Origin Merchant Partners (“Origin”) is pleased to announce that it served as the exclusive financial advisor to DRC Heat Transfer (“DRC”), a leading designer and manufacturer of custom heat transfer solutions for mission-critical power generation applications, on its announced sale to Smiths Group plc (“Smiths”), a global industrial engineering company listed on the London Stock Exchange.
DRC will join the Flex-Tek division of Smiths, enhancing its product offering and expanding its presence in high-growth data center and industrial end markets.
The transaction underscores continued market consolidation and interest from both strategic and financial investors for engineered industrial technologies serving mission-critical infrastructure markets. Demand for reliable power generation and thermal management solutions, particularly in support of data center infrastructure, continues to drive strategic M&A activity across the sector.
“Origin’s strategic insight, disciplined execution and unwavering commitment were instrumental in delivering an exceptional outcome for DRC. Their partnership throughout the process made a meaningful difference,” said Brian P. Cahill, President of DRC.
Founded in 1970, DRC is a designer and manufacturer of engineered heat transfer and cooling solutions, primarily for standby power generators used in data centers, as well as for other applications in the industrial, transit and energy markets. The Company is based in Melrose Park, Illinois.
The transaction is subject to customary approvals and is expected to be completed near the end of the first quarter.
About DRC:
Founded in 1970, DRC is a leading designer and manufacturer of engineered heat transfer and cooling solutions. The Company serves blue-chip OEM’s customers across power generation, industrial, transit and energy end markets, with particular strength in standby power systems supporting data center infrastructure. For additional information, please visit www.drcht.com.
About Smiths:
For 175 years, Smiths Group has been a pioneer of progress, engineering a better future. It’s strategy is to be focused, efficient and value creating industrial engineering company operating within markets aligned to attractive, long-term growth drivers, notably energy, industrials, construction and aerospace. Smiths focuses on solving the toughest problems for its customers, helping address critical global needs and such as the ever-increasing demand for process and energy efficiency, and decarbonization. Listed on the London Stock Exchange, Smiths is present in over 50 countries worldwide. For more, please visit www.smiths.com.
Press release: Smiths acquires DRC Heat Transfer
Deal team: Nick Newlin, Katie Balson
Origin Merchant Partners (“Origin”) announces it acted as Exclusive Financial Advisor to ET Group, a leading Canadian workplace technology and collaboration integrator, on its acquisition by Ricoh Canada Inc., a subsidiary of Ricoh.
This strategic acquisition accelerates Ricoh’s expansion into high‑growth digital services, strengthens its position as a leading provider of end‑to‑end workplace experience solutions in Canada, and reinforces its global strategy to support an evolving workplace environment.
By integrating ET Group’s audiovisual (AV) engineering expertise and long‑standing reputation for designing, delivering and supporting enterprise-wide collaboration environments — particularly within government and other highly regulated sectors — Ricoh further enhances its ability to provide scalable, technology‑driven workplace solutions across Canada.
“Businesses today need secure, seamless, and intelligent workplaces that empower people to collaborate from anywhere,” said Meagan Moody, Country Manager, Ricoh Canada Inc. “ET Group’s proven AV expertise, innovative service model, and deep customer trust are a perfect complement to Ricoh’s digital services portfolio. Together, we can expand our impact and bring new value to organizations navigating increasingly complex workplace needs.”
The acquisition formalizes and expands the existing partnership between Ricoh and ET Group, which will operate as a wholly owned subsidiary of Ricoh Canada. This combined portfolio enables organizations to design, connect, and manage the workplace as a unified, intelligent environment.
About ET Group:
ET Group – a division of Pistil Enterprises Ltd. – is a Toronto-based audiovisual technology company focused on providing workplace technology solutions in North America. Alongside its design and integration expertise, ET Group provides top-tier service and support, as well as learning experiences to coach clients on new hybrid work practices. For 50 years, the company has helped its clients tackle their evolving and complex communication and collaboration challenges by providing workplace technology solutions that support their unique needs.
About Ricoh Company Ltd:
Ricoh is a leading provider of integrated digital services and print and imaging solutions designed to support digital transformation of workplaces, workspaces and optimize business performance. Headquartered in Tokyo, Ricoh’s global operation reaches customers in approximately 200 countries and regions, supported by cultivated knowledge, technologies, and organizational capabilities nurtured over its 85-year history. In the financial year ended March 2025, Ricoh Group had worldwide sales of 2,527 billion yen (approx. 16.8 billion USD).
It is Ricoh’s mission and vision to empower individuals to find Fulfillment through Work by understanding and transforming how people work so we can unleash their potential and creativity to realize a sustainable future.
Press Release: Ricoh acquires leading Canadian workplace technology and collaboration integrator ET Group
Deal team: Andrew Muirhead, Tedi Gjoleka
Origin Merchant Partners (“Origin”) acted as Exclusive Financial Advisor to the Special Committee of Tornado Infrastructure Equipment Ltd. (TSX-V: TGH) on its definitive agreement to be acquired by The Toro Company (NYSE: TTC).
The transaction is subject to certain antitrust and other regulatory approvals, approval by Tornado’s security holders, and other customary closing conditions, and is currently anticipated to close during The Toro Company’s fiscal 2026 first quarter.
The Toro Company will purchase all of the outstanding shares of Tornado Infrastructure Equipment for $1.92 per share (CAD), or a fully diluted equity value of $279.3 million (CAD), and intends to finance the acquisition with debt from existing credit facilities and additional financial arrangements. The all-cash purchase price is a 4 percent premium on Tornado Infrastructure Equipment’s latest closing share price.
About Tornado Infrastructure Equipment Ltd.
Tornado is a pioneer and leader in the vacuum truck industry and has been a choice of utility and oilfield professionals with over 1,900 hydrovacs sold since 2008. The Company designs and manufactures hydrovac trucks as well as provides heavy duty truck maintenance operations in central Alberta. It sells hydrovac trucks to excavation service providers in the infrastructure and industrial construction and oil and gas markets. Hydrovac trucks use high pressure water and vacuum to safely penetrate and cut soil to expose critical infrastructure for repair and installation without damage. Hydrovac excavation methods are quickly becoming a standard in North America to safely excavate in urban areas and around critical infrastructure greatly reducing infrastructure damage and related fatalities.
About The Toro Company
The Toro Company (NYSE: TTC) is a leading global provider of solutions for the outdoor environment including turf and landscape maintenance, snow and ice management, underground utility construction, rental and specialty construction, and irrigation and outdoor lighting solutions. With net sales of $4.6 billion in fiscal 2024, The Toro Company’s global presence extends to more than 125 countries through a family of brands that includes Toro, Ditch Witch, Exmark, Spartan, BOSS, Ventrac, American Augers, Subsite, HammerHead, Radius, Perrot, Hayter, Unique Lighting Systems, Irritrol, and Lawn-Boy. Through constant innovation and caring relationships built on trust and integrity, The Toro Company and its family of brands have built a legacy of excellence by helping customers work on golf courses, sports fields, construction sites, public green spaces, commercial and residential properties and agricultural operations.
Press release: The Toro Company to Acquire Tornado Infrastructure Equipment Ltd.
Deal team: Charles Pennock, Umer Randhawa
Origin Merchant Partners (“Origin”) acted as Exclusive Financial Advisor to CSN Collision (“CSN” or the “Company”) on its partnership with ONCAP.
CSN, one of North America’s leading networks of collision repair centers, announced that it has partnered with ONCAP, the lower mid-market private equity platform of Onex Corporation (TSX: ONEX), to acquire various collision centers from the founders of CSN, who will remain shareholders in the Company going forward. This transaction marks a pivotal milestone in CSN’s evolution and the beginning of an exciting new chapter in its growth story.
ONCAP brings considerable collision repair and automotive aftermarket services expertise to their partnership with CSN. With ONCAP’s financial backing and the establishment of a scaled platform of corporate-owned collision centers, the Company is now positioned to pursue the acquisition of collision repair businesses of any size.
The partnership strengthens CSN’s position as one of North America’s leading collision repair networks and positions the Company for continued growth that benefits its stakeholders and the industry at large.
About CSN Collision:
Headquartered in Oakville, Ontario and established in 2002 by four industry trailblazers, CSN is one of North America’s leading collision repair networks that is dedicated to helping enhance independent auto body shops. By providing access to direct repair programs of leading insurance partners, preferential procurement programs of key industry suppliers, and ongoing operational training and support from CSN’s in-house team of experts, we empower entrepreneurs to take their shops to the next level. Today, with over 400 global locations, CSN Collision is one of North America’s most advanced networks of independent collision repair shops and continues to expand its presence in Europe. For more information about CSN Collision, visit www.csncollision.com. Are you an auto body shop looking for support? Join the CSN network today.
About ONCAP
Founded in 2000, ONCAP is the dedicated lower mid-market private equity platform of Onex Corporation, committed to investing in and partnering with North American headquartered businesses and their management teams in our core sectors of emphasis. Today, ONCAP operates with a team of 39 employees managing $3.5 billion in assets across offices in Toronto and New York. For more information on ONCAP and Onex, visit www.oncap.com and www.onex.com.
Press release: CSN Collision Partners with ONCAP to Accelerate Growth
Deal team: Artem Krylov, Aaron Kadey, Paul Spafford
Origin Merchant Partners (“Origin”) acted as Exclusive Financial Advisor to TERAGO Inc. (“TERAGO” or the “Company”) in connection with the new term debt facility provided by funds managed by EdgePoint and a private placement of common shares by a group of private investors.
TERAGO entered into a new 36-month term loan with EdgePoint Investment Group Inc. (“EdgePoint”), in the principal amount of US$21.8 million (the “New Term Debt Facility”) to refinance the Company’s existing term debt facility. Concurrently, the Company completed a private placement of common shares of the Company for gross proceeds of approximately $5.3 million (the “Private Placement”) and a rights offering for gross proceeds of approximately $10.6 million (the “Rights Offering”).
The transaction marks an important milestone for TERAGO, strengthening the Company’s balance sheet and providing the financial flexibility and strategic runway to capitalize on its position as the largest holder of mmWave spectrum in Canada.
About TERAGO
TERAGO provides managed network and security services to businesses across Canada ensuring highly secure, reliable, and redundant connectivity including private 5G wireless networks, Fixed Wireless access, fiber, and cable wireline network connectivity. As Canada’s biggest mmWave spectrum holders, the Company possesses spectrum licenses in the 24 GHz and 38 GHz spectrum bands, which it utilizes to provide secure, dedicated SLA guaranteed enterprise grade performance that is technology diverse from buried cables ensuring high availability connectivity services. TERAGO serves Canadian and Global businesses operating in major markets across Canada, including Toronto, Montreal, Calgary, Edmonton, Vancouver, Ottawa and Winnipeg, and has been providing wireless services since 1999. For more information about TERAGO and its suite of wireless internet and SD-WAN solutions, please visit www.terago.ca.
Press release: TERAGO Announced Closing of Recapitalization Transactions
Deal team: Mario Di Pietro, Andrei Rojine
Origin Merchant Partners (“Origin”) acted as Exclusive Financial Advisor to TERAGO Inc. (“TERAGO” or the “Company”) in connection with the new term debt facility provided by funds managed by EdgePoint and a private placement of common shares by a group of private investors.
TERAGO entered into a new 36-month term loan with EdgePoint Investment Group Inc. (“EdgePoint”), in the principal amount of US$21.8 million (the “New Term Debt Facility”) to refinance the Company’s existing term debt facility. Concurrently, the Company completed a private placement of common shares of the Company for gross proceeds of approximately $5.3 million (the “Private Placement”) and a rights offering for gross proceeds of approximately $10.6 million (the “Rights Offering”).
The transaction marks an important milestone for TERAGO, strengthening the Company’s balance sheet and providing the financial flexibility and strategic runway to capitalize on its position as the largest holder of mmWave spectrum in Canada.
About TERAGO
TERAGO provides managed network and security services to businesses across Canada ensuring highly secure, reliable, and redundant connectivity including private 5G wireless networks, Fixed Wireless access, fiber, and cable wireline network connectivity. As Canada’s biggest mmWave spectrum holders, the Company possesses spectrum licenses in the 24 GHz and 38 GHz spectrum bands, which it utilizes to provide secure, dedicated SLA guaranteed enterprise grade performance that is technology diverse from buried cables ensuring high availability connectivity services. TERAGO serves Canadian and Global businesses operating in major markets across Canada, including Toronto, Montreal, Calgary, Edmonton, Vancouver, Ottawa and Winnipeg, and has been providing wireless services since 1999. For more information about TERAGO and its suite of wireless internet and SD-WAN solutions, please visit www.terago.ca.
Press release: TERAGO Announced Closing of Recapitalization Transactions
Deal team: Mario Di Pietro, Andrei Rojine
Origin Merchant Partners (“Origin”) acted as Exclusive Financial Advisor to The Clover School on its sale to Globeducate, expanding their K-12 network in Canada and worldwide.
Origin worked with The Clover School to run a discreet process focused on finding a good steward for the school, its students and employees, while ensuring value maximization and deal certainty. The Clover School was highly differentiated and sought after due to its stellar reputation, strong local presence and expertise in delivering exceptional academic & social outcomes for its students.
The Clover School is the first Montessori school to join the Globeducate Group in Canada, which also includes Blyth Academy and Toronto Prep School. Students from The Clover School will now have the opportunity to remain within the Globeducate group beyond the age of 12.
About The Clover School:
The Clover School, established in 1996 and led by its founders since inception, welcomes children from toddler age to 12 years. Growing from eight students in 1996 to a vibrant community of nearly 300 children, parents and educators spread across two campuses; the leadership team prides itself on helping children to build resilience and tenacity in both learning and life –young people who are capable of making a positive impact in the world.
About Globeducate:
Globeducate is one of the leading international K12 education groups in the world, a network of 65+ leading bilingual and international schools, as well as online programs, educating more than 40,000 students in 11 countries. The schools specialize in a variety of highly respected international curricula including the National Curriculum for England (from the Early Years to A Level),International Baccalaureate (from the PYP to IBDP), and the regional and national curricula of Ontario, Cyprus, France, India, Italy, Portugal and Spain. Our students achieve high grades and are accepted into higher education programs at 25 of the top 50 universities in the world.
Press release: The Clover School Toronto Joins Globeducate | Montessori & K12 | News Details
Deal team: Shaun Quennell, Alain Miquelon, Gordie Matheson
Tetra Digital Group, one of Canada’s leading digital asset infrastructure providers; parent company of Tetra Trust and Tetra Unity, announced the closing of an investment of approximately $10 million from leading Canadian fintechs and financial service providers, including Urbana Corporation, Wealthsimple, Purpose Unlimited, Shakepay, ATB Financial, National Bank and Shopify. As part of the investment, Tetra, with its partners, is aiming to be the first financial institution to launch a Canadian fiat-backed stablecoin in early 2026, subject to regulatory approvals.
This marks the first time in Canada that a regulated financial institution will work towards issuing a stablecoin. The approach will create a reliable, institutional-grade solution for Canadian dollar payments and remittances at scale; aligns with the approach taken by other G7 countries; and maintains the highest standards of Canadian regulatory compliance and consumer protection.
Tetra Digital Group is unique as it combines three highly desirable, differentiated and integrated digital asset components, enabling the company to provide end-to-end digital asset solutions at scale while maintaining the regulatory excellence that institutional clients require.
The new Tetra stablecoin will leverage Tetra Digital Group’s institutional-grade custody infrastructure to provide businesses and consumers with a stable, secure, and fully compliant digital currency backed 1- for-1 by Canadian dollar reserves.
About Tetra Digital Group:
Tetra Digital Group is Canada’s leading institutional digital technology and financial services provider, parent company of Tetra Trust and Tetra Unity. The company is focused on building world-class digital asset infrastructure that combines regulatory excellence with technological innovation, providing comprehensive solutions across custody, orchestration, and digital currency services. For more information, visit tetratrust.com.
Press release: Tetra Digital Group Aims to Pioneer Regulated Stablecoin Issuance in Canada – Tetra Trust Company
Deal team: Jim Osler, Horacio Facca, Andrei Rojine
Origin acted as the financial advisor to Collectivfide Insurance Group Inc. (“Collectivfide”), a unique insurance group offering centralized services to its independent broker partners throughout their network, on its $65 million growth equity funding to accelerate its acquisition of leading insurance brokerages. In addition to the equity raise, Collectivfide has increased their bank line with a major Canadian bank in support of further acquisitions.
The investment round was led by Farm Mutual Reinsurance Plan Inc. (“Farm Mutual Re”), a 100% Canadian-owned mutual reinsurance company.
The investment was made in-part to finance the acquisition of Miller Insurance Brokers (“Miller”), an Ontario-based independent insurance brokerage offering a comprehensive suite of insurance solutions. The Miller acquisition closed on March 31, 2025 and is Collectivfide’s 14th acquisition since inception.
About Collectivfide
Cambridge-based Collectivfide is in its 6th year of operation and has become a unique insurance group that offers centralized services to broker partners in their network. For more information, visit https://www.collectivfide.com
About Farm Mutual Re
Cambridge-based Farm Mutual Re is a mutual reinsurer that offers tailored reinsurance solutions for varied insurance lines and helps mutual insurers keep their promises. For more information, visit https://farmmutualre.com
Press release: Collectivfide Raises $65 Million with Farm Mutual Re as Lead Investor
Deal team: Mark Ernst, Greg Martin, Aaron Kadey
Origin, in collaboration with its Terra Alliance partner, Consensus Advisors (the “Advisors”) were engaged by Spence Diamonds Ltd. (“Spence” or the “Company”), a portfolio company of Lion Capital, as financial advisors on its majority equity investment from TriWest Capital Partners (“TriWest”). TriWest is partnering alongside the existing management team who will continue to lead the business.
The Company is thrilled to partner with TriWest and will continue to focus on changing the diamond buying experience and providing the highest-quality, one-of-a-kind diamond engagement rings to Canadians. Spence is excited to leverage TriWest’s expertise and shared values to continue growing Spence as a leader in the Canadian bridal jewelry market.
About Spence Diamonds Ltd.:
Established in 1978 and based in Vancouver, BC, Spence has been a leader in the Canadian bridal jewelry market for over 40 years, with strong brand recognition and a longstanding history in the Company’s core Canadian markets. Spence is differentiated from traditional jewelry retailers as a result of the Company’s business model which primarily focuses on bridal jewelry, leverages a vertically integrated supply chain, and utilizes an open-showcase / prototype-based showroom – resulting in a superior buying experience. The Company was a leader in bringing Artisan Created Diamonds (i.e. lab-grown) to the Canadian market, with over 2,800 unique engagement ring styles, offered with both mined and Artisan Created Diamonds, proudly made-to-order in Vancouver.
About TriWest Capital Partners:
Founded in 1998 and based in Calgary, Alberta, TriWest is one of Canada’s leading private equity firms, having raised over C$1.7 billion in committed capital through seven funds. TriWest has successfully invested in 51 companies across a broad cross-section of the economy in partnership with their management teams. TriWest works closely with its management partners, together proactively putting in place a strategy that maximizes growth potential and value creation by emphasizing operational excellence, prudent governance and an efficient capital structure. The principals of TriWest have significant operational and financial expertise, making them effective partners in creating shareholder value.
About Lion Capital:
Lion Capital is a consumer-focused investor passionate about investing in brands about which people are passionate. Lion’s principals have invested over €6 billion in over 100 consumer brands since the late 1990s. Lion’s team draws from its deep investing and operating expertise to identify consumer brands with strong growth potential and implement value creating strategies within these businesses.
Press release: TriWest Capital Partners Announces Partnership with Spence Diamonds
Deal team: Jim Osler, Andrei Rojine
Origin Merchant Partners acted as Financial Advisor to CMI Terminal Ltd. (“CMI”) on the sale of its Crop Production Services (“CPS”) business unit, CMI Ag Ltd. (“CMI Ag”), to Rack Petroleum Ltd. (“The Rack”).
CMI’s CPS business was established in 2005 through its joint venture with Agricore United, later to be purchased by Viterra Canada Inc. (“Viterra”). CMI Ag was incorporated in 2013 when CMI acquired Viterra’s 50% interest in the CPS business. CMI has since operated the business as a fully independent dealer in the same location. The sale of the CPS business to The Rack will allow CMI to focus on its core grain handling business, through its interest in CMI Terminal Joint Venture (“CMI JV”).
Founded in west-central Saskatchewan, The Rack is a family-owned agricultural retailer dedicated to helping farmers maximize productivity and profitability. The Rack will operate the CPS business and enhance agronomy services with their Ultimate Yield agronomy platform. Customers will benefit from continued and improved access to crop inputs and production services at a familiar and convenient location alongside CMI JV’s grain terminal.
About CMI Terminal Ltd:
CMI Terminal Ltd. is a producer-owned company that has entered into a joint venture agreement with Viterra Canada Inc. to jointly own and operate an inland grain terminal located near Naicam, Saskatchewan.
About Rack Petroleum Ltd
Rack Petroleum Ltd is an independent agricultural services retailer based in Saskatchewan, Canada, that supplies farmers with a comprehensive range of products and services including fertilizer, crop protection, fuel, agronomy consulting, and proprietary agricultural inputs. The company focuses on helping growers increase efficiency and profitability by combining research, innovation, and customized agronomic advice across its multiple retail locations serving western Canada.
Deal team: Andrew Muirhead, Chris Solda
Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC), announced that it has reached an agreement to sell a portion of its interest in three businesses (the “Transaction”) to the New Fund targeting high-net-worth investors, managed by Brookfield Asset Management.
Brookfield Business Partners will receive units of the New Fund with an initial redemption value of approximately US$690 million, representing an aggregate 8.6% discount to the net asset value of the interests sold.
The Transaction provides the potential for Brookfield Business Partners to monetize a partial interest in three businesses at a value accretive to the trading price of its units and shares, and provides the New Fund with the option to deploy capital in a diversified portfolio.
About Brookfield Business Partners:
Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in the company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation.
Press Release :Brookfield Business Partners Announces Sale of Assets to Seed New Evergreen Private Equity Strategy | Brookfield Business Partners
Deal team: Jim Osler, Rob Fedrock, Paul Spafford, Aaron Kadey, Campbell Yelle
Origin was the financial advisor to Closing the Gap Healthcare Group Inc., a leading Canadian home care organization, on its sale to Extendicare Inc. (“Extendicare”), for C$75.5 million subject to customary working capital and other adjustments. Extendicare announced that its wholly owned home healthcare subsidiary, ParaMed completed the previously announced acquisition of all of the issued and outstanding shares of Closing the Gap Healthcare Group Inc. and certain affiliates (collectively, “Closing the Gap”) the ultimate shareholders of Closing the Gap effective July 1, 2025.
ParaMed acquired Closing the Gap on a debt-free, cash-free basis. The transaction also includes an earnout tied to the new business revenue generation in the twelve months after closing. Extendicare anticipates that the additional purchase price from the earnout will be in the range of $3.5 to $5.5 million, payable on the first anniversary of closing.
Shareholders’ transaction objectives included finding a buyer with strong brand alignment, a good steward for the business/employees, value maximization and deal certainty. There are attractive tailwinds for homecare services, helping to meet the growing needs of patients seeking to live better at home. Closing the Gap was further distinguished by a strong commitment to delivering integrated home care to patients and clients across Ontario and Nova Scotia, with outstanding expertise in allied health and pediatric care, as well as a proven track record of partnering with acute care providers to alleviate pressures on hospitals.
About Closing the Gap
Founded in 1990, Closing the Gap is a founder-led, leading, high-quality and compassionate organization that delivers integrated home and community care-based services across Ontario and Nova Scotia. Closing the Gap delivers adult and pediatric care services in patients’ homes and in-person clinics, including the following streams: personal support and home care, nursing, physiotherapy, occupational therapy, speech language pathology, nutrition and social work.
About Extendicare
Extendicare is a leading provider of care and services for seniors across Canada, operating under the Extendicare, ParaMed, Extendicare Assist, and SGP Purchasing Network brands. They are committed to delivering quality care to meet the needs of a growing seniors’ population, inspired by our mission to provide people with the care they need, wherever they call home. They operate a network of 99 long-term care homes (59 owned/40 under management contracts), deliver approximately 11.2 million hours of home health care services annually, and provide group purchasing services to third parties representing approximately 148,200 beds across Canada. Extendicare proudly employs approximately 27,500 qualified, highly trained and dedicated team members who are passionate about providing high-quality care and services to help people live better.
Press Release : Extendicare Acquires Closing the Gap Healthcare Group
Deal team: Cathy Steiner, Lindsay Adam Weiss
Origin, in collaboration with KMS Capital (the “Advisors”) were engaged by Burgundy Asset Management Ltd. (“Burgundy”), as financial advisors on their sale to BMO Financial Group. Burgundy is a leading independent wealth manager, providing discretionary investment management for private clients, foundations, endowments, pensions and family offices with approximately $27 billion in assets under management, as of May 31, 2025.
BMO Financial Group will acquire 100% ownership in Burgundy for up to C$1,000 million, including C$625 million up front and C$375 million based on attaining certain client retention and asset growth targets. The acquisition of Burgundy will be an expansion of BMO Wealth Management and strengthen BMO’s offering in the Canadian Investment Counsel space catering to high-net-worth and ultra-high-net-worth clients.
About Burgundy Asset Management:
Burgundy Asset Management Ltd. is a global investment management firm with 150 employees, headquartered in Toronto, with additional offices in Montreal and Vancouver. Since its founding in 1990, Burgundy has been dedicated to serving high-net-worth individuals, foundations, endowments, pensions, and family offices. The firm is known for its disciplined quality/value investment approach, focused on protecting and compounding clients’ capital over the long term
About BMO Financial Group:
BMO Financial Group is the seventh largest bank in North America by assets, with total assets of $1.4 trillion as of April 30, 2025. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally
Press Release : BMO to Acquire Burgundy Asset Management
Deal team: Rob Penteliuk, Charles Pennock, Aaron Kadey
Origin Merchant Partners (“Origin”) acted as the Independent Financial Advisor to the special committee of WonderFi (TSX:WNDR) on its sale to Robinhood (NASDAQ:HOOD).
The two companies entered into a definitive agreement in an all-cash deal amounting to a total consideration of approximately C$250 million. This transaction represents a pivotal step in Robinhood’s expansion strategy, marking its entry into the Canadian market and highlights the new strategic focus on its rapidly growing crypto segment for both its retail and institutional clients. This transaction enhances WonderFi’s journey to bring its technology, innovation, and talent to a broader client base, positioning it to seize new market opportunities and lead Robinhood’s expansion in Canada.
About WonderFi
WonderFi is a leader in centralized and decentralized financial services and products. With over C$2.1 billion in client assets under custody, WonderFi’s regulated trading platforms are well-positioned to service crypto participants across Canada with trading, payments and decentralized products, including purpose-built blockchains and non-custodial wallet applications. Designed to provide investors with diversified investment exposure across the global digital asset ecosystem, the Company has a proven track record of launching new products and obtaining registrations. It is also the owner of market-leading brands, including Bitbuy, Coinsquare and SmartPay.
About Robinhood
Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors.
Press Release : WonderFi Enters into Definitive Agreement to be Acquired by Robinhood Markets
Deal team: Jim Osler, Tedi Gjoleka
Origin Merchant Partners is pleased to announce that it served as the exclusive investment banking advisor to Marcy Laboratories, Inc. (“Marcy”) on its recapitalization of the Company and partnership with LFM Capital (“LFM”).
Marcy Laboratories is a contract manufacturer specializing in the fragrance industry, providing blending, filling, packaging, and component sourcing services. Marcy serves large fragrance brands, specialty retailers, and other select beauty customers. The Company was founded in 1963 and is based in Glendale Heights, Illinois.
LFM Capital is a private equity firm based in Nashville, Tennessee. The LFM team bring decades of management leadership, operating best practices, exceptional professional recruiting networks, and a successful track record in lower middle market investing. The firm’s mission is to partner with portfolio company management to develop and build world-class operations through a combination of manufacturing and operations excellence and targeted growth and expansion strategies.
Kevin Morton, President of Marcy, commented: “We are deeply grateful to the Origin team for their thoughtful and unwavering dedication at every stage of the process. Their tireless commitment and genuine partnership were instrumental in delivering an exceptional outcome for our business, and it was a true pleasure working with them.”
Deal team: Nick Newlin, Katie Balson
Origin Merchant Partners acted as Independent Financial Advisor to the Special Committee of Converge on its sale to H.I.G.
The two companies entered into an arrangement agreement (the “Arrangement Agreement“) with an affiliate of H.I.G. Capital (“H.I.G.“), whereby H.I.G agreed to acquire all the issued and outstanding common shares (the “Common Shares“) of the Company (the “Transaction“). The purchase price of the Transaction values Converge at an enterprise value of approximately C$1.3 billion.
Additionally, as a result of the Transaction, Converge will join the current H.I.G. owned entity, Mainline Information Systems, LLC (“Mainline“). Headquartered in Tallahassee, FL, Mainline is a diversified IT solutions provider specializing in enterprise servers, hybrid cloud, cyber storage, and network & security solutions, along with providing associated professional and managed services. Converge and Mainline offer complementary products and services, and their joining will permit the combined companies to better serve customers with a broader and more diverse variety of solutions in areas such as cybersecurity, cloud, and digital infrastructure.
About Converge
Converge Technology Solutions Corp. is reimagining the way businesses think about IT—a vision driven by people, for people. Since 2017, Converge has focused on delivering outcomes-driven solutions that tackle human-centered challenges. As a services-led, software-enabled, IT & Cloud Solutions provider, Converge combines deep expertise, local connections, and global resources to deliver industry-leading solutions.
Through advanced analytics, artificial intelligence (AI), cloud platforms, cybersecurity, digital infrastructure, and workplace transformation, Converge empowers businesses across industries to innovate, streamline operations, and achieve meaningful results. Converge’s AIM (Advise, Implement, Manage) methodology ensures solutions are tailored to a customers’ specific needs, aligning with existing systems to drive success without complexity.
About H.I.G Capital
H.I.G. Capital is a leading global alternative investment firm with $67 billion of capital under management. Based in Miami, and with offices in Atlanta, Boston, Chicago, Los Angeles, New York, and San Francisco in the United States, as well as international affiliate offices in Hamburg, London, Luxembourg, Madrid, Milan, Paris, Bogotá, Rio de Janeiro, São Paulo, Dubai, and Hong Kong, H.I.G. specializes in providing both debt and equity capital to middle market companies, utilizing a flexible and operationally focused/value-added approach.
About Mainline
Mainline is a leading IT solutions provider and consulting firm specializing in cybersecurity, hybrid cloud, modern data center infrastructure, software solutions, and managed services. With national coverage, strategic technology partnerships, and multi-vendor technology expertise, Mainline delivers cost-effective business outcomes.
Press Release : Converge Technology Solutions to be Acquired by H.I.G. Capital
Deal team: Jim Osler, Mario Di Pietro, Andrei Rojine
Origin Merchant Partners (“Origin”) acted as the Independent Financial Advisor to the special committee of The INX Digital Company, Inc. (Cboe CA: INXD) (OTCQB: INXDF) (INXATS: INX) on its sale to Republic.
The two companies entered into an arrangement agreement dated April 3, 2025 (the “Arrangement Agreement”) with OpenDeal Inc. (d/b/a Republic) (“Republic”) in connection with a transaction (the “Arrangement”) that values the Company’s equity at US$60 million (assuming the Rollover Share Limit is achieved).
INX and Republic are coming together with a shared vision—to make regulated investment opportunities more accessible to both retail and institutional investors. The transaction strengthens Republic’s position in the blockchain investment space, creating a seamless pathway for raising capital, trading security tokens, and engaging in secondary market opportunities across digital assets, RWAs, and cryptocurrencies. Following the transaction, Republic—which is already a shareholder in INX—will fully integrate INX into its operations.
About INX:
INX provides regulated trading platforms for digital securities and cryptocurrencies. With a blend of traditional market expertise and a disruptive fintech approach, INX offers state-of-the-art solutions to modern financial challenges. The company is led by a dedicated team of business, finance, and technology veterans committed to redefining capital markets through blockchain technology and a disciplined regulatory approach.
About The INX Digital Company, Inc.: INX is the holding company for the INX Group, which includes regulated trading platforms for digital securities and cryptocurrencies. The INX Group’s vision is to be the preferred global regulated hub for digital assets on the blockchain. Their mission is to bring communities together and empower them with financial innovation. INX’s journey began with the initial public token offering of the INX Token, in which it raised US$84 million. The INX Group is shaping the blockchain asset industry by working within a regulated environment under oversight from regulators like the SEC and FINRA. For more information, please visit the INX Group website here.
About Republic:
Headquartered in New York City, Republic is a global financial firm operating a network of retail-focused investment platforms and an enterprise digital advisory arm. With a deep track record of legal and technical innovation, Republic is known for providing access to new asset classes to investors of all types. Backed by Valor Equity Partners, Galaxy Interactive, HOF Capital, AngelList and other leading institutions, Republic boasts a global portfolio of over 2,000 companies and a community of nearly three million members in over 150 countries. More than $3 billion has been deployed through investment platforms, funds, and firms within the Republic family of companies with operations established in the US, the UK, EU, the UAE, and South Korea. For more information on Republic, visit www.republic.com.
Press Release : INX to be acquired by Republic for up to US$60 million
Deal team: Jim Osler, Chris Solda, Gordie Matheson
Origin Merchant Partners is pleased to announce it was the Exclusive Financial Advisor to Quadshift Inc. on its growth equity investment of up to $23 million.
Quadshift Inc. (“Quadshift”), a leading acquirer of vertically focused B2B software has secured up to $23 million in growth equity funding to accelerate its acquisition of leading vertical market software (“VMS”) businesses. The all-equity, all-primary round was led by BDC Growth Equity Partners (“BDC Growth Equity”) with participation from Celtic House Venture Partners (“Celtic House”) and other minority investors. Origin served as financial advisor to Quadshift with respect to this transaction.
Quadshift leverages AI to drive a leading-edge approach to sourcing and executing deals, simplifying and expediting the deal process for founders with the option to either exit completely or maintain significant upside as shareholders of a large, rapidly growing software company. The funding will accelerate the conversion of Quadshift’s acquisition pipeline and position the company for long-term success.
About Quadshift:
Founded in 2017, Quadshift has emerged as the preferred home for founders seeking a sale of their high-quality, mission-critical, vertically focused B2B software businesses. The company focuses on building strong, independent platform businesses through talent acquisition from strategic acquisitions and supports the growth of professional functions within those platforms by offering strategic guidance, best practices, and specialized hands-on resources. For more information, visit www.Quadshift.io.
About BDC Capital
BDC Capital is the investment arm of the Business Development Bank of Canada with over $7 billion of assets under management and has significant experience serving as a strategic partner to Canada’s most innovative and high-potential firms.
About Celtic House Venture Partners
Drawing from its 20 years of experience as an active investor in technology and innovation, Celtic House Venture Partners collaborates with exceptional founding teams with strong track records and a data-driven mindset to build category-leading technology companies. These collective efforts have resulted in over 25 IPO and M&A transactions.
Deal team: Mario Di Pietro Tedi Gjoleka
Origin Merchant Partners (“Origin”) is pleased to announce it was the Independent Financial Advisor to Softchoice Corporation (“Softchoice” or the “Company”) (TSX:SFTC) on its sale to Worldwide Technologies Holding Co., LLC (“World Wide Technology” or “WWT”).
The two companies have entered into an arrangement agreement (the “Arrangement Agreement”) for Softchoice to be acquired by WWT, via an all-cash transaction (the “Transaction”), which values Softchoice at an enterprise value of approximately C$1.8 billion. Based on the Company’s reported financial results for the trailing twelve months to September 30, 2024, the Consideration values the Company at an EV to Adjusted EBITDA multiple of ~13.2x. This acquisition will add new capabilities to WWT’s software, cloud, cybersecurity, and AI offerings to provide a comprehensive solutions portfolio across the full spectrum of the digital transformation journey.
Birch Hill Equity Partners (“Birch Hill”) and each of the directors and senior officers of the Company, representing approximately 51.3% of the outstanding shares of Softchoice, have entered into voting support agreements under which they have agreed, among other things, to support and to vote all shares held by them in favour of the Transaction. The voting support agreements terminate automatically upon termination of the Arrangement Agreement.
This engagement builds on Origin’s independent advisory practice for large public transactions and the product of our efforts to build on our expertise with leading financial sponsors.
Softchoice Corporation is a Software and Cloud-Focused IT solutions provider that equips organizations to be agile, innovative, and secure, and people to be engaged, connected, and creative at work. They deliver secure, AI-powered cloud and digital workplace solutions supported by advanced software asset management methodology and capabilities.
World Wide Technology Holding Co., LLC, is a global technology solutions provider leading the AI and Digital Revolution, that combines the power of strategy, execution and partnership to accelerate digital transformational outcomes for large public and private organizations around the world. Through its Advanced Technology Center, a collaborative ecosystem of the world’s most advanced hardware and software solutions, WWT helps customers and partners conceptualize, test and validate innovative technology solutions for the best business outcomes and then deploys them at scale through its global warehousing, distribution and integration capabilities.
Deal team: Jim Osler, Artem Krylov, Andrei Rojine, Charlie Pennock
