M&A Deal Summary

Swander Pace Capital, Roynat Capital and CDPQ Acquire Boulangerie St-Méthode

On December 28, 2023, private equity firm Swander Pace Capital, growth capital firm Roynat Capital and asset manager CDPQ acquired food company Boulangerie St-Méthode

Acquisition Highlights
  • This is Swander Pace Capital’s 26th, Roynat Capital’s 1st and CDPQ’s 2nd transaction in the Food sector.
  • This is Swander Pace Capital’s 8th, Roynat Capital’s 13th and CDPQ’s 44th transaction in Canada.
  • This is Swander Pace Capital’s 3rd, Roynat Capital’s 3rd and CDPQ’s 41st transaction in Quebec.

M&A Deal Summary

Date 2023-12-28
Target Boulangerie St-Méthode
Sector Food
Buyer(s) Swander Pace Capital
Roynat Capital
CDPQ
Deal Type Buyout (LBO, MBO, MBI)
Advisor(s) National Bank Financial (Financial)
Norton Rose Fulbright (Legal)

Target

Boulangerie St-Méthode

Adstock, Quebec, Canada
Boulangerie St-Méthode is a supplier of healthy, value-add fresh bread products sold under the St Méthode brand to consumers through the retail grocery and club channels. Boulangerie St-Méthode was founded in 1947 and is based in Adstock, Quebec.

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Buyer(S) 3

Buyer

Swander Pace Capital

San Francisco, California, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1996
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Swander Pace Capital (SPC) is a private equity firm focused on investing in North American middle-market consumer products companies. SPC looks for companies exhibiting strong growth potential and sales of up to $500 million. Specific areas of interest include food/beverage, household products, health living, packaging, personal care, pet products, sporting goods, specialty apparel, and specialty distribution. Prospective investment situations include management-led buyouts, consolidations, divestitures, turnarounds, recapitalizations, and growth capital financings. SPC was formed in 1996 and has offices in San Francisco, California; Bedminster, New Jersey; and Ontario, Canada.


DEAL STATS #
Overall 50 of 51
Sector (Food) 26 of 26
Type (Buyout (LBO, MBO, MBI)) 33 of 33
State (Quebec) 3 of 3
Country (Canada) 8 of 9
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-06-13 Aden & Anais

Brooklyn, New York, United States

Aden & Anais is a designer and marketer of branded baby products sold primarily through independent boutique stores. Aden & Anais was formed in 2006 and is based in Brooklyn, New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-01-16 Patriot Pickle

Wayne, New Jersey, United States

Patriot Pickle provides a variety of refrigerated pickles, sauerkraut, and other pickled veggies. Patriot boasts a state-of-the-art, 86,000 square foot facility that is SQF Level 2 and HAACP certified. Patriot Pickle was founded in 2004 and is based in Wayne, New Jersey.

Sell -
Buyer
DESCRIPTION

Roynat Capital is an investment arm within Canada-based bank Scotiabank that looks to provide capital to middle-market businesses for growth and/or liquidity needs. The Firm looks to invest $5 to $20 million for minority stakes in profitable businesses with minimum EBITDA of $2 million. Roynat is sector agnostic and can invest a variety of capital, including common equity, preferred equity, and convertible debt. Roynat Capital is based in Calgary, Alberta.


DEAL STATS #
Overall 13 of 13
Sector (Food) 1 of 1
Type (Buyout (LBO, MBO, MBI)) 6 of 6
State (Quebec) 3 of 3
Country (Canada) 13 of 13
Year (2023) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-02-10 Kivuto Solutions

Ottawa, Ontario, Canada

Kivuto Solutions is a provider of advanced digital distribution and management solutions that enable the secure delivery of digital resources to individuals, businesses, and organizations anywhere in the world. Kivuto simplifies the process of delivering any digital good to any market under virtually any terms and conditions. Over 60,000 academic institutions and departments trust Kivuto to manage and distribute software to their students, faculty and staff. The company distributes software and other digital resources to millions of users in over 185 countries. Kivuto Solutions was founded in 1997 and is based in Ottawa, Ontario.

Sell -
Buyer

CDPQ

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 1965
PE ASSETS 80.0B CAD
Size Mega
Type Sector Agnostic
DESCRIPTION

CDPQ is a global asset management firm focused on a variety of investing strategies including fixed income, real estate, infrastructure, private equity, venture capital, and public equities. Within private equity, CDPQ looks to acquire significant minority stakes in businesses operating in a variety of sectors and seeks to commit $250 million to $1 billion per transaction. CDPQ was established in 1965 and is headquartered in Montreal, Quebec.


DEAL STATS #
Overall 97 of 101
Sector (Food) 2 of 2
Type (Buyout (LBO, MBO, MBI)) 6 of 6
State (Quebec) 41 of 44
Country (Canada) 44 of 47
Year (2023) 8 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2023-12-13 Hopper

Montreal, Quebec, Canada

Hopper white-label travel portals for companies that aspire to sell travel with a differentiated consumer experience and offering. Hopper’s B2B initiative, Hopper Cloud, any travel provider airlines, hotels, online travel agencies, meta-search companies, travel agencies, etc. – can integrate and seamlessly distribute Hopper’s fintech or travel agency content which will now include tours and activities. Hopper is based in Montreal, Quebec.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2024-02-13 Levio

Québec, Quebec, Canada

Levio is a digital native consulting firm providing services covering all aspects of digital transformation, from business strategies to information technologies (IT), to organizational management, including cybersecurity, data valorization, artificial intelligence and cloud computing. Levio was founded in 2014 and is based in Quebec City.

Buy -