TorQuest Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, TorQuest has acquired 3 companies. It has also invested in 5 others.

TorQuest’s most common sectors for investment aretransportation (13%) and building materials (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (35%) and growth capital (18%). In total, TorQuest has invested in 7 US states and 2 different countries. Its largest (disclosed) acquisition occurred in 2009 when it acquired Pinova for $75M.

In the last 3 years, TorQuest has exited 8 companies. The Firm’s most common exit type is trade sale (47%). TorQuest’s largest (disclosed) exit occurred in 2022 when it sold Barrette Outdoor Living for $1.9B.

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M&A Summary

  • M&A Total Activity67
    • M&A Buy Activity41
    • M&A Sell Activity26
  • Total Sectors Invested 23
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 22
  • M&A Advisors 5

TorQuest

TorQuest Partners

161 Bay St, Suite 4240,
Toronto, Ontario M5J 2S1
Canada
(416) 956-7022
www.torquest.com
info@torquest.com

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.


Investment Criteria

Sectors of Interest: Apparel/Textiles, Business Services, Chemicals, Construction, Consumer Products, Consumer Services, Energy Services and Equipment, Environmental, Financial Services, Food, Franchising, Information Technology, Insurance, Life Science, Machinery, Manufacturing, Marketing, Metals/Mining, Oil/Gas Exploration, Real Estate, Safety/Security, Staffing

Target Transaction Types: Buyout (LBO, MBO, MBI), Consolidation, Divestiture, Going Private, Recapitalization, Secondary Buyout

Geographic Preferences: East US, Midwest US, South US, West US, Canada

Transaction Criteria Min Max
Target Revenue - -
Target EBITDA - -
Investment Size 20 100
Enterprise Value 40 250
values in millions of CAD

M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (2.0/yr) # 31 2 4 3 1 - 41
vol $75M $75M
Sell (1.6/yr) # 18 - 1 5 2 - 26
vol $1.2B $2.3B $3.6B
  67

Most Recent M&A

Company Date Value Type
McKeil Marine Ltd. 2023-11-03 - Secondary Sale
Burlington, Ontario · www.mckeil.com
Brimich Logistics, Inc. 2023-09-06 - Growth Capital
Brantford, Ontario · www.thebrimichgroup.com
Universal Rail Systems Ltd. 2023-04-17 - Trade Sale
Sherwood Park, Alberta · www.universalrail.com
S.i. Systems LLC 2022-11-02 - Secondary Buyout
Calgary, Alberta · www.sisystems.com
Cando Rail & Terminals Ltd. 2022-07-20 - Secondary Sale
Brandon, Manitoba · www.candorail.com
Barrette Outdoor Living, Inc. 2022-06-03 1.9B USD Trade Sale
Middleburg Hts, Ohio · www​.bar​ret​te​out​door​liv​ing​.com
Polycor, Inc. 2022-05-04 - Secondary Sale
Quebec, Quebec · www.polycor.com
Johnvince Foods Ltd. 2022-04-15 - Growth Capital
Downsview, Ontario · www.johnvince.com
VersaCold Logistics Services 2022-04-13 - Trade Sale
Vaughan, Ontario · www.versacold.com
Rubicon Pharmacies 2022-03-10 435M USD Trade Sale
Regina, Saskatchewan · www.rubiconpharmacies.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
SCM Insurance Services, Inc. 2010-08-02 Opta Information Intelligence Corp. 2022-03-01 1
Edmonton, Alberta · www1.scm.ca Markham, Ontario · www.optaintel.ca
SCM Insurance Services, Inc. 2010-08-02 Rochon Engineering Corp. 2014-08-25 4
Edmonton, Alberta · www1.scm.ca Bolton, Ontario · www.rochons.ca
SCM Insurance Services, Inc. 2010-08-02 CKR Global 2014-08-25 3
Edmonton, Alberta · www1.scm.ca Toronto, Ontario
SCM Insurance Services, Inc. 2010-08-02 Granite Global Solutions 2014-08-24 2
Edmonton, Alberta · www1.scm.ca Toronto, Ontario · www.graniteglobalsolutions.com

M&A by Sector

Sector Current # Value All-time # Value
Transportation 2 (13%) - 5 (12%) -
Building Materials 2 (13%) - 4 (10%) -
Consumer Products 1 (6%) - 3 (7%) -
Food 1 (6%) - 3 (7%) -
Chemicals - - 2 (5%) 75M (100%)
Business Services - - 2 (5%) -
Construction 1 (6%) - 2 (5%) -
Energy Services and Equipment 1 (6%) - 2 (5%) -
Insurance 1 (6%) - 2 (5%) -
Retail 1 (6%) - 2 (5%) -
Staffing 1 (6%) - 2 (5%) -
Apparel/Textiles 1 (6%) - 1 (2%) -
Beverages 1 (6%) - 1 (2%) -
Consumer Services - - 1 (2%) -
Environmental - - 1 (2%) -
Financial Services - - 1 (2%) -
Franchising 1 (6%) - 1 (2%) -
Furniture 1 (6%) - 1 (2%) -
Information Technology - - 1 (2%) -
Infrastructure - - 1 (2%) -
Marketing - - 1 (2%) -
Metals/Mining - - 1 (2%) -
Safety/Security 1 (6%) - 1 (2%) -
Total 16 - 41 $75M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Canada 14 (88%) - 33 (80%) -
  Ontario 7 (44%) - 17 (41%) -
  British Columbia 4 (25%) - 5 (12%) -
  Quebec 1 (6%) - 5 (12%) -
  Alberta 2 (13%) - 3 (7%) -
  Saskatchewan - - 1 (2%) -
  Nova Scotia - - 1 (2%) -
  Manitoba - - 1 (2%) -
United States 2 (13%) - 8 (20%) 75M (100%)
  California - - 2 (5%) -
  Texas 1 (6%) - 1 (2%) -
  Arkansas 1 (6%) - 1 (2%) -
  Georgia - - 1 (2%) 75M (100%)
  Ohio - - 1 (2%) -
  Minnesota - - 1 (2%) -
  Delaware - - 1 (2%) -
Domestic 14 (88%) - 33 (80%) -
Cross-border 2 (13%) - 8 (20%) 75M (100%)
Total 16 - 41 $75M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 5 (31%) - 14 (34%) -
Growth Capital 5 (31%) - 7 (17%) -
Secondary Buyout 2 (13%) - 7 (17%) -
Divestiture 1 (6%) - 5 (12%) 75M (100%)
Stake Purchase 2 (13%) - 3 (7%) -
Recapitalization - - 2 (5%) -
Consolidation - - 1 (2%) -
Going Private - - 1 (2%) -
Special Situations/Distressed 1 (6%) - 1 (2%) -
Total 16 - 41 $75M

Exits by Deal Type

Type Total # Value
Secondary Sale 9 (35%) -
Trade Sale 9 (35%) -
Trade Sale - Public Company 5 (19%) 3.6B (100%)
IPO 2 (8%) -
Bankruptcy 1 (4%) -
Total 26 $3.6B

Top M&A Advisors

Financial Deals
BMO Capital Markets
 1
William Blair
 1
Legal Deals
Stikeman Elliott
 3
Torys LLP
 2
MLT Aikins
 1

Deal Values

buy # Total
< $100M 1 $75M
TOTAL $75M
Largest Pinova, Inc.
$75M (2009-12-15)
sell # Total
> $1B 1 $1.9B
$100M to $1B 4 $1.7B
TOTAL $3.6B
Largest Barrette Outdoor Living, Inc.
$1.9B (2022-06-03)

M&A Connections

Deals
Acquired from
Investor(s)
15%
6 (15%)
Strategic(s)
10%
4 (10%)
Exited to
Investor(s)
35%
9 (35%)
Strategic(s)
50%
13 (50%)

Investor Summary

Investor Type

Private Equity Firm

Size

Large

PE Assets

3.0B CAD

Established

2002

Specialist/Generalist

Generalist

Leadership

Eric Berke

Managing Partner

Brent Belzberg

Senior Managing Partner

Daniel Sonshine

Partner

Darin Brock

Partner

Jonathan Fraser

Partner

FAQ

When was TorQuest founded?

TorQuest was founded in 2002.

What type of investor is TorQuest?

TorQuest is a private equity firm.

Where is TorQuest headquartered?

TorQuest is headquartered in Toronto, Ontario.

How much capital does TorQuest have under management?

TorQuest has 3.0B CAD under management.

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