Tandem Expansion Fund Mergers and Acquisitions Summary

Private Equity Profile

Tandem Expansion Fund’s most common sectors for investment are software (24%) and electrical equipment (16%). The Firm’s most common investment types include venture (47%) and growth capital (31%). Its largest (disclosed) acquisition occurred in 2013 when it acquired Anaergia for $36M.

In the last 3 years, Tandem Expansion Fund has exited 3 companies. The Firm’s most common exit type is trade sale (60%).

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M&A Summary

  • M&A Total Activity18
    • M&A Buy Activity13
    • M&A Sell Activity5
  • Total Sectors Invested 7
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 10

Tandem Expansion Fund

460 McGill Street, Suite 500,
Montreal, Quebec H2Y 2H2
Canada
(514) 510-8900
www.tandemexpansion.com
info@tandemexpansion.com

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.


Investment Criteria

Sectors of Interest: Electronics, Environmental, Information Technology, Internet Software and Services, Life Science, Oil/Gas Exploration, Retail, Software, Technology Hardware

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

Geographic Preferences: Canada

Transaction Criteria Min Max
Target Revenue 5 50
Target EBITDA - -
Investment Size 10 30
Enterprise Value - -
values in millions of USD

M&A Summary

Buy vs Sell

Year ≤ '15 '16 '17 '18 '19 '20 T
Buy (0.0/yr) # 13 - - - - - 13
vol $102M $102M
Sell (1.0/yr) # - 2 1 2 - - 5
  18

Most Recent M&A

Company Date Value Type
Lithion Power Group 2018-04-18 - Secondary Buyout
Calgary, Alberta · www.lithiongroup.com
NGRAIN (Canada) Corp. 2018-01-04 - Add-on Acquisition
Vancouver, British Columbia · www.ngrain.com
Acquisio, Inc. 2017-11-01 - Add-on Acquisition
Brossard, Quebec · www.acquisio.com
Delta-Q Technologies Corp. 2016-12-07 - Add-on Acquisition
Burnaby, British Columbia · www.delta-q.com
Solace Systems, Inc. 2016-04-06 - Secondary Buyout
Ottawa, Ontario · www.solacesystems.com
Averna Technologies, Inc. 2015-04-02 - Growth Capital
Montreal, Quebec · www.averna.com
Anaergia Inc. 2013-10-07 36M CAD Growth Capital
Burlington, Ontario · www.anaergia.com
Lithion Power Group 2013-01-24 - Growth Capital
Calgary, Alberta · www.lithiongroup.com
Coveo Solutions, Inc. 2012-12-10 18M USD Venture
Quebec, Canada · www.coveo.com
Blueprint Software Systems, Inc. 2012-05-02 - Venture
Toronto, Ontario · www.blueprintsys.com
View All >>

M&A by Sector

Sector Current # Value All-time # Value
Software 1 (17%) - 3 (23%) -
Environmental 2 (33%) 36M (40%) 2 (15%) 36M (35%)
Internet Software and Services 1 (17%) 18M (20%) 2 (15%) 30M (29%)
Electrical Equipment - - 2 (15%) -
Technology Hardware - - 2 (15%) -
Retail 1 (17%) 36M (40%) 1 (8%) 36M (35%)
Electronics 1 (17%) - 1 (8%) -
Total 6 $90M 13 $102M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Canada 6 (100%) 90M (100%) 13 (100%) 102M (100%)
  Ontario 2 (33%) 36M (40%) 5 (38%) 36M (35%)
  Quebec 2 (33%) 36M (40%) 3 (23%) 48M (47%)
  British Columbia 1 (17%) - 3 (23%) -
  Alberta - - 1 (8%) -
Total 6 $90M 13 $102M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 2 (33%) 18M (20%) 6 (46%) 30M (29%)
Growth Capital 3 (50%) 72M (80%) 4 (31%) 72M (71%)
Buyout (LBO, MBO, MBI) 1 (17%) - 3 (23%) -
Total 6 $90M 13 $102M

Exits by Deal Type

Type Total # Value
Secondary Sale 2 (40%) -
Trade Sale - Public Company 2 (40%) -
Trade Sale 1 (20%) -
Total 5 -

Deal Values

buy # Total
< $100M 4 $102M
TOTAL $102M
Largest Anaergia Inc.
$36M (2013-10-07)

M&A Connections

Deals %
Exited to
PE Firm(s)
40%
2 40%
Strategic(s)
60%
3 60%

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