Novacap Mergers and Acquisitions Summary

Private Equity Firm Profile

In the last 3 years, Novacap has acquired 10 companies. It has also invested in 3 others.

Novacap’s most common sectors for investment areinformation technology (17%) and manufacturing (10%) . The Firm’s most common investment types include buyout (lbo, mbo, mbi) (55%) and growth capital (26%). In total, Novacap has invested in 11 US states and 3 different countries. Its largest (disclosed) acquisition occurred in 2011 when it acquired Idaho Pacific Crop. for $87M.

In the last 3 years, Novacap has exited 8 companies. The Firm’s most common exit type is trade sale (40%). Novacap’s largest (disclosed) exit occurred in 2013 when it sold iWeb Technologies for $145M.

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M&A Summary

  • M&A Total Activity78
    • M&A Buy Activity55
    • M&A Sell Activity23
  • Total Sectors Invested 25
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 23
  • M&A Advisors 10

Novacap

3400, rue de l’Eclipse, Bureau 700,
Brossard, Quebec J4Z 0P3
Canada
(450) 651-5000
www.novacap.ca
info@novacap.ca

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.


Investment Criteria

Sectors of Interest: Building Materials, Business Services, Communications, Distribution, Food, Healthcare Services, Leisure, Manufacturing, Media, Medical Products, Packaging, Plastics, Safety/Security, Semiconductors, Software, Technology Hardware, Transportation

Target Transaction Types: Buyout (LBO, MBO, MBI), Divestiture, Growth Capital, Recapitalization

Geographic Preferences: Canada

Transaction Criteria Min Max
Target Revenue 30 500
Target EBITDA - -
Investment Size - -
Enterprise Value 30 300
values in millions of CAD

M&A Summary

Buy vs Sell

Year ≤ '18 '19 '20 '21 '22 '23 T
Buy (3.2/yr) # 39 3 5 7 1 - 55
vol $87M $87M
Sell (2.0/yr) # 13 2 4 - 4 - 23
vol $265M $52M $317M
  78

Most Recent M&A

Company Date Value Type
Ratehub, Inc. 2022-07-14 - Growth Capital
Toronto, Ontario · www.ratehub.ca
Hallcon Corp. 2022-07-05 - Secondary Buyout
Chicago, Illinois · www.hallconcorp.com
Greenwood Mushrooms Development Corp. 2022-06-29 - Secondary Buyout
Ashburn, Ontario · www.windmillfarms.ca
Mucci International Marketing, Inc. 2022-06-03 - Add-on Acquisition
Kingsville, Ontario · www.muccifarms.com
Noble Foods Nutrition, Inc. 2022-04-12 - Add-on Acquisition
Pointe-Claire, Quebec · www.noblefoods.com
Stratus Networks 2021-10-21 - Buyout (LBO, MBO, MBI)
Peoria Heights, Illinois · www.stratusnet.com
Accurate Group LLC 2021-09-07 - Secondary Buyout
Independence, Ohio · www.accurategroup.com
Multy Home LP 2021-07-13 - Buyout (LBO, MBO, MBI)
Vaughan, Ontario · www.multyhome.com
Canada Diagnostic Centres 2021-07-06 - Growth Capital
Calgary, Alberta · www.canadadiagnostics.ca
Cofomo Inc. 2021-06-01 - Growth Capital
Montreal, Quebec · www.cofomo.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Globe Electric Company Inc. 2021-05-12 HeathCo LLC 2021-11-10 1
Montreal, Quebec · www.globe-electric.com Bowling Green, Kentucky · www.heath-zenith.com
Horizon Telcom, Inc. 2018-01-25 Consolidated Cooperative - Commercial Fiber Business 2021-08-31 2
Columbus, Ohio · www.horizonconnects.com Mount Gilead, Ohio
Previan Technologies, Inc. 2021-03-31 Zetec, Inc. 2021-08-10 3
Québec, Quebec · www.eddyfi-ndt.com Snoqualmie, Washington · www.zetec.com

M&A by Sector

Sector Current # Value All-time # Value
Information Technology 5 (17%) - 9 (16%) -
Manufacturing 3 (10%) - 5 (9%) -
Consumer Products 2 (7%) - 4 (7%) -
Food - - 3 (5%) 87M (100%)
Healthcare Services 2 (7%) - 3 (5%) -
Insurance 3 (10%) - 3 (5%) -
Software - - 3 (5%) -
Transportation 1 (3%) - 3 (5%) -
Agriculture - - 2 (4%) -
Business Services 2 (7%) - 2 (4%) -
Communications 2 (7%) - 2 (4%) -
Distribution 1 (3%) - 2 (4%) -
Furniture 2 (7%) - 2 (4%) -
Apparel/Textiles 1 (3%) - 1 (2%) -
E-Commerce 1 (3%) - 1 (2%) -
Electrical Equipment 1 (3%) - 1 (2%) -
Energy Services and Equipment - - 1 (2%) -
Financial Services 1 (3%) - 1 (2%) -
Internet Software and Services - - 1 (2%) -
Machinery 1 (3%) - 1 (2%) -
Media 1 (3%) - 1 (2%) -
Packaging 1 (3%) - 1 (2%) -
Plastics - - 1 (2%) -
Retail - - 1 (2%) -
Technology Hardware - - 1 (2%) -
Total 30 - 55 $87M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Canada 22 (73%) - 39 (71%) -
  Quebec 17 (57%) - 30 (55%) -
  Ontario 3 (10%) - 6 (11%) -
  Alberta 2 (7%) - 3 (5%) -
United States 8 (27%) - 15 (27%) 87M (100%)
  Illinois 2 (7%) - 3 (5%) -
  Ohio 2 (7%) - 2 (4%) -
  New York 1 (3%) - 2 (4%) -
  Nevada 1 (3%) - 1 (2%) -
  Minnesota 1 (3%) - 1 (2%) -
  Michigan 1 (3%) - 1 (2%) -
  Idaho - - 1 (2%) 87M (100%)
  California - - 1 (2%) -
  Wisconsin - - 1 (2%) -
  Texas - - 1 (2%) -
  Maine - - 1 (2%) -
France - - 1 (2%) -
  Ontario - - 1 (2%) -
Domestic 22 (73%) - 39 (71%) -
Cross-border 8 (27%) - 16 (29%) 87M (100%)
Total 30 - 55 $87M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 18 (60%) - 30 (55%) -
Growth Capital 5 (17%) - 14 (25%) -
Secondary Buyout 3 (10%) - 6 (11%) -
Stake Purchase 2 (7%) - 2 (4%) -
Divestiture - - 1 (2%) 87M (100%)
Add-on Acquisition 1 (3%) - 1 (2%) -
Venture 1 (3%) - 1 (2%) -
Total 30 - 55 $87M

Exits by Deal Type

Type Total # Value
Secondary Sale 11 (48%) -
Trade Sale - Public Company 5 (22%) 317M (100%)
Trade Sale 5 (22%) -
Merger 1 (4%) -
Recapitalization 1 (4%) -
Total 23 $317M

Top M&A Advisors

Financial Deals
National Bank Financial
2
GMP Securities LP
1
Ernst & Young Capital Advisors LLC
1
Legal Deals
Fasken Martineau DuMoulin LLP
2
McCarthy Tétrault LLP
2
McMillan LLP
1

Deal Values

buy # Total
< $100M 1 $87M
TOTAL $87M
Largest Idaho Pacific Crop.
$87M (2011-05-06)
sell # Total
$100M to $1B 2 $265M
< $100M 1 $52M
TOTAL $317M
Largest iWeb Technologies Inc.
$145M (2013-10-30)

M&A Connections

Deals
Acquired from
Investor(s)
13%
7 (13%)
Strategic(s)
2%
1 (2%)
Exited to
Investor(s)
43%
10 (43%)
Strategic(s)
48%
11 (48%)

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