M&A Deal Summary

Empire Comfort Systems Acquires Montigo

On August 10, 2023, Empire Comfort Systems acquired manufacturer Montigo from CAI Capital Partners

Acquisition Highlights
  • This is Empire Comfort Systems’ 1st transaction in the Manufacturing sector.
  • This is Empire Comfort Systems’ 1st transaction in Canada.
  • This is Empire Comfort Systems’ 1st transaction in British Columbia.

M&A Deal Summary
Date 2023-08-10
Target Montigo
Sector Manufacturing
Buyer(s) Empire Comfort Systems
Sellers(s) CAI Capital Partners
Deal Type Add-on Acquisition
Advisor(s) KPMG Corporate Finance LLC (Financial)
Blake, Cassels & Graydon (Legal)

Target

Montigo

Langley, British Columbia, Canada
Montigo is a niche manufacturer of residential and commercial gas fireplaces that are marketed and sold under the Montigo brand name. The Company’s product offering includes gas fireplaces for the residential market as well as highly-customized linear gas fireplaces for the residential and commercial markets. Montigo was formed in 1976 and is based in Langley, British Columbia.

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Buyer(S) 1

Buyer

Empire Comfort Systems

Belleville, Illinois, United States
Category Company
Founded 1932
Sector Manufacturing
DESCRIPTION

Empire Comfort Systems currently manufactures hearth products, grills, and space heaters in 8 locations throughout North America. Empire Comfort Systems was founded in 1932 and is based in Belleville, Illinois.

DEAL STATS #
Overall 1 of 1
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (British Columbia) 1 of 1
Country (Canada) 1 of 1
Year (2023) 1 of 1

Seller(S) 1

SELLER

CAI Capital Partners

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 1.6B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

CAI Capital Partners is a private equity firm that targets lower middle-market, profitable companies with $3 million or more of EBITDA. CAI Capital Partners has a special interest in founder-led business services or specialty manufacturing companies. CAI Capital Partners was formed in 1989 and is based in Vancouver, British Columbia.

DEAL STATS #
Overall 22 of 22
Sector (Manufacturing) 1 of 1
Type (Add-on Acquisition) 14 of 14
State (British Columbia) 3 of 3
Country (Canada) 11 of 11
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-10-04 LineStar Utility Supply

Surrey, British Columbia, Canada

LineStar Utility Supply is a distributor of powerline technician (“PLT”) tools and safety equipment across Canada. LineStar Utility Supply was founded in 2005 and is based in Surrey, British Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-03-07 DWB

Prince George, British Columbia, Canada

DWB is a multi-disciplinary consulting firm that provides environmental, forestry, and engineering services to a variety of industries including transportation, power/hydropower, government, mining, forestry, and oil & gas. DWB's offices are located in Prince George, Fort St. John, Williams Lake, Chetwynd, Burns Lake, Cranbrook, and Penticton, with field offices throughout the province. DWB was founded in 1990 and is based in Prince George, British Columbia.

Buy -
Mergr

Product

Company

Legal