Novacap Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, Novacap has acquired 10 companies. It has also invested in 4 others.

Novacap’s most common sectors for investment are consumer products (15%) and information technology (15%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (60%) and growth capital (26%). In total, Novacap has invested in 10 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 secondary buyout (62%). Novacap’s largest (disclosed) exit occurred in 2013 when it sold iWeb for $145M.

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M&A Summary

  • M&A Total Activity48
    • M&A Buy Activity35
    • M&A Sell Activity13
  • Total Sectors Invested 19
  • Total Countries Invested 3
  • M&A Buy/Sell Connections 12
  • M&A Advisors 4

Novacap

375 Roland Therrien Blvd. Suite 210,
Longueuil, Quebec J4H 4A6
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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (3.4/yr) # 18 3 6 3 2 3 35
vol $87M $87M
Sell (2.0/yr) # 3 2 1 2 2 3 13
vol $265M $52M $317M
  48

Most Recent M&A

Company Date Value Type
GroupAssur, Inc. 2020-09-15 - Buyout (LBO, MBO, MBI)
St Leonard, Quebec · www.groupassur.com
Optiom, Inc. 2020-09-14 - Buyout (LBO, MBO, MBI)
Calgary, Alberta · www.optiom.com
FortNine 2020-08-06 - Buyout (LBO, MBO, MBI)
Montreal, Quebec · www.fortnine.ca
PKWARE, Inc. 2020-05-13 - Secondary Buyout
Milwaukee, Wisconsin · www.pkware.com
Intelerad Medical Systems, Inc. 2020-01-23 - Secondary Buyout
Montreal, Quebec · www.intelerad.com
Dialogic Group, Inc. 2020-01-03 52M USD Trade Sale - Public Company
Parsippany, New Jersey · www.dialogic.com
Bentley & Co. Ltd. 2019-11-26 - Secondary Buyout
Montreal, Quebec · www.shopbentley.com
Foliot Furniture 2019-11-05 - Buyout (LBO, MBO, MBI)
Las Vegas, Nevada · www.foliot.com
Spectrum Health Care Ltd. 2019-07-15 - Buyout (LBO, MBO, MBI)
Toronto, Ontario · www.spectrumhealthcare.com
Firmex, Inc. 2019-02-05 - Secondary Buyout
Toronto, Ontario · www.firmex.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Noble Foods Nutrition, Inc. 2018-06-20 Betty Lou's, Inc. 2020-08-06 1
Pointe-Claire, Quebec · www.noblefoods.com McMinnville, Oregon · www.bettylousinc.com
Nitrex, Inc. 2015-09-14 G-M Enterprises 2020-01-08 1
Saint-Laurent, Quebec · www.nitrex.com Corona, California · www.gmenterprises.com
The GTI Group (GTI Transport Solutions, Inc.) 2014-01-01 Jetco Delivery, Inc. 2019-05-13 1
Lachine, Quebec · www.thegtigroup.com Houston, Texas · www.jetcodelivery.com
Hallcon Corp. 2015-08-04 Transportation Certification Services, Inc. 2017-04-21 2
Toronto, Ontario · www.hallconcorp.com Overland Park, Kansas · www.tcsrailservices.com
Hallcon Corp. 2015-08-04 Rail Temps, Inc. 2017-04-21 1
Toronto, Ontario · www.hallconcorp.com Overland Park, Kansas · www.rrtemps.com
Smyth Companies LLC 2010-01-29 Pure Pack Technologies 2016-03-02 2
St. Paul, Minnesota · www.smythco.com Phoenix, Arizona · www.purepacktechnologies.com
Dialogic, Inc. 2014-10-12 APEX Communications, Inc. 2016-02-09 2
Milpitas, California · www.dialogic.com Woodland Hills, California · www.apexcom.com
Smyth Companies LLC 2010-01-29 Paper & Graphics Printing, Inc. 2015-11-16 1
St. Paul, Minnesota · www.smythco.com Rochester, Minnesota
Dialogic, Inc. 2014-10-12 Neo Silurian Technologies Ltd. (dba NS-Technologies) 2015-02-23 1
Milpitas, California · www.dialogic.com Bridgend, United Kingdom

M&A by Sector

Sector Current # Value All-time # Value
Consumer Products 3 (14%) - 5 (14%) -
Information Technology 4 (19%) - 5 (14%) -
Manufacturing 1 (5%) - 4 (11%) -
Software - - 4 (11%) -
Furniture 2 (10%) - 2 (6%) -
Insurance 2 (10%) - 2 (6%) -
Food - - 1 (3%) 87M (100%)
Apparel/Textiles 1 (5%) - 1 (3%) -
Business Services 1 (5%) - 1 (3%) -
Communications 1 (5%) - 1 (3%) -
E-Commerce 1 (5%) - 1 (3%) -
Energy Services and Equipment 1 (5%) - 1 (3%) -
Healthcare Services 1 (5%) - 1 (3%) -
Internet Software and Services - - 1 (3%) -
Machinery 1 (5%) - 1 (3%) -
Packaging 1 (5%) - 1 (3%) -
Retail - - 1 (3%) -
Technology Hardware - - 1 (3%) -
Transportation 1 (5%) - 1 (3%) -
Total 21 - 35 $87M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Canada 15 (71%) - 23 (66%) -
  Quebec 10 (48%) - 17 (49%) -
  Ontario 3 (14%) - 4 (11%) -
  Alberta 2 (10%) - 2 (6%) -
United States 6 (29%) - 11 (31%) 87M (100%)
  Texas 2 (10%) - 2 (6%) -
  Ohio 1 (5%) - 1 (3%) -
  Nevada 1 (5%) - 1 (3%) -
  Minnesota 1 (5%) - 1 (3%) -
  California 1 (5%) - 1 (3%) -
  Idaho - - 1 (3%) 87M (100%)
  Wisconsin - - 1 (3%) -
  New York - - 1 (3%) -
  Michigan - - 1 (3%) -
  Maine - - 1 (3%) -
France - - 1 (3%) -
  Ontario - - 1 (3%) -
Domestic 15 (71%) - 23 (66%) -
Cross-border 6 (29%) - 12 (34%) 87M (100%)
Total 21 - 35 $87M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 13 (62%) - 21 (60%) -
Growth Capital 6 (29%) - 9 (26%) -
Secondary Buyout 2 (10%) - 4 (11%) -
Divestiture - - 1 (3%) 87M (100%)
Total 21 - 35 $87M

Exits by Deal Type

Type Total # Value
Secondary Sale 8 (62%) -
Trade Sale - Public Company 3 (23%) 317M (100%)
Merger 1 (8%) -
Recapitalization 1 (8%) -
Total 13 $317M

Top M&A Advisors

Financial Deals
GMP Securities LP
1
Legal Deals
Goodwin Procter LLP
1
McCarthy Tétrault LLP
1
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, Inc.
$145M (2013-10-30)

M&A Connections

Deals %
Acquired from
PE Firm(s)
86%
6 86%
Strategic(s)
14%
1 14%
Exited to
PE Firm(s)
79%
11 79%
Strategic(s)
21%
3 21%

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