M&A Deal Summary

Clearspring Capital Partners and CDPQ Acquire Demers Ambulances

On November 22, 2016, private equity firm Clearspring Capital Partners and asset manager CDPQ acquired automotive company Demers Ambulances from Westerkirk Capital and Ironbridge Equity Partners

Acquisition Highlights
  • This is Clearspring Capital Partners’ 1st and CDPQ’s 2nd transaction in the Automotive sector.
  • This is Clearspring Capital Partners’ 6th and CDPQ’s 14th transaction in Canada.
  • This is Clearspring Capital Partners’ 1st and CDPQ’s 14th transaction in Quebec.

M&A Deal Summary
Date 2016-11-22
Target Demers Ambulances
Sector Automotive
Buyer(s) Clearspring Capital Partners
CDPQ
Sellers(s) Westerkirk Capital
Ironbridge Equity Partners
Deal Type Secondary Buyout

Target

Demers Ambulances

Beloeil, Quebec, Canada
Demers Ambulances is the second largest ambulance manufacturer in North America. Demers Ambulances is accredited by Transport Canada and is recognized as a "Qualified Vehicles Modification" (QVM) by Ford, holds the US National Truck Equipment Association (NTEA) Member Verification Program (MVP) certification, and holds the BNQ1013 certification from the Bureau de Normalization du Québec (BNQ). Demers Ambulances was founded in 1960 and is based in Beloeil, Quebec.

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Buyer(S) 2

Buyer

Clearspring Capital Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor

Category Private Equity Firm
Founded 2002
PE ASSETS 600M CAD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Callisto Capital is a private equity firm focused on ownership/control investments and minority interests in both private and public companies. In addition to equity, Callisto also provides 'near equity' capital including sub-debt with warrants and convertible debt. Callisto's target investment size is between $20 and $50 million. Callisto Capital is based in Toronto, Canada.

DEAL STATS #
Overall 6 of 11
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 1 of 2
State (Quebec) 1 of 6
Country (Canada) 6 of 11
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-11-02 DME Brewing Solutions

Charlottetown, Prince Edward Island, Canada

DME Brewing Solutions Ltd. engages in the craft brewing industry, and supplier of equipment to craft brewing customers around the world. DME prides itself on being a customer’s best resource for the planning, design, fabrication, management, and successful execution for each unique brewery project. DME Brewing Solutions Ltd. was founded in 1991 and is based in Charlottetown, Canada.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-14 Telecon

Anjou, Quebec, Canada

Telecon is a telecommunications network, service provider. Telecon delivers a large variety of industry-leading design, infrastructure, and connectivity solutions to the country’s most notable telecommunication companies, with portfolios in wireline, wireless, cable television, data, internet, IPTV, information, and communication technology. Telecon was founded in 1967 and is based in Anjou, Quebec.

Buy -
Buyer

CDPQ

Investor Investor Investor Investor Investor

Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.

DEAL STATS #
Overall 27 of 101
Sector (Automotive) 2 of 2
Type (Secondary Buyout) 6 of 20
State (Quebec) 14 of 44
Country (Canada) 14 of 47
Year (2016) 13 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-11-07 AlixPartners

New York, New York, United States

AlixPartners is a performance improvement, corporate turnaround and financial advisory services firm. The AlixPartners' 'one-stop-shop' suite of services range from financial restructuring and operational performance improvement across all major corporate disciplines (manufacturing, supply chain, IT, sales & marketing, working capital, etc.), to financial advisory services (including financial reporting, corporate governance and investigations) to technology-enabled restructuring and claims management. AlixPartners was founded in 1981 and is based in New York.

Buy $2.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-12-15 Hopper

Montreal, Quebec, Canada

Hopper white-label travel portals for companies that aspire to sell travel with a differentiated consumer experience and offering. Hopper’s B2B initiative, Hopper Cloud, any travel provider airlines, hotels, online travel agencies, meta-search companies, travel agencies, etc. – can integrate and seamlessly distribute Hopper’s fintech or travel agency content which will now include tours and activities. Hopper is based in Montreal, Quebec.

Buy -

Seller(S) 2

SELLER

Westerkirk Capital

Victoria, British Columbia, Canada
Category Asset Manager
Size Small
Type Sector Agnostic
DESCRIPTION

Westerkirk Capital is an investment firm focused on partnering with business owners and managers to pursue growth opportunities. The Firm manages private capital for a single Canadian investor and generally takes a long-term approach when investing. Westerkirk is a generalist investor, with interest in transportation, apparel, media, manufacturing, business services, aerospace, consumer products, and real estate. Westerkirk Capital is based in Victoria, British Columbia.

DEAL STATS #
Overall 5 of 5
Sector (Automotive) 1 of 1
Type (Secondary Buyout) 2 of 2
State (Quebec) 1 of 1
Country (Canada) 5 of 5
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-12-07 Array Marketing

Toronto, Ontario, Canada

Array Marketing is a provider of in-store marketing services for the retailers and brand manufacturers. Array Canada is based in Toronto, Ontario.

Sell -
SELLER

Ironbridge Equity Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2005
PE ASSETS 700M CAD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Ironbridge Equity Partners (IEP) is a private equity investor in middle-market Canadian companies. IEP targets profitable companies with motivated management, 'history of positive earnings strong competitive positions within industry niche, and opportunities growth (organic or through acquisitions). IEP looks to invest at least $15 million in transactions valued up to $50 million. Areas of interest include manufacturing, distribution, consumer products/services, and business services. The Firm will not invest in real estate, natural resources, and technology. Ironbridge Equity Partners was formed in 2005 and is based in Toronto.

DEAL STATS #
Overall 5 of 12
Sector (Automotive) 1 of 2
Type (Secondary Buyout) 3 of 6
State (Quebec) 2 of 2
Country (Canada) 5 of 12
Year (2016) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-14 Thermogenics

Aurora, Ontario, Canada

Thermogenics is a manufacturer of coil-tube steam and hot-water boilers and related equipment used in industrial, commercial, and institutional applications in the North American market. Thermogenics was founded in 1975 and is based in Aurora, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-01 Avena Foods

Regina, Saskatchewan, Canada

Avena Foods is a provider of gluten-free oat and pulse ingredients to the North American market. Avena Foods is based in Regina, Saskatchewan.

Buy -
Mergr

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