M&A Deal Summary

Parkland Acquires Bluewave Energy

On January 31, 2010, Parkland acquired distribution company Bluewave Energy from Penfund and Birch Hill Equity Partners

Acquisition Highlights
  • This is Parkland’s 1st transaction in the Distribution sector.
  • This is Parkland’s 1st transaction in Canada.
  • This is Parkland’s 1st transaction in Nova Scotia.

M&A Deal Summary
Date 2010-01-31
Target Bluewave Energy
Sector Distribution
Buyer(s) Parkland
Sellers(s) Penfund
Birch Hill Equity Partners
Deal Type Add-on Acquisition

Target

Bluewave Energy

Dartmouth, Nova Scotia, Canada
Bluewave Energy operates as a petroleum delivery company in Canada. It delivers furnace oil, diesel oil, dyed diesel oil, gasoline, Shell lubricants, marine gas oil, and heavy fuel oil to commercial and residential customers, as well as asphalt to highway, street, and airport construction in Western Canada. The company also provides equipment service plans, heating equipment, and oil spill protection, as well as heating, air conditioning, and fuel storage equipment services and finance.

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Buyer(S) 1

Buyer

Parkland

Calgary, Alberta, Canada
Category Company
Founded 1977
Sector Oil/Gas Exploration
Employees3,051
Revenue 32.5B CAD (2023)
DESCRIPTION

Parkland is an independent marketers of fuel and petroleum products. It deliver gasoline, diesel, propane, lubricants, heating oil and other high quality petroleum products to motorists, businesses, households and wholesale customers in Canada and the United States. Parkland was founded in 1977 and is based in Calgary, Alberta.

DEAL STATS #
Overall 1 of 15
Sector (Distribution) 1 of 6
Type (Add-on Acquisition) 1 of 13
State (Nova Scotia) 1 of 1
Country (Canada) 1 of 3
Year (2010) 1 of 1
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-06-22 Cango

Shanghai, China

Cango is an automotive transaction service platform in China connecting dealers, financial institutions, car buyers, and other industry participants. The Company’s services primarily consist of automotive financing facilitation, automotive transaction facilitation, and after-market service facilitation. By utilizing its competitive advantages in technology, data, and cloud infrastructure, Cango is able to connect participants across its platform while bringing them a premium user experience. Cango was founded in 2010 and is based in Shanghai, China.

Buy -

Seller(S) 2

SELLER

Penfund

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 1979
PE ASSETS 2.7B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Penfund is a private investment firm that provides equity, junior capital, and alternative financing to Canadian-based middle-market companies with EBITDA of at least C$20 million. Penfund can commit up to C$225 million per transaction. Penfund does not have any industry preferences and its investments are generally used to support growth needs, recapitalization, shareholder liquidity, acquisitions, and buyouts. Penfund was formed in 1979 and is based in Toronto.

DEAL STATS #
Overall 5 of 19
Sector (Distribution) 1 of 4
Type (Add-on Acquisition) 4 of 8
State (Nova Scotia) 1 of 1
Country (Canada) 4 of 9
Year (2010) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-11-13 Timothys Coffees of the World

Toronto, Ontario, Canada

Timothys Coffees of the World, Inc. is a retailer and wholesaler of premium coffee and related food items. Headquartered in Toronto, Ontario, Timothy’s is a premium coffee company that produces specialty coffee, tea and other beverages in a variety of packaged forms.

Sell $157M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2011-01-04 CBI Health

Toronto, Ontario, Canada

CBI Health is a provider of integrated health care services nationwide, offering comprehensive services in physiotherapy, occupational, behavioral and exercise therapies, as well as physician, chiropractic, psychology, nursing, speech, massage, home health and eldercare services. CBI Health was founded in 1982 and is based in Toronto, Ontario.

Buy -
SELLER

Birch Hill Equity Partners

Toronto, Ontario, Canada

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1994
PE ASSETS 5.0B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

Birch Hill Equity Partners is a middle-market private equity firm focused on investments in Canadian companies. Birch Hill targets growth oriented businesses valued between C$50 and C$1000 million. Sectors of interest include agriculture, communications, energy, environmental, entertainment, distribution, healthcare, manufacturing, software, and technology. Birch Hill will not consider investments in real estate, pure commodity companies or start ups. Birch Hill Equity Partners was formed in 1994 and is based in Toronto, Canada.

DEAL STATS #
Overall 10 of 37
Sector (Distribution) 2 of 3
Type (Add-on Acquisition) 2 of 17
State (Nova Scotia) 1 of 1
Country (Canada) 8 of 30
Year (2010) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2009-06-05 Shred-it International

Oakville, Ontario, Canada

Shred-it International, Inc. is a global secure information destruction services provider. Shred-it was formed in 1988 and is based in Oakville, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-03-01 BIOX

Hamilton, Ontario, Canada

BIOX produces biodiesel, a renewable, non-toxic and environmentally friendly fuel that can be used in any unmodified diesel engine. The BIOX process is a new low-cost method to produce biodiesel fuel from a wide variety of agricultural feedstocks.

Sell -
Mergr

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