Goodmans also in this week's deals roundup
Davies and Norton Rose Fulbright are serving as legal counsel in the sale of Toronto-based Grafton Apparel. Goodmans is also in this week’s deals roundup.
Toronto-based Grafton Apparel to sell to Stern Partners
Grafton Apparel Ltd., a Toronto-based company that runs retail stores and e-commerce websites under the banners of Tip Top, George Richards Big and Tall, and Mr. Big & Tall, has agreed to sell to an affiliate of Stern Partners Inc., a Vancouver-based private investment company controlled by Ronald N. Stern.
Davies Ward Phillips Vineberg is serving as legal counsel and National Bank Financial as the exclusive financial advisor to Grafton Apparel.
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Norton Rose Fulbright is serving as legal counsel to Stern Partners.
"Across Tip Top and our Big & Tall stores, Grafton Apparel offers unparalleled quality, value, and style that has delivered record results," said Grafton Apparel President and CEO Lance Itkoff. "We are the definitive go-to solution for men's workplace and event apparel as well as the only nationwide chain catering exclusively to the Big & Tall customer. Stern Partners brings us the benefit of strategic Canadian investors who understand the retail landscape and we look forward to leveraging their insight and resources to help us deliver even better value to our customers and enhanced growth for Grafton."
"The growth of the retail apparel market in Canada has been an area of interest for us. Grafton's commitment to delivering quality and value to consumers, backed by a strong team, has created a growth trajectory that we want to support," said Daniel Cairns of Stern Partners. "We are excited to partner with the strong team at Grafton as we turn the page into this next chapter together."
The deal is expected to close over the coming weeks, subject to customary regulatory approvals.
Cineplex to sell amusement division to US private equity firm OpenGate for $155 million
Cineplex Inc., Canada's leading entertainment and media company, has agreed to sell its amusement division, Player One Amusement Group, to OpenGate Capital, a US private equity firm, in a deal valued at $155 million.
Goodmans LLP is serving as the legal counsel and Scotiabank and TD Securities as financial advisors to Cineplex.
“We proudly built the P1AG business, through several acquisitions and organic growth, to become a North American leader in amusement gaming solutions which has delivered strong, consistent results, especially coming out of the pandemic,” said Cineplex President and CEO Ellis Jacob. “As we continue to focus on our growth plan, the strategy to divest P1AG came at an opportune time to strengthen our balance sheet”
“Player One represents a dynamic investment and opportunity to enter the resilient and growing amusement solutions market,” said OpenGate founder and managing partner Andrew Nikou. “As corporate carve-out specialists, we are ready to bring the full force of our operations team to support the business and management team in this next stage of growth.”
The deal is expected to be finalized in the first quarter of 2024, subject to customary regulatory approvals.
Quebec-based Neptune Wellness to buy US data marketing firm Datasys for $112 million
Neptune Wellness Solutions Inc., a Quebec-based consumer-packaged goods company focused on plant-based, sustainable and purpose-driven lifestyle brands, has proposed to acquire Datasys Group, Inc., a U.S.-based data marketing firm, in a deal valued at $112 million.
Greenberg Traurig LLP is serving as legal counsel to Neptune Wellness.
The proposed deal is subject to shareholder approval and additional terms and conditions.
