TorQuest Partners Mergers and Acquisitions Summary

Private Equity Profile

In the last 3 years, TorQuest Partners has acquired 7 companies. It has also invested in 1 other.

TorQuest Partners’ most common sectors for investment are food (10%) and building materials (7%). The Firm’s most common investment types include buyout (lbo, mbo, mbi) (37%) and secondary buyout (20%). In total, TorQuest Partners has invested in 5 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 Partners has exited 4 companies. The Firm’s most common exit type is trade sale (39%). TorQuest Partners’ largest (disclosed) exit occurred in 2018 when it sold WSB Titan for $627M.

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M&A Summary

  • M&A Total Activity48
    • M&A Buy Activity30
    • M&A Sell Activity18
  • Total Sectors Invested 21
  • Total Countries Invested 2
  • M&A Buy/Sell Connections 13
  • M&A Advisors 4

TorQuest Partners

161 Bay St, Suite 4240,
Toronto, Ontario M5J 2S1
Canada
(416) 956-7022
www.torquest.com
brock@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 ≤ '15 '16 '17 '18 '19 '20 T
Buy (2.2/yr) # 19 3 2 4 2 - 30
vol $75M $75M
Sell (1.2/yr) # 12 2 - 4 - - 18
vol $597M $627M $1.2B
  48

Most Recent M&A

Company Date Value Type
Joriki, Inc. 2019-10-03 - Growth Capital
Scarborough, Ontario · www.jorikiinc.com
Prepac Manufacturing Ltd. 2019-03-14 - Buyout (LBO, MBO, MBI)
Delta, British Columbia · www.prepacmfg.com
Bartek Ingredients, Inc. 2018-11-13 - Buyout (LBO, MBO, MBI)
Stoney Creek, Ontario · www.bartek.ca
Cando Rail Services Ltd. 2018-11-08 - Recapitalization
Brandon, Manitoba · www.candorail.com
Spinrite LP 2018-07-03 - Secondary Buyout
Listowel, Ontario · www.spinriteyarns.com
Envirosystems, Inc. 2018-06-29 - Add-on Acquisition
Dartmouth, Nova Scotia · www.envirosystemsglobal.com
Maviro, Inc. 2018-06-29 - Divestiture
Deer Park, Texas · www.maviro.com
WSB Titan 2018-06-04 627M USD Trade Sale - Public Company
Vaughan, Ontario · www.wsbtitan.com
Thinking Capital Corp. 2018-03-09 - Add-on Acquisition
Montreal, Quebec · www.thinkingcapital.ca
A&W Root Beer Beverages of Canada, Inc. 2018-02-23 - Special Situations/Distressed
Vancouver, British Columbia · www.aw.ca
View All >>

Portfolio M&A

Company Acquired Add-On/Sale Date #
Polycor, Inc. 2016-09-16 Elliott Stone Co., Inc. 2019-10-01 3
Quebec, Quebec · www.polycor.com Bedford, Indiana · www.elliottstone.com
Rubicon Pharmacies 2017-09-05 Rubicon Pharmacies Canada, Inc. 2018-04-02 1
Regina, Saskatchewan · www.rubiconpharmacies.com Weyburn, Saskatchewan
SCM Insurance Services, Inc. 2010-08-02 Nixon & Co., Inc. 2017-05-03 5
Edmonton, Alberta · www.scm.ca St. Louis, Missouri · www.nixonandco.com
Polycor, Inc. 2016-09-16 Rock of Ages Corp. 2016-09-16 2
Quebec, Quebec · www.polycor.com Graniteville, Vermont · www.rockofages.com
Polycor, Inc. 2016-09-16 Swenson Granite Company LLC 2016-09-16 1
Quebec, Quebec · www.polycor.com Concord, New Hampshire · www.swensongranite.com
SCM Insurance Services, Inc. 2010-08-02 Rochon Engineering Corp. 2014-08-25 4
Edmonton, Alberta · www.scm.ca Bolton, Ontario · www.rochons.ca
SCM Insurance Services, Inc. 2010-08-02 Granite Claims Solutions 2014-08-25 3
Edmonton, Alberta · www.scm.ca Toronto, Ontario
SCM Insurance Services, Inc. 2010-08-02 Granite Health Solutions 2014-08-25 2
Edmonton, Alberta · www.scm.ca Toronto, Ontario
SCM Insurance Services, Inc. 2010-08-02 CKR Global 2014-08-25 1
Edmonton, Alberta · www.scm.ca Toronto, Ontario

M&A by Sector

Sector Current # Value All-time # Value
Food 1 (8%) - 3 (10%) -
Chemicals - - 2 (7%) 75M (100%)
Building Materials 2 (15%) - 2 (7%) -
Business Services 1 (8%) - 2 (7%) -
Construction 1 (8%) - 2 (7%) -
Energy Services and Equipment 1 (8%) - 2 (7%) -
Insurance 1 (8%) - 2 (7%) -
Transportation 2 (15%) - 2 (7%) -
Apparel/Textiles - - 1 (3%) -
Beverages 1 (8%) - 1 (3%) -
Consumer Products - - 1 (3%) -
Consumer Services - - 1 (3%) -
Environmental - - 1 (3%) -
Financial Services - - 1 (3%) -
Franchising 1 (8%) - 1 (3%) -
Furniture 1 (8%) - 1 (3%) -
Information Technology - - 1 (3%) -
Marketing - - 1 (3%) -
Metals/Mining - - 1 (3%) -
Retail 1 (8%) - 1 (3%) -
Staffing - - 1 (3%) -
Total 13 - 30 $75M

Acquisitions By Geo

State/Country Current # Value All-time # Value
Canada 11 (85%) - 24 (80%) -
  Ontario 4 (31%) - 12 (40%) -
  Quebec 1 (8%) - 4 (13%) -
  British Columbia 2 (15%) - 3 (10%) -
  Alberta 2 (15%) - 2 (7%) -
  Saskatchewan 1 (8%) - 1 (3%) -
  Manitoba 1 (8%) - 1 (3%) -
  Nova Scotia - - 1 (3%) -
United States 2 (15%) - 6 (20%) 75M (100%)
  California 1 (8%) - 2 (7%) -
  Texas 1 (8%) - 1 (3%) -
  Georgia - - 1 (3%) 75M (100%)
  Minnesota - - 1 (3%) -
  Delaware - - 1 (3%) -
Domestic 11 (85%) - 24 (80%) -
Cross-border 2 (15%) - 6 (20%) 75M (100%)
Total 13 - 30 $75M

Acquisitions by Deal Type

Type Current # Value All-time # Value
Buyout (LBO, MBO, MBI) 6 (46%) - 11 (37%) -
Secondary Buyout 1 (8%) - 6 (20%) -
Divestiture 1 (8%) - 4 (13%) 75M (100%)
Recapitalization 2 (15%) - 3 (10%) -
Growth Capital 2 (15%) - 2 (7%) -
Consolidation - - 1 (3%) -
Going Private - - 1 (3%) -
Special Situations/Distressed 1 (8%) - 1 (3%) -
Stake Purchase - - 1 (3%) -
Total 13 - 30 $75M

Exits by Deal Type

Type Total # Value
Secondary Sale 6 (33%) -
Trade Sale 6 (33%) -
Trade Sale - Public Company 3 (17%) 1.2B (100%)
IPO 2 (11%) -
Bankruptcy 1 (6%) -
Total 18 $1.2B

Top M&A Advisors

Financial Deals
William Blair & Co. LLC
1
BMO Capital Markets
1
Legal Deals
Stikeman Elliott LLP
1
Torys LLP
1

Deal Values

buy # Total
< $100M 1 $75M
TOTAL $75M
Largest Pinova, Inc.
$75M (2009-12-15)
sell # Total
$100M to $1B 3 $1.2B
TOTAL $1.2B
Largest WSB Titan
$627M (2018-06-04)

M&A Connections

Deals %
Acquired from
PE Firm(s)
67%
6 67%
Strategic(s)
33%
3 33%
Exited to
PE Firm(s)
59%
10 59%
Strategic(s)
41%
7 41%

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