M&A Deal Summary

Tandem Expansion Fund Acquires Averna

On April 2, 2015, growth capital firm Tandem Expansion Fund acquired electronics company Averna

Acquisition Highlights
  • This is Tandem Expansion Fund’s 1st transaction in the Electronics sector.
  • This is Tandem Expansion Fund’s 11th transaction in Canada.
  • This is Tandem Expansion Fund’s 3rd transaction in Quebec.
Investment Fate
  • Averna was sold to a consortium of financial buyers in 2021.

M&A Deal Summary
Date 2015-04-02
Target Averna
Sector Electronics
Buyer(s) Tandem Expansion Fund
Deal Type Buyout (LBO, MBO, MBI)

Target

Averna

Montreal, Quebec, Canada
website
Averna is a manufacturing solution provider for communications and electronics device-makers worldwide, helping them deliver a better end-user customer experience. Key Averna clients in the communications, aerospace, defense, automotive, consumer electronics, and medical device industries use Proligent, RF Test instruments, and other test solutions to accelerate product development, reduce manufacturing costs, achieve superior quality throughout the lifecycle, and solve critical supply-chain issues. It has offices around the world as well as a network of partners such as JOT Automation, Keysight Technologies, and National Instruments. Averna was founded in 1999 and is based in Montreal, Quebec.

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Buyer(S) 1

Buyer

Tandem Expansion Fund

Toronto, Ontario, Canada

website

Category Growth Capital Firm
Founded 2009
Size Small
Type Sector Focused
DESCRIPTION

Tandem Expansion is a private growth capital fund seeking to invest in small to mid-sized tech businesses in Canada. Specific areas of interest include IT (hardware, software, service), clean tech, energy/resource, technology, advanced materials, and life science. The Firm looks to invest $10 to $30 million in fast growing businesses with $5 to $50 million in revenues. Investment proceeds are typically used to fund organic growth or provide acquisition capital. Tandem was formed in 2009 and is based in Montreal, Québec.

DEAL STATS #
Overall 11 of 11
Sector (Electronics) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 3 of 3
State (Quebec) 3 of 3
Country (Canada) 11 of 11
Year (2015) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-10-07 Anaergia

Burlington, Ontario, Canada

Anaergia provides anaerobic digestion and the production of clean energy, fertilizer, and recycled water from organic waste streams. The company sells capital equipment and turnkey solutions internationally, and also has a growing portfolio of power generation and waste treatment facilities which it owns and operates. Anaergia is based in Burlington, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-04-06 Solace Systems

Ottawa, Ontario, Canada

Solace Systems provides market-leading technology for real-time, event-based movement of data. Solace’s proprietary ‘event mesh’ platform securely and reliably moves event data into, out of, and across enterprise applications. Solace Systems was founded in 2001 and is based in Ottawa, Ontario.

Sell -
Mergr

Product

Company

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