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Osprey Capital Advises Dynamic Technologies on its Sale to Dynamic Machine

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September 2021 – Osprey Capital Partners Inc. is pleased to announce it has assisted Dynamic Technologies Group, a publicly traded company on the TSX Venture Exchange (DTG/TSXV), in selling its Parr Metal Fabricators subsidiary to Dynamic Machine Corp., both of Winnipeg. 

Osprey Capital, an investment banking and financial advisory with offices in Toronto, Winnipeg and Halifax, worked alongside Hawkbridge Capital Partners, an independent merchant bank platform in Toronto, in securing the deal.

The Client

Dynamic Technologies, a designer of media-based attractions and ride systems for the global theme park industry and other entertainment destinations, has operations in Canada, the U.S. and China, but sells its products around the world.

Its Parr subsidiary, which was founded in 1975, is a custom-metal fabricator serving the pulp and paper, mining and food industries.

It also provides a variety of fabrication to the construction and truck trailer repair sectors.

The Objective

After Dynamic Technologies decided to focus solely on its core business, it engaged Osprey Capital and Hawkbridge to sell Parr through a highly competitive process to a specific group of strategic and financial buyers. The intent was to maximize the return for Parr.

The Result

Osprey Capital delivered the pool of potential suitors and the auction generated the highest possible sale price for Parr.

Dynamic Machine was ultimately selected as the ideal suitor largely due to its stellar reputation as a metal fabricator. Parr is an accretive acquisition for Dynamic Machine and its 40-year legacy of exemplary customer service will continue under its new corporate umbrella.

“It was a pleasure to work with Allan and the Dynamic Technologies team. We are very pleased our advisory services were able to deliver the ultimate return for Parr,” says John Mottola, managing partner at Osprey Capital.

Allan Francis, vice-president of corporate affairs and administration at Dynamic Technologies, says the process conducted by Osprey Capital was professional from start to finish. “We wanted to find the ideal buyer for Parr in the most efficient way possible and Osprey Capital enabled us to do just that,” he says.

Richard van den Broek, president, and general manager of Dynamic Machine says his company is “ecstatic” to add Parr to its group. “The process was smooth with very few surprises. We believe the future looks bright,” he says.

Integral to completion of the transaction, Hawkbridge Capital Partners Inc. acted as co-advisor and MLT Aikins acted as legal advisors to Dynamic Technologies.

About Osprey Capital Partners

Founded in 1998, Osprey Capital has established itself as one of Canada’s leading independent mid-market investment banking and financial advisory firms. Osprey offers a range of advisory services focused on the execution of merger, acquisition, business sale, and finance transactions. Osprey Capital’s success in servicing clients’ M&A and financing requirements is a result of its understanding of the unique needs of mid-market companies and their shareholders and its strong relationships with industry players including strategic acquirers, Canadian & international private equity funds, institutional investors, lenders and banks.

Osprey Capital Advises on Fairfax and MCC Holdings $277M Take Private Transaction of Mosaic Capital

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August 2021 – Osprey Capital Partners Inc. is pleased to announce that on August 5th, 2021, 2356430 Alberta Inc., a company controlled by MCC Holdings Ltd. (“MCC Holdings”) and certain affiliates of Fairfax Financial Holdings Limited (collectively, “Fairfax”), successfully completed the acquisition of Mosaic Capital Corporation (TSXV: M) (TSXV: M.DB). Osprey Capital acted as exclusive financial advisor to MCC Holdings.

The transaction was completed through a statutory plan of arrangement under the Business Corporations Act (Alberta), which was overwhelmingly approved on July 29, 2021, by Mosaic shareholders. 2356430 Alberta Inc. acquired all of the outstanding common shares of Mosaic for $5.50 per share in cash for a consolidated enterprise value (inclusive of debt) of approximately $277.3 million. The common shares and the debentures were delisted from the TSX Venture Exchange effective as of the close of trading on August 5, 2021.

John Mottola, Managing Partner at Osprey Capital, said, “This deal was one where long-standing relationships with both MCC Holdings and Mosaic contributed to the efficiency of the confidential process and the success of the transaction. Structured as a private company, the portfolio of businesses have now been positioned for future success.” 

Osprey Capital Partners Inc. acted as financial advisor to MCC Holdings. Fillmore Riley LLP acted as legal counsel to MCC Holdings. MNP acted as accounting advisors to MCC Holdings. Torys LLP acted as legal counsel to Fairfax. Farris LLP acted as legal counsel to the Special Committee and to Mosaic. Evans & Evans, Inc. provided the Special Committee and the Mosaic Board of Directors with a fairness opinion in respect of the transaction.

About Fairfax Financial Holdings Limited

Fairfax Financial Holdings Limited is a holding company which, through its subsidiaries, is engaged in property and casualty insurance and reinsurance and the associated investment management.

About MCC Holdings Limited

MCC Holdings is a private company that owns, directly or indirectly, a number of private businesses throughout Canada and the United States. 

About Mosaic Capital Corporation

Mosaic is a Canadian investment company that owns a portfolio of established businesses which span a diverse range of industries and geographies. Its strategy is to create long-term value for its shareholders through accretive acquisitions, long-term portfolio ownership, sustained cash flows and organic portfolio growth.

About Osprey Capital Partners

Founded in 1998, Osprey Capital has established itself as one of Canada’s leading independent mid-market investment banking and financial advisory firms. Osprey offers a range of advisory services focused on the execution of merger, acquisition, business sale, and finance transactions. Osprey Capital’s success in servicing clients’ M&A and financing requirements is a result of its understanding of the unique needs of mid-market companies and their shareholders and its strong relationships with industry players including strategic acquirers, Canadian & international private equity funds, institutional investors, lenders and banks.

Osprey Capital Advises Eclipse Technology Solutions on its Financing from BMO, in Partnership with EDC

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July 2021 – Osprey Capital Partners Inc. is pleased to announce it has secured a new financing arrangement for Eclipse Technology Solutions Inc. from Bank of Montreal and Export Development Canada (“EDC”). The complete banking solution includes a new operating facility as well as working capital to facilitate a partner buyout and support future growth. Osprey Capital acted as the exclusive advisor to Eclipse in the financing process. As it is a private deal, the financial details are not being released.   

The Client
Mississauga, Ont.-based Eclipse is an industry-leading IT service company specializing in the delivery of transformative, end-to-end technology solutions and services. It creates customized communication and collaboration solutions that help clients solve a variety of business challenges while simultaneously accelerating growth. Eclipse is certified in unified communications, contact centre, data centre, and wireless solutions and services. With nearly 50 employees, Eclipse provides its customers with complete solutions across all platforms as they digitize their operations.

The Objective
Osprey Capital was brought in to canvas senior and subordinate lenders to secure a new financing deal to buy out one of the business partners who was looking to retire and to provide Eclipse with working capital for growth. Osprey Capital undertook a confidential process to identify lending options and sources for Eclipse. The procedure began with conversations with the existing senior lender, with the hope it would agree to participate in either a full or partial solution. After the existing lender declined to take part, Osprey Capital approached the open market. 

The Result

Osprey negotiated a one-lender solution for Eclipse, ultimately selecting BMO as the ideal partner as it provided the most innovative solution through an export guarantee program with EDC. This guarantee allowed BMO to provide additional financing, which can be used by Eclipse to drive export growth, at senior debt rates.  

Robert Stroud, owner of Eclipse, said the new financing arrangement will enable the company to further expand its U.S. market share. “The process conducted by Osprey Capital provided us with options which ultimately allowed us to choose the right lending partner and debt package tailored to our requirements,” he said. 

Robert Brown, a partner at Osprey Capital, said his team was able to tap into its vast network to find the ideal lender for Eclipse. “It has been a pleasure to get to know Robert and the team at Eclipse. We are pleased to have been able to assist in the financing of the company and securing the right solution for their growth, both internally and externally,” he said.

About Osprey Capital Partners

Founded in 1998, Osprey Capital has established itself as one of Canada’s leading independent mid-market investment banking and financial advisory firms. Osprey offers a range of advisory services focused on the execution of merger, acquisition, business sale, and finance transactions. Osprey Capital’s success in servicing clients’ M&A and financing requirements is a result of its understanding of the unique needs of mid-market companies and their shareholders and its strong relationships with industry players including strategic acquirers, Canadian & international private equity funds, institutional investors, lenders and banks.

Osprey Capital Advises Confederation Freezers on its Sale to Premium Brands

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March 2021 – Osprey Capital Partners Inc. is pleased to announce Confederation Freezers, based in Brampton Ontario, has been acquired by Premium Brands Holdings Corporation, a Canadian TSX listed specialty food manufacturing and distribution company. Osprey Capital acted as the exclusive advisor to the owners of Confederation Freezers. 

The Client
Confederation Freezers is one of the largest temperature-controlled warehouse companies in Canada. Founded by brothers Phillip and Harry Greenspan in 1974, the business grew from a 65,000 square foot facility to over 850,000 square feet and provides an industry-leading range of solutions to its clients including ambient, cool, and frozen temperatures. 

The Objective
Confederation Freezers’ owners were seeking the right partner that would support the current management team and continue the company’s impressive historical growth and provide liquidity for the family shareholders. Osprey Capital planned and executed a highly confidential sale process which included identifying a defined group of strategic and financial buyers.

The Result

Premium Brands Holdings Corporation was selected as the ideal acquirer due to its reputation as a leading food manufacturer and distributor across Canada and the United States. Confederation Freezers is a strong addition to Premium Brands’ distribution channels and supply chain infrastructure that will serve to further enhance Confederation’s capabilities and services for its customers.

Alan Greenspan, President of Confederation Freezers, commented; “This is an exciting transaction for our family and a new chapter in our history. We are enormously proud of what we have accomplished over the last 47 years and are confident that, in partnering with Premium Brands, the legacy of Confederation Freezers will be honoured and maintained. We strongly believe that Premium Brands is the right partner, at the right time, to foster these ideals as we move to the next stage of our business.”

“It has been a pleasure to get to know the Greenspan family over the last few years and the Osprey Capital team is incredibly pleased to have been able to assist in the transition of the company. We look forward to the continued success of the management team as a new part of the Premium Brands family.” said Stephen Jakob, Managing Partner of Osprey Capital Partners.

Integral to completion of the transaction, Faskens acted as legal advisors and Deloitte Canada acted as tax advisors to the shareholders of the company.

About Osprey Capital Partners

Founded in 1998, Osprey Capital has established itself as one of Canada’s leading independent mid-market investment banking and financial advisory firms. Osprey offers a range of advisory services focused on the execution of merger, acquisition, business sale, and finance transactions. Osprey Capital’s success in servicing clients’ M&A and financing requirements is a result of its understanding of the unique needs of mid-market companies and their shareholders and its strong relationships with industry players including strategic acquirers, Canadian & international private equity funds, institutional investors, lenders and banks.

Osprey Capital Advises Celtrade on its Sale to Stir Foods, a Portfolio Company of Wind Point Partners

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February 2020 – Osprey Capital Partners Inc. is pleased to announce that Celtrade Canada has been acquired by Stir Foods, a portfolio company of Wind Point Partners. Osprey Capital acted as the exclusive advisor to The Succession Fund, a private equity fund managed by Argosy Partners Ltd., and to the other owners of Celtrade.

The Client

Celtrade is a leading private label and contract manufacturer of custom sauces, dressings and condiments for retail and foodservice customers. Celtrade operates a 56,000 square foot, Safe Quality Food (“SQF”) certified facility in Toronto, Canada. The Succession Fund initially partnered with Celtrade’s founder, and then went on to build a professional management team and develop and execute a deliberate growth strategy.

The Objective

The Succession Fund was looking to find the right partner to help continue the companies’ impressive historical growth and provide liquidity for the shareholders. Osprey Capital planned and executed a highly confidential sale process which included identifying a select group of strategic and financial buyers.

The Result

The combination of Stir and Celtrade creates a stronger, more diversified custom sauce and dressing platform with redundant manufacturing capabilities across multiple geographies, a broad packaging assortment and a deep bench of culinary talent.

Larry Klar, Partner at Argosy Partners, noted, “We are proud to have been a part of Celtrade’s evolution to become a leader in its niche and we are confident that the combination of Stir Foods, Chris Bouchard and his team will build on Celtrade’s already impressive track record.” He continued, ” Osprey Capital conducted a strong disciplined process that was successful for the vendors.”

Joe Lawler, Managing Director with Wind Point Partners, stated, “The acquisition of Celtrade has become a key component of our value creation plan and boosts Stir’s ability to serve our customers with an enhanced culinary staff and a more diversified geographic footprint.” Milt Liu, CEO of Stir, expressed, “I am thrilled to welcome the Celtrade team to Stir. The cultures of our two companies are very similar, making this a natural partnership.”

About Osprey Capital Partners

Founded in 1998, Osprey Capital has established itself as one of Canada’s leading independent mid-market investment banking and financial advisory firms. Osprey offers a range of advisory services focused on the execution of merger, acquisition, business sale, and finance transactions. Osprey Capital’s success in servicing clients’ M&A and financing requirements is a result of its understanding of the unique needs of mid-market companies and their shareholders and its strong relationships with industry players including strategic acquirers, Canadian & international private equity funds, institutional investors, lenders and banks.

Osprey Capital Advises Microcel Corporation on its Sale to Atar Capital

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Osprey Capital Partners Inc. is pleased to announce that Microcel Corporation, a leading distributor of technology products in Canada has been acquired by Atar Capital, a global private investment firm headquartered in Los Angeles, California. Rick Henry, Founder of Microcel, will remain a significant shareholder and will continue as Microcel’s President and CEO.

The Client:

Since its inception in 1989, Microcel has become one of Canada’s preeminent consumer electronics distributors, providing access to the Canadian retail market to prominent global OEM vendors covering a wide variety of product types, from wearables, portable audio, computer and telephony accessories, to smart home and outdoor tech solutions. Based in Newmarket, Ontario, Microcel leverages its superior product marketing and logistics support and distributes to a network of over 5,000 points of purchase for some of Canada’s largest big box retailers, electronic stores, e-commerce, and specialty outdoor stores.

The Objective:

The owner was interested in finding a partner to help continue the companies’ impressive historical growth and provide liquidity. Osprey Capital planned and executed a highly confidential sale process that targeted a vetted group of strategic and financial buyers & investors.

The Result:

“Microcel has developed a leading position distributing global technology brands into the Canadian retail market. After talking to several potential capital partners, I found Atar’s retail and operational expertise; their flexibility, speed and growth-oriented investment philosophy to be a true differentiator to help catapult Microcel’s market position forward,” said Rick Henry, Founder of Microcel.

“We are excited to partner with Rick and the Microcel team on this transaction. We see tremendous opportunity in Canada’s growing retail and e-commerce markets,” said Cyrus Nikou, Founder and Managing Partner at Atar Capital. “Microcel’s best-in-class portfolio of brands within the Canadian consumer electronics space complimented by Atar’s direct-to-consumer, e-commerce and digital marketplace platforms will serve as a catalyst for growth,” added Nikou.

“Rick has done a great job building the company over the last 30 years and we are proud to have helped them enter into the next phase “, said Stephen Jakob, Co-Founder and Managing Partner of Osprey Capital, “We are looking forward to Microcel’s continuing growth and success with Atar.”

Osprey Capital Advises Voisin’s Equipment Rental & Universal Rental Services on its Sale to Sunbelt Rentals

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Osprey Capital Partners Inc. is pleased to announce that Voisin’s Equipment Rental Ltd. and Universal Rental Services Inc. have been acquired by Sunbelt Rentals Inc.

The Client:

Voisin’s Equipment Rental is one of the largest independent equipment rental companies in North America. Based in Guelph Ontario, the Company specializes in aerial equipment rentals, sales and repair services to over 900 customers in the residential and commercial construction industry. Voisin’s has a fleet of nearly 2500 aerial lifts and telehandlers.

Universal Rental Services is an Ontario-based general tool and construction equipment rental company offering products ranging from chainsaws to large bulldozers. Universal operates three facilities located in Guelph, Fergus and Orangeville.

The Objective:

The Shareholders were interested in finding a partner to help continue the companies’ impressive historical growth and provide liquidity. Osprey Capital planned and executed a highly confidential sale process including a select group of strategic and financial buyers.

The Result:

Sunbelt Rentals, a wholly owned subsidiary of Ashtead Group plc (AHT.LSE) and the second largest equipment rental company in North America with more than 700 locations and 11,000 employees, acquired Voisin’s and Universal. Sunbelt Rentals was chosen due to its reputation in the industry and the numerous synergies between the two companies.

“When we started the process to find a partner we had a good idea of what we wanted to achieve and chose Osprey Capital not only because of their experience and track record but also their fit with our team”, said Steve Voisin, President of Voisin’s and Universal, “We are extremely happy with the outcome.” Mr. Voisin will assume a senior role at Sunbelt.

“The owners and management of the companies should be very proud of what they have built”, said Stephen Jakob, Co-Founder and Managing Partner of Osprey Capital, “We are thankful for the trust and confidence they had in us to help them achieve their goals.”

Place-Crete Systems Completes Transaction With Regina Based Associated Asbestos Abatement

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Osprey Capital Partners Inc. is pleased to announce that Place-Crete Systems LP (“Place-Crete”), a 75% subsidiary of Mosaic Capital Corp., has successfully completed the acquisition of the business being carried on by Associated Asbestos Abatement Ltd. (“Associated Asbestos”). Based in Saskatchewan, Associated Asbestos is involved in the remediation of asbestos, mold and other related substances in Regina and surrounding areas. Associated Asbestos will provide Place-Crete with additional exposure to the growing Saskatchewan market.

The Client:

Place-Crete Systems is a full service specialty contracting firm that focuses on concrete restoration work, traffic deck membranes, gypsum floor underlayments, hydrodemolition services, plaza and bridge deck waterproofing, polymer floor and wall systems and various other specialty contracting services.

Place-Crete has been in the business of supplying construction services throughout Western Canada since 1984 and currently maintains offices with experienced staff in Edmonton, Calgary and Abbotsford, British Columbia.

The Ask:

Osprey Capital was engaged to assist Place-Crete in identifying acquisitions that would enable it to further capitalize on the growing demand for its services in central Canada.

The Result:

“The team at Osprey Capital delivered on our ask to source opportunities that would allow us to expand the service and operations of Place-Crete.” stated Troy Pearce, Chief Operating Officer of Mosaic. “We are excited about Associated Asbestos Abatement’s solid market niche and value of integrating their marketing team with Place Crete’s strong business model.”

“The outcome this successful acquisition mandate created for Place-Crete and Associated Asbestos is important and we look forward to their continued growth in the marketplace.” said John Mottola, Managing Partner of Osprey Capital.

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