Consumer Products Acquisitions in Canada

Westcap Mgt. Ltd. completed an investment in Fit Foods LP through its fund, Westcap MBO III Investment LP. Fit Foods is a Canadian manufacturer and distributor of sports nutrition and healthy-living supplement products, with in-house manufacturing and warehousing in Port Coquitlam, British Columbia, and global distribution across more than 100 countries.

Inverness Graham-backed Treat Planet acquired Bosco & Roxy's, a premium baked dog treat manufacturer known for complex decoration and seasonal/everyday product lines. The deal expands Treat Planet’s grab-and-go premium pet treats portfolio and adds differentiated, automated manufacturing capabilities through Bosco & Roxy's large-scale pet bakery in London, Ontario. Financial terms were not disclosed.

GALLS, a U.S. uniform and tactical gear supplier to public safety and military professionals, acquired Canada-based Uniform Works in a strategic deal to expand into the Canadian market. Uniform Works’ leadership team, including Will Melnyk, will remain to lead GALLS Canada, and the combined business will bring GALLS’ eQuip platform and broader product inventory to Canadian public safety customers.

Blacktusk Outdoors announced it has acquired Lucky Strike (Lucky Strike Bait Works), a storied North American fishing lure and tackle brand founded in 1929. Lucky Strike will retain its identity and manufacturing roots, with operations and its factory continuing in Ontario while leveraging Blacktusk’s distribution, digital capabilities, and product development resources.

Apotex Inc., a Canadian-based pharmaceutical company, has acquired CanPrev, a leading Canadian provider of vitamins, supplements, and other natural health products. The deal expands Apotex into the Canadian health and wellness sector and broadens its distribution channels beyond pharmacies into health food, professional, and grocery retail channels. CanPrev will continue operating through its existing brands, including CanPrev, Cyto-Matrix, and Orange Naturals.

SNDL Inc. has closed the acquisition of Indiva Limited’s business and assets through Indiva Group’s Companies’ Creditors Arrangement Act (CCAA) proceedings, pursuant to a court-approved reverse vesting order. The estimated value of consideration is $22.7 million, comprised of a credit bid of indebtedness owed to SNDL, assumption of certain liabilities, and cash payments to satisfy priority amounts and CCAA-related costs. The deal adds Indiva’s 40,000-square-foot edibles production facility in London, Ontario and a portfolio of cannabis edibles brands to SNDL.

SV Labs, a portfolio company of San Francisco Equity Partners (SFEP), announced the acquisition of Sigan Industries Group, Inc., a contract development and manufacturing organization (CDMO) serving beauty and personal care brands. The deal expands SV Labs’ formulation and manufacturing capabilities and brings Sigan’s Toronto-based operations into the combined platform. Financial terms were not disclosed, and Sigan Industries’ shareholders retained a meaningful ownership interest in the combined entity.

Moose Knuckles secured a strategic investment and partnership from Bosideng, alongside continued backing from its majority shareholder group led by Cathay Capital. The investment is intended to support Moose Knuckles’ global expansion—particularly in Asia—and strengthen its position as a luxury outerwear brand. As part of the transaction, co-founders Ayal Twik and Noah Stern exited as shareholders.

Lolë Brands, a Canadian sports apparel company based in Montreal, has acquired Quebec-based cycling apparel and sports equipment company Louis Garneau Sports. The deal adds Louis Garneau Sports’ brands Garneau, Sugoi, and Sombrio to Lolë’s portfolio and is intended to expand Lolë’s product offering and strengthen its position in the global sportswear market. Financial terms were not disclosed and the acquisition is effective immediately.

MyHeritage acquired MesAieux.com, a Quebec-based genealogy and family history service specializing in French Canadian genealogy. The deal strengthens MyHeritage’s presence in Canada and expands its Francophone genealogy offerings, with MesAieux.com’s historical record collections expected to be published on the MyHeritage platform.

Recochem has acquired the Auto Care business of KIK Consumer Products. The acquired business includes the Prestone brand in North America and the Holts brand in the United Kingdom, which develop, manufacture, and market antifreeze/coolant and other automotive fluids and appearance products. Financial terms of the transaction were not disclosed.

BRS & Co. announced the sale of Organika Health Products, Inc. in a management buyout led by the founding Chin family. Organika, headquartered in Vancouver, British Columbia, markets Organika-branded nutritional supplements and related health and beauty products.

High Tide Inc. entered into a definitive agreement to acquire all intellectual property and related assets of the premium Canadian cannabis brand Queen of Bud. The total consideration is $1,000,000, comprised of $100,000 in cash and the balance in High Tide common shares (priced using the 10-day VWAP on the TSXV, subject to a floor), and the deal is expected to close in the coming weeks pending customary conditions and TSXV approval. Queen of Bud founder Ashley Newman will become the brand’s global brand ambassador following closing.

OpenGate Capital completed the acquisition of Player One Amusement Group (P1AG) from Cineplex for a total consideration of CAD $155 million, acquiring all issued and outstanding common shares. P1AG is an amusement services provider based in Toronto, Ontario, supplying and maintaining amusement gaming equipment and providing outsourced operations and maintenance support across Canada and the United States.

Dover completed the acquisition of Transchem Group, a major North American supplier of car wash chemicals and water reclaim systems. Transchem will be integrated into OPW’s Vehicle Wash Solutions business within Dover’s Clean Energy & Fueling segment, expanding OPW VWS’s product portfolio to include chemistry and water reclaim offerings. Financial terms were not disclosed.

MAV Beauty Brands Inc. completed the sale of substantially all of its and its subsidiaries’ assets to an affiliate of Nexus Capital Management LP. Nexus will partner with MAV Beauty’s management team to pursue a refreshed capital structure and strategic plan focused on renewed growth and profitability. MAV Beauty Brands’ operations will continue uninterrupted and its headquarters will remain in Toronto, Canada.

Banyan Capital Partners acquired Second Nature Designs Limited, a Canadian manufacturer and distributor of home décor and gifting products made from dried florals and sustainably sourced botanicals. Founder and President Steve Koning and the management team will retain a minority ownership stake as Banyan partners with them to support continued growth across North America.

Funds managed by CapVest Partners LLP acquired Recochem, a global manufacturer, marketer, and distributor of aftermarket transportation and household fluids, from H.I.G. Capital. H.I.G. will remain a minority investor following the transaction. Recochem is headquartered in Montreal, Quebec, Canada and operates globally across North America, Europe, Australia, and Asia-Pacific.

Acme United Corporation acquired selected assets of Hawktree Solutions, Inc., a supplier of first aid and survival kits, medical supplies, and training, for approximately $1.0 million. Hawktree was in receivership and holds an exclusive license for first aid, safety, and survival products with the Canadian Red Cross. The acquired business will be operated from Acme United’s facilities in Laval, Canada and is expected to be accretive beginning in Q4 2023.

Lucy Scientific Discovery Inc. (NASDAQ: LSDI) announced an agreement to acquire BlueSky Wellness Inc. in an all-stock transaction, expanding Lucy’s presence in plant-based wellness and psychotropic products. BlueSky’s shareholders will receive 3.5 million shares of Lucy stock plus earn-out payments tied to EBITDA over the next five years, and BlueSky’s team will support marketing across Lucy’s MINDFUL brand and related portfolios via its e-commerce platform.

Krystal Growth Partners made a strategic investment in Stonz Wear Inc., a brand of all-weather kids footwear and apparel. The investment is intended to support Stonz’s continued growth, strengthen its position in Canada, and accelerate expansion across the United States.

Lifeist Wellness Inc. entered into (and later closed) an all-stock acquisition of 100% of 1000501971 Ontario Inc., the company behind the fast-growing Canadian cannabis brand ‘Zest’, for approximately $3.41 million. The consideration consisted of 68,234,158 Lifeist common shares at a deemed price of $0.05 per share, including an escrowed tranche to be released over nine months based on milestones. The acquisition is intended to expand Lifeist subsidiary CannMart’s product portfolio alongside its in-house concentrate brand Roilty, adding Zest’s vape, infused pre-roll, and flower SKUs.

Tilray Brands, Inc. entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of HEXO Corp. via a court-approved plan of arrangement. HEXO shareholders will receive 0.4352 shares of Tilray common stock per HEXO share, implying a purchase price of about US$1.25 per HEXO share based on Tilray’s 60-day VWAP ended April 5, 2023. The transaction is subject to HEXO shareholder, court, and regulatory approvals, with closing expected after a shareholder meeting anticipated before June 22, 2023.

MediPharm Labs Corp. completed its all-equity acquisition of VIVO Cannabis Inc. via a court-approved arrangement under the Canada Business Corporations Act, effective April 1, 2023. VIVO became a wholly owned subsidiary of MediPharm, and VIVO shareholders received 0.2910 MediPharm shares for each VIVO share.

FitLife Brands, Inc. completed its previously announced acquisition of Mimi's Rock Corp. via a statutory plan of arrangement under the Business Corporations Act (Ontario). A wholly owned subsidiary of FitLife acquired all outstanding shares of Mimi's Rock, making it an indirect wholly owned subsidiary, funded with cash on hand and a new $12.5 million term loan.

Cincy Brands acquired Sapadilla, an earth-friendly home cleaning products brand, from The Gorilla Glue Company. The Gorilla Glue Company will remain involved as a minority investor as Cincy Brands works to accelerate Sapadilla’s growth and expand distribution.

SNDL Inc. completed its acquisition of The Valens Company Inc. via a plan of arrangement, purchasing all outstanding Valens shares not already owned by SNDL and its subsidiaries. Total consideration was approximately CAD $138 million, paid in SNDL common shares, along with SNDL’s assumption of Valens’ CAD $60 million non-revolving term loan facility. The combined company will operate as SNDL Inc., headquartered in Calgary, Alberta, Canada.

Spin Master Corp. announced it has reached an agreement to acquire Canadian-based 4D Brands International Inc., a puzzle and 3D model construction kit company known for its Cityscape puzzles and licensed collectible model kits. The transaction is expected to close in January 2023, and 4D founder Shaun Sakdinan will join Spin Master as Senior Director of Design in Toronto, Ontario.

Mars Petcare, a division of Mars, Incorporated, signed a definitive agreement to acquire Champion Petfoods, the maker of ORIJEN and ACANA pet food brands. Champion Petfoods is being acquired from an investor group led by Bedford Capital and the Healthcare of Ontario Pension Plan, with closing expected in the first half of 2023 subject to regulatory approvals. Financial terms were not disclosed.

Ironbridge Equity Partners, together with Kore Outdoor’s management team, acquired a controlling interest in Kore Outdoor Inc., a Montreal-based manufacturer and distributor of paintballs and paintball-related products sold globally. The company was sold by Fulcrum Capital Partners (Kore’s prior private equity owner), with CIBC acting as exclusive financial advisor to Kore on the transaction.

Blo Blow Dry Bar announced it has acquired Canadian-owned MYNC Beauty Inc., a multi-location brow and lash bar with six locations across the Greater Toronto Area. The deal supports Blo’s strategy to expand MYNC by launching a new MYNC franchise system for entrepreneurs across Canada.

Fulcrum Capital Partners made an investment in VODA Backyard Leisure Group, a Canadian backyard leisure products platform. VODA comprises Aquiform Distributors, Club Piscine, and Pool Supplies Canada, providing distribution, franchising, and online retail for pool, spa, and patio products across Canada. The investment represents the third platform investment from Fulcrum's Private Equity Fund VI and included participation from co-investors who are limited partners in the fund.

Strategic Retail Partners (SRP), a portfolio company of Aurora Capital Partners, acquired Distributions Franco in a transaction that closed February 28, 2022. The deal expands SRP’s product portfolio and supports further growth in North America, strengthening its presence in Quebec and broader Canadian convenience and service-station channels.

ONCAP acquired a majority stake in Merrithew International Inc., partnering with the company’s founders Lindsay and Moira Merrithew, who will continue with the business. Merrithew, headquartered in Toronto, Ontario, develops, manufactures and retails Pilates equipment and accessories and also provides fitness education, certification, and digital content. The investment was made through ONCAP IV (an Onex Corporation fund), and financial terms were not disclosed.

TruArc Partners made a strategic investment in New Directions Aromatics in partnership with the company’s founder and CEO, Alex Thomas. Toronto-based New Directions supplies natural and organic ingredients used in cosmetics, health and beauty, and personal care products. Transaction terms were not disclosed, and TruArc plans to support growth initiatives including potential add-on acquisitions.

PFM Capital Inc., through the Apex III Investment Fund Limited Partnership and SaskWorks Venture Fund Inc., and Roynat Equity Partners made an investment in GHC Systems Inc. (Surface Hair) to support the company’s growth initiatives and continued expansion. Surface Hair develops and sells professional hair care products for salons and stylists and plans to use the new partnership to build brand awareness and pursue additional growth opportunities. EY Corporate Finance Inc. served as exclusive financial advisor to Surface Hair.

AS Beauty announced that it has acquired Cover FX, a cosmetics brand founded by Lee Graff. The acquisition adds Cover FX to AS Beauty’s portfolio alongside Laura Geller Beauty, Mally Beauty, and Julep Beauty, and AS Beauty plans to use its resources to fuel innovation and expand the brand’s audience.

Fulcrum Capital Partners made a growth investment in S. Boudrias Horticole Inc. (Boudrias), alongside the company’s management and co-investors. Boudrias is a vertically integrated supplier of gardening and decorative soil products to major Canadian home improvement retailers, and the investment is intended to support its continued expansion.

Carmelina Capital Partners has completed the sale of Hayabusa Fightwear, Inc., a developer and manufacturer of sports equipment and related fitness and mixed martial arts products, to RAF Industries. Hayabusa was founded in Kingston, Ontario, and Carmelina had invested in the company in 2016 before exiting via this transaction.

Core One Labs Inc. completed the acquisition of all outstanding shares of New Path Laboratories Inc., a British Columbia-based developer and licensor of functional mushroom natural health products and dietary supplements. The transaction was structured as a share purchase, with Core One issuing 5,700,000 common shares to New Path shareholders as consideration, subject to a staged release arrangement.

Organigram Holdings Inc. acquired all issued and outstanding shares of Laurentian Organic Inc., a Quebec-based craft cannabis and premium hash producer operating the Laurentian and Tremblant Cannabis brands. The transaction was structured as $36 million of upfront consideration (cash and Organigram shares), plus potential earnout consideration payable in shares tied to Laurentian’s 2022 and 2023 EBITDA thresholds. Organigram also plans to invest at least $7 million in growth capital expenditures to expand Laurentian’s cultivation and processing footprint in Quebec.

Sport Maska Inc., owner of the CCM Hockey brand, acquired Tournament Sports Marketing Inc., which owns the Jackson Ultima and Atom Skates brands. Tournament Sports Marketing is headquartered in Cambridge, Ontario and manufactures figure skating and roller/in-line skates. The deal expands Sport Maska’s product portfolio beyond hockey into broader skating categories.

Waterlogic Americas announced the acquisition of Q water – Drink To Your Health, expanding its premium specialty water offering across North America. Q water, a provider of filtered still and sparkling water systems, is headquartered in Toronto, Ontario and serves customers throughout Canada and the United States.

RJS Trading International, LTD (dba Alamode Home), a home textile wholesaler headquartered in Richmond, British Columbia, was sold to an unspecified private investor. The transaction, advised by Generational Equity, closed on November 15, 2021.

Skinfix secured a minority investment from private-equity firm Stride Consumer Partners. The funding will be used to build out the team and accelerate growth across direct-to-consumer and retail channels (including Sephora), as well as support product innovation, clinical studies, and brand awareness. Terms of the investment were not disclosed.

BevCanna Enterprises Inc. entered into (and later closed) a definitive agreement to acquire Embark Health Inc., a solventless cannabis extraction and enhanced delivery technology provider with multiple adult-use brands and associated IP. The transaction was structured as a three-cornered amalgamation via BevCanna subsidiary 1323977 B.C. Ltd., making Embark a wholly owned subsidiary of BevCanna. Consideration included BevCanna shares with a $21.0 million purchase price (plus an estimated working capital adjustment at close) and potential earn-out payments of up to $9.2 million tied to post-closing EBITDA performance.

SAXX Underwear Co. Ltd., a Vancouver, British Columbia-based men’s premium underwear and apparel brand, received a strategic investment from TZP Group via TZP Capital Partners III, L.P. NLS Group Holdings Inc., led by Krystal Growth Partners, will retain a significant minority stake, while prior investor Brentwood Associates will exit its investment; financial terms were not disclosed.

Hydrofarm Holdings Group, Inc. acquired Canadian nutrient company Greenstar Plant Products, Inc., the manufacturer of the Grotek and Gaia Green brands. Hydrofarm funded the approximately $83 million purchase price using cash and its existing credit facility, and Greenstar will become a wholly owned indirect subsidiary of Hydrofarm.

Minerals Technologies Inc. (MTI) reached a definitive agreement to acquire Normerica Inc., a leading North American supplier of premium pet care products focused primarily on bentonite-based cat litter. The transaction closed effective July 26, 2021, expanding MTI’s North American cat litter manufacturing footprint and strengthening its global pet care platform.

Circle Graphics, a portfolio company of H.I.G. Capital, acquired Workshop X, Inc. dba Canvaspop, an online retailer of personalized wall décor and photo art. Canvaspop, founded in 2009 and headquartered in Ottawa, Canada, will expand Circle’s online wall décor portfolio and support continued growth in international markets.

Novo Integrated Sciences, Inc., through its wholly owned subsidiary Novo Healthnet Limited, completed the acquisition of Acenzia Inc., a Windsor, Ontario-based nutraceutical health solutions provider. The all-share transaction closed on June 24, 2021 and was valued at $14,884,039 ($3.91 per share), subject to post-closing purchase price adjustments pending audit and working-capital provisions.

Aritzia entered into a definitive agreement to acquire 75% of premium athletic wear brand Reigning Champ at an implied total enterprise value of approximately $63 million. The remaining 25% equity interest held by Reigning Champ’s management shareholders will be purchased/converted into Aritzia shares in installments from 2024 to 2026, with Reigning Champ continuing to operate in partnership with Aritzia during a multi-year transition period.

Brüush Oral Care Inc., a Vancouver-based direct-to-consumer oral care company, acquired The Dollar Brush, an electric toothbrush subscription competitor. The deal adds The Dollar Brush’s subscriber base to Brüush and supports Brüush’s expansion strategy, including brand awareness and growth of its integrated subscription model.

Tilray, Inc. and Aphria Inc. announced the closing of their previously announced business combination, with the combined company operating under the Tilray name. Tilray acquired all outstanding Aphria shares, with Aphria shareholders receiving 0.8381 Tilray shares per Aphria share, creating a global cannabis-focused consumer packaged goods company.

BRS & Co., a New York-based private equity firm, acquired majority control of Shearwater Research Inc., a designer and manufacturer of dive computers and rebreather electronics for the technical diving market. Shearwater is headquartered in Richmond, British Columbia and sells products globally through a large dealer and specialty dive shop network.

Edgewater Growth Capital Partners IV-backed Evriholder Products, LLC has partnered with Murray Sales Inc. (MSC) to accelerate growth, combining complementary impulse, housewares, and kitchenware product lines. MSC’s team will join Evriholder and continue operating from its Montreal facility while becoming shareholders in the combined platform.

Canopy Growth Corporation entered into a definitive arrangement agreement to acquire all issued and outstanding common shares of The Supreme Cannabis Company, Inc. in a transaction valued at approximately $435 million on a fully diluted basis. Supreme Cannabis shareholders will receive 0.01165872 of a Canopy common share plus $0.0001 in cash per share, and the deal is expected to close by the end of June 2021 subject to shareholder, court, and regulatory approvals.

Canopy Growth Corporation has completed the acquisition of AV Cannabis Inc., operating as Ace Valley, an Ontario-based cannabis brand focused on ready-to-enjoy products. Canopy Growth acquired 100% of Ace Valley and plans to leverage its national sales, marketing, and distribution network to scale the brand across Canada and drive revenue growth and cost synergies.

NewSpring Franchise, a new investment strategy launched by NewSpring, made its first investment by investing in Blo Blow Dry Bar, a blow dry bar franchise brand. The partnership is intended to support Blo’s continued franchise unit development and expansion across existing and new markets in the United States and Canada.

Dig It Apparel Inc., a venture led by CEO Claudia Harvey, acquired Suncayr, the inventor of the SPOTMYUV sunscreen-sensing technology. The acquisition brings Suncayr’s color-changing sun-awareness sticker technology (using Dermatrue) into Dig It’s product portfolio as SPOTMYUV seeks expanded distribution.

Open Farm raised $65MM+ in a minority growth funding round led by General Atlantic. Existing minority partner Encore Consumer Capital is participating alongside the company’s leadership team. The capital will support Open Farm’s expansion and innovation in premium, ethically sourced pet nutrition.

Lincolnshire Management-backed TRUE Sports acquired Canadian goalie equipment manufacturer Lefevre Inc. The deal expands TRUE Hockey into the goalie equipment segment and adds Lefevre’s technology to TRUE Sports’ R&D capabilities, with manufacturing to continue in Canada and all Lefevre employees retained.

Spencer Supports Canada Ltd., a portfolio company of Champlain Financial Corporation, acquired Domestic Converters Inc. (DC), a Montréal-based provider of seamless apparel sold under the Climawear brand and via private label programs. The deal is intended to strengthen Spencer’s position in intimate apparel by adding seamless manufacturing expertise, eco-friendly fabrics capabilities, and broadening its North American customer base.

CCM Hockey acquired Step Skating Blades Inc., maker of STEP Steel high-quality hockey skate blades. STEP, founded in 2000 and headquartered in Quebec City, will continue operating under founder Gilles Cloutier during the ownership transition as CCM integrates STEP blades into its pro and custom skates.

An investor group led by Champlain Financial Corporation has acquired La Canadienne, a women's winter footwear brand that manufactures, distributes, and retails premium footwear. The founders are participating as key investors, and the new ownership plans to expand the brand’s global customer base from its Montreal foundation.

HeavenlyRx Ltd. closed its acquisition of a 51% controlling equity stake in Tru Brands, Inc., a plant-based wellness and nutrition company, for a combination of cash and HeavenlyRx stock. TRU Brands plans to use the investment for brand building and R&D, including development of CBD-infused plant-fueled food products. HeavenlyRx indicated it expects to increase its ownership to 62%+ through ongoing working-capital injections.

Wind Point Partners-backed Pestell Group acquired VersaPet Inc. through its Pestell Pet Products business unit. VersaPet, a Toronto-based manufacturer of private label and branded cat litter products, expands Pestell’s geographic reach and increases capacity in the cat litter market.

BRS & Co., a New York-based private equity firm, announced an investment in Canada Pooch Ltd., a premium branded and private label pet apparel and accessories company. Canada Pooch, headquartered in Toronto, Ontario, designs, manufactures, and sells pet apparel and accessories through pet specialty retailers and its own e-commerce site. Financial terms of the transaction were not disclosed.

BRS & Co., a New York-based private equity firm, made an investment in Organika Health Products Inc., a Canadian manufacturer of nutritional supplements. The investment is intended to support Organika’s next stage of growth, with financial terms not disclosed.

CID Capital completed a recapitalization and new investment in Giftcraft Ltd. to support succession planning and fund the company’s future growth initiatives. Giftcraft’s CEO Trevor Cohen and EVP Gary Polan will remain in their roles, and HSBC and Orix Mezzanine & Private Equity supported CID in the recapitalization while Piper Jaffray advised Giftcraft.

Ranir LLC announced it has acquired BrushPoint, a Toronto-based manufacturer of private label manual and power toothbrushes. The deal strengthens Ranir’s oral care product portfolio and expands manufacturing and distribution capabilities across the U.S., Canada, and Europe; financial terms were not disclosed.