WhiteHorse; the combined group will have more than 250 employees, expanded production capacity and expects roughly EUR 200 million in consolidated revenue in 2026.

Arbor Investments has acquired Furlani Foods, a specialty garlic bread and prepared-bakery manufacturer headquartered in Mississauga, Ontario, from Entrepreneurial Equity Partners. Financial terms were not disclosed; Furlani will continue to be led by CEO Jonathan Kawaja and operates multiple production facilities in Canada and the U.S.

Westcap Mgt. Ltd., through its Westcap MBO III fund, completed an investment in Fit Foods LP, a Canadian manufacturer and distributor of sports nutrition and healthy-living supplement brands including MUTANT, Pure Vita Labs, Whey Gourmet and North Coast Naturals. The deal positions Fit Foods as a platform for Westcap to support growth and expansion while founder Jim McMahon remains an ongoing shareholder and the company continues operating from its Port Coquitlam, British Columbia manufacturing and warehousing facilities.

Power Sustainable Lios has acquired Crofter's Organic with co-investments from Farm Credit Canada, BMO Capital Partners and the founding Latka family. The investment will support Crofter's next phase of expansion—capacity enhancement, brand-building and product innovation—and marks the exit of prior investor Frontenac.

Cizzle Brands acquired the manufacturing business of Flow Water (Flow Beverage Corporation) for approximately $83.75 million, buying the Aurora, Ontario production facility now rebranded as the CWENCH Hydration Factory. The purchase includes a roughly $184 million contracted order book (with about $158 million take-or-pay protection), secures supply for Cizzle's CWENCH Hydration product, and was financed with a mix of debt and equity including a $40 million credit facility from Orion Infrastructure Capital.

CCMP Growth Advisors has acquired a majority ownership stake in A1 Cash & Carry, a Mississauga-based foodservice cash-and-carry wholesaler, from National Foods, which will retain a minority interest. The founder and CEO Amjad "Jay" Parvaiz will remain in place as CCMP partners with management to scale A1's multi-site business and expand its footprint across Canada.

An affiliate of Rucker Investments subscribed for new shares of Flow Water Inc. under an Ontario Superior Court-approved reverse vesting order, becoming the company's sole shareholder and taking the business private. Flow, headquartered in Toronto, will continue operations under its Flow brand with a deleveraged balance sheet, access to working capital, and Paul Dowdall appointed as President.

Fengate Private Equity, on behalf of the LiUNA Pension Fund of Central and Eastern Canada, has made a minority-growth investment in Sweets from the Earth, a Toronto-based maker of 100% plant-based, allergy-friendly baked goods. Founders Ilana and Marc Kadonoff retain a significant minority stake and will continue to lead the company as Fengate provides capital and resources to accelerate expansion across Canada and into the U.S.; financial terms were not disclosed.

Inverness Graham-backed pet treat platform Treat Planet has acquired Bosco & Roxy's, a London, Ontario-based manufacturer of premium baked dog treats. The acquisition expands Treat Planet's Grab-and-Go product portfolio and adds Bosco & Roxy's automated 80,000 sq ft manufacturing capabilities to support branded and private-label growth; terms were not disclosed.

Consco Foods Inc. has acquired Montreal-based Allied Food Distributors, a longtime importer and distributor of kosher food brands. Allied's operations will be integrated into Consco's 140,000 sq. ft. distribution center while operating as a division, and Consco has been named the exclusive Canadian importer/distributor for Agri Star Meat & Poultry's Aaron's Best brand effective August 1, 2025.

Commercial Bakeries Corp., a Graham Partners–backed private label cookie and cracker manufacturer, has acquired Hollandia Bakeries Ltd. and The Good Food Company Inc., adding a Mount Brydges, Ontario baking facility and additional cookie manufacturing and packaging capabilities. The transaction is an add-on to Commercial Bakeries’ platform, intended to expand manufacturing capacity and capabilities in the North American private-label cookie market.

TopGum Industries, Ltd. (TASE: TPGM) has completed the acquisition of Island Abbey Nutritionals, a Prince Edward Island–based CDMO specializing in gummy supplements and lozenges. The deal expands TopGum's North American manufacturing capacity and technology capabilities, creating a combined annual revenue run-rate expected to exceed USD 100 million.

Organigram Global Inc. acquired 100% of Collective Project Limited for approximately C$6.2 million upfront, with milestone and earnout payments linked to future beverage revenue that could bring total contingent consideration to C$24 million. The deal gives Organigram an immediate footprint in the U.S. hemp-derived THC beverage market and accelerates its entry into the cannabis beverage category in Canada by adding Collective Project’s ready-to-drink hemp/cannabis beverage portfolio and existing U.S. retail listings.

Fulcrum Capital Partners, a Canadian private equity firm, has invested in Sunco Foods, a Burnaby, British Columbia-based manufacturer and distributor of nut-based butters, snacks, and ingredient products. The investment — Fulcrum’s fifth platform in its Private Equity Fund VI — will support Sunco’s growth and capability expansion while retaining management involvement from Samir Virani and his family.

Funds advised by SK Capital Partners acquired Spectra Confectionery Ltd., a Toronto-area manufacturer of premium decorative toppings and confectionery products, from founders Bill and Maureen Georgas. Debt financing was provided by MidStar Capital and unitranche financing (with an equity co-investment) was provided by Stellus Capital Management; Spectra's leadership (the Georgas family) will remain in place to run day-to-day operations.

CookUnity, a chef-made meal delivery platform headquartered in Brooklyn, New York, has acquired Cookin, a Toronto-based platform and operating system for culinary creators. The acquisition integrates Cookin’s creator tools and 1,500 chefs into CookUnity’s subscription and supply-chain network, expanding capabilities for chefs and enabling CookUnity’s first international expansion into Canada.

Clairvest Group Inc., together with its fund Clairvest Equity Partners VII (CEP VII), made a minority equity investment in Redstone Food Group, a Toronto-area commercial bakery focused on in-store bakery and private-label co-packing. The capital will support Redstone's growth and scaling initiatives across North America while founder Rob Wheeler remains the majority owner and CEO.

Wisdom Natural Brands, parent of the SweetLeaf natural sweetener brand, has acquired Canada-based Drizzle Honey to add a line of sustainably sourced raw and superfood-infused honeys to its portfolio. The deal expands Wisdom's product offering into the high-growth honey category and enables U.S. distribution for Drizzle's products, which are currently sold in roughly 1,200 Canadian retail stores and online.

Second Nature Brands (PE-backed by CapVest Partners) acquired the Voortman cookie brand from The J.M. Smucker Co. in an all-cash transaction valued at approximately $305 million (subject to working capital adjustments). The deal (which closed Dec. 2, 2024) includes all Voortman trademarks, a leased manufacturing facility in Burlington, Ontario, and the transition of about 300 employees; Second Nature says the acquisition expands its cookie portfolio and U.S./Canada growth opportunities.

Ace Beverage Group, a subsidiary of Corby Spirit and Wine, has acquired Vancouver-based ready-to-drink alcoholic beverage maker nude Beverages. The deal expands Ace Beverage Group's better-for-you RTD portfolio with nude's vodka soda and related brands; Capital West acted as exclusive financial advisor to nude Beverages.

Ya YA Foods Corporation, a portfolio company of Entrepreneurial Equity Partners (e2p), has acquired Truss Beverage Co. from Tilray Brands. The deal transfers Truss's 186,000 sq. ft. Belleville, Ontario production facility (250,000 hectolitre annual capacity) to Ya YA Foods, expanding its North American footprint to three sites and adding canning and glass capabilities.

Regal Confections, supported by Clearspring Capital Partners, has acquired Mondoux Confectionary, a Quebec-based confectionery manufacturer and distributor known for its Sweet Sixteen gummy line and Giacomo chocolate brand. The deal adds Mondoux's manufacturing and direct-store-delivery footprint (including 77 trucks and ~200+ employees) to Regal's national distribution and owned brand portfolio to deepen presence in the Convenience & Gas channel across Eastern Canada and nationally.

Swander Pace Capital has made a platform investment in Inovata Foods, a Canadian private-label manufacturer of frozen entrées, partnering with founders Steve and Lisa Parsons to accelerate capacity expansion. The deal positions Inovata to grow its retail, club store and foodservice business across Canada and the U.S., with Ernst & Young Orenda advising Inovata on the transaction.

Prime Drink Group Corp. (CSE: PRME) announced a definitive agreement to acquire all issued and outstanding shares of Triani Canada Inc., a Québec-based beverage producer and bottler with unaudited 2023 sales of approximately CAD 28 million. The transaction (originally announced via a letter of intent) is being funded in part through a non‑brokered private placement of subscription receipts and requires shareholder and regulatory approvals.

Farinart, a Canadian grain-processing specialist based in Saint-Liboire, Quebec, announced the acquisition of all assets of Malterie Frontenac, a malting and sprouting specialist based in Thetford Mines, Quebec. The deal adds sprouting and malting capabilities to Farinart's specialty-grain and baking ingredient offering and complements its existing product set as the company expands service to its large U.S. customer base.

Smart for Life, Inc. (Nasdaq: SMFL), a publicly held nutraceuticals holding company, entered a definitive agreement to acquire Purely Optimal Nutrition, a North America-focused eCommerce nutraceuticals company. The acquisition is expected to close within eight weeks, and Smart for Life said the deal will expand its product offering, drive additional revenue (Purely Optimal is estimated to generate over $8 million in revenue and ~$1 million in Adjusted EBITDA) and create economies of scale across its operations.

Bioriginal Food & Science Corp., a wholly owned subsidiary of Cooke Inc., has acquired POS Biosciences Corp. from Canopy Growth Corp. The acquisition gives Bioriginal access to POS's oil processing, concentration and molecular distillation facility and R&D capabilities to support innovation in human and pet nutrition; POS will operate as a wholly owned, independently managed subsidiary.

Swander Pace Capital, together with CDPQ and Roynat Equity Partners, has acquired a majority stake in St‑Méthode Bakery (BSM), a Québec-based producer of healthy, value‑added fresh bread, headquartered in Adstock, Quebec. The existing management team will be retained, founder Benoit Faucher will remain as an advisor, and the investors plan to support a business transfer and growth initiatives into broader Canadian and U.S. markets.

Thrive Freeze Dry (a portfolio company of Entrepreneurial Equity Partners and Mubadala Capital) has acquired Canature, a Langley, British Columbia-based freeze-dried pet food and treats producer. The add-on acquisition expands Thrive's freeze-drying capabilities and pet-focused offering by adding Canature's technical team, wet-processing expertise and a state-of-the-art facility near Vancouver; financial terms were not disclosed.

Graham Partners, a Philadelphia-based private equity firm, has acquired Commercial Bakeries Corporation, a Toronto-headquartered producer of private-label and co-manufactured cookies. The acquisition, sourced through Graham's Investment Theme Program, positions the firm to expand in private-label bakery manufacturing and supports a founder succession/exit from the company's former family owners.

Corby Spirit and Wine, the Canadian affiliate of Pernod Ricard, will acquire a 90% stake in Ace Beverage Group for an enterprise value of CAD 165 million, with call options to buy the remaining shares in 2025 and 2028. The deal gives Corby a stronger position in the fast-growing Canadian ready-to-drink (RTD) category and will leverage Corby's distribution network to scale ABG's Cottage Springs, Ace Hill and other brands across Canada.

Roskam Baking Company, a portfolio company of Entrepreneurial Equity Partners, has acquired Marsan Foods, a Canadian manufacturer of frozen entrees and soups. The deal expands Roskam's geographic footprint and product capabilities across the United States and Canada; financial terms were not disclosed.

The Carlsberg Group completed its acquisition of Waterloo Brewing Ltd., finalised on March 7, 2023, following shareholder approval. The all-cash transaction (C$144 million) brings Waterloo's Kitchener brewing and RTD production capabilities into Carlsberg's portfolio to accelerate growth in the Canadian market and produce some Carlsberg brands locally.

Solina has acquired W.T. Lynch Foods Limited, an Ontario-based manufacturer of sauces, syrups, dessert toppings and soup/gravy bases, to accelerate its North American expansion. Lynch Foods generates approximately CAD 95M in annual sales and its 178 employees and leadership team will join Solina, increasing Solina's Canadian headcount and coast-to-coast capabilities.

Cadman Capital Group, a family office and alternative asset investor, has acquired Quoddy Savour Seafood Ltd, a land-based seafood farming and processing facility in Pennfield, New Brunswick, Canada. The acquisition supports restorative aquaculture initiatives — including kelp restoration and Urchinomics trials — and gives Cadman access to key East Coast North American seafood markets.

PNC Riverarch Capital has completed the acquisition of Backerhaus Veit, Ltd. from Swander Pace Capital. Backerhaus Veit is a North American producer of artisan European-style breads, rolls and soft pretzels; the transaction transfers ownership from Swander Pace as the company enters its next growth phase under PNC Riverarch.

Yellow Point Equity Partners (Fund V) has closed an investment in Phillips Brewing Limited Partnership, providing growth capital and enabling broad employee ownership alongside founder Matt Phillips. The deal will support Phillips' expansion of its craft beer, spirits, and non-alcoholic beverage portfolio while preserving founder involvement and local operations in Victoria, British Columbia.

Sagard Private Equity Canada has made a significant growth investment in Courchesne Larose Group, joined by Fondaction and Roynat Equity Partners, to support the company's expansion beyond Quebec and the Maritimes. The Routhier Monette family and management remain shareholders, and the transaction is supported by several lenders including National Bank of Canada, CIBC, Scotiabank and Royal Bank of Canada.

Ironbridge Equity Partners has acquired a controlling interest in King's Pastry, a Mississauga-based manufacturer of cakes, pastries and other desserts, in partnership with the company's existing owners and management. Ironbridge will work with management to support growth initiatives and expand product and customer opportunities across Canada and the United States.

Mars Petcare (part of Mars, Incorporated) has signed a definitive agreement to acquire Champion Petfoods, the Edmonton-based maker of premium pet food brands ORIJEN and ACANA, from an investor group led by Bedford Capital and the Healthcare of Ontario Pension Plan. The undisclosed-value transaction — which brings Champion's more than 800 employees into the Mars Petcare family — is expected to close in the first half of 2023 and will expand Mars' premium pet nutrition portfolio and global distribution footprint.

Toronto-based private equity firm Ironbridge Equity Partners has acquired a controlling interest in North American Produce Buyers Limited (NAPB), a Toronto-based importer and distributor of premium fresh fruit. The investment, completed with NAPB management, is intended to support the company's next phase of growth and continued service to Canadian retailers and grocers.

Equals Brewing Company has purchased Collingwood, Ontario-based Side Launch Brewing. Equals said the Collingwood location will remain open, the taproom will be expanded, and the Side Launch brand and team will be integrated into Equals' contract-brewing and house-brand platform.

Krystal Growth Partners has completed the acquisition of Huer Foods Inc., a Langley, British Columbia-based packager and distributor of soft & chewy candy, from CEO and owner Ryan Storey. Krystal will partner with industry veteran John Frostad to support Huer's national growth and product development efforts across Canadian retail and online channels.

Chicago-based private equity firm Benford Capital Partners recapitalized Gum Products International (GPI), a Newmarket, Ontario-based food ingredients manufacturer, as the first platform investment from its Fund II. BCP will partner with founder and CEO Kenneth Tan to invest in sales, R&D and pursue add-on acquisitions focused on hydrocolloids, antimicrobials and other functional powdered ingredients to drive organic growth.

Smart Soda Holdings, Inc. acquired a 51% stake in Smart Soda Canada, a former dealer, as part of the company's pre-IPO global expansion. The deal establishes a formal Canadian subsidiary and supports Smart Soda's broader international rollout alongside new UK and planned South American and Middle East operations.

Eat Well Investment Group Inc. has completed its final payment of USD $840,000 to Sapientia Technology, LLC, satisfying outstanding obligations and securing 100% ownership of Sapientia. The acquisition (originally closed July 31, 2021) consisted of share issuance and cash consideration and brings Sapientia's patented "Protein Twist" snack technology into Eat Well's portfolio to support retail and eCommerce expansion.

Bonduelle has sold 65% of Bonduelle Americas Long Life (BALL) to institutional investors Fonds de solidarité FTQ and CDPQ, valuing BALL at an enterprise value of C$850 million. The deal—cleared by U.S. and Canadian regulators—allows Bonduelle to redeploy capital to focus on brands and sustainable growth while BALL continues processing and marketing canned and frozen vegetables to retail and foodservice customers in North America.

Milestone Brands LLC, an Austin-based premium spirits company, has acquired Victoria Distillers Inc (producer of Empress 1908 Gin) and Azzurre Spirits Corporation (U.S. importer of Empress 1908 Gin). The transaction includes Victoria Distillers' distillery in Victoria, British Columbia and a Vancouver packaging facility; the deal was financed via a strategic partnership in which BDT Capital Partners acquired a significant minority stake in Milestone Brands.

Arctic Glacier, LLC has acquired North Star Ice Ltd., a family-owned packaged ice producer based in London, Ontario. The acquisition expands Arctic Glacier’s Canadian footprint and distribution reach as the company also opens a new production facility in Montreal; North Star’s Smibert family will transition ownership to Arctic Glacier.

Gordon Food Service has entered into a definitive agreement to acquire Macgregors Meat & Seafood Ltd., a long-standing family-owned Canadian meat and seafood supplier based in Toronto. The acquisition will expand Gordon Food Service's product offerings and retail/customer reach across Canada; Macgregors will operate as a Specialty Company of Gordon Food Service following regulatory approval.