M&A Deal Summary

Penfund and Birch Hill Equity Partners Acquire Bluewave Energy

On October 1, 2006, mezzanine finance firm Penfund and private equity firm Birch Hill Equity Partners acquired distribution company Bluewave Energy

Acquisition Highlights
  • This is Penfund’s 1st and Birch Hill Equity Partners’ 1st transaction in the Distribution sector.
  • This is Penfund’s 3rd and Birch Hill Equity Partners’ 15th transaction in Canada.
  • This is Penfund’s 1st and Birch Hill Equity Partners’ 1st transaction in Nova Scotia.
Investment Fate
  • Bluewave Energy was sold to a publicly-traded strategic buyer in 2010.

M&A Deal Summary

Date 2006-10-01
Target Bluewave Energy
Sector Distribution
Buyer(s) Penfund
Birch Hill Equity Partners
Deal Type Buyout (LBO, MBO, MBI)

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.

Search 214,238 Deals Now

SEARCH BY

  • Buyer Type (PE or Strategic)
  • Deal Size ($10M to $10B+)
  • Sector (60 Sectors)
  • Deal Type
  • Geography
  • & More

Try Free

Buyer(S) 2

Buyer

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 3 of 28
Sector: Distribution M&A 1 of 7
Type: Buyout (LBO, MBO, MBI) M&A Deals 3 of 8
State: Nova Scotia M&A 1 of 1
Country: Canada M&A 3 of 14
Year: 2006 M&A 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-11 Maddocks Systems

Beachwood, Ohio, United States

As the world's largest provider of trucking software to the Truckload, Less than Load and Logistics industry, TMW's customers gain efficiency by being able to better manage their assets as they interact within the supply chain. For 25 years, TMW's enterprise management trucking software has helped customers improve operational efficiency, deliver superior customer service and sustain long-term profitability.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-05 Gesco

Brampton, Ontario, Canada

Gesco is a provider of proprietary branded products and programs across all flooring categories and geographies, predominantly to the independent retail flooring channel. Gesco was founded in 1938 and is based in Brampton, Ontario.

Buy -
Buyer

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 19 of 48
Sector: Distribution M&A 1 of 2
Type: Buyout (LBO, MBO, MBI) M&A Deals 15 of 23
State: Nova Scotia M&A 1 of 1
Country: Canada M&A 15 of 42
Year: 2006 M&A 6 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2006-09-01 Atlas Cold Storage Income Trust

Vancouver, British Columbia, Canada

VersaCold operates more than 120 modern, temperature-controlled warehouses and distribution centres across Canada and the US, in Argentina, New Zealand and Australia. It has the largest integrated cold storage network in the world and can service virtually any aspect of our customers’ temperature-controlled food handling and logistical needs

Sell $574M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2007-02-01 Holiday Retirement

Winter Park, Florida, United States

Holiday Retirement is the largest private owner and operator of independent living communities for seniors in the United States. Holiday Retirement was founded in 1971 and is based in Winter Park, Florida.

Sell $6.9B