Manufacturing Acquisitions in Canada
Manufacturing Deal Activity in Canada
This page highlights recent M&A in the Canadian manufacturing sector, covering transactions that expand product capabilities, add geographic footprint and consolidate specialty engineering and production assets. Transactions include strategic cross‑border acquisitions, private equity platform builds, and operational amalgamations that align complementary brands and service offerings.
Buyers range from strategic industrial acquirers—such as FirmaPak and SPX Technologies—to financial sponsors including Platinum Equity, Mill Point Capital and One Equity Partners. Notable themes are capability add‑ons (e.g., HVAC electric heat, switchgear, and packaging), regional coverage across Ontario and Quebec, and targeted investments in heavy industrial and utility-facing subsectors.
What Stands Out
- Cross‑border strategic buyers are active: U.S.-based acquirers like FirmaPak and SPX Technologies have pursued Canadian targets to broaden product lines and North American sales channels.
- Private equity platform activity is prominent, with sponsor-led rollups, buyouts and recapitalizations involving firms such as Platinum Equity, Mill Point Capital and One Equity Partners.
- Subsector focus is diverse but specialized: recent deals touch packaging and blow‑molding, HVAC and electric heat, switchgear and utility equipment, thermal printing, wear‑plate/hardfacing, refrigerated display cases and specialty vehicle manufacturing.
- Geographic spread centers on Ontario and Quebec, with transaction activity also in British Columbia, Alberta and New Brunswick.
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March 20, 2026
- Buyer
- Tulkoff Foods
- Target
- Celtrade Canada
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Tulkoff Foods, a Baltimore-based manufacturer of custom sauces, condiments, and ingredients, has acquired Celtrade Canada. The deal expands Tulkoff’s North American footprint by combining its product-development expertise with Celtrade’s R&D and private-label capabilities, including additional manufacturing flexibility in the United States and Canada.
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February 28, 2026
- Buyer
- Haworth
- Target
- Tayco
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Haworth, a commercial furniture and interior solutions manufacturer, acquired a majority shareholding in Tayco, a Toronto-based office furniture and case goods manufacturer. The deal is intended to strengthen Haworth's footprint in Canada and expand its manufacturing capabilities and product range for dealers and customers across North America.
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February 20, 2026
- Buyer
- Soteria Flexibles Corp., Soteria Flexibles AcquireCo Ltd.
- Target
- Imaflex Inc.
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Buyout
Soteria Flexibles Corp. (through an affiliate, Soteria Flexibles AcquireCo Ltd.) entered into a definitive plan of arrangement to acquire all outstanding common shares of Imaflex Inc. for CAD 2.35 per share in cash, valuing Imaflex’s equity at approximately CAD 123 million. The transaction received final court approval from the Superior Court of Québec after shareholder approval; closing is expected around February 27, 2026, subject to remaining customary closing conditions.
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February 17, 2026
- Buyer
- Blue Bird Corporation
- Target
- Micro Bird Inc.
- Seller
- Girardin Group
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Buyout
Blue Bird Corporation has signed an agreement to acquire Girardin Group’s stake in the 50/50 Micro Bird joint venture, taking full ownership of the enterprise. Blue Bird will pay approximately $200 million for the joint venture share (30% cash and 70% in Blue Bird common stock), with closing expected in the first half of 2026 subject to conditions and regulatory approvals.
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- Buyer
- Eldorado Gold
- Target
- Foran Mining
- Industry
- Manufacturing
- Location
- British Columbia, Canada
- Type
- Buyout
Eldorado Gold has agreed to acquire Foran Mining in a C$3.8 billion share-and-cash transaction to create a gold and copper producer. The combined company is expected to remain headquartered in Vancouver, British Columbia, and target commercial production from two fully financed development projects by mid-2026.
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January 20, 2026
- Buyer
- SPX Technologies, Inc.
- Target
- Thermolec Ltd.
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Buyout
SPX Technologies has completed the acquisition of Montréal-based Thermolec Ltd. for CA$195 million (approximately US$140 million). Thermolec, a manufacturer of custom electric duct heating and related HVAC solutions with nearly 200 employees and about US$35 million in annual revenue, will join SPX's HVAC Electric Heat business to expand product capabilities and grow sales in the U.S. and Canada.
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- Buyer
- CompoSecure (rebranded to GPGI, Inc.), Platinum Equity, PIPE investors (private placement participants)
- Target
- Husky Technologies Limited
- Seller
- Platinum Equity
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
CompoSecure completed its business combination with Husky Technologies on January 12, 2026, rebranding the corporate entity to GPGI, Inc. The combined business is valued at $7.4 billion and was funded by a ~$2.0 billion PIPE, a ~$1.0 billion equity rollover from Platinum Equity, and ~$2.0 billion of debt; Husky will operate as a standalone reporting segment alongside CompoSecure under the new permanent-capital platform.
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January 7, 2026
- Buyer
- Trystar
- Target
- Island Technical Installations (ITI)
- Industry
- Manufacturing
- Location
- British Columbia, Canada
- Type
- Buyout
Trystar has acquired Island Technical Installations (ITI), a Victoria, British Columbia–based electrical equipment engineering, manufacturing, and services company specializing in low- and medium-voltage switchgear and mobile substation solutions. The acquisition expands Trystar’s custom LV/MV switchgear capabilities and service offerings and brings ITI’s teams and new Arlington, Texas production facility into Trystar’s North American platform.
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January 1, 2026
- Buyer
- Davis-Standard
- Target
- Deacro Industries Ltd., Brampton Engineering Inc., Gamma Machinery
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Divestiture
Davis-Standard announced the amalgamation of its Canadian specialty brands Deacro Industries Ltd., Brampton Engineering Inc., and Gamma Machinery into a single operating entity, Davis-Standard Canada Inc., effective January 1, 2026. The consolidation is intended to combine engineering and product capabilities, improve operational efficiency, and provide integrated global service and aftermarket support to customers in packaging, medical and other end markets.
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December 30, 2025
- Buyer
- Salt Creek Capital
- Target
- Nanoptix Inc.
- Seller
- Daniel Vienneau
- Industry
- Manufacturing
- Location
- New Brunswick, Canada
- Type
- Buyout
Salt Creek Capital, a San Francisco Bay Area private equity firm, has acquired a controlling stake in Nanoptix Inc., a Dieppe, New Brunswick-based manufacturer of thermal printing solutions for the gaming, lottery, kiosk and POS markets. Founder and CEO Daniel Vienneau sold his controlling ownership position and moved into an advisory role while long-time CFO Jacques LeBlanc was promoted to CEO to lead the company through its next growth phase.
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December 17, 2025
- Buyer
- Continuim Equity Partners
- Target
- MindCore Technologies, Inc.
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Buyout
Continuim Equity Partners has acquired MindCore Technologies, a Terrebonne, Quebec-based designer and manufacturer of high-voltage and extra-high-voltage switching solutions for electric utilities. Continuim will partner with MindCore's existing management team (who remain shareholders) to expand manufacturing capacity, add complementary product offerings, and open a new U.S. production facility to support North American utility customers.
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November 13, 2025
- Buyer
- UCC Environmental
- Target
- Trimay Wear Plate Ltd.
- Industry
- Manufacturing
- Location
- Alberta, Canada
- Type
- Buyout
UCC Environmental has acquired Trimay Wear Plate Ltd., a Canadian specialist in wear overlay, hardfacing and alloy cladding technologies. The acquisition enhances UCC's capabilities in high-wear industrial applications—strengthening its product portfolio and technical expertise to improve equipment reliability and service life for heavy industrial customers.
-
- Buyer
- GPT Industries LLC, Branford Castle Partners
- Target
- Integrated Rectifier Technologies Inc.
- Industry
- Manufacturing
- Location
- Alberta, Canada
- Type
- Addon
GPT Industries, a Branford Castle Partners portfolio company, has acquired Integrated Rectifier Technologies Inc. (IRT), an Alberta-based manufacturer of transformer rectifiers and cathodic protection control systems. The add-on strengthens GPT's product portfolio and remote monitoring capabilities, expanding its corrosion-mitigation offerings for energy, utilities and infrastructure customers worldwide.
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October 23, 2025
- Buyer
- Wood Technologies International, One Equity Partners
- Target
- Norwood Sawmills
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Addon
Wood Technologies International (WTI), the One Equity Partners–backed owner of USNR and Burton Mill Solutions, has acquired Norwood Sawmills. Norwood will continue to operate from Barrie, Ontario and retain its brand, product names, dealer network and warranties while gaining access to WTI's broader capabilities, R&D and technical support.
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September 29, 2025
- Buyer
- AeriTek Global Holdings LLC, Mill Point Capital LLC
- Target
- Minus Forty QBD Corp (Due North)
- Seller
- Ronin Equity Partners
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Addon
AeriTek Global Holdings (a portfolio company of Mill Point Capital) has acquired Minus Forty QBD Corp, doing business as Due North, combining AeriTek’s Imbera and Torrey businesses with Due North’s QBD and Minus Forty brands to create a scaled North American manufacturer and distributor of refrigerated display cases. Ronin Equity Partners, which formed Due North in 2021, is exiting the investment as part of the transaction and intends to run a GP-led continuation vehicle to bring in new minority investors in the expanded group.
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September 3, 2025
- Buyer
- W. Graeme Roustan, Roustan Capital
- Target
- TRUE Hockey, TRUE Lacrosse, TRUE Baseball, TRUE Sports (operating name post-transaction)
- Seller
- TRUE Temper Sports Inc.
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
W. Graeme Roustan has signed a definitive agreement to acquire TRUE Hockey, including related intellectual property and assets for TRUE Lacrosse and TRUE Baseball, from TRUE Temper Sports Inc. The transaction will transfer TRUE Hockey’s global operations and is expected to close within 60 days, subject to customary regulatory approvals.
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April 7, 2025
- Buyer
- Reichmann Segal Capital Partners, Athletica Sport Systems Inc.
- Target
- OES Inc.
- Seller
- Ardenton Capital Corporation
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Addon
Reichmann Segal Capital Partners has acquired OES Inc. from Ardenton Capital Corporation in a move to expand its sports infrastructure platform and invest in electronic manufacturing services (EMS) and custom technologies. The deal will integrate OES' LED video scoreboards, EMS capabilities and scoring/timing software with Reichmann Segal's existing portfolio company Athletica, with OES CEO Jeff Stewart remaining in place; terms were not disclosed.
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April 2, 2025
- Buyer
- Soluroc Inc.
- Target
- Fuller Industrial Corporation
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Soluroc Inc., a Canadian wear-resistant solutions manufacturer, has acquired Fuller Industrial Corporation, a Sudbury-based maker of custom-engineered and rubber-lined process piping. The transaction expands Soluroc’s manufacturing capabilities and strengthens its presence in the mining and industrial sectors across the Americas.
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- Buyer
- LSI Industries Inc.
- Target
- Canada's Best Holdings (Canada's Best Store Fixtures)
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
LSI Industries (Nasdaq: LYTS) acquired Ontario-based Canada’s Best Holdings (operating as Canada’s Best Store Fixtures) in an accretive, all-cash transaction with a $24.0 million purchase price plus a $7.0 million performance earnout (total potential consideration of $31.0 million). The deal expands LSI’s turnkey retail fixtures, custom display and installation capabilities in Canada, adds ~120 employees and four manufacturing/distribution facilities, and is expected to be immediately accretive to margins and EPS.
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- Buyer
- Barricades and Signs Ltd., Universal Group, CAI Capital Partners, BDC Capital, Roynat Equity Partners, Frind Enterprises
- Target
- Airmaster Sales Ltd.
- Seller
- Liz MacCharles, Quentin MacCharles, Keith MacCharles
- Industry
- Manufacturing
- Location
- Manitoba, Canada
- Type
- Addon
CAI Capital Partners’ portfolio company Universal Group, through its subsidiary Barricades and Signs Ltd., has acquired Airmaster Sales Ltd., a Winnipeg-based manufacturer of traffic control signs serving Manitoba and Saskatchewan. CAI’s equity co-investors in the combined organization include BDC Capital, Roynat Equity Partners and Frind Enterprises; members of the MacCharles family (Liz, Quentin and Keith) will remain involved during the transition.
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- Buyer
- Borouge Group International, Abu Dhabi National Oil Company (ADNOC), OMV
- Target
- Nova Chemicals
- Seller
- Mubadala
- Industry
- Manufacturing
- Location
- Alberta, Canada
- Type
- Buyout
Abu Dhabi National Oil Company (ADNOC) and OMV announced they will merge to form Borouge Group International, a new polyolefins chemicals group. As part of the transaction, Borouge Group International will acquire Nova Chemicals from Mubadala for $13.4 billion, with the overall deal expected to close in the first quarter of 2026.
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February 6, 2025
- Buyer
- Coeur Mining, Inc.
- Target
- SilverCrest Metals Inc.
- Industry
- Manufacturing
- Location
- British Columbia, Canada
- Type
- Buyout
Coeur Mining, Inc. entered into a definitive agreement to acquire all issued and outstanding shares of SilverCrest Metals Inc. via a court-approved plan of arrangement. SilverCrest shareholders will receive 1.6022 shares of Coeur common stock for each SilverCrest share, implying about a US$1.7 billion equity value.
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February 3, 2025
- Buyer
- Toromont Industries Ltd.
- Target
- AVL Manufacturing Inc.
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Toromont Industries Ltd. has acquired a 60% ownership stake in AVL Manufacturing Inc., a Hamilton, Ontario-based designer and fabricator of power generation and energy storage enclosures that serves the data centre market across eastern North America. The purchase was paid in cash and Toromont shares, and Toromont has committed to buying the remaining 40% by agreed dates through 2031 based on performance; the acquisition secures supply for Toromont Power Systems and is not expected to have a material near-term impact on combined results.
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February 1, 2025
- Buyer
- Union Park Capital
- Target
- AML Oceanographic
- Industry
- Manufacturing
- Location
- British Columbia, Canada
- Type
- Buyout
Union Park Capital, a Boston-based private equity firm, has acquired AML Oceanographic, a Victoria, British Columbia-based manufacturer of oceanographic and hydrographic equipment. The deal launches Union Park's new marine technology platform to pursue growth across hydrography, water quality monitoring, subsea infrastructure and defense markets; terms were not disclosed.
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January 30, 2025
- Buyer
- NAMAKOR Holdings
- Target
- Metallomax Inc.
- Seller
- Maxime Picard, Pascal Picard
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Buyout
NAMAKOR Holdings has acquired Metallomax Inc., a Quebec-based manufacturer of specialized lift platforms and elevating equipment. The founders, Maxime and Pascal Picard, will remain involved in advisory roles as NAMAKOR positions Metallomax for growth and geographic expansion under new leadership.
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January 15, 2025
- Buyer
- Blade Air
- Target
- InnerEco Environmental Inc.
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Blade Air has acquired InnerEco Environmental Inc., bringing InnerEco’s residential HVAC filtration brands (including Cimatec, Airscreen, ToxBox and ESSA) into Blade Air’s portfolio to accelerate the company’s entry into the residential market. The deal expands Blade Air’s product offering from commercial sustainable filtration into consumer and contractor channels across North America, aiming to improve energy efficiency, reduce waste, and simplify filter replacement for homeowners and HVAC professionals.
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January 9, 2025
- Buyer
- Speyside Equity Advisers
- Target
- GSC Technologies, Inc.
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Buyout
Speyside Equity Advisers completed the acquisition of GSC Technologies, a North American manufacturer of plastic storage and organization products. The private equity firm said the deal will provide new capitalization and operational support to fuel GSC's next phase of growth and value creation.
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December 5, 2024
- Buyer
- Hydraulic Technologies, Wynnchurch Capital, L.P.
- Target
- Hydra-Slide
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Growth capital
Hydraulic Technologies, a Rockford, Illinois-based manufacturer of high-pressure hydraulic tools and a portfolio company of Wynnchurch Capital, has made a growth investment in Hydra-Slide, a Guelph, Ontario-based maker of skidding and hydraulic heavy-lift systems. The transaction is intended to expand Hydraulic Technologies' engineered heavy-lift and skidding product offerings and support Hydra-Slide's next phase of growth.
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December 3, 2024
- Buyer
- Fortress Investment Group
- Target
- Infra Pipe Solutions
- Seller
- Wynnchurch Capital
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Funds managed by affiliates of Fortress Investment Group have acquired a majority stake in Infra Pipe Solutions (IPS), a North American manufacturer of HDPE pipes and structures. Wynnchurch Capital exited the company; IPS management retained a minority stake and Fortress plans to invest to expand capacity and capture strong infrastructure demand across water, telecom and mining markets.
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November 4, 2024
- Buyer
- Canerector
- Target
- Promac Industries Inc.
- Seller
- Sean Monaghan
- Industry
- Manufacturing
- Location
- Alberta, Canada
- Type
- Buyout
Canerector has acquired Promac Industries Inc., a Calgary-based precision machining and downhole tooling specialist serving the energy services sector. The deal brings enhanced turning, milling, design consultation and prototyping capabilities into Canerector's network and was completed with Promac's former owner, Sean Monaghan, supporting the transition.
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October 31, 2024
- Buyer
- AMETEK, Inc.
- Target
- Virtek Vision International
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
AMETEK, Inc. has acquired Virtek Vision International, a Waterloo, Ontario–based developer and manufacturer of laser-based projection and AI-driven inspection systems. The acquisition brings Virtek into AMETEK’s Electronic Instruments Group to complement its Creaform business and broaden automated 3D scanning, projection and inspection capabilities for aerospace, defense and industrial customers.
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October 29, 2024
- Buyer
- SV Labs Corporation, San Francisco Equity Partners
- Target
- Sigan Industries Group, Inc.
- Seller
- Sigan Industries shareholders
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Addon
SV Labs Corporation, a San Francisco Equity Partners-backed CDMO, has acquired Sigan Industries Group, a Toronto-based contract development and manufacturing organization serving beauty and personal care brands. The deal expands SV Labs' formulation and manufacturing capabilities and adds a Canadian facility to its network; Sigan shareholders retained a meaningful ownership stake in the combined business.
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October 10, 2024
- Buyer
- Tinicum, L.P. (affiliated funds managed by Tinicum Incorporated)
- Target
- Groupe Tornatech Inc. (Tornatech)
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Buyout
Tinicum, L.P. has acquired a controlling interest in Groupe Tornatech Inc., a Laval, Quebec-based designer and manufacturer of fire pump controllers. Tornatech's co-presidents will retain a significant ownership stake and the company will partner with Tinicum to invest in its team, product offering, capabilities, and facilities to support global growth; financial terms were not disclosed.
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September 26, 2024
- Buyer
- Weller Metalworks, LFM Capital, AEA Private Debt (AEA Investors)
- Target
- DROP Sprockets, Inc.
- Industry
- Manufacturing
- Location
- British Columbia, Canada
- Type
- Addon
LFM Capital-backed Weller Metalworks has acquired DROP Sprockets, a Nelson, British Columbia-based manufacturer of made-to-order sprockets. AEA Private Debt acted as sole mezzanine lender and provided an equity co-investment to support the transaction. The deal is Weller's third add-on acquisition and expands the platform's manufacturing capabilities and product offering.
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September 24, 2024
- Buyer
- Castle Harlan, Equity consortium (led by Castle Harlan, unnamed investors)
- Target
- Alumni Educational Solutions
- Seller
- Ironbridge Equity Partners, Management of Alumni Educational Solutions
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Ironbridge Equity Partners and management have sold Alumni Educational Solutions to an equity consortium led by Castle Harlan; financial terms were not disclosed. Alumni is a manufacturer and distributor of educational furniture operating facilities in Canada, the United States and China, and Ironbridge supported the company's U.S. sales expansion, management succession and go-to-market enhancements during its hold.
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September 5, 2024
- Buyer
- Walter Capital Partners
- Target
- MARTINS Industries
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Growth capital
Walter Capital Partners has become a major shareholder in MARTINS Industries, a Farnham, Quebec–based global provider of tire and wheel equipment and supplies. The investment is intended to support MARTINS’ acquisition-led international growth strategy—particularly in the United States and Europe—and accelerate the company’s M&A program and product/distribution expansion.
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September 3, 2024
- Buyer
- Wincove Private Holdings, LP
- Target
- Sommers Generator Systems
- Seller
- Other existing investors
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Recapitalization
Wincove Private Holdings has recapitalized Sommers Generator Systems, partnering with President Chris McGregor who will remain in place alongside other existing investors. The investment will support Sommers' next phase of growth, including organic expansion of its geographic and service footprint and pursuit of additional acquisitions.
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September 2, 2024
- Buyer
- Exosens
- Target
- LR Tech
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Buyout
Exosens (Euronext: EXENS) has completed the acquisition of Quebec City–based LR Tech, a developer and manufacturer of FTIR spectroradiometers. The purchase adds FTIR instruments to Exosens’ high-performance instrumentation portfolio—strengthening its offering for defense, aerospace, environmental and scientific research markets and supporting Exosens’ bolt-on growth strategy.
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August 30, 2024
- Buyer
- Nederman Holding AB (publ)
- Target
- Duroair Technologies Inc
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Sweden-based environmental technology company Nederman has acquired Canadian air-filtration manufacturer Duroair Technologies Inc to strengthen its Extraction & Filtration Technology division in the US and Canada. The deal implies an enterprise value of approximately CAD 11 million with a potential earn-out of up to CAD 4 million; Duroair (headquartered in Niagara Falls, Ontario) will continue to operate under its brand and has about 10 employees.
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August 13, 2024
- Buyer
- Gauge Capital
- Target
- AGT Robotics
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Growth capital
Gauge Capital has made a growth-capital investment and recapitalized AGT Robotics, partnering with the founder and management to accelerate the company's growth. AGT Robotics, based in Trois-Rivières, Quebec, provides modular autonomous robotic welding systems and proprietary software for structural steel and heavy metal fabrication; several Gauge partners joined AGT's board and Drake Star advised the buyer.
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- Buyer
- New Mountain Capital, Energy Impact Partners
- Target
- Site 20/20
- Industry
- Manufacturing
- Location
- Nova Scotia, Canada
- Type
- Growth capital
Site 20/20, a Dartmouth, Nova Scotia-based developer of traffic control hardware and software, received a strategic growth investment from New Mountain Capital and Energy Impact Partners to accelerate product development, AI capabilities and market expansion. The capital will be used to advance the company’s technology and expand adoption across utility and infrastructure service providers.
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July 15, 2024
- Buyer
- TorQuest Partners
- Target
- Mevotech L.P.
- Seller
- Funds managed by Penfund Management Limited
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
TorQuest Partners has acquired Mevotech L.P., a Toronto-headquartered maker of driveline, steering and suspension parts for the North American auto aftermarket, from funds managed by Penfund Management Limited. Ezer Mevorach will remain CEO and the terms were not disclosed; the deal is TorQuest’s first investment from Fund VI and is intended to support Mevotech’s next phase of growth.
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- Buyer
- Cleveland-Cliffs Inc.
- Target
- Stelco Holdings Inc.
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Cleveland-Cliffs completed its previously announced acquisition of Stelco Holdings Inc. via a plan of arrangement. Under the deal, Stelco shareholders received CAD $60.00 cash per share plus 0.454 shares of Cleveland-Cliffs common stock per Stelco share (total consideration valued at CAD $3.27B).
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- Buyer
- Clearspring Capital Partners, BDC Growth Equity Partners (BDC Capital), Investissement Québec, BMO Capital Partners
- Target
- INNOTEX Inc.
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Growth capital
Clearspring Capital Partners announced a growth investment in INNOTEX Inc., a Québec-based manufacturer of firefighter protective suits, alongside founder Louis Carpentier and existing management. The financing—supported by BDC Growth Equity Partners, Investissement Québec and BMO Capital Partners—will fund product, people and geographic expansion as INNOTEX aims to become a North American leader in emergency-services protective apparel.
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July 2, 2024
- Buyer
- Domfoam
- Target
- Foamco Industries
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Domfoam, a Montreal-based foam manufacturer, has acquired Foamco Industries, a Concord (GTA), Ontario foam fabricator to expand its presence in the Greater Toronto Area and broader Ontario market. The deal increases Domfoam's manufacturing footprint to five facilities (over 550,000 sq. ft.), enables next-day delivery across the GTA, and strengthens production capacity to better serve bedding, seating and medical customers.
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- Buyer
- Exchange Income Corporation, Northern Mat and Bridge LP
- Target
- Armand Duhamel & Fils Inc.
- Seller
- Vendors (including co-owner Guillaume Gonthier)
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Addon
Exchange Income Corporation (EIC) has acquired Quebec-based sawmill Armand Duhamel & Fils Inc. for $19 million (up to $22 million subject to post-closing targets). The deal (funded with $3 million of EIC common shares and $16 million of cash) will fold Duhamel into EIC's Northern Mat platform to expand its Environmental Access Solutions presence in Quebec and Eastern Canada; co-owner Guillaume Gonthier will remain as President.
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- Buyer
- Reichmann Segal Capital Partners
- Target
- Athletica Sport Systems Inc.
- Seller
- Fulcrum Capital Partners
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Buyout
Toronto-based private equity firm Reichmann Segal Capital Partners has acquired Athletica Sport Systems Inc., a Waterloo, Ontario-based designer, manufacturer and installer of dasher board systems and sport infrastructure. The seller was Fulcrum Capital Partners; Reichmann Segal plans to support Athletica's product development and geographic expansion while CEO Andrew McRae remains in place. The terms were not disclosed.
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May 15, 2024
- Buyer
- ATS Corporation
- Target
- Paxiom Group
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Buyout
ATS Corporation has entered into a definitive agreement to acquire Paxiom Group, a Montreal-based provider of primary, secondary and end-of-line packaging machines serving food & beverage, cannabis and pharmaceutical customers. Paxiom generated approximately $67 million of revenue and adjusted EBITDA margin above 19% in calendar 2023, employs roughly 200 people, and will join ATS' Products and Food Technology business; the deal is expected to close in Q3 2024 with funding from cash and the company's revolving credit facility.
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- Buyer
- Wipro Infrastructure Engineering (Wipro Hydraulics)
- Target
- Mailhot Industries, JARP Industries
- Seller
- Novacap
- Industry
- Manufacturing
- Location
- Quebec, Canada
- Type
- Buyout
Wipro Infrastructure Engineering (Wipro Hydraulics) has entered into a definitive agreement to acquire Mailhot Industries, a Quebec-based manufacturer of hydraulic cylinders, from private equity firm Novacap. The deal includes JARP Industries and is intended to expand Wipro Hydraulics' footprint and capabilities in North America across end markets such as refuse trucks, snow removal, utilities, construction, mining and defense.
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April 23, 2024
- Buyer
- MFG Chemical, Platte River Equity
- Target
- H.P. Polymers
- Industry
- Manufacturing
- Location
- Ontario, Canada
- Type
- Addon
MFG Chemical, a Platte River Equity portfolio company, has acquired H.P. Polymers, an independent paint and coatings resin manufacturer based in Puslinch, Ontario. The deal expands MFG's product portfolio and capabilities in the paint and coatings sector, enhancing service to customers across metal, wood, marine, specialty and coil end markets.
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Frequently Asked Questions
What types of buyers are active in Canadian manufacturing?
Both strategic industrial acquirers (for example, FirmaPak, SPX Technologies, Trystar) and financial sponsors (for example, Platinum Equity, Mill Point Capital, One Equity Partners) appear across the recent transactions.
Which manufacturing subsectors show the most activity?
Recent deals span several specialized subsectors: packaging and blow‑molding, HVAC/electric heating, electrical equipment and switchgear, thermal printing, wear‑plate and hardfacing, refrigerated display cases and specialty vehicles (ambulance manufacturing).
Are Canadian management teams typically retained after a sale?
Outcomes vary by deal. Some transactions keep existing leadership in place (for example, Easy Plastics was retained under FirmaPak), while others involve management rollovers, new executive appointments or founder advisory roles (as in the Nanoptix and Husky/CompoSecure transactions).
Where in Canada is deal activity concentrated?
Activity is concentrated in Ontario and Quebec, with additional transactions in British Columbia, Alberta and New Brunswick—reflecting both regional manufacturing hubs and targets with North American distribution ambitions.