Manufacturing Acquisitions in Canada

FirmaPak, a Chicago-based blow-molded packaging platform, has acquired Easy Plastic Containers Corporation (Easy Plastics), a Canadian blow molder with two manufacturing facilities near Toronto, Ontario. The acquisition expands FirmaPak's geographic footprint into Canada, broadens capabilities in personal care and pharmaceutical packaging, and keeps Easy Plastics' leadership in place.

SPX Technologies has completed the acquisition of Montréal-based Thermolec Ltd. for CA$195 million (approximately US$140 million). Thermolec, a manufacturer of custom electric duct heating and related HVAC solutions with nearly 200 employees and about US$35 million in annual revenue, will join SPX's HVAC Electric Heat business to expand product capabilities and grow sales in the U.S. and Canada.

CompoSecure completed its business combination with Husky Technologies on January 12, 2026, rebranding the corporate entity to GPGI, Inc. The combined business is valued at $7.4 billion and was funded by a ~$2.0 billion PIPE, a ~$1.0 billion equity rollover from Platinum Equity, and ~$2.0 billion of debt; Husky will operate as a standalone reporting segment alongside CompoSecure under the new permanent-capital platform.

Trystar has acquired Island Technical Installations (ITI), a Victoria, British Columbia–based electrical equipment engineering, manufacturing, and services company specializing in low- and medium-voltage switchgear and mobile substation solutions. The acquisition expands Trystar’s custom LV/MV switchgear capabilities and service offerings and brings ITI’s teams and new Arlington, Texas production facility into Trystar’s North American platform.

Davis-Standard announced the amalgamation of its Canadian specialty brands Deacro Industries Ltd., Brampton Engineering Inc., and Gamma Machinery into a single operating entity, Davis-Standard Canada Inc., effective January 1, 2026. The consolidation is intended to combine engineering and product capabilities, improve operational efficiency, and provide integrated global service and aftermarket support to customers in packaging, medical and other end markets.

Salt Creek Capital, a San Francisco Bay Area private equity firm, has acquired a controlling stake in Nanoptix Inc., a Dieppe, New Brunswick-based manufacturer of thermal printing solutions for the gaming, lottery, kiosk and POS markets. Founder and CEO Daniel Vienneau sold his controlling ownership position and moved into an advisory role while long-time CFO Jacques LeBlanc was promoted to CEO to lead the company through its next growth phase.

Continuim Equity Partners has acquired MindCore Technologies, a Terrebonne, Quebec-based designer and manufacturer of high-voltage and extra-high-voltage switching solutions for electric utilities. Continuim will partner with MindCore's existing management team (who remain shareholders) to expand manufacturing capacity, add complementary product offerings, and open a new U.S. production facility to support North American utility customers.

UCC Environmental has acquired Trimay Wear Plate Ltd., a Canadian specialist in wear overlay, hardfacing and alloy cladding technologies. The acquisition enhances UCC's capabilities in high-wear industrial applications—strengthening its product portfolio and technical expertise to improve equipment reliability and service life for heavy industrial customers.

GPT Industries, a Branford Castle Partners portfolio company, has acquired Integrated Rectifier Technologies Inc. (IRT), an Alberta-based manufacturer of transformer rectifiers and cathodic protection control systems. The add-on strengthens GPT's product portfolio and remote monitoring capabilities, expanding its corrosion-mitigation offerings for energy, utilities and infrastructure customers worldwide.

Wood Technologies International (WTI), the One Equity Partners–backed owner of USNR and Burton Mill Solutions, has acquired Norwood Sawmills. Norwood will continue to operate from Barrie, Ontario and retain its brand, product names, dealer network and warranties while gaining access to WTI's broader capabilities, R&D and technical support.

AeriTek Global Holdings (a portfolio company of Mill Point Capital) has acquired Minus Forty QBD Corp, doing business as Due North, combining AeriTek’s Imbera and Torrey businesses with Due North’s QBD and Minus Forty brands to create a scaled North American manufacturer and distributor of refrigerated display cases. Ronin Equity Partners, which formed Due North in 2021, is exiting the investment as part of the transaction and intends to run a GP-led continuation vehicle to bring in new minority investors in the expanded group.

J.B. Poindexter & Co., Inc. (JBPCO) has acquired Demers Braun Crestline Medix (DBCM), one of North America’s largest ambulance manufacturers. The acquisition expands JBPCO’s commercial and specialty vehicle platform, adding DBCM’s four brands, global footprint, and more than 1,500 employees to its portfolio.

Reichmann Segal Capital Partners has acquired OES Inc. from Ardenton Capital Corporation in a move to expand its sports infrastructure platform and invest in electronic manufacturing services (EMS) and custom technologies. The deal will integrate OES' LED video scoreboards, EMS capabilities and scoring/timing software with Reichmann Segal's existing portfolio company Athletica, with OES CEO Jeff Stewart remaining in place; terms were not disclosed.

Soluroc Inc., a Canadian wear-resistant solutions manufacturer, has acquired Fuller Industrial Corporation, a Sudbury-based maker of custom-engineered and rubber-lined process piping. The transaction expands Soluroc’s manufacturing capabilities and strengthens its presence in the mining and industrial sectors across the Americas.

LSI Industries (Nasdaq: LYTS) acquired Ontario-based Canada’s Best Holdings (operating as Canada’s Best Store Fixtures) in an accretive, all-cash transaction with a $24.0 million purchase price plus a $7.0 million performance earnout (total potential consideration of $31.0 million). The deal expands LSI’s turnkey retail fixtures, custom display and installation capabilities in Canada, adds ~120 employees and four manufacturing/distribution facilities, and is expected to be immediately accretive to margins and EPS.

CAI Capital Partners’ portfolio company Universal Group, through its subsidiary Barricades and Signs Ltd., has acquired Airmaster Sales Ltd., a Winnipeg-based manufacturer of traffic control signs serving Manitoba and Saskatchewan. CAI’s equity co-investors in the combined organization include BDC Capital, Roynat Equity Partners and Frind Enterprises; members of the MacCharles family (Liz, Quentin and Keith) will remain involved during the transition.

Toromont Industries Ltd. has acquired a 60% ownership stake in AVL Manufacturing Inc., a Hamilton, Ontario-based designer and fabricator of power generation and energy storage enclosures that serves the data centre market across eastern North America. The purchase was paid in cash and Toromont shares, and Toromont has committed to buying the remaining 40% by agreed dates through 2031 based on performance; the acquisition secures supply for Toromont Power Systems and is not expected to have a material near-term impact on combined results.

Union Park Capital, a Boston-based private equity firm, has acquired AML Oceanographic, a Victoria, British Columbia-based manufacturer of oceanographic and hydrographic equipment. The deal launches Union Park's new marine technology platform to pursue growth across hydrography, water quality monitoring, subsea infrastructure and defense markets; terms were not disclosed.

NAMAKOR Holdings has acquired Metallomax Inc., a Quebec-based manufacturer of specialized lift platforms and elevating equipment. The founders, Maxime and Pascal Picard, will remain involved in advisory roles as NAMAKOR positions Metallomax for growth and geographic expansion under new leadership.

Blade Air has acquired InnerEco Environmental Inc., bringing InnerEco’s residential HVAC filtration brands (including Cimatec, Airscreen, ToxBox and ESSA) into Blade Air’s portfolio to accelerate the company’s entry into the residential market. The deal expands Blade Air’s product offering from commercial sustainable filtration into consumer and contractor channels across North America, aiming to improve energy efficiency, reduce waste, and simplify filter replacement for homeowners and HVAC professionals.

Speyside Equity Advisers completed the acquisition of GSC Technologies, a North American manufacturer of plastic storage and organization products. The private equity firm said the deal will provide new capitalization and operational support to fuel GSC's next phase of growth and value creation.

Hydraulic Technologies, a Rockford, Illinois-based manufacturer of high-pressure hydraulic tools and a portfolio company of Wynnchurch Capital, has made a growth investment in Hydra-Slide, a Guelph, Ontario-based maker of skidding and hydraulic heavy-lift systems. The transaction is intended to expand Hydraulic Technologies' engineered heavy-lift and skidding product offerings and support Hydra-Slide's next phase of growth.

Funds managed by affiliates of Fortress Investment Group have acquired a majority stake in Infra Pipe Solutions (IPS), a North American manufacturer of HDPE pipes and structures. Wynnchurch Capital exited the company; IPS management retained a minority stake and Fortress plans to invest to expand capacity and capture strong infrastructure demand across water, telecom and mining markets.

Canerector has acquired Promac Industries Inc., a Calgary-based precision machining and downhole tooling specialist serving the energy services sector. The deal brings enhanced turning, milling, design consultation and prototyping capabilities into Canerector's network and was completed with Promac's former owner, Sean Monaghan, supporting the transition.

AMETEK, Inc. has acquired Virtek Vision International, a Waterloo, Ontario–based developer and manufacturer of laser-based projection and AI-driven inspection systems. The acquisition brings Virtek into AMETEK’s Electronic Instruments Group to complement its Creaform business and broaden automated 3D scanning, projection and inspection capabilities for aerospace, defense and industrial customers.

SV Labs Corporation, a San Francisco Equity Partners-backed CDMO, has acquired Sigan Industries Group, a Toronto-based contract development and manufacturing organization serving beauty and personal care brands. The deal expands SV Labs' formulation and manufacturing capabilities and adds a Canadian facility to its network; Sigan shareholders retained a meaningful ownership stake in the combined business.

Tinicum, L.P. has acquired a controlling interest in Groupe Tornatech Inc., a Laval, Quebec-based designer and manufacturer of fire pump controllers. Tornatech's co-presidents will retain a significant ownership stake and the company will partner with Tinicum to invest in its team, product offering, capabilities, and facilities to support global growth; financial terms were not disclosed.

LFM Capital-backed Weller Metalworks has acquired DROP Sprockets, a Nelson, British Columbia-based manufacturer of made-to-order sprockets. AEA Private Debt acted as sole mezzanine lender and provided an equity co-investment to support the transaction. The deal is Weller's third add-on acquisition and expands the platform's manufacturing capabilities and product offering.

Ironbridge Equity Partners and management have sold Alumni Educational Solutions to an equity consortium led by Castle Harlan; financial terms were not disclosed. Alumni is a manufacturer and distributor of educational furniture operating facilities in Canada, the United States and China, and Ironbridge supported the company's U.S. sales expansion, management succession and go-to-market enhancements during its hold.

Walter Capital Partners has become a major shareholder in MARTINS Industries, a Farnham, Quebec–based global provider of tire and wheel equipment and supplies. The investment is intended to support MARTINS’ acquisition-led international growth strategy—particularly in the United States and Europe—and accelerate the company’s M&A program and product/distribution expansion.

Wincove Private Holdings has recapitalized Sommers Generator Systems, partnering with President Chris McGregor who will remain in place alongside other existing investors. The investment will support Sommers' next phase of growth, including organic expansion of its geographic and service footprint and pursuit of additional acquisitions.

Exosens (Euronext: EXENS) has completed the acquisition of Quebec City–based LR Tech, a developer and manufacturer of FTIR spectroradiometers. The purchase adds FTIR instruments to Exosens’ high-performance instrumentation portfolio—strengthening its offering for defense, aerospace, environmental and scientific research markets and supporting Exosens’ bolt-on growth strategy.

Sweden-based environmental technology company Nederman has acquired Canadian air-filtration manufacturer Duroair Technologies Inc to strengthen its Extraction & Filtration Technology division in the US and Canada. The deal implies an enterprise value of approximately CAD 11 million with a potential earn-out of up to CAD 4 million; Duroair (headquartered in Niagara Falls, Ontario) will continue to operate under its brand and has about 10 employees.

Gauge Capital has made a growth-capital investment and recapitalized AGT Robotics, partnering with the founder and management to accelerate the company's growth. AGT Robotics, based in Trois-Rivières, Quebec, provides modular autonomous robotic welding systems and proprietary software for structural steel and heavy metal fabrication; several Gauge partners joined AGT's board and Drake Star advised the buyer.

Site 20/20, a Dartmouth, Nova Scotia-based developer of traffic control hardware and software, received a strategic growth investment from New Mountain Capital and Energy Impact Partners to accelerate product development, AI capabilities and market expansion. The capital will be used to advance the company’s technology and expand adoption across utility and infrastructure service providers.

Cleveland-Cliffs Inc. has completed its acquisition of Stelco Holdings Inc. for C$70.00 per share (C$60 cash and 0.454 Cliffs shares), implying an enterprise value of approximately C$3.4 billion. The deal brings Stelco's integrated flat-rolled steel operations in Hamilton and Nanticoke, Ontario into Cliffs' portfolio, expanding its Canadian footprint, adding roughly 1,800 union employees, and creating estimated annual synergies and capability expansion in flat-rolled steel production.

TorQuest Partners has acquired Mevotech L.P., a Toronto-headquartered maker of driveline, steering and suspension parts for the North American auto aftermarket, from funds managed by Penfund Management Limited. Ezer Mevorach will remain CEO and the terms were not disclosed; the deal is TorQuest’s first investment from Fund VI and is intended to support Mevotech’s next phase of growth.

Clearspring Capital Partners announced a growth investment in INNOTEX Inc., a Québec-based manufacturer of firefighter protective suits, alongside founder Louis Carpentier and existing management. The financing—supported by BDC Growth Equity Partners, Investissement Québec and BMO Capital Partners—will fund product, people and geographic expansion as INNOTEX aims to become a North American leader in emergency-services protective apparel.

Domfoam, a Montreal-based foam manufacturer, has acquired Foamco Industries, a Concord (GTA), Ontario foam fabricator to expand its presence in the Greater Toronto Area and broader Ontario market. The deal increases Domfoam's manufacturing footprint to five facilities (over 550,000 sq. ft.), enables next-day delivery across the GTA, and strengthens production capacity to better serve bedding, seating and medical customers.

Exchange Income Corporation (EIC) has acquired Quebec-based sawmill Armand Duhamel & Fils Inc. for $19 million (up to $22 million subject to post-closing targets). The deal (funded with $3 million of EIC common shares and $16 million of cash) will fold Duhamel into EIC's Northern Mat platform to expand its Environmental Access Solutions presence in Quebec and Eastern Canada; co-owner Guillaume Gonthier will remain as President.

Toronto-based private equity firm Reichmann Segal Capital Partners has acquired Athletica Sport Systems Inc., a Waterloo, Ontario-based designer, manufacturer and installer of dasher board systems and sport infrastructure. The seller was Fulcrum Capital Partners; Reichmann Segal plans to support Athletica's product development and geographic expansion while CEO Andrew McRae remains in place. The terms were not disclosed.

ATS Corporation has entered into a definitive agreement to acquire Paxiom Group, a Montreal-based provider of primary, secondary and end-of-line packaging machines serving food & beverage, cannabis and pharmaceutical customers. Paxiom generated approximately $67 million of revenue and adjusted EBITDA margin above 19% in calendar 2023, employs roughly 200 people, and will join ATS' Products and Food Technology business; the deal is expected to close in Q3 2024 with funding from cash and the company's revolving credit facility.

Wipro Infrastructure Engineering (Wipro Hydraulics) has entered into a definitive agreement to acquire Mailhot Industries, a Quebec-based manufacturer of hydraulic cylinders, from private equity firm Novacap. The deal includes JARP Industries and is intended to expand Wipro Hydraulics' footprint and capabilities in North America across end markets such as refuse trucks, snow removal, utilities, construction, mining and defense.

MFG Chemical, a Platte River Equity portfolio company, has acquired H.P. Polymers, an independent paint and coatings resin manufacturer based in Puslinch, Ontario. The deal expands MFG's product portfolio and capabilities in the paint and coatings sector, enhancing service to customers across metal, wood, marine, specialty and coil end markets.

TerraVest Industries Inc. has entered into an agreement to acquire Advance Engineered Products, a Regina-based manufacturer and service provider in the tank trailer industry. The seller is Ironbridge Equity Partners (with management participation); financial terms were not disclosed. TerraVest said Advance is complementary to its existing tank trailer businesses and will expand its product and service offerings.

Resource Label Group (RLG), a portfolio company of Ares Management, has acquired Labelcraft, a manufacturer of custom pressure-sensitive labels that operates locations in Toronto, Canada and Dallas, Texas. The acquisition expands RLG’s sustainable label and packaging capabilities—Labelcraft is known for its Enviroliner recyclable release liner—and is the 31st add-on for RLG.

Morgan Truck Body, LLC has acquired Transit Truck Bodies Inc. (Les Fourgons Transit Inc.), a Laval, Quebec-based manufacturer of cutaway, dry freight and refrigerated truck bodies. The acquisition expands Morgan's North American manufacturing footprint to 14 facilities and adds Transit's 120,000+ sq ft plant and experienced workforce to its network.

Central Moloney, Inc. (a portfolio company of Wind Point Partners) has acquired Cam Tran Co. Ltd., the largest Canadian manufacturer of distribution transformers and the largest North American producer of amorphous metal transformers. The combination creates one of the largest North American producers of distribution transformers with roughly 1,000 employees and eight manufacturing facilities across the U.S. and Canada, expanding capacity to serve utilities amid grid hardening and electrification tailwinds.

SPX Technologies announced the acquisition of Ingénia Technologies for approximately CA$405 million (about US$300 million) in cash, adding a Mirabel, Quebec–based designer and manufacturer of custom air handling units to its Cooling platform. Ingénia, expected to generate roughly US$100 million of annualized revenue in 2024, expands SPX's Engineered Air Movement capabilities and is accretive to the company's HVAC segment growth and margin profile.

Linamar Corporation has completed the acquisition of 100% of the equity interests of Bourgault Industries Ltd., including its seeder operations in St. Brieux, Saskatchewan and the Highline Manufacturing and Free Form Plastics divisions. Bourgault will be integrated into Linamar's new Agriculture division alongside MacDon and Salford, expanding Linamar's industrial product portfolio and capabilities in broad-acre seeding.