Retail Acquisitions in Canada

GALLS has acquired Uniform Works, a Canadian uniform and equipment supplier, marking GALLS' first expansion into Canada. The deal will keep Will Melnyk and the Uniform Works team in place to lead GALLS Canada and bring GALLS' eQuip platform and broader product assortment to Canadian public safety customers.

TriWest Capital Partners completed a majority equity investment in Spence Diamonds, partnering with the company's existing management to support growth and operational initiatives. Spence Diamonds is a Vancouver-based, vertically integrated bridal jewelry retailer operating eight Canadian showrooms and offering made-to-order engagement rings with both mined and Artisan Created (lab-grown) diamonds.

Birks Group Inc. completed the acquisition of the luxury watch and jewellery business of European Boutique (headquartered in Toronto) from the Sutkiewicz family for C$9,000,000, subject to customary adjustments. The deal includes a licensing agreement to operate the Canadian Diamonds Direct brand; Birks also amended debt facilities including a C$13.5 million incremental term loan from SLR Credit Solutions and a C$3.75 million loan from controlling shareholder Mangrove Holding S.A.

Nakani Capital Partners, a Toronto-based private investment firm, has acquired Bingo Pro, Inc. and Berri Books, Inc., two Sudbury, Ontario-based distributors of professional bingo equipment and discounted paperback books. The acquisition, which closed on June 13, 2025, is intended to support ownership transition and preserve the businesses’ legacies while Nakani scales and grows the niche distribution operations.

Stephan Tetrault has acquired Electronics Boutique Canada Inc. (operating as GameStop Canada) from GameStop Global Holdings S.A.R.L. The Canadian retailer — with over 185 stores and roughly 435 employees headquartered in Brampton, Ontario — will be rebranded and relaunched as EB Games Canada focusing on enhanced in-store events, expanded product lines, and renewed engagement with Canadian gamers.

Yellowknife Co-op is acquiring Super A Foods, a family-owned grocery in Hay River, with ownership expected to become official on May 15. The Co-op plans to expand its trading area and seek member approval to rename to Lakeshore Co-op as it grows into the South Slave region; Super A's owners John and Tracy Hill are selling the business to the Co-op.

Canadian Shield Capital, together with Midland's management team, has acquired Midland Appliance Ltd. from Ironbridge Equity Partners. Ironbridge supported Midland's growth during its hold period, including expansion of the sales force and two new BC locations; the transaction completes an ownership transition intended to support the company's next growth phase.

SNDL Inc. completed a plan of arrangement to acquire all outstanding Nova Cannabis shares it did not already own, paying $1.75 per Nova share in cash or SNDL share consideration. The transaction will delist Nova, enable an anticipated amalgamation with SNDL, and is intended to streamline SNDL's Canadian cannabis retail operations and eliminate public-company expenses.

Platte River Equity–backed Municipal Emergency Services, Inc. (MES) has acquired Frontline Outfitters, marking MES’s first international expansion into Canada. The add-on strengthens MES’s distribution network and capabilities in public-safety uniforms and outerwear for law enforcement, fire, EMS and corrections across Canada.

Fairfax Financial Holdings, through a newly formed wholly-owned subsidiary 16133258 Canada Inc., completed a cash takeover of Sleep Country Canada Holdings Inc. under a court-approved plan of arrangement, paying C$35.00 per common share. Sleep Country will be delisted from the TSX and cease reporting as Fairfax takes the specialty mattress retailer private.

KV Capital’s private equity team has acquired UTV Canada Inc. and merged it with Mountain Sports Distribution (MSD), the KV-backed powersports platform company. UTV Canada’s CEO Stacy Nehring retains equity and will join MSD as the combined business aims to expand product access, dealer reach and operational efficiencies across the Canadian powersports market; financial terms were not disclosed.

Grafton Apparel Ltd.'s shareholders have entered into a definitive sale agreement with an affiliate of Stern Partners Inc., a Canadian private investment firm controlled by Ronald N. Stern. Stern Partners said it will support Grafton as the company continues to independently operate and expand its 127 retail stores and three e-commerce sites (Tip Top, George Richards and Mr. Big & Tall) across Canada.

Toronto-based private equity firm Lynx Equity Limited has acquired Henry's, a four-generation, specialty digital-imaging retailer headquartered in the Greater Toronto Area with 20 stores across Canada and a national e-commerce and B2B business. The deal transfers ownership from the Stein family, with Henry's CEO Gillian Stein remaining in place as the company pursues growth, ecommerce investment, and continuity for employees.

Sycamore Partners has completed the acquisition of Lowe's Canadian retail business, which will operate as RONA inc., headquartered in Boucherville, Quebec. The business operates or services approximately 450 corporate and affiliated stores under banners including RONA, Lowe's, Réno-Dépôt and Dick's Lumber and employs roughly 26,000 people across Canada.

Golden Opportunities Fund has made a strategic investment in Mega Retail Consolidation LP in syndication with Mega Group Inc. (via its subsidiary Mega Investment & Development Corporation). The partnership will create a roll-up platform to consolidate independent Canadian home goods, furniture and appliance retailers and provide succession and exit solutions for member stores across the Mega Group network.

Blo Blow Dry Bar, a Toronto-based blow dry bar franchisor, has acquired Canadian brow and lash specialist MYNC Beauty Inc., which operates six locations across the Greater Toronto Area. The acquisition will allow Blo to roll out a MYNC franchise system across Canada and accelerate MYNC's multi-location growth under Blo's franchising expertise.

Fulcrum Capital Partners has made an investment in VODA Backyard Leisure Group, creating a platform that combines Aquiform Distributors, Club Piscine and Pool Supplies Canada. The investment (made alongside multiple co-investors from Fund VI) is intended to support growth across the group's distribution, retail and online businesses in the Canadian backyard leisure market.

High Tide Inc. agreed to acquire 100% of 2080791 Alberta Ltd. (operating as Boreal Cannabis Company) for CAD$2.2 million plus inventory and cash, adding two retail cannabis stores in Slave Lake and St. Paul, Alberta. The acquisition expands High Tide’s brick-and-mortar footprint in northern Alberta and is expected to be accretive to its retail network.

High Tide Inc. agreed to acquire 100% of Livonit Foods Inc., which operates two Bud Heaven retail cannabis stores in Bracebridge, Ontario, for CAD$2.8 million paid in High Tide common shares. The acquisition expands High Tide's Canna Cabana footprint into Muskoka (cottage country), adding stores that generated CAD$4.7 million (annualized) and CAD$0.8 million adjusted EBITDA (annualized) for the three months ended Oct. 31, 2021; the deal is subject to customary regulatory approvals.

High Tide Inc. agreed to acquire four operating Crossroads Cannabis retail stores in Ontario (Stratford, Woodstock, Hanover and Markdale) for CAD$2.5 million, paid in common shares. The stores generated CAD$7.6 million (annualized) and CAD$0.7 million annualized Adjusted EBITDA for the three months ended December 31, 2021; the purchase price represents ~3.5x annualized Adjusted EBITDA and expands High Tide's Ontario footprint.

Pet Valu Holdings Ltd. acquired Les Franchises Chico Inc. (Chico), Québec’s largest pet specialty franchisor, expanding Pet Valu’s presence into Québec. Chico operates 66 franchised locations across the province (2021 system-wide sales ~ $79M; revenue ~ $7M); Pet Valu will operate Chico as a separate Montréal-led subsidiary with the founders remaining active, and the acquisition was funded with cash on hand.

Krystal Growth Partners acquired a majority interest in Whistler Contemporary Gallery, partnering with shareholders Kyle Nordman and Steve Wallace. Krystal said it will support growth and explore expanding the WCG portfolio through acquisitions of other resort galleries while leveraging WCG's two Whistler gallery locations and online sales capability.

High Tide Inc. will acquire 100% of Bud Room Inc., including the Fastendr retail kiosk and smart locker technology and Bud Room's retail cannabis store in Ottawa, for CAD$3.6 million (CAD$3.24M in shares and CAD$360K cash). The acquisition gives High Tide operational technology to improve in-store efficiency, plans to roll out Fastendr across Canna Cabana locations, and the option to license the technology to third-party retailers.

FYidoctors (part of the FYihealth group) has acquired BonLook, a Montreal-based eyewear retailer, from Walter Capital Partners, which is transferring its holdings while remaining a minority shareholder. The deal expands FYidoctors' national brand portfolio and retail footprint, bringing BonLook's stores and DTC capabilities into FYihealth's network.

MacEwen Petroleum Inc. acquired the business assets of Quickie Convenience Stores Corporation, adding 51 convenience stores (including 22 gas stations) in Eastern Ontario and Gatineau, Quebec to its network. The Quickie chain was sold by long-time co-owners Arnold Kimmel and Larry Hartman; MacEwen said it will invest in modernizing the stores and expanding the Quickie brand across its footprint.

Toronto-based private equity firm Lynx Equity Limited has acquired Sorrento's Lighthouse Market, a family-owned grocery, liquor and deli in Sorrento, British Columbia. The acquisition is being integrated with Lynx's existing Blind Bay Village Grocer business to capture purchasing and back-office synergies and expand the firm's grocery footprint in the Shuswap region.

Sundial Growers Inc. agreed to acquire all outstanding shares of Alcanna Inc. in an all-stock plan of arrangement valued at approximately C$346 million, giving Alcanna shareholders Sundial common shares. The deal expands Sundial's retail footprint into liquor (Alcanna operates 171 store locations) and increases its exposure to cannabis retail through Alcanna's interest in Nova Cannabis, with expected synergies and improved cash generation.

High Tide Inc. completed the acquisition of 102105699 Saskatchewan Ltd., a holding company owning five retail cannabis locations in Regina, Saskatchewan. The transaction was paid with a mix of cash and High Tide common shares and expands High Tide's retail footprint in Saskatchewan as part of its national growth strategy.

United Raw Pet Foods Inc., a majority-owned subsidiary of Dane Creek Capital Corp., has acquired Lucky Paws Enterprises Inc. (two locations in Mill Bay and South Duncan, BC) and A Pet's Life Ventures Inc. (Oak Bay/Victoria, BC). The deals expand United Raw's Vancouver Island retail footprint to six specialty stores focused on frozen raw pet food; combined purchase prices represent roughly 40% of the acquired businesses' expected 2021 revenues.

Legault Group, the Quebec-based owner of Mondou stores, has acquired 100% of the shares of Ren's Pets, a Guelph, Ontario–based pet supply retailer with 35 stores and a distribution centre. The acquisition is Legault Group's first outside Quebec and aims to accelerate national growth through combined store networks and multi-channel distribution.

Alimentation Couche-Tard entered into a definitive agreement to acquire Cape D'Or Holdings Limited, Barrington Terminals Limited and related holding entities that operate the Wilsons Gas Stops and Go! Stores network in Atlantic Canada. The network includes 79 corporate-owned convenience and fuel locations, 147 dealer locations and a marine fuel terminal in Halifax; the transaction is expected to close in the first half of 2022 subject to regulatory approvals and will be financed from Couche-Tard's cash and/or credit facilities.

Kiaro Holdings Corp. agreed to acquire all issued and outstanding shares of Sculthorp SEO Inc. (operating as Cozy Cannabis), including its Toronto retail location and eCommerce platforms Vaped.ca, Vaped.com and VaporizersDirect.com.au, for a total purchase price of $1,350,000 (paid $850,000 in common shares and $500,000 in cash, subject to a $50,000 holdback). The acquisition gives Kiaro immediate entry into the Ontario retail cannabis market and expands its digital/eCommerce footprint into Canada, the United States and Australia.

An affiliate of Blackstreet Capital Holdings, LLC has acquired Red Apple Stores Inc., the operator of 142 small‑town general merchandise stores under the Red Apple and The Bargain! Shop banners. Blackstreet said it will partner with Red Apple management to support growth, open new stores, and provide operational support through key hires.

Kingswood Capital Management, LP completed the acquisition of substantially all assets of MEC (Mountain Equipment Co-op) through Canada’s Companies' Creditors Arrangement Act. Kingswood said it will preserve most stores and staff, invest in MEC's retail and online experiences, and lead the business from a Vancouver headquarters under CEO Eric Claus.

Coast Appliances has acquired Colony Appliances, a long-standing appliance store in North Vancouver, adding the 6,700 sq. ft. Colony location to its network and bringing Coast’s total Canadian locations to 17. The acquisition expands Coast’s presence on the North Shore and preserves the Colony name and product assortment for local customers.