M&A Deal Summary

Sundial Growers Acquires Inner Spirit Holdings

On May 5, 2021, Sundial Growers acquired retailer Inner Spirit Holdings for 131M CAD

Acquisition Highlights
  • This is Sundial Growers’ 1st transaction in the Retail sector.
  • This is Sundial Growers’ largest (disclosed) transaction.
  • This is Sundial Growers’ 1st transaction in Canada.
  • This is Sundial Growers’ 1st transaction in Alberta.

M&A Deal Summary
Date 2021-05-05
Target Inner Spirit Holdings
Sector Retail
Buyer(s) Sundial Growers
Deal Type Add-on Acquisition
Deal Value 131M CAD
Advisor(s) Burstall Winger Zammit (Legal)

Target

Inner Spirit Holdings

Calgary, Alberta, Canada
Inner Spirit Holdings is a retailer and franchisor of Spiritleaf recreational cannabis stores across Canada. The Spiritleaf network includes 86 franchised and corporate-owned locations, all operated with an entrepreneurial spirit and with the goal of creating deep and lasting ties within local communities. Spiritleaf aims to be the most knowledgeable and trusted source of recreational cannabis by offering a premium consumer experience and quality curated cannabis products. Inner Spirit Holdings was founded in 2017 and is based in Calgary, Alberta.

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Buyer(S) 1

Buyer

Sundial Growers

Calgary, Alberta, Canada
Category Company
Founded 2006
Sector Consumer Products
Employees394
Revenue 61M USD (2020)
DESCRIPTION

Sundial Growers is a licensed producer that crafts cannabis using state-of-the-art indoor facilities. Sundial Growers was incorporated in 2006 and is headquartered in Calgary, Canada.

DEAL STATS #
Overall 2 of 3
Sector (Retail) 1 of 1
Type (Add-on Acquisition) 2 of 3
State (Alberta) 1 of 2
Country (Canada) 1 of 2
Year (2021) 1 of 2
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-15 Bridge Farm Nurseries

Lincolnshire, United Kingdom

Bridge Farm Nurseries is a producer of ornamental plants, flowers, and herbs. It works with major UK supermarkets under the brand name Neame Lea, the 2017 UK Grower of the Year. Bridge Farm’s core supermarket customer base, which includes Tesco and Aldi, is growing faster than the overall market as supermarkets increase garden ranges targeting shoppers buying for convenience or on impulse, and accordingly securing a greater share of the market. Bridge Farm Nurseries was formed in 1988 and is based in Lincolnshire, United Kingdom.

Sell $105M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-10-07 Alcanna

Edmonton, Alberta, Canada

Alcanna is one of the largest private-sector retailers of alcohol in North America and the largest in Canada by the number of stores operating 171 locations in Alberta and British Columbia. Alcanna was founded in 2004 and is based in Edmonton, Canada.

Buy $346M
Mergr

Product

Company

Legal