M&A Deal Summary

TriWest Capital Partners Acquires PRT

On August 23, 2018, private equity firm TriWest Capital Partners acquired business services company PRT from Mill Road Capital

Acquisition Highlights
  • This is TriWest Capital Partners’ 3rd transaction in the Business Services sector.
  • This is TriWest Capital Partners’ 42nd transaction in Canada.
  • This is TriWest Capital Partners’ 7th transaction in British Columbia.
Investment Fate
  • PRT was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2018-08-23
Target PRT
Sector Business Services
Buyer(s) TriWest Capital Partners
Sellers(s) Mill Road Capital
Deal Type Secondary Buyout

Target

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.

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Buyer(S) 1

Buyer

TriWest Capital Partners

Calgary, Alberta, Canada

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1998
PE ASSETS 1.7B 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, Alberta.


DEAL STATS #
Overall 44 of 54
Sector: Business Services M&A 3 of 3
Type: Secondary Buyout M&A Deals 3 of 5
State: British Columbia M&A 7 of 9
Country: Canada M&A 42 of 51
Year: 2018 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-04-18 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.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-10-31 California TrusFrame

Murrieta, California, United States

California TrusFrame is a designer and manufacturer of prefabricated structural building components (including roof trusses, floor trusses, and wall panels), supplying home builders, framers, and general contractors across single-family and multi-family end markets throughout California. California TrusFrame was established in 1982 and is based in Murrieta, California.

Buy -

Seller(S) 1

SELLER

Mill Road Capital

Greenwich, Connecticut, United States

Category Private Equity Firm
Founded 2004
PE ASSETS 250M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Mill Road Capital is a private investment firm focused on partnering with publicly traded micro-cap companies in the US and Canada. The Firm pursues a variety of strategies including open market share purchases, block trades, acquisition financing, growth financing, mezzanine financing, as well as sponsoring take privates. Sectors of interest include retail, manufacturing, business services, and consumer products. The Firm was formed by former Blackstone professionals. Mill Road Capital was founded in 2004 and is based in Greenwich, Connecticut.


DEAL STATS #
Overall 5 of 8
Sector: Business Services M&A 1 of 1
Type: Secondary Buyout M&A Deals 1 of 3
State: British Columbia M&A 1 of 1
Country: Canada M&A 2 of 2
Year: 2018 M&A 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-19 School Specialty

Greenville, Wisconsin, United States

School Specialty is a provider of online educational products and services to the Pre-K- 12th grade market in the U.S. and Canada. The company designs, manufactures and distributes a broad assortment of furniture & equipment, educational technology, general and specialty classroom supplies, facility supplies, safety and security products, and core and supplemental curriculum for science, math and English language arts. School Specialty was founded in 1959 and is based in Greenville, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-11-01 Lignetics

Broomfield, Colorado, United States

Lignetics is a residential wood pellet manufacturing company in the U.S. The company’s innovative eco-friendly offering includes premium wood pellets for super-efficient home heating, barbecue pellets that naturally seal in perfect wood-fired flavor, and a superior all-natural high-performance cat litter. The company delivers these innovative all-natural products through national retail partners and directly to consumers via the only national network of wood pellet manufacturing plants spread across the U.S. and Canada with 22 different plant locations. Lignetics was founded in 1983 and is based in Broomfield, Colorado.

Sell -