M&A Deal Summary

Fulcrum Capital Partners Acquires Innovative Steam Technologies

On April 13, 2015, private equity firm Fulcrum Capital Partners acquired electrical equipment company Innovative Steam Technologies from Aecon for 35M USD

Acquisition Highlights
  • This is Fulcrum Capital Partners’ 1st transaction in the Electrical Equipment sector.
  • This is Fulcrum Capital Partners’ largest (disclosed) transaction.
  • This is Fulcrum Capital Partners’ 23rd transaction in Canada.
  • This is Fulcrum Capital Partners’ 11th transaction in Ontario.
Investment Fate
  • Innovative Steam Technologies was divested to a consortium of strategic buyers in 2018.

M&A Deal Summary
Date 2015-04-13
Target Innovative Steam Technologies
Sector Electrical Equipment
Buyer(s) Fulcrum Capital Partners
Sellers(s) Aecon
Deal Type Divestiture
Deal Value 35M USD

Target

Innovative Steam Technologies

Cambridge, Ontario, Canada
Innovative Steam Technologies provides in the design, engineer, manufacture and installs proprietary heat recovery steam generators for power generation and enhanced oil recovery applications. Innovative Steam Technologies was founded in 1992 and is based in Cambridge, Ontario.

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Buyer(S) 1

Buyer

Fulcrum Capital Partners

Vancouver, British Columbia, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2011
PE ASSETS 1.0B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Fulcrum Capital Partners is a private equity firm focused on middle-market company acquisitions in Canada. The Firm looks to invest $10 to $35 million in companies generating up to $250 million in revenue. Industries of interest include services, manufacturing, consumer products, distribution, food, and retail. Prospective transaction situations include successions, growth capital financings, consolidations, buyouts, take privates, and pre-IPO financings. Fulcrum Capital Partners was formed in 2011 and is based in Vancouver, British Columbia.

DEAL STATS #
Overall 23 of 37
Sector (Electrical Equipment) 1 of 1
Type (Divestiture) 1 of 1
State (Ontario) 11 of 18
Country (Canada) 23 of 35
Year (2015) 3 of 3
Size (of disclosed) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-02-01 JNM

Windsor, Ontario, Canada

JNM is a provider of automotive parts manufacturer of tooling solutions and stamped metal components and assemblies. The company has developed a strong base of business building components for a variety of vehicle platforms and supplying a broad range of Tier 1 auto parts companies and original equipment manufacturers. JNM was founded in 1990 and is based in Windsor, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2015-04-30 Nuheat Industries

Delta, British Columbia, Canada

Nuheat Industries Ltd. is a manufacturer and distributor of electric underfloor heating systems in North America.

Sell -

Seller(S) 1

SELLER

Aecon

Toronto, Ontario, Canada
Category Company
Founded 1877
Sector Construction
Employees8,684
Revenue 4.6B CAD (2023)
DESCRIPTION

Aecon is a construction and infrastructure development providing integrated turnkey services to private and public sector clients. Aecon was incorporated in 1877 and is based in Toronto, Canada.

DEAL STATS #
Overall 1 of 2
Sector (Electrical Equipment) 1 of 1
Type (Divestiture) 1 of 2
State (Ontario) 1 of 2
Country (Canada) 1 of 2
Year (2015) 1 of 1
Size (of disclosed) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2010-08-27 Cow Harbour Construction

Fort McMurray, Alberta, Canada

Cow Harbour Construction Ltd. (“Cow Harbour”), one of the three oil sands mining, land reclamation and contracting services business, based in Fort McMurray, Alberta.

Buy $180M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-03 Aecon Group - Contract Mining Business

Toronto, Ontario, Canada

Aecon Group, Inc. - Contract Mining Business provides overburden removal and environmental reclamation services through a dedicated fleet of earth-moving equipment, primarily in the oil sands in Fort McMurray, Alberta.

Sell $199M
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