M&A Deal Summary

TriWest Capital Partners and Longbow Capital Acquire Lithion Group

On April 18, 2018, private equity firms TriWest Capital Partners and Longbow Capital acquired electrical equipment company Lithion Group from Tandem Expansion Fund

Acquisition Highlights
  • This is TriWest Capital Partners’ 1st and Longbow Capital’s 1st transaction in the Electrical Equipment sector.
  • This is TriWest Capital Partners’ 2nd and Longbow Capital’s 1st transaction in the United States.
  • This is TriWest Capital Partners’ 1st and Longbow Capital’s 1st transaction in Nevada.

M&A Deal Summary

Date 2018-04-18
Target Lithion Group
Sector Electrical Equipment
Buyer(s) TriWest Capital Partners
Longbow Capital
Sellers(s) Tandem Expansion Fund
Deal Type Secondary Buyout

Target

Lithion Group

Henderson, Nevada, United States
Lithion Group engages in business of designing, developing, manufacturing, and selling primary lithium thionyl chloride, lithium sulfuryl chloride, lithium CFX, and lithium CFX Mno2 cells and packs. Lithion Power Group manufactures non-rechargeable primary lithium cells specifically designed to work in high vibration/shock environments with temperature ratings of up to 225°C. Lithion Group was founded in 1998 and based in Henderson, Nevada.

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Buyer(S) 2

Buyer

TriWest Capital Partners

Calgary, Alberta, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 1.6B CAD
Size Large
Type Sector Agnostic
DESCRIPTION

TriWest Capital Partners is a Canadian private equity firm focused on investments in established companies operating in a variety of industries. Broad areas of interest include the distribution, manufacturing, and service sectors. TriWest targets mid-sized, profitable companies with EBITDA of $10 to $100 million. Prospective transaction types include management buyouts, growth capital financings, generational transfers, corporate divestitures, and special situations. TriWest will not invest in real estate, technology and primary resource development. TriWest Capital Partners was formed in 1998 and is based in Calgary.


DEAL STATS #
Overall 43 of 52
Sector (Electrical Equipment) 1 of 1
Type (Secondary Buyout) 2 of 4
State (Nevada) 1 of 1
Country (United States) 2 of 3
Year (2018) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-02 Coast Appliances

Vancouver, British Columbia, Canada

Coast Appliances is an independent distributor and retailer of major appliances serving the builder, contractor and retail markets across Canada. The company offers a truly differentiated destination retail experience, including live kitchens for customers to experience products first hand. Coast has extensive, long-term customer relationships with builders of multi- and single-family homes and an established, rapidly growing retail presence countrywide. Coast is dedicated to delivering the brands you want, and the expertise you need, as it strives to offer its customers exceptional service. Coast Appliances was formed in 1978 and is based in Vancouver, British Columbia.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-08-23 PRT

Victoria, British Columbia, Canada

PRT is the producer of container-grown forest seedlings in North America. Forest seedlings are used to replant forests after timber is harvested. The company has the capacity to custom grow more than 180 million seedlings per year at 13 nurseries located in Canada and the United States. It also provides a variety of ancillary services to support the reforestation needs of its customers. PRT was founded in 1988 and is based in Victoria, British Columbia.

Buy -
Buyer

Longbow Capital

Calgary, Alberta, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
PE ASSETS 475M CAD
Size Middle-Market
Type Sector Focused
DESCRIPTION

Longbow Capital is a private investment group focused on small to mid-sized oil and natural gas opportunities in Western Canada. Longbow was formed in 1997 and is based in Calgary.


DEAL STATS #
Overall 4 of 6
Sector (Electrical Equipment) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Nevada) 1 of 1
Country (United States) 1 of 3
Year (2018) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2014-04-09 Elkhorn Resources

Calgary, Alberta, Canada

Elkhorn Resources, Inc. is a an oil and gas exploration and development company focuses on drilling wells.

Sell $427M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-02 VoltaGrid

Houston, Texas, United States

VoltaGrid is an advanced energy management and generation company that is developing an innovative platform to provide power, energy storage, and emissions reductions for the pressure pumping, remote mining, utility, and distributed generation industries. VoltaGrid was founded in 2020 and is based in Houston, Texas.

Buy -

Seller(S) 1

SELLER

Tandem Expansion Fund

Toronto, Ontario, Canada

Category Growth Capital Firm
Founded 2009
Size Small
Type Sector Focused
DESCRIPTION

Tandem Expansion is a private growth capital fund seeking to invest in small to mid-sized tech businesses in Canada. Specific areas of interest include IT (hardware, software, service), clean tech, energy/resource, technology, advanced materials, and life science. The Firm looks to invest $10 to $30 million in fast growing businesses with $5 to $50 million in revenues. Investment proceeds are typically used to fund organic growth or provide acquisition capital. Tandem was formed in 2009 and is based in Montreal, Québec.


DEAL STATS #
Overall 5 of 7
Sector (Electrical Equipment) 2 of 2
Type (Secondary Buyout) 2 of 3
State (Nevada) 1 of 1
Country (United States) 1 of 1
Year (2018) 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-04 NGRAIN

Vancouver, British Columbia, Canada

NGRAIN (Canada) Corp. is a designer, developer and marketer of 3D graphics-based software content and tools to primarily service the Military and Commercial aerospace sectors. NGRAIN (Canada) Corp. was established in 2000 and is based in Vancouver, British Columbia.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-04-06 Averna

Montreal, Quebec, Canada

Averna is a manufacturing solution provider for communications and electronics device-makers worldwide, helping them deliver a better end-user customer experience. Key Averna clients in the communications, aerospace, defense, automotive, consumer electronics, and medical device industries use Proligent, RF Test instruments, and other test solutions to accelerate product development, reduce manufacturing costs, achieve superior quality throughout the lifecycle, and solve critical supply-chain issues. It has offices around the world as well as a network of partners such as JOT Automation, Keysight Technologies, and National Instruments. Averna was founded in 1999 and is based in Montreal, Quebec.

Sell -