Food & Beverage Acquisitions in Canada

Thrive Foods announced on Dec. 5 that it has acquired Canature, a producer of freeze-dried pet food and treats. Canature, founded in 2010 and headquartered in Langley, British Columbia, will add technical freeze-drying and wet-processing capabilities and a facility near Vancouver to Thrive Foods. Thrive Foods is backed by private equity firms Entrepreneurial Equity Partners (e2p) and Mubadala Capital, making the deal an add-on acquisition.

Graham Partners acquired Commercial Bakeries Corporation, a family-founded producer of private label packaged cookies. Commercial Bakeries is headquartered in Toronto, Canada and serves retail and co-manufacturing customers across North America, with a focus on specialty/premium, better-for-you, and seasonal/LTO cookie products.

Ironbridge Equity Partners, together with Handi Foods management, acquired a controlling interest in Handi Foods Ltd. Handi Foods is a Toronto, Ontario-based private-label manufacturer of pita-based snack products serving customers across the United States and Canada.

Benford Capital Partners (BCP) has recapitalized Gum Products International, Inc. (GPI) in partnership with CEO and founder Kenneth Tan, who will continue to lead the company. GPI is BCP’s first platform investment from its $200 million Fund II and the parties plan to invest in growth initiatives and pursue future add-on acquisitions.

Koios Beverage Corp. signed a definitive agreement (dated April 5, 2022) to acquire all issued and outstanding securities of privately held Retox Beverage Corp. The transaction consideration consists of 15,000,000 Koios units at a deemed value of $0.10 per unit (aggregate $1.5 million), and is expected to close on or before April 30, 2022 subject to customary conditions and regulatory approvals.

Nova Vida GP Inc, an Ontario-based investment firm, completed the acquisition of Thai Indochine Trading Inc (dba TI Foods), an importer and distributor of Asian food products serving grocery stores across Canada. As part of the transaction, Piyush Kunnapallil (President of Nova Vida) will become CEO of TI Foods, while the existing management team will remain involved. TI Foods also referenced Sage Capital Partners as an equity investor supporting the company’s growth plans.

Champlain Financial Corporation and GefCo acquired Naya Waters, returning the business to 100% Quebec-owned and operated. Naya Waters, headquartered in Mirabel, Quebec, produces natural spring water and the acquisition is intended to support accelerated development and new products/packaging across Canada. Financial terms were not disclosed.

A group of Quebec investors led by Champlain Financial Corporation formed Humanity Bakeries Inc., an investment platform focused on Quebec’s specialized bakery and pastry industry. Humanity Bakeries has acquired Maison Isabelle Inc., a Trois-Rivières-based manufacturer of four-quarter-style cakes sold across Canada, to combine with existing platform company Boulangerie-Pâtisserie Dumas Inc. Financial terms were not disclosed.

An investor group led by Champlain Financial Corporation, including Fondaction, acquired a majority stake in the Wong Wing business unit in partnership with McCain Foods Canada. The transaction creates a new frozen food platform, MLW Foods Inc., based in Montreal, Quebec, to expand the Wong Wing brand and grow across North America. Terms of the transaction were not disclosed.

The Riverside Company invested in Bonnie & Don Flavours (B&D), a Canada-based manufacturer of natural and organic flavors and extracts. The deal represents the second add-on acquisition to Riverside’s Flavor Platform, which is anchored by National Flavors (NF). The acquisition expands NF’s geographic footprint with manufacturing capabilities in Canada.

A group of Quebec investors led by Champlain Financial Corporation (CFC) has acquired Boulangerie-Pâtisserie Dumas Inc., a Canadian producer and distributor of puff pastries, croissants, and vol-au-vents. The acquisition is intended to support accelerated product development and expand distribution across Canada and into the United States; financial terms were not disclosed.

Champlain Seafood platform, backed by Champlain Financial Corporation, announced the acquisition of Captain Dan's Seafood, a New Brunswick-based processor of lobster and snow crab products. Claridge Inc. partnered with Champlain Financial Corporation by making a strategic investment to support the buildout of a Canada-based seafood processing and marketing platform.