On September 29, 2022, Aegis Brands Inc. acquired St. Louis Bar & Grill for CAN$68 million (US$50 million), paid entirely in cash. The deal involved the indirect purchase of most assets and intellectual property related to the "St. Louis Bar & Grill" brand. Established in 1992 in Toronto, St. Louis Bar and Grill operated 72 venues across four provinces, noted for its wings, ribs, and garlic dill sauce. The 2023 projected EBITDA for St. Louis was CAN$ 10.5 million (US$7.6 million), indicating a 6.6x EBTIDA multiple. The acquisition was financed with a draw of CAN$41 million (US$30 million) from Aegis' Senior Facility with CWB Financial Group. An additional funding was secured through a private placement of Debenture Subscription Receipts and Common Share Subscription Receipts, amassing gross proceeds of CAN$34 million (US$25.0 million), which could reach up to CAN$39.8 million (US$28.8 million) upon full exercise of a 15.0% Over-Allotment Option. Echelon Capital Markets and Canaccord Genuity Corp. were involved as agents for the Offering. Aegis aimed to further expand the St. Louis brand nationally and potentially internationally. The transaction aligned with Aegis' ambition of consolidating Canadian food and beverage brands. Ewing Morris & Co. Investment Partners Ltd. participated as an investor, committing CAN$6.2 million (US$4.5 million) in Debenture Subscription Receipts. Echelon Capital Markets served as Aegis' financial advisor, while Stewart McKelvey and Dale & Lessmann LLP acted as legal advisors for Aegis and St. Louis respectively.