M&A Deal Summary

Canopy Growth Acquires This Works

On May 22, 2019, Canopy Growth acquired consumer products company This Works from Tengram Capital Partners for 43M GBP

Acquisition Highlights
  • This is Canopy Growth’s 2nd transaction in the Consumer Products sector.
  • This is Canopy Growth’s 5th largest (disclosed) transaction.
  • This is Canopy Growth’s 2nd transaction in the United Kingdom.
Investment Fate
  • This Works was divested to a consortium of buyers in 2023 for 9M GBP.

M&A Deal Summary

Date 2019-05-22
Target This Works
Sector Consumer Products
Buyer(s) Canopy Growth
Sellers(s) Tengram Capital Partners
Deal Type Add-on Acquisition
Deal Value 43M GBP

Target

This Works

London, United Kingdom
This Works is a provider of natural beauty products focused on developing, marketing, distributing, and selling aromatherapeutic beauty products across the body care, skin care, and sleep categories to a diverse set of health and wellness, specialty beauty, and third-party e-commerce retailers. This Works was founded in 2003 and is based in London, United Kingdom.

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Buyer(S) 1

Buyer

Canopy Growth

Smiths Falls, Ontario, Canada

Category Company
Founded 2009
Sector Medical Products
Employees1,621
Revenue 403M CAD (2023)
DESCRIPTION

Canopy Growth is a diversified cannabis company, offering distinct brands and curated cannabis varieties in dried, oil and capsule forms. Through its wholly-owned subsidiaries, Canopy Growth operates numerous state-of-the-art production facilities with over half a million square feet of GMP-certified indoor and greenhouse production capacity, all to an unparalleled level of quality assurance procedures and testing. Canopy Growth has established partnerships with leading sector names in Canada and abroad, with interests and operations spanning four continents. The Company is proudly dedicated to educating healthcare practitioners, providing consistent access to high quality cannabis products, conducting robust clinical research, and furthering the public's understanding of cannabis. Canopy Growth was founded in 2009 and is based in Smiths Falls, Canada.


DEAL STATS #
Overall 9 of 14
Sector (Consumer Products) 2 of 5
Type (Add-on Acquisition) 7 of 12
Country (United Kingdom) 2 of 2
Year (2019) 5 of 6
Size (of disclosed) 5 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-02 C3 Cannabinoid Compound

Neumarkt, Germany

C3 Cannabinoid Compound develops and manufactures pharmaceutical products and is comprised of Spectrum Therapeutics GmbH, based in Neumarkt-in-der-Oberpfalz, Germany, THC Pharm GmbH The Health Concept, based in Frankfurt, Germany, and Spectrum Therapeutics Austria GmbH, based in Vienna, Austria.

Buy €226M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-06-26 KeyLeaf Life Sciences

Saskatoon, Saskatchewan, Canada

KeyLeaf Life Sciences is an ingredient and process technology company. KeyLeaf works in the food, beverage and nutraceutical ingredient industries to innovate new solutions to fulfill modern needs. KeyLeaf Life Sciences was founded in 1973 and is based in Saskatoon, Saskatchewan.

Buy -

Seller(S) 1

SELLER

Tengram Capital Partners

Westport, Connecticut, United States

Category Private Equity Firm
Founded 2010
Size Small
Type Sector Focused
DESCRIPTION

Tengram Capital Partners LLC is a private equity firm focused on retail and branded consumer products. Tengram targets small-cap growth companies as well as restructuring opportunities with stable cash-flows. Specific areas of interest include apparel, sporting goods, consumer electronics, home furnishings, health and beauty, spirits, and food and beverage. Tengram is based in Westport, Connecticut.


DEAL STATS #
Overall 10 of 11
Sector (Consumer Products) 5 of 6
Type (Add-on Acquisition) 5 of 6
Country (United Kingdom) 1 of 1
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-18 Lime Crime

Woodland Hills, California, United States

Lime Crime is a provider of makeup and hair color brand for women who are unapologetically themselves. Lime Crime was founded in 2008 and is based in Woodland Hills, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-06 High Ridge Brands

Stamford, Connecticut, United States

High Ridge Brands provides consumers with high-quality personal care products at a great value. High Ridge has a portfolio of nine trusted brands, serving primarily North American personal cleaning and hair care markets, including Zest®, White Rain®, VO5®, Coast®, LA Looks®, Zero Frizz®, Rave®, Salon Grafix®, and Thicker Fuller Hair®. High Ridge Brands was formed in 2010 and is based in Stamford, Connecticut.

Buy -