Tandem Expansion Fund Mergers and Acquisitions Summary

Growth Capital Firm Profile

Tandem Expansion Fund’s most common sectors for investment aresoftware (37%) and electrical equipment (19%) . The Firm’s most common investment types include venture (55%) and buyout (lbo, mbo, mbi) (28%). Its largest (disclosed) acquisition occurred in 2011 when it acquired Acquisio for $12M.

In the last 3 years, Tandem Expansion Fund has exited 2 companies. The Firm’s most common exit type is trade sale (60%).

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M&A Summary

  • M&A Total Activity16
    • M&A Buy Activity11
    • 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 ≤ '16 '17 '18 '19 '20 '21 T
Buy (0.0/yr) # 11 - - - - - 11
vol $12M $12M
Sell (0.6/yr) # 2 1 2 - - - 5
  16

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 - Buyout (LBO, MBO, MBI)
Montreal, Quebec · www.averna.com
Anaergia, Inc. 2013-10-07 - 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 - Venture
Quebec City, Quebec · www.coveo.com
Blueprint Software Systems, Inc. 2012-05-02 - Venture
Toronto, Ontario · www.blueprintsys.com
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Averna Technologies, Inc. 2015-04-02 Nexjen Systems LLC 2016-06-30 2
Montreal, Quebec · www.averna.com Charlotte, North Carolina · www.nexjen.com

M&A by Sector

Sector Current # Value All-time # Value
Software 2 (50%) - 4 (36%) -
Electrical Equipment - - 2 (18%) -
Internet Software and Services - - 1 (9%) 12M (100%)
Electronics 1 (25%) - 1 (9%) -
Environmental 1 (25%) - 1 (9%) -
Information Technology - - 1 (9%) -
Technology Hardware - - 1 (9%) -
Total 4 - 11 $12M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Canada 4 (100%) - 11 (100%) 12M (100%)
  Ontario 2 (50%) - 5 (45%) -
  Quebec 2 (50%) - 3 (27%) 12M (100%)
  British Columbia - - 2 (18%) -
  Alberta - - 1 (9%) -
Total 4 - 11 $12M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Venture 2 (50%) - 6 (55%) 12M (100%)
Buyout (LBO, MBO, MBI) 1 (25%) - 3 (27%) -
Growth Capital 1 (25%) - 2 (18%) -
Total 4 - 11 $12M

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 1 $12M
TOTAL $12M
Largest Acquisio, Inc.
$12M (2011-08-16)

M&A Connections

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

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