Welaptega sells to Ashtead

https://www.ashtead-technology.com/news-events/ashtead-technology-acquires-welaptega/

Scotland-based Ashtead Technology has announced its acquisition of Halifax’s Welaptega (owned by Tony Hall).  Welaptega does inspections of offshore moorings, while Ashtead is a subsea equipment and services provider.

Edible Matters restaurant deal

https://www.thechronicleherald.ca/business/local-restaurant-edible-matters-gobbled-up-248996/

The Chronicle Herald is reporting that the Hammond Plains restaurant/bar Edible Matters has been sold.  The Webber family sold to the Doherty family, which owns the Old Triangle bars throughout the Maritimes.

Business succession in NL

https://soundcloud.com/vocm/sept-1st-greg-london-dan-jennings-of-bdo-valuing-your

On a recent VOCM radio show in NL (hosted by BDO partner Nancy Snedden), tax colleague Greg London and I talk in-depth about the challenges of business succession in NL.  We covered a wide variety of topics, such as demographics, taxes, the buyer landscape and more.

Maritime Fuels acquires Affordable Fuels

https://www.thechronicleherald.ca/business/discount-fuel-delivery-company-bought-by-maritime-fuels-251969/

The Chronicle Herald is reporting that Halifax-based Affordable Fuels has been sold to Maritime Fuels.   Steve Williams was the vendor while Charles Higgins and Ivan Cassell are the principals behind Maritime, which in turn acquired the former Pepco business in Atlantic last year.

This is further consolidation of the heating oil distributor market in NS, which I’ve commented on here over the last several years.

CRA announces MBO

http://thechronicleherald.ca/business/1596714-don-mills-reflects-on-40-years-with-cra-and-looming-retirement

The Chronicle Herald is reporting that Don Mills has sold Corporate Research Associates (CRA) to three members of his management team.   Halifax-based CRA is well known in the market research sector and has offices throughout Atlantic as well as Ottawa and Bermuda.

This is another example of a management buyout (MBO), where existing management acquire the business they work for.  Many entrepreneurs are surprised to know that MBOs are a viable succession/exit alternative and that’s because of the prevalence of capital in the marketplace to fund such acquisitions.  Every financial institution likes to fund MBOs and there are also plenty of private equity funds interested in backing management teams.

More insurance broker consolidation

http://thechronicleherald.ca/business/1558403-long-standing-independent-brokerages-merge

The Chronicle Herald is reporting that Antigonish Insurance and AA Munro Insurance (both Antigonish, NS-based insurance brokers) are merging.

This continues the consolidation trend in the P&C insurance brokerage industry.

Levy’s Leathers sold to Florida buyer

http://thechronicleherald.ca/business/1546463-antigonish-business-levy%E2%80%99s-leathers-bought-by-u.s.-company

The Chronicle Herald is reporting that Antigonish-based Levy’s Leathers has been purchased by Florida-based Gator Cases.  A manufacturer & reseller of guitar straps and cases, Levy’s Leathers has been operating in Antigonish, NS for decades.  Gator Cases has made several acquisitions over the years in the musical instrument manufacturing/distribution industry, while its US manufacturing is based in Indiana.