Acquisitions in Manitoba, Canada

Kelso & Company closed a nearly C$400 million secondary minority common equity investment in Wellington-Altus Financial Inc., acquiring a 25% minority stake and implying an enterprise value of more than C$1.5 billion. The transaction was overwhelmingly approved by Wellington-Altus shareholders (over 99%), while advisors and employees remain the largest shareholder group and the company remains majority Canadian-owned.

CGI Inc. (TSX: GIB.A; NYSE: GIB) announced the acquisition of Online Business Systems, an IT consulting firm headquartered in Winnipeg, Manitoba. The deal expands CGI’s presence in Winnipeg and strengthens its digital transformation, AI, and cybersecurity capabilities, with more than 350 Online Business Systems professionals joining CGI across Canada and the United States.

Convergence Networks, a North American managed services provider (MSP) backed by Riverside Partners, acquired Clear Concepts, a Winnipeg, Manitoba-based IT services firm with deep Microsoft expertise. The deal expands Convergence Networks’ security-first managed services platform and strengthens its presence in Canada, with the businesses integrated under the Convergence Networks brand.

Exchange Income Corporation (EIC) has closed its acquisition of Bradley Air Services Limited, which operates as Canadian North, for a purchase price of $205 million (subject to post-closing adjustments). The transaction was financed with $10 million in EIC common shares and the remainder through EIC’s credit facility. The deal excludes the Montreal–Kuujjuaq route, which will be retained by one of the vendors, Makivik Corporation.

Mable Health Inc. has acquired Winnipeg-based Anderson Orthopedics to expand its national orthotics, prosthetics, and mobility aids footprint in Canada and enter the Manitoba market. As part of the transaction, Anderson Orthopedics’ existing shareholders will roll over into equity of Mable Health and continue operating clinics in Winnipeg and Brandon, Manitoba.

CAI Capital Partners’ portfolio company Universal Group, through its subsidiary Barricades and Signs Ltd., has acquired Airmaster Sales Ltd. (Airmaster Signs). The deal adds Airmaster’s Winnipeg, Manitoba manufacturing facility and expands Barricades’ traffic control signage and products capabilities across Manitoba and Saskatchewan.

ASSA ABLOY acquired Wallace & Wallace and Wallace Perimeter Security, a Canadian manufacturer, distributor, and installer of perimeter fencing, door, and gate solutions serving commercial and residential markets. The acquired business, founded in 1946 and headquartered in Winnipeg, Manitoba, will join ASSA ABLOY’s Entrance Systems Division within the Perimeter Security business segment.

HUB Technology Solutions Ltd. announced the acquisition of the IT division of Synchena Consulting Inc. in a strategic move to expand its managed IT services and technology solutions offerings in Manitoba. The deal integrates Synchena’s IT capabilities into HUB to enhance client support, while Synchena continues focusing on its core GIS consulting and asset management services.

Northway Aviation LP, backed by Westcap Mgt. Ltd. and its managed-fund syndicate, acquired SkyNorth Air Ltd. to expand essential aviation services in Manitoba. SkyNorth is a dedicated air ambulance provider with operations based in Winnipeg, Thompson, and Garden Hill/Island Lake, strengthening Northway’s service offering and creating operational efficiencies across facilities, staff, and a combined fleet.

SeaFort Capital made a majority investment in GHY International (Geo. H. Young & Co. Ltd. and GHY USA Inc.), a Winnipeg, Manitoba-based trade compliance and customs brokerage services provider. Jessiman Family Investments Inc. invested alongside SeaFort as a co-investor, while Co-CEO Richard Riess retained a significant equity stake and certain GHY executives also became shareholders.

Keystone Western, a Manitoba-based logistics provider, has been sold to TFI International. The acquisition is expected to give Keystone Western access to expanded resources, equipment, and a broader network to better serve customers across Canada and the U.S.

SIB Corp. entered into a partnership with Donbar Agency Limited operating as Crossroads Insurance, expanding SIB’s presence in Manitoba. Crossroads Insurance is a Winnipeg-based full-service insurance brokerage operating from two locations, and it will now be part of SIB while maintaining its independent-brokerage identity.

Gardewine Group Limited Partnership entered into a definitive share purchase agreement to acquire Westman Courier & Freight, a privately owned courier and freight carrier headquartered in Winnipeg, Manitoba. The transaction is expected to close on October 1, 2024, and is intended to expand Gardewine’s service network across Manitoba and Northwestern Ontario while providing Westman customers access to Gardewine’s broader transportation and logistics capabilities.

Improving, a modern digital services and technology consulting company, acquired Imaginet, a Microsoft consulting and implementation firm with offices in Winnipeg, Manitoba and Dallas, Texas. The deal expands Improving’s Microsoft 365, application development, and data/analytics capabilities and is expected to lift Improving’s annualized revenue to more than $280 million. Imaginet’s leadership team will remain in place and continue operating and growing the business under Improving.

Westcap Mgt. Ltd. made an investment in Northway Aviation LP and Northway Aircraft Leasing LP (collectively, Northway) through a syndication of its managed funds Westcap MBO III Investment LP and Connect Manitoba Growth Fund LP. Northway provides scheduled and charter passenger and freight air transportation services to remote communities in Manitoba and Ontario. The existing ownership group (the Johnson family) will retain a significant investment in the business.

Başak Traktör Tarim Ziraat Ve Iş Makinalari Sanayi Ticaret A.Ş., a wholly owned subsidiary of ASKO Holding, entered into a definitive agreement to purchase approximately 97% of the common shares of Buhler Industries Inc. from Combine Factory Rostselmash Ltd. Under the agreement, Başak Traktör will also acquire all outstanding debt owed by Buhler Industries to Rostselmash, for an aggregate cash purchase price of CAD$60.5 million.

WBM Technologies LP (WBM) announced the acquisition of Carlyle Printers Service and Supplies (Carlyle), a Manitoba-based managed print technology solution provider. The deal expands WBM’s managed print support presence in Manitoba, adding a new support location and facility in Winnipeg, while Carlyle continues operating under its brand with a “Powered by WBM” designation.

GNI Management Group Inc. ("GNI"), an Ironbridge Equity Partners portfolio company, announced the acquisition of Winnipeg-based Advanced Insulation Inc. Advanced provides insulation services for new-home construction and retrofit markets in the Winnipeg region. Following the transaction, Advanced president Evan Lavallee will continue with the business as GNI’s Winnipeg region branch manager.

Westland Insurance acquired Andrew Agencies Ltd., expanding Westland’s footprint across Canada and extending its reach in Central Canada. Andrew Agencies, founded in 1913, operates 22 locations across Manitoba, Saskatchewan, and Alberta and provides full-service insurance and financial services. Dowling Hales served as financial advisor to Andrew Agencies on the transaction.

Westland Insurance Group, a Canadian independent insurance brokerage, acquired Sigurdson Financial Benefits Inc., effective July 1, 2023. The acquisition expands Westland’s reach across Canada and strengthens its employee benefits and financial planning-related insurance offerings. Sigurdson Financial Benefits Inc. is a long-standing benefits brokerage based in Winnipeg, Manitoba.

Hudbay Minerals Inc. entered into a definitive arrangement agreement to acquire 100% of the Rockcliff Metals Corp. shares it does not already own, consolidating its position in the Snow Lake mining camp. Rockcliff shareholders will receive 0.006776 of a Hudbay common share per Rockcliff share, valuing the deal at approximately US$13 million enterprise value net of Rockcliff cash. The transaction is expected to close in the third quarter of 2023 subject to customary approvals, including Rockcliff shareholder and court approval.

The Canada Life Assurance Company (Canada Life), a subsidiary of Great-West Lifeco Inc., agreed to acquire Value Partners Group Inc., a Winnipeg-based wealth planning and investment firm. The acquisition is intended to expand Canada Life’s wealth management platform for independent advisors, with Value Partners continuing to operate independently after closing (expected by the end of 2023, subject to approvals).

Penske Automotive Group, Inc. acquired Transolutions Truck Centres (TSTC), a medium- and heavy-duty commercial truck and bus dealership group based in Winnipeg, Manitoba, Canada. The acquisition expands Penske’s Premier Truck Group footprint in Canada and is expected to add approximately $180 million in annualized revenue.

Praecipio, a cloud-first business and technology consulting firm, agreed to acquire Avant Systems Group, a Canadian-based Atlassian Platinum Solution Partner. The deal expands Praecipio’s footprint into Canada and strengthens its Atlassian-focused enterprise transformation capabilities. Financial terms were not disclosed and closing is subject to customary conditions.

TMA Systems, a US-based developer of CMMS and enterprise asset management solutions, announced it has acquired Maxpanda, a cloud-based CMMS software provider focused on small to medium-sized businesses. The acquisition expands TMA Systems’ ability to serve customers from SMB to enterprise with broader maintenance management capabilities, and follows TMA’s 2021 investment from Silversmith Capital Partners.

DIF Capital Partners closed an investment in Canadian internet service provider RFNOW Inc. through its CIF III fund to support further growth of RFNOW’s telecommunications network. RFNOW operates a 1,500 km fiber optic network and tower portfolio providing fiber, fixed wireless internet, and phone services across Manitoba and Saskatchewan, Canada.

Endurant Energy has completed the acquisition of GEOptimize, Inc., a specialist geothermal heating/cooling and ground source heat pump (GSHP) system design firm. The deal strengthens Endurant Energy’s North American geothermal design-build-own-operate capabilities and positions GEOptimize to accelerate growth amid rising demand for low-carbon heating and cooling solutions.

FGC Health announced it has finalized the acquisition of Lorimer Pharmacy and Health-Hub Medical Clinic. The deal marks FGC’s entry into the Manitoba physician and pharmacy market and expands its portfolio of pharmacies and medical clinics across Canada.

TriWest Capital Partners, alongside BDC Capital’s Growth Equity Partners, BMO Capital Partners and Export Development Canada, acquired a majority interest in Monarch Industries Limited in September 2022. Monarch, founded in 1935 and headquartered in Winnipeg, Manitoba, manufactures hydraulic cylinders and custom iron castings serving agricultural, construction and industrial OEM markets. The transaction represented an exit for prior owner Merit Capital Partners, which had invested in Monarch since 2012.

Alberta Investment Management Corporation (AIMCo), on behalf of certain clients, signed a definitive agreement to acquire a 100% equity stake in Cando Rail & Terminals Ltd., a North American owner and operator of first- and last-mile rail infrastructure. The stake is being acquired from TorQuest Partners and Cando employee shareholders, and the transaction is expected to close in late Q3 or Q4 2022 subject to customary regulatory approvals; financial terms were not disclosed.

AGCO acquired JCA Industries, Inc., doing business as JCA Technologies, to expand AGCO’s engineering and software development capabilities in precision agriculture. JCA, headquartered in Winnipeg, Manitoba, develops autonomous software, implement controls, and electronic system components used to automate and control agricultural equipment.

FGC Health acquired Pharmacy Access Solutions Inc. (PASI) for $4 million, expanding FGC Health’s cloud-based data and automation capabilities for retail pharmacies. PASI will continue operating as a standalone organization while its solutions are integrated into FGC Health’s proprietary open-source platform to deliver a more end-to-end suite of business tools for the Canadian healthcare industry.

IBI Group Inc. has completed the purchase of the assets of Telenium Inc., including its intellectual property and technology assets. Manitoba-based Telenium provides telecommunications-integrated software, best known for its 511 advanced traveller information solution. The acquisition strengthens IBI’s Travel-IQ product, expands its SaaS portfolio, and increases recurring revenue through Telenium’s client base and team.

SIB Corp., operating as StoneRidge Insurance Brokers (a CIVC Partners portfolio company), entered into a partnership with J.M. Johnson Insurance Agencies to expand StoneRidge’s presence into the Manitoba market. J.M. Johnson, founded in 1950 and based in Winnipeg, will continue to be led by its current President, Grant Johnson.

24-7 Intouch acquired Goodbay Technologies, a provider of digital business process outsourcing (BPO) services in the customer care industry. Goodbay Technologies will become a wholly owned subsidiary while continuing to operate independently, expanding 24-7 Intouch’s global digital customer service capabilities and footprint.

Xplornet Communications Inc. announced it has acquired Swift High Speed, a rural broadband provider headquartered in Steinbach, Manitoba serving Southeast Manitoba. Xplornet acquired Swift High Speed’s customers and operations, including its fibre optic network and broadcast tower locations, to support Xplornet’s fibre-to-the-home and 5G rollout in the province. Swift High Speed will split off employees and equipment to form a new fibre installation business, Swift Underground, which Xplornet has retained to operate the existing network and help build new FTTH infrastructure in the region.

Carebook Technologies Inc. closed its acquisition of InfoTech Inc., doing business as Wellness Checkpoint, a Winnipeg, Manitoba-based provider of a health and productivity risk management SaaS platform. The deal value totals C$14 million on a cash-free, debt-free basis, funded with C$9 million in cash and C$5 million in Carebook shares, with the cash portion financed through C$11 million in debt facilities from a Canadian Schedule 1 bank and an affiliate.

Keyloop announced it has acquired RAPID RTC and enquiryMAX, adding lead aggregation/response, enquiry management, and showroom applications to its automotive retail technology portfolio. The acquisitions follow Keyloop’s own acquisition by Francisco Partners and are intended to strengthen Keyloop’s sales and marketing offering and expand capabilities around lead management and attribution alongside its dealer management systems.

Honeywell and Evergy Ventures made strategic investments in Librestream, the provider of the Onsight augmented reality knowledge platform for remote collaboration and workforce transformation. The funding deepens Honeywell’s existing partnership with Librestream and establishes a new relationship with Evergy Ventures to accelerate digital transformation, particularly within the energy sector.

James Richardson & Sons, Limited (JRSL) acquired 100% of the issued and outstanding shares of Bison Transport Inc. and its affiliated companies, effective January 1, 2021. The business was purchased from the Jessiman family’s holding company, Wescan Capital Inc., and Bison will remain headquartered in Winnipeg with no expected operational or branding changes.

Profile Products, a portfolio company of Incline Equity Partners, acquired Sunterra Horticulture, a producer of professional-grade sphagnum peat moss. The deal includes all Sunterra product lines and its facilities in Saskatchewan and Manitoba, with Sunterra employees joining Profile. The transaction closed on December 1, 2020; financial terms were not disclosed.

FBN Canada, a wholly-owned unit of Farmer's Business Network, Inc. (FBN), acquired Haplotech Inc., a Winnipeg-based provider of seed breeding research and technical consulting services. FBN Canada also purchased Cibus’ Canadian canola breeding program and pipeline, and received a license to sell Cibus’ canola Pod Shatter Reduction trait upon commercialization.

The Kenan Advantage Group, Inc. (KAG) completed the acquisition of Paul's Hauling LTD through its Canadian subsidiary, KAG Canada/RTL Westcan. Paul's Hauling, headquartered in Winnipeg, Manitoba, provides bulk transport services across Western Canada and brings significant fleet assets and personnel into KAG Canada as part of the deal.

South Mill Champs announced that Loveday Mushroom Farms has joined its North American family of mushroom producers. The combination is intended to expand production capacity, improve supply chain coverage (including the Midwest region of Canada and the United States), and enhance operational efficiencies to meet growing demand for fresh mushrooms.

thyssenkrupp Elevator Canada acquired Winnipeg Elevator Group (WEG), a long-standing elevator service and modernization provider in the Winnipeg area. The deal strengthens thyssenkrupp Elevator Canada's service and modernization footprint in Manitoba, and all 23 WEG employees (along with most of the ownership team) will be retained.

K-Tec Holdings LLC (K-Tec), which is majority owned by an affiliate of Owner Resource Group LLC (ORG), acquired Ashland Industries Holdings Inc. (Ashland). The merger combines two specialty manufacturers of earthmoving scrapers and related products, with the combined organization headquartered in Rosenort, Manitoba, Canada. The transaction closed on February 28, 2020, with additional financing support from Cadence Bank NA.

Hub International Limited acquired the assets of W.R. Carey Corporation, an independent employee benefits consulting firm based in Winnipeg, Manitoba. The acquisition supports Hub’s Canadian employee benefits growth strategy, and Bill Carey and all Carey Corp employees will join Hub International Manitoba Limited. Financial terms were not disclosed.

Wind Point Partners-backed Pestell Group acquired Pro-Ag Products and Verus Animal Nutrition through its Pestell Minerals & Ingredients (PMI) business unit. The deal expands Pestell/PMI’s product portfolio in feed ingredients, feed additives, and animal nutrition products and broadens its geographic footprint further west in Canada. The transaction is described as the first add-on acquisition for Pestell Group’s PMI unit since Wind Point acquired Pestell Group in June 2018.

Above Security, a Canadian-based global IT security services provider, acquired Seccuris, an information assurance integrator and managed security service provider with operations in Canada and the United States. The combination expands Above Security’s domestic footprint and capabilities, creating a pure-play MSSP with two Canadian security operations centers and broader multilingual, international service delivery.