M&A Deal Summary

InstarAGF Asset Management Acquires Windmill Farms

On June 29, 2022, asset manager InstarAGF Asset Management acquired agriculture company Windmill Farms from Novacap

Acquisition Highlights
  • This is InstarAGF Asset Management’s 1st transaction in the Agriculture sector.
  • This is InstarAGF Asset Management’s 5th transaction in Canada.
  • This is InstarAGF Asset Management’s 2nd transaction in Ontario.

M&A Deal Summary

Date 2022-06-29
Target Windmill Farms
Sector Agriculture
Buyer(s) InstarAGF Asset Management
Sellers(s) Novacap
Deal Type Secondary Buyout
Advisor(s) National Bank Financial
Rabobank Securities (Financial)
Stikeman Elliott (Legal)

Target

Windmill Farms

Ashburn, Ontario, Canada
Windmill Farms operates of farms specializing in the production of mushrooms. Windmill Farms is based in Ashburn, Ontario.

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Buyer(S) 1

DESCRIPTION

InstarAGF Asset Management, Inc. is an independent alternative asset management firm focused on the North American middle-market companies. Prospective transaction types include management buyouts and growth financings. Sectors of interest include business services, infrastructure, real estate, and utilities. InstarAGF was formed in 2014 and is based in Toronto, Ontario.


DEAL STATS #
Overall 9 of 10
Sector (Agriculture) 1 of 1
Type (Secondary Buyout) 5 of 5
State (Ontario) 2 of 2
Country (Canada) 5 of 5
Year (2022) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-01 PRT

Victoria, British Columbia, Canada

PRT is the producer of container-grown forest seedlings in North America. Forest seedlings are used to replant forests after timber is harvested. The company has the capacity to custom grow more than 180 million seedlings per year at 13 nurseries located in Canada and the United States. It also provides a variety of ancillary services to support the reforestation needs of its customers. PRT was founded in 1988 and is based in Victoria, British Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-09-16 Oilfield Water Logistics

Dallas, Texas, United States

Oilfield Water Logistics is a provider of midstream water infrastructure and services. Oilfield Water Logistics was founded in 2014 and is based in Dallas, Texas.

Sell -

Seller(S) 1

SELLER

Novacap

Brossard, Quebec, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 8.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

Novacap is a large private equity firm focused on middle-market company acquisitions in Canada. Novacap pursues companies with $30 to $500 million in sales and will consider transactions valued up to $500 million. Target transaction situations include partial or full buyouts, spin-offs, take privates, recapitalizations, and growth capital financings. Novacap will consider opportunities in basic industries as well as high-growth tech sectors. Novacap was formed in 1981 and has offices in Toronto and Montreal.


DEAL STATS #
Overall 22 of 30
Sector (Agriculture) 2 of 2
Type (Secondary Buyout) 9 of 12
State (Ontario) 4 of 4
Country (Canada) 14 of 19
Year (2022) 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2022-06-03 Mucci Farms

Kingsville, Ontario, Canada

Mucci Farms is a second-generation fruit and vegetable grower. Vertically integrated from seed to retail, the company owns and operates greenhouse and warehouse facilities spanning the continent with a mission to deliver the highest quality of fresh produce in the market through innovation at all levels. Mucci Farms was founded in 2000 and is based in Kingsville, Ontario.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2022-07-05 Hallcon

Chicago, Illinois, United States

Hallcon is a provider of mission-critical transportation services and infrastructure for a broad range of customers including railroads, universities, airports, hospitals and healthcare systems, public transit, technology, industrial companies, and other large employers seeking custom transportation solutions. Hallcon was founded in 1946 and is based in Chicago, Illinois.

Sell -