Manufacturing Acquisitions in Canada

On January 12, 2026, CompoSecure, Inc. completed its previously announced business combination with Husky Technologies Limited, creating a diversified platform valued at approximately $7.4 billion and rebranding the corporate entity as GPGI, Inc. The transaction was funded through an oversubscribed ~$2.0 billion private placement (PIPE), Platinum Equity’s ~$1.0 billion equity rollover, and approximately ~$2.0 billion of debt; the David Cote family retained its ~$1.0 billion equity stake. Post-close, GPGI will report through two segments (CompoSecure and Husky) and expects its shares to begin trading on the NYSE under ticker “GPGI” on January 23, 2026.

Davis-Standard announced the amalgamation of its Canadian specialty brands Deacro Industries Ltd., Brampton Engineering Inc., and Gamma Machinery into a single operating company, Davis-Standard Canada Inc. The integration is effective January 1, 2026 and is intended to consolidate operational footprint and technical capabilities while maintaining the core product lines and customer-facing teams for each brand.

Salt Creek Capital acquired a controlling stake in Nanoptix Inc., a provider of thermal printing technologies for the global gaming, lottery and kiosk industries. As part of the transaction, founder and CEO Daniel Vienneau sold his controlling ownership position and moved to an advisory role, while long-time CFO Jacques LeBlanc was promoted to CEO.

UCC Environmental (UCC) announced it has acquired Trimay Wear Plate Ltd., a provider of advanced wear overlay and cladding technologies for industrial equipment operating in abrasive, corrosive, and erosive environments. The deal expands UCC’s high-wear performance parts portfolio and adds Trimay’s metallurgy expertise and capabilities in wear overlays, hard facing, and alloy cladding to serve heavy industrial end markets.

GPT Industries LLC, a portfolio company of Branford Castle Partners (Fund II), acquired Integrated Rectifier Technologies Inc. (IRT), an Alberta, Canada-based manufacturer of transformer rectifiers and related cathodic protection products. The deal is GPT’s first acquisition and expands its corrosion mitigation and asset integrity offering by combining GPT’s flange isolation and remote monitoring capabilities with IRT’s rectifier systems and control technologies. O2 Sponsor Finance (a division of Old Second National Bank) provided debt financing; transaction terms were not disclosed.

Wood Technologies International (WTI), backed by One Equity Partners, announced the acquisition of Norwood Sawmills, expanding WTI into the portable sawmill segment. Norwood will continue operating under its existing brand from its home base north of Toronto, Ontario, with its products, warranties, parts, and dealer network unchanged. G2 Capital Advisors served as exclusive financial advisor to Norwood on the transaction.

AeriTek Global Holdings LLC, a portfolio company of Mill Point Capital, acquired Minus Forty QBD Corp. (d/b/a Due North), a manufacturer of commercial refrigerated display cases and refrigeration units serving the United States and Canada. The combination brings together AeriTek’s Imbera and Torrey brands with Due North’s QBD and Minus Forty brands to create a larger, diversified retail refrigeration platform with expanded North American distribution. Separately, Ronin Equity Partners plans to use a GP-led continuation vehicle to bring in new investors to hold an undisclosed minority stake in the expanded group following the sale.

J.B. Poindexter & Co., Inc. (JBPCO) announced it has acquired Demers Braun Crestline Medix (DBCM), a leading North American ambulance manufacturer. Headquartered in Beloeil, Quebec, DBCM will continue to operate with brand autonomy while benefiting from JBPCO’s resources as JBPCO expands into the emergency vehicle market.

Reichmann Segal Capital Partners, a Toronto-based private equity firm, acquired OES Inc. from Ardenton Capital Corporation. OES is a provider of LED video scoreboards, electronic manufacturing services (EMS), and custom technology solutions used in professional sports venues, and OES CEO Jeff Stewart will remain in his role. The acquisition is intended to complement Reichmann Segal’s existing sports infrastructure platform, Athletica, and expand investment in EMS and custom technology markets.

Soluroc Inc. acquired Fuller Industrial Corporation, a Canadian manufacturer of custom-engineered process piping and rubber-lined pipes designed to resist wear and corrosion. Headquartered in Sudbury, Ontario, Fuller’s specialized piping systems for mining and industrial customers will complement Soluroc’s wear-resistant solutions and expand its position in the Canadian market.

LSI Industries Inc. acquired privately held Canada's Best Holdings (known as Canada's Best Store Fixtures) in an all-cash transaction valued at USD $24.0 million, with an additional $7.0 million performance-based earnout potential. The deal expands LSI’s retail display and custom store fixtures capabilities and increases its presence in Canada, adding CBH’s vertically integrated design-to-fabrication-to-installation offering across multiple retail and commercial verticals.

CAI Capital Partners’ portfolio company Universal Group, through its subsidiary Barricades and Signs Ltd., has acquired Airmaster Sales Ltd. (Airmaster Signs). The deal adds Airmaster’s Winnipeg, Manitoba manufacturing facility and expands Barricades’ traffic control signage and products capabilities across Manitoba and Saskatchewan.

Toromont Industries Ltd. acquired a 60% ownership stake in AVL Manufacturing Inc., a designer and fabricator of power generation and storage enclosures serving the data centre market across eastern North America. The consideration will be paid using a combination of cash and Toromont shares, with customary post-closing adjustments. Toromont also committed to purchase the remaining 40% through to 2031 based on agreed dates and underlying business performance.

Union Park Capital, a Boston-based private equity firm, has completed the acquisition of AML Oceanographic, a manufacturer of oceanographic and hydrographic equipment. The deal launches Union Park Capital’s new marine technology platform, with AML’s CEO Robert Haydock continuing to lead the business as platform CEO. Financial terms were not disclosed.

NAMAKOR Holdings acquired Metallomax Inc., a Quebec-based manufacturer of specialized lift platforms and customized industrial transport equipment. The deal supports Metallomax’s continued growth, with founder Maxime Picard and co-founder Pascal Picard remaining involved in an advisory role and Vincent Tourangeau appointed as the new CEO.

Speyside Equity Advisers ("Speyside") completed the acquisition of GSC Technologies, Inc. ("GSC"), a North American manufacturer of plastic goods and storage/organization lifestyle products. The transaction is intended to support continued investment and accelerate GSC’s next growth phase; debt facilities were arranged by Ladrigan Management with Siena Lending Group and Roynat Capital to support the acquisition financing.

Hydraulic Technologies (HT), a portfolio company of Wynnchurch Capital, made a growth investment in Hydra-Slide (HS). Hydra-Slide is a Canada-based manufacturer of skidding and hydraulic systems used for heavy equipment lifting and movement in critical applications including infrastructure, utilities, and transportation.

Legrand has acquired Power Bus Way, a Toronto-based specialist in cable bus power busbars / custom-designed cable bus solutions used primarily in data centers, as well as industrial and large-scale commercial applications. Deal terms were not disclosed; Power Bus Way employs over 120 people and generates around €70 million in annual revenue, mainly in the United States and Canada. Following the transaction, Power Bus Way will operate as a business unit within Legrand’s Electrical Wiring Systems (EWS) Division.

Funds managed by affiliates of Fortress Investment Group acquired a majority stake in Gyptech (Gypsum Technologies), a provider of equipment and services for gypsum wallboard and asphalt-shingle manufacturing. Gyptech’s management team retained a minority stake, and the investment is intended to support global growth, technology scaling, and expanded aftermarket services. Wynnchurch Capital exited its investment in Gyptech through the sale.

Tinicum, L.P. and affiliated funds managed by Tinicum Incorporated acquired a controlling interest in Groupe Tornatech Inc. (Tornatech) in a transaction completed in partnership with the company’s management team. Tornatech’s co-presidents Marc Goupil and Dominic Bergeron will retain a significant ownership stake, and the company will remain headquartered in Laval, Quebec; financial terms were not disclosed.

LFM Capital-backed Weller Metalworks acquired DROP Sprockets, Inc., a made-to-order sprocket manufacturer headquartered near Nelson, British Columbia. The transaction represents Weller Metalworks’ third add-on acquisition since LFM established the platform in 2023, following Muthig Industries and Laser Precision. AEA Investors’ Private Debt group provided mezzanine notes and an equity co-investment to support the acquisition; financial terms were not disclosed.

Ironbridge Equity Partners, together with management, completed the sale of Alumni Educational Solutions to an equity consortium led by Castle Harlan. Financial terms were not disclosed. Alumni manufactures and distributes educational furniture for the pre-K through grade twelve market across North America.

MARTINS Industries, a tire and wheel equipment and supplies provider headquartered in Farnham, Quebec, announced that Walter Capital Partners has become a major shareholder. The investment is intended to support MARTINS’ acquisition-led international growth strategy, particularly in the United States and Europe, as it pursues further M&A to consolidate its market leadership.

Wincove Private Holdings, LP invested in and recapitalized Sommers Generator Systems, including its U.S. subsidiary Ironclad Power Systems. Sommers is a Canadian manufacturer and distributor of generator systems and related rentals, parts, and maintenance/repair services, and management (including President Chris McGregor) will continue to lead the business alongside existing investors.

Cleveland-Cliffs Inc. completed its previously announced acquisition of Stelco Holdings Inc. via a Canadian plan of arrangement, with Stelco becoming a wholly owned subsidiary of Cleveland-Cliffs. Stelco shareholders received C$60.00 in cash plus 0.454 shares of Cleveland-Cliffs stock per Stelco share (C$70.00 total implied value at signing), and Stelco shares are expected to be delisted from the Toronto Stock Exchange.

Clearspring Capital Partners announced an investment in INNOTEX Inc., a Québec-headquartered manufacturer of firefighter protective suits (turnout gear) and related rescue protective apparel. The investment is being made alongside founder Louis Carpentier and existing management, with Carpentier remaining a major shareholder and transitioning to Executive Chairman. The financing was supported by BDC Growth Equity Partners (BDC Capital), Investissement Québec, and BMO Capital Partners, among other limited partners.

Westcap Mgt. Ltd.’s portfolio company Timber-Tech Truss Limited Partnership acquired Brydon Stairs Ltd., a Calgary-based designer and manufacturer of stairs for the home construction market. The deal represents Timber-Tech’s first acquisition since Westcap’s initial investment in December 2023 and supports Timber-Tech’s product-line expansion strategy in Western Canada.

Domfoam announced it has acquired Foamco Industries to expand into the Greater Toronto Area and the broader Ontario market. The deal strengthens Domfoam’s production footprint and delivery capabilities, including next-day delivery across the GTA and Ontario, while increasing total manufacturing facilities to five across Quebec and Ontario.

ASSA ABLOY has acquired Wesko Locks Ltd, a Canadian manufacturer and supplier of electronic and specialty locks. Wesko Locks, founded in 1990 and headquartered in Mississauga, Ontario, expands ASSA ABLOY’s high-security product portfolio in the Canadian market and is expected to be accretive to EPS from the start.

JENNMAR, a FalconPoint Partners portfolio company, acquired the assets of Dumotech Industrial Products, a Rouyn-Noranda, Quebec-based manufacturer and distributor serving the hard rock mining industry. JENNMAR is acquiring Dumotech’s operating assets and certain customer relationships and will continue operating from Dumotech’s existing facility; financial terms were not disclosed.

Exchange Income Corporation (EIC) acquired Armand Duhamel & Fils Inc., a privately owned Quebec-based sawmill and eastern hemlock products manufacturer, for $19 million with an earn-out that could increase the price to $22 million. The consideration included $3 million in EIC common shares issued to the vendors and $16 million in cash drawn from EIC’s credit facility. The business will support Northern Mat and Bridge LP’s growth of EIC’s Environmental Access Solutions business line in Quebec and Eastern Canada, and Duhamel co-owner Guillaume Gonthier will continue as president.

Reichmann Segal Capital Partners, a Toronto-based private equity firm, acquired Athletica Sport Systems Inc., a leading designer and manufacturer of dasher board and sport infrastructure systems. Athletica is headquartered in Waterloo, Ontario and is a preferred rink equipment supplier to the NHL and AHL; CEO Andrew McRae will continue to lead the company. Fulcrum Capital Partners sold its stake in Athletica after investing in the company in April 2018; financial terms were not disclosed.

Wipro Infrastructure Engineering (via its Wipro Hydraulics business) entered into a definitive agreement to acquire Mailhot Industries, a Novacap portfolio company and North American manufacturer of high-performance hydraulic cylinders. The transaction also includes JARP Industries, part of Mailhot Industries, and is subject to customary closing conditions including regulatory approvals.

Platte River Equity portfolio company MFG Chemical acquired H.P. Polymers (HPP), an independent paint and coatings resin manufacturer. HPP is based in Puslinch, Ontario, and the deal expands MFG’s capabilities and product portfolio within the paint and coatings sector.

Morgan Truck Body, LLC has acquired Transit Truck Bodies Inc. (Les Fourgons Transit Inc.), a truck body manufacturer headquartered in Laval, Quebec, Canada. The deal expands Morgan Truck Body’s manufacturing footprint in North America, adding Transit’s operations and increasing Morgan’s total locations to 14 manufacturing facilities.

Modine entered into a definitive agreement to acquire Scott Springfield Manufacturing, a Calgary-based manufacturer of air handling units (AHUs), to expand its data center technology portfolio and indoor air quality offerings. The transaction values Scott Springfield at an enterprise value of approximately $190 million (USD), is expected to close in the first calendar quarter of 2024, and will be financed through a combination of cash and debt.

Central Moloney, Inc. (CMI), a portfolio company of Wind Point Partners, acquired Cam Tran Co. Ltd., a leading Canadian manufacturer of distribution transformers and a major North American producer of amorphous metal transformers. The transaction creates a scaled North American distribution transformer manufacturer operating eight transformer and component facilities and employing around 1,000 people across the combined company. CMI CEO Chris Hart will lead the combined company, and Cam Tran President Kyle Campbell will join the board while both businesses continue operating under separate brands.

Linamar Corporation completed its previously announced acquisition of 100% of Bourgault Industries Ltd. and its subsidiaries, following receipt of regulatory approvals. The acquired businesses include Bourgault’s core seeder operations in St. Brieux, Saskatchewan, along with the Highline Manufacturing division and Free Form Plastics, and will be integrated into Linamar’s new Agriculture division within its Industrial segment.

Arsenal Capital Partners completed a majority investment in Polycorp Ltd., a manufacturer of engineered rubber- and polyurethane-based elastomer solutions. Polycorp founder Peter Snucins will remain an investor and board member, and the partnership is intended to support Polycorp’s strategic growth initiatives and additional investment in manufacturing and R&D. Financial advisors included William Blair & Company for Polycorp and Harris Williams for Arsenal; transaction terms were not disclosed.

Westcap Mgt. Ltd., through its Westcap MBO III Investment LP fund, completed an investment in Timber-Tech Truss Limited Partnership. Timber-Tech is an Alberta-based manufacturer of engineered truss systems and engineered wood products serving customers across Western Canada.

Namakor Holdings has acquired CMI Mulching Inc., a manufacturer of tracked mulching tractors and stump grinders. The transaction is supported by an equity investment from Fonds de solidarité FTQ, providing additional human and financial resources to accelerate CMI’s growth and expansion.

DexKo Global Inc. has completed the acquisition of Cerka Industries Ltd., a Milton, Ontario-based manufacturer of trailer axles and distributor of trailer components across Canada. The deal expands DexKo/Dexter’s specialty distribution footprint and service capabilities for trailer dealers and OEM customers in the Canadian market.

Jim Estill, owner of Danby Appliances, has acquired Arctic Snowplows, a Canadian manufacturer of snowplows, plow partners, and spreaders. Arctic Snowplows will remain a standalone entity within Estill’s corporate structure while retaining its brand, management team, and Canadian locations; Mike Schulz has been appointed President to oversee day-to-day operations.

Başak Traktör Tarim Ziraat Ve Iş Makinalari Sanayi Ticaret A.Ş., a wholly owned subsidiary of ASKO Holding, entered into a definitive agreement to purchase approximately 97% of the common shares of Buhler Industries Inc. from Combine Factory Rostselmash Ltd. Under the agreement, Başak Traktör will also acquire all outstanding debt owed by Buhler Industries to Rostselmash, for an aggregate cash purchase price of CAD$60.5 million.

The Protech Group acquired 100% of the shares of MF Paints Inc., a Laval, Quebec-based manufacturer and distributor of architectural paints and stains. The deal expands Protech’s presence in the Canadian retail and commercial building paints market and is expected to take effect on October 7, 2023.

Exchange Income Corporation (EIC) has acquired DryAir Manufacturing Corp. for approximately $60 million. The consideration included $15 million in EIC common shares issued to the vendors and $45 million in cash funded from EIC’s credit facility. DryAir manufactures portable hydronic (glycol-based) climate-control and heating equipment and is headquartered in St. Brieux, Saskatchewan.

West Fraser Timber Co. Ltd. signed a definitive agreement to sell its Quesnel River Pulp mill in Quesnel, British Columbia and its Slave Lake Pulp mill in Slave Lake, Alberta to Atlas Holdings for total cash proceeds of US$120 million. The deal also includes related woodlands operations and timber holdings in Alberta and a long-term fibre supply agreement for the Quesnel River Pulp facility. After closing, the mills will be operated by Millar Western Forest Products, an Atlas-owned forest products company.

West Fraser Timber Co. Ltd. entered into an agreement to acquire Spray Lake Sawmills, a lumber and treated wood products producer located in Cochrane, Alberta, for approximately CDN$140 million (subject to post-closing adjustments). The deal is expected to close later in 2023 following Canadian regulatory reviews and customary closing conditions, expanding West Fraser’s treated wood business and footprint in Southern Alberta.

CAI Capital Partners completed the sale of the operating assets of Canadian Heating Products Inc. dba Montigo Fireplaces to Empire Comfort Systems (Empire Group). Montigo designs and manufactures residential and commercial gas fireplaces, and will continue operating as part of Empire Group; financial terms were not disclosed.

MPE Partners (Morgenthaler Private Equity), together with its portfolio company 80/20, LLC, acquired Les Industries Flexpipe, Inc. (Flexpipe), a manufacturer and distributor of steel modular framing structures and material handling systems used in lean manufacturing applications. Flexpipe is headquartered in Farnham, Quebec, and the transaction was completed in partnership with Flexpipe’s owners Julien Depelteau and Sylvain Lejour and the company’s management team; financial terms were not disclosed.

NAC International Inc. formed a Canadian subsidiary, Niagara Energy Products Inc. (NEP Inc.), which acquired substantially all assets of Niagara Energy Products (NEP). NEP is a Canadian supplier of nuclear containers and pressure boundary components headquartered in Niagara Falls, Ontario, expanding NAC’s manufacturing footprint and capabilities in the Canadian nuclear market.

Lakeside Book Company acquired 100% of the issued and outstanding common shares of Marquis Book Printing, Inc., a Canadian book manufacturer serving publishing and communications customers across Canada, the United States, and Europe. Marquis will operate as a division of Lakeside, expanding Lakeside’s access to the Canadian market and improving lead times and service capabilities for publishers.

Atlas Holdings announced the closing of its previously announced deal for an Atlas affiliate, Thunder Bay Pulp and Paper Inc., to acquire Resolute FP Canada Inc.’s pulp, newsprint and directory paper mill operations in Thunder Bay, Ontario. Resolute’s owner, Paper Excellence, had previously announced its intention to sell the mill, which will operate as a standalone company within Atlas’ portfolio following the transaction.

IDEX Corporation entered into a definitive agreement to acquire Iridian Spectral Technologies for cash consideration of CAD 150 million (subject to customary adjustments) and later completed the transaction. Privately held Iridian, headquartered in Ottawa, Ontario, designs and manufactures thin-film, multi-layer optical filters serving laser communications, telecommunications, and life sciences markets, and will join IDEX Optical Technologies within IDEX’s Health & Science Technology segment.

KKR signed a definitive agreement to acquire CoolIT Systems, a provider of scalable liquid cooling solutions for data centers and desktop computing. The investment is intended to support CoolIT’s growth and scaling as demand rises for energy-efficient, high-density data center cooling solutions.

Argyle Capital Partners completed the majority sale of Footage Tools Inc. to Huntstone Capital LP, with the transaction closing in early March 2023. Footage Tools is a manufacturer of premium tools for gas, water, and underground utility markets and is headquartered in Vaughan, Ontario.

Exchange Income Corporation (TSX: EIF) acquired Hansen Industries Ltd., a British Columbia-based precision metal fabrication manufacturer, for $42.5 million. The consideration included $4.5 million in EIC common shares issued to the vendors and $38.0 million of cash funded through EIC’s credit facility.

Hospeco Brands Group (HBG) has purchased Innocore, an Ontario, Canada-based manufacturer of premoistened non-woven surface and personal care wipes sold under the Touch Point and Certainty Brands. The combination expands HBG’s wipes portfolio and strengthens its North American footprint, with Innocore continuing to operate as a business unit under the HBG umbrella effective immediately.

Blue Point Capital Partners-backed Transtar Holding Company acquired Pro Form Products, a manufacturer of refinishing and repair products for automotive, aviation, industrial, and marine applications. Pro Form Products, headquartered in Ontario, Canada, will operate as a subsidiary of Transtar Autobody Technologies, expanding Transtar’s coatings and repair product offering and end-market reach across the U.S. and Canada.

Flowserve Corporation entered into a definitive arrangement agreement to acquire Velan Inc. in an all-cash transaction valued at approximately $245 million (C$329 million), including assumed debt. Upon closing (expected by the end of Q2 2023), Velan will be integrated into Flowserve’s Flow Control Division, expanding Flowserve’s industrial valve portfolio and aftermarket footprint.

MiddleGround Capital, a U.S.-based private equity firm, has acquired Megatech, a Québec City-based CNC machining company specializing in highly complex, high-precision engineered parts. The transaction represents Alfar Capital’s exit from its investment in Megatech following completion of the company’s growth plan, with MiddleGround positioning Megatech as a new digital manufacturing platform for continued organic and inorganic growth.

Right Lane Industries entered into a purchase agreement to acquire London Machinery, Inc. and the rear discharge mixer business of McNeilus Truck and Manufacturing, Inc. from Oshkosh Corporation. The deal includes rear discharge concrete mixer operations (including the Bridgemaster brand) but excludes McNeilus-branded refuse and front discharge mixer product lines, and is expected to close near the end of February 2023.

NAMAKOR Holdings announced the acquisition of Clôtures Frontenac Inc., a Quebec-based manufacturer and supplier of fencing products and accessories. NAMAKOR will provide human and financial resources to accelerate Frontenac’s growth and support expansion, while founders Ginette Mercier and Gerald Lemay will remain involved as advisors.

Label Innovation Inc., an Ottawa-based custom label manufacturer and converter of specialty components, tapes, and labels, has been sold to AWT Labels and Packaging. The transaction was advised exclusively by Welch Capital Partners, and Label Innovation will continue operating as a standalone entity with President Kelly Youngdale remaining in his role.

Meubles Saint-Damase has acquired Meubles Busch 1980 Inc., a Quebec-based company specializing in high-end architectural woodworking across commercial, institutional, and residential markets. The deal adds an additional plant and specialized employees, supporting Meubles Saint-Damase’s growth strategy in the high-end hotel furniture market.

Kymera International, a specialty materials company, has acquired CASL Surface Technologies Corp., a manufacturer of wear-resistant metallic and ceramic alloy coatings. CASL operates manufacturing facilities in Alberta, Canada and a production site in Houston, Texas, and will support Kymera’s coatings initiatives and broader specialty materials strategy under Palladium Equity Partners’ ownership. Financial terms were not disclosed.

Ironbridge Equity Partners, in partnership with Walker Glass management, closed the acquisition of Walker Glass Company Ltd., a Montreal-based value-added glass processor and manufacturer of acid-etched glass, premium mirrors, and bird-friendly glazing solutions. Kensington Capital Partners exited its investment in Walker Glass as part of the transaction.

W Investments Group II L.P. ("W II") became a shareholder of LMPG Inc., the parent company of Lumenpulse. LMPG designs, develops, and manufactures high-performance LED lighting solutions and plans to continue growing through North American expansion and acquisitions of strategic market players.

EBARA Corporation of Japan acquired 100% of the equity of Hayward Gordon L.P., a Canada-based manufacturer of industrial pumps, mixers, and related monitoring systems. The deal expands EBARA’s product portfolio and sales channels, particularly in public sewage/wastewater, industrial equipment, and process industries, and strengthens its North American presence.

TriWest Capital Partners, alongside BDC Capital’s Growth Equity Partners, BMO Capital Partners and Export Development Canada, acquired a majority interest in Monarch Industries Limited in September 2022. Monarch, founded in 1935 and headquartered in Winnipeg, Manitoba, manufactures hydraulic cylinders and custom iron castings serving agricultural, construction and industrial OEM markets. The transaction represented an exit for prior owner Merit Capital Partners, which had invested in Monarch since 2012.

Graham Partners Growth, the growth equity strategy of Graham Partners, completed a minority growth equity investment in Novarc Technologies. Novarc Technologies, headquartered in Vancouver, Canada, designs cobots and AI systems for robotic welding applications, including its Spool Welding Robot and proprietary NovEye AI software.

TriWest Capital Partners partnered with Northern Lite Truck Campers and Off Grid Trailers, acquiring both businesses and combining them into a new entity, Outdoor Adventure Group (OAG), a recreational vehicle manufacturer and distributor. The investment was completed alongside Roynat Equity Partners and Export Development Canada, and the companies were acquired from KV Private Equity (a division of KV Capital).

Due North acquired MTL COOL, a manufacturer of open-air commercial refrigerated showcases and refrigerated merchandisers serving the North American food and beverage retail market. Due North is the operating company combining QBD and Minus Forty and was formed by Ronin Equity Partners as a platform to consolidate the fragmented refrigerated display case industry.

Lynx Equity Limited, a Toronto-based private equity firm, acquired Excellent Signs, a London, Ontario signage manufacturer specializing in custom sign fabrication and turnkey services from design through installation and maintenance. The deal adds Excellent Signs to Lynx’s growing Lynx Signage Portfolio, alongside other sign and print businesses, with Meteor Signs president Al Nasser set to lead Excellent Signs post-acquisition.

SyBridge Technologies acquired Calframax Technologies, a precision tooling and mold-making company headquartered in Oldcastle, Ontario, Canada. The deal expands SyBridge’s presence in the consumer end-market and represents SyBridge’s first acquisition focused on consumer markets and its twelfth acquisition since 2019.

SureWerx, a global supplier of professional safety products, tools, and equipment, acquired MEGAComfort International Inc., a designer and virtual manufacturer of patented anti-fatigue insoles and orthotics for workers; terms were not disclosed. The Riverside Company, SureWerx’s private equity sponsor, described the transaction as an add-on investment to its SureWerx platform to expand further into the foot safety category and create cross-sell and e-commerce growth opportunities.

Terex Materials Processing (MP), a Terex business, announced the acquisition of ProAll, a Canadian producer of mobile volumetric concrete mixers. The deal expands Terex MP’s concrete equipment portfolio and strengthens its presence in U.S. concrete markets while adding international growth opportunities.

Industrial Chimney Company (ICC) acquired Cheminee Lining, the exhaust solutions division of The Cleaver-Brooks Company, Inc., expanding ICC’s product line in the commercial/industrial chimney market. The acquisition followed Cleaver-Brooks’ decision to discontinue sales of exhaust stacks and venting, and positions the combined businesses to strengthen leadership in the industrial chimney industry. As part of the deal, ICC will lease manufacturing and office space in Terrebonne, Quebec and retain over 44 existing Cheminee Lining employees.

Preformed Line Products Company’s Canadian subsidiary, PLP Canada, acquired Fonderie Richelieu Inc., a supplier of cast aluminum components. Following the acquisition, Fonderie Richelieu’s operations will be transferred to PLP Canada’s facility in Montreal, and founder/president Gilles Asselin and his team will join PLP Canada. The deal expands PLP Canada’s local manufacturing capabilities, including adding aluminum casting to its Montreal research and engineering center.

Ronin Equity Partners completed three simultaneous acquisitions—DK2, SnowBear, and Currahee Trailers—to create a diversified North American platform in small- to medium-scale outdoor power equipment and utility trailers operating under the DK2 corporate name. DK2 and SnowBear are based in Ontario, Canada, while Currahee Trailers is headquartered in Mount Airy, Georgia; owners/management teams of all three businesses retained significant equity stakes and remain involved. The deal value was not disclosed and the combined business is described as generating more than $60 million in annual revenue, with Ronin reserving more than $25 million for future add-on acquisitions.

Oshkosh Corporation has completed the acquisition of Maxi-Métal Inc., a Canada-based designer and manufacturer of custom fire apparatus and utility vehicles. Maxi-Métal, headquartered in Saint-Georges de Beauce, Quebec, will join Oshkosh’s Fire & Emergency segment and continue operating under its existing name, team, facilities, and branding.

EBSCO Capital announced the acquisition of Hydrolico International Inc. on behalf of EBSCO Industries’ portfolio company, Bailey International, LLC. The deal expands Bailey’s manufacturing and distribution capabilities in hydraulic equipment and components and strengthens its North American footprint, including facilities in Montreal and Walker, Michigan.

Helios Technologies, Inc. signed a definitive agreement to acquire the assets of Taimi R&D, Inc., a Canadian manufacturer of innovative hydraulic components. The transaction is expected to close in the third quarter of 2022, subject to customary conditions, and financial terms were not disclosed.

Blue Point Capital Partners, through its BPCP III concrete industry platform SASE Company, acquired (added) Bartell Global, a provider of concrete finishing, site preparation, and surface preparation equipment and consumables. Bartell Global, headquartered in Mississauga, Ontario, expands SASE’s product portfolio and distribution reach across concrete flooring and related applications, strengthening the platform’s geographic footprint across North America and internationally.

Vance Street Capital acquired Carmanah Technologies Corp., a Victoria, British Columbia-based designer and manufacturer of solar and AC-powered pedestrian and traffic safety systems. Carmanah will join Polara Enterprises (a prior Vance Street partner) to form and expand Vance Street’s traffic and pedestrian safety ITS platform, broadening the offering into “away-from-intersection” safety solutions. The seller was Krystal Growth Partners, and the transaction became effective April 28, 2022; terms were not disclosed.

Birch Hill Equity Partners and Investissement Québec acquired Polycor Inc. in partnership with the company’s management. Polycor was purchased from TorQuest Partners and its co-investors Wynnchurch Capital and PNC Mezzanine Capital, with the deal closing on April 29, 2022. The investment is intended to support Polycor’s continued growth in Québec and across its global operations.

Steel Family Holdings (SFH) acquired Fire Detection Devices Ltd., a Canadian manufacturer of heat detection solutions and the Thermoflex brand. SFH plans to invest in the company’s patented heat detector technology to expand market accessibility while continuing the legacy founded by Jack Duggan.

Westcap Mgt. Ltd. announced a successful exit of its portfolio company Modular Driven Technologies LP (MDT), which designs and manufactures precision engineered components for the recreational shooting industry. The transaction was led by MDT’s management team, which acquired the business and will continue to run it.

Plaintree Systems Inc., a diversified Canadian manufacturer based in Arnprior, Ontario, acquired Elmira Stove Works effective March 30, 2022. Elmira Stove Works manufactures premium vintage-styled kitchen appliances and wood-burning cookstoves and distributes through a North American dealer network. Following the acquisition, Elmira’s headquarters and certain manufacturing operations moved to Plaintree’s facility in Arnprior while maintaining a sales office and showroom presence in Elmira.

GreyLion invested in and acquired Norwood Sawmills, a Canada-based manufacturer and marketer of portable consumer-sized sawmills and related accessories. The transaction was supported by a senior credit facility arranged by Monroe Capital, which acted as sole lead arranger and administrative agent; financial terms were not disclosed.

Ryerson Holding Corporation acquired substantially all of the assets of Apogee Steel Fabrication Incorporated, a sheet metal fabricator based in Mississauga, Ontario. The acquisition is intended to strengthen Ryerson’s network of value-added service centers in Canada and expand its processing and full-service fabrication capabilities.

Phoenix Partners Fund II ("Phoenix") has acquired Nita Inc., a manufacturer of advanced labeling systems for packaging lines. The transaction was completed in collaboration with Nita’s owners—Normand Lord, Luc Harvey, and Ken Hubscher—who will remain shareholders to support Nita’s next phase of growth and global expansion.

Evapco, a U.S.-based manufacturer, acquired Canadian transcritical CO2 refrigeration systems manufacturer Systèmes LMP (LMP). The deal combines Evapco’s ammonia refrigeration expertise with LMP’s CO2 technology and establishes a new subsidiary, Evapco Systems LMP, headquartered in Laval, Quebec; financial terms were not disclosed.

TorQuest Partners closed a continuation vehicle that acquired a controlling interest in Can Art Aluminum Extrusion, an Ontario-based manufacturer of complex aluminum extrusions. The stake was acquired from TorQuest Partners Fund IV and other shareholders, with the transaction led by accounts managed by Hamilton Lane alongside a consortium of institutional investors.

Babcock & Wilcox Enterprises, Inc. (B&W) acquired Fossil Power Systems, Inc. (FPS), a designer and manufacturer of hydrogen, natural gas and renewable pulp and paper combustion equipment, including ignitors, plant controls and safety systems. FPS is headquartered in Dartmouth, Nova Scotia, Canada, and the transaction closed on February 1, 2022. The acquisition expands B&W’s combustion technologies and clean-energy capabilities, including hydrogen combustion and fuel conversion solutions.

Goldner Hawn, alongside industry veteran Dan Horner, completed contemporaneous recapitalizations of Guy Chemical Company LLC and Nuco, Inc. to form Matrix Adhesives Group, a North American adhesives and sealants manufacturing and contract packaging platform. Prior owners and management teams of Guy Chemical and Nuco retained ownership stakes in Matrix, and Churchill’s Private Equity team participated via an equity co-investment. The combined platform operates manufacturing sites in Guelph, Ontario and Somerset, Pennsylvania.

Electrical Components International, Inc. (ECI) announced the acquisition of BHC Cable Assemblies, Inc. (BHC). BHC manufactures wire harnesses, cable assemblies, and electromechanical assemblies and will continue to be led by its current management team operating from two facilities in Burlington, Ontario.

Omni-Lite Industries Canada, Inc. acquired 100% of Designed Precision Castings Inc. (DP Cast), an investment castings manufacturer based in Brampton, Ontario, in a share-and-cash deal valued at approximately US$5.7 million (including assumed/repaid net debt). The transaction is intended to expand Omni-Lite’s capabilities in highly engineered components serving aerospace, defense, industrial, and energy end markets, with DP Cast’s vendors also committing to a related C$1.25 million equity private placement via an affiliate.

FirePower Private Equity acquired VRE Systems Inc., a Toronto-area provider of horticulture, agriculture, and retail garden center products and related services. The company will continue operating from Grassie, Ontario, and financial terms were not disclosed.

Ultralife Corporation acquired all outstanding shares of Excell Battery Group for $23.5 million in cash, subject to customary adjustments. Excell designs and manufactures smart battery systems, battery packs, and monitoring systems serving industrial and medical device end markets. Ultralife expects the deal to support commercial revenue diversification and be EPS accretive within twelve months.