M&A Market Update - June 2024
Good afternoon,
Happy stampeding to all the cow-folk out there!
For the month of June, we saw a notable increase in deal activity compared to the previous two months. There were 15 announced and closed mid-market deals across Western Canada for the month. We expect to see an uptick in deal activity in the second half of the year relative to the first six months. Easing of interest rates from the Bank of Canada and expectations of little to no recession are giving buyers confidence to invest. Conversely, many local private companies have a healthy outlook for the rest of the year, with large project backlogs, strengthening monthly financial performance, and robust growth expectations for 2025.
Notable transactions include:
On June 5, Montrose Environmental Group, Inc. acquired Paragon Soil & Environmental Consulting, an environmental consulting firm based in Edmonton, AB.
On June 10, Bird Construction acquired Jacob Bros Construction for $135 million. The implied purchase multiple of 3.7x projected full year 2024 Adjusted EBITDA. Jacob Bros is a Surrey, BC-based construction company specializing in civil infrastructure projects.
On June 27, New Jersey-based Swander Pace Capital, announced it’s acquisition of Inovata Foods Corp., a leading manufacturer of diverse frozen meals serving customers in the U.S. and Canada.
ElkLake Partners Inc. exists to be a catalyst for transformational events that make private companies stronger, more resilient and more capable to grow beyond what they thought was possible. We believe that this will ultimately benefit shareholders, employees, our society and?our country.
Our goal is to share this information to foster greater transparency and establish ourselves as the preeminent source for information on private company transactions. If you have any questions about this data or would like to discuss a possible transaction, please feel free to connect using the contact details below.
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Mark Vodden, MBA, CBV
Managing Director
403.888.8590
Suite 505, Bow Valley Square
255 5 Avenue SW
Calgary, AB