M&A Deal Summary

Cornell Capital and TorQuest Acquire S.i. Systems

On November 2, 2022, private equity firms Cornell Capital and TorQuest acquired staffing company S.i. Systems from Quad-C Management

Acquisition Highlights
  • This is Cornell Capital’s 2nd and TorQuest’s 2nd transaction in the Staffing sector.
  • This is Cornell Capital’s 2nd and TorQuest’s 32nd transaction in Canada.
  • This is Cornell Capital’s 1st and TorQuest’s 3rd transaction in Alberta.

M&A Deal Summary

Date 2022-11-02
Target S.i. Systems
Sector Staffing
Buyer(s) Cornell Capital
TorQuest
Sellers(s) Quad-C Management
Deal Type Secondary Buyout

Target

S.i. Systems

Calgary, Alberta, Canada
website
S.i. Systems is an IT staffing company that uses a proprietary web-based match-making solution called MatchGuide to provide precision contract and permanent placements for IT professionals across Canada. S.i. Systems was founded in 1994 and is based in Calgary, Alberta.

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Buyer(S) 2

Buyer

Cornell Capital

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2013
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Cornell Capital is a private investment firm that seeks to partner with strong management teams to build businesses. Cornell Capital does not have any sector preferences and focuses on opportunities across the US. Cornell Capital was formed in 2013 and is based in New York City.


DEAL STATS #
Overall 17 of 17
Sector (Staffing) 2 of 2
Type (Secondary Buyout) 6 of 6
State (Alberta) 1 of 1
Country (Canada) 2 of 2
Year (2022) 4 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-01 Longevity

Minneapolis, Michigan, United States

Longevity is a tech-enabled data analytics provider and third-party administrator (TPA) serving thousands of clients with mission critical information to help them address opportunities and challenges in their end markets. Longevity Minneapolis, Michigan.

Buy -
Buyer

TorQuest

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 2002
PE ASSETS 3.0B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

TorQuest Partners is a Canadian mid-market private equity firm. TorQuest invests in established companies that deal in manufacturing, business services, financial services, industrial products, food, consumer products, and chemicals. Prospective transaction situations include family successions, recapitalizations, corporate carve-outs, and buyouts. Torquest targets businesses valued from C$40 to C$250 million where the firm can commit C$20 to C$100 million. TorQuest Partners was formed in 2002 and is based in Toronto.


DEAL STATS #
Overall 40 of 41
Sector (Staffing) 2 of 2
Type (Secondary Buyout) 7 of 7
State (Alberta) 3 of 3
Country (Canada) 32 of 33
Year (2022) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-20 Cando Rail & Terminals

Brandon, Manitoba, Canada

Cando Rail & Terminals Design, build, operate, finance, and maintain rail solutions. Cando Rail & Terminals provides Sophisticated tracking and analytics, inventory management, and scheduled maintenance programs. Cando Rail & Terminals was founded in 1978 and is based in Brandon, Manitoba.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-04-17 Universal Rail Systems

Sherwood Park, Alberta, Canada

Universal Rail Systems is a supplier of railway maintenance, new track construction, rehabilitation and emergency services on main and secondary lines. It also provides highly specialized track services as well as light rail transit (LRT) construction, maintenance, signals and communication support. Universal Rail Systems is based in Sherwood Park, Alberta.

Sell -

Seller(S) 1

SELLER

Quad-C Management

Charlottesville, Virginia, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1989
PE ASSETS 3.9B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Quad-C Management is a generalist private equity firm that makes control investments in middle-market companies operating in a wide range of industries. Target sector's include building products, business-to-business services, consumer products, distribution/logistics, equipment rental, financial services, healthcare, light manufacturing, packaging, restaurants, security, and specialty chemicals. Quad-C's target investment size is $50 to $150 million in businesses valued between $100 and $500 million and with EBITDA greater than $10 million. Prospective transaction types include recapitalizations/family successions, management buyouts, and industry consolidations. Quad-C Management was founded in 1989 and is headquartered in Charlottesville, Virginia.


DEAL STATS #
Overall 44 of 47
Sector (Staffing) 3 of 3
Type (Secondary Buyout) 25 of 27
State (Alberta) 1 of 1
Country (Canada) 2 of 2
Year (2022) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-27 Synoptek

Irvine, California, United States

Synoptek provides information technology management services and support to organizations worldwide. The company offers solutions to manage and operate IT infrastructure using their advanced IT service management (ITSM) capabilities, automated toolsets, and skilled technologists. Synoptek was formed in 2001 and is based in Irvine, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2023-01-20 QED Technologies

Rochester, New York, United States

QED Technologies serves the global precision optics industry with solutions for high-performance polishing and metrology on the most demanding surfaces and materials. QED systems are utilized by the smallest to largest manufacturers supplying the semiconductor, military, space, R&D, imaging, and other industries. Its contract manufacturing group, QED Optics, is the industry’s go-to resource for a combination of large, challenging, or highly precise optical components that most other manufacturers cannot produce. QED Technologies was formed in 1996 and is based in Rochester, New York.

Buy -