M&A Deal Summary

Tilray Acquires Manitoba Harvest

On February 20, 2019, Tilray acquired food company Manitoba Harvest from Compass Diversified for 419M CAD

Acquisition Highlights
  • This is Tilray’s 1st transaction in the Food sector.
  • This is Tilray’s 0th largest (disclosed) transaction.
  • This is Tilray’s 2nd transaction in Canada.
  • This is Tilray’s 1st transaction in Manitoba.

M&A Deal Summary
Date 2019-02-20
Target Manitoba Harvest
Sector Food
Buyer(s) Tilray
Sellers(s) Compass Diversified
Deal Type Add-on Acquisition
Deal Value 419M CAD

Target

Manitoba Harvest

Winnipeg, Manitoba, Canada
Fresh Hemp Foods Ltd. (Manitoba Harvest) is a provider of food products. Manitoba Harvest’s 100% all-natural product lineup includes hemp hearts, hemp protein powder, and hemp snacks and is currently carried in about 16,000 retail locations across the U.S. and Canada.

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Buyer(S) 1

Buyer

Tilray

Leamington, Ontario, Canada
Category Company
Sector Healthcare Services
Employees1,600
Revenue 627M USD (2023)
DESCRIPTION

Tilray is a medical cannabis company, involved in cultivating and delivering the medical benefits of cannabis safely and reliably. Tilray is based in Leamington, Ontario.

DEAL STATS #
Overall 3 of 5
Sector (Food) 1 of 1
Type (Add-on Acquisition) 3 of 5
State (Manitoba) 1 of 1
Country (Canada) 2 of 3
Year (2019) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-02-19 Natura Naturals Holdings

Leamington, Ontario, Canada

Natura Naturals Holdings, Inc. is a licensed cultivator of cannabis in accordance with the Cannabis Act and Cannabis Regulations. The company's cultivation facility is capable of producing plants in a 662,000 square-foot greenhouse facility, of which 155,000 is currently licensed, under optimal growing conditions. Natura Naturals Holdings is based in Leamington, Ontario.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-05-03 Aphria

Leamington, Ontario, Canada

Aphria is an operator of a cannabis company with low-cost production of high-quality cannabis at scale, grown in the most natural conditions possible. Focusing on untapped opportunities and backed by the latest technologies, Aphria Inc. is committed to bringing breakthrough innovation to the global cannabis market. The Company’s portfolio of brands is grounded in expertly researched consumer insights designed to meet the needs of every consumer segment. Aphria was founded in 2013 and is based in Leamington, Ontario.

Buy -

Seller(S) 1

SELLER

Compass Diversified

Westport, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 3.3B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Compass Diversified is a holding company focused on acquiring controlling interests in profitable small to middle-market businesses in attractive niche industries. Compass generally looks for US-based companies with proven management in place, low technological and/or product obsolescence risk, diverse customers, and EBITDA of at least $20 million. Compass Diversified was founded in 1998 and is headquartered in Westport, Connecticut.

DEAL STATS #
Overall 11 of 15
Sector (Food) 1 of 1
Type (Add-on Acquisition) 5 of 7
State (Manitoba) 1 of 1
Country (Canada) 1 of 1
Year (2019) 1 of 2
Size (of disclosed) 3 of 9
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-18 Altor Solutions

Scottsdale, Arizona, United States

Altor Solutions is a designer and manufacturer of custom molded protective foam solutions and OEM components made from expanded polymers such as expanded polystyrene (EPS) and expanded polypropylene (EPP). Altor Solutions was founded in 1957 and is based in Scottsdale, Arizona.

Buy $248M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-09 Clean Earth

Hatboro, Pennsylvania, United States

Clean Earth, Inc. is a provider of environmental services for a variety of contaminated materials including soils, dredged materials, and hazardous waste and drill cuttings. The company analyzes, treats, documents, and recycles waste streams generated in multiple end-markets such as power, construction, oil & gas, infrastructure, industrial, and dredging. Treatment includes thermal desorption, dredged material stabilization, bioremediation, physical treatment/screening, and chemical fixation. Clean Earth was established in 1990 and is based in Hatboro, Pennsylvania.

Sell $625M
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