Goodmans, Stikeman Elliott, Osler, Torys, BLG among legal counsel
Deal: UPS acquires Andlauer Healthcare Group (AHG) to bolster healthcare logistics
Value: $2.4 billion
UPS announced the $2.4 billion acquisition of Toronto-based Andlauer Healthcare Group Inc., in a move that marks a major strategic expansion in healthcare logistics. This acquisition headlines a week of notable deals across healthcare, logistics, real estate, and critical minerals. Goodmans, Stikeman Elliott, Osler, Torys, and BLG are among the legal counsel in this week’s roundup.
UPS announced an agreement to acquire Andlauer Healthcare Group Inc. (AHG) in a deal valued at approximately US$1.75 billion, equivalent to about $2.4 billion at the time of announcement.
AHG is an Ontario-based supply chain management company offering customized third-party logistics and specialized cold chain transportation solutions for the healthcare sector.
Goodmans LLP is serving as legal counsel to AHG, while Stikeman Elliott LLP and King & Spalding LLP are acting as legal advisors to UPS. Financial advisory support for AHG, its board, and its special committee is being provided by CIBC Capital Markets. UPS is being advised by BofA Securities in connection with the transaction.
“Next-generation treatments are driving more complexity than ever, expanding the needs of healthcare customers and increasing demand for the integrated, end-to-end cold chain solutions UPS Healthcare provides around the world,” said Kate Gutmann, EVP and president of International, Healthcare and Supply Chain Solutions for UPS. “Andlauer Healthcare Group will help us deliver expanded capability to our customers, driving best in class patient outcomes while contributing to our overall growth plans across the business. This acquisition marks another important step in our declaration to be the number one complex healthcare logistics and premium international logistics provider in the world.”
AHG’s headquarters will remain in Vaughan, Ontario, and the company will continue operating under its current management structure.
The deal is expected to close in the second half of 2025, subject to customary closing conditions and regulatory approvals.
Colliers International Group Inc., a Toronto-based global real estate services firm, agreed to acquire Triovest Inc., a leading Canadian commercial real estate services platform, from Calgary-based Coril Holdings.
After closing, Triovest will rebrand as Colliers, merging its operations and capabilities to solidify Colliers’ position as Canada’s largest commercial real estate services firm.
The combined Canadian operations will employ more than 3,000 professionals, manage more than 95 million square feet of commercial real estate, and oversee more than $15 billion in projects under development.
“The addition of Triovest cements our position as the largest real estate services firm in Canada, while strengthening our capabilities in asset and development management,” said Colliers Canada president and CEO Brian Rosen. “Over the years, we have built a highly differentiated business model by integrating our full suite of services to better meet the requirements of our clients. Our customer-centric culture attracts and retains the top talent in our industry. We are excited to welcome the highly respected and experienced team from Triovest and look forward to their contributions in the years ahead.”
“After many years as a privately held company, we believe now is the time to accelerate Triovest’s growth by merging its operations with Canadian-based Colliers, one of the top global players in commercial real estate,” said Coril Holdings president and CEO Deanna Zumwalt. “Our firm has worked with Colliers for many years as a client and we are confident that Triovest will now have access to greater resources and global client relationships that will benefit our clients and our people. Moreover, as a significant owner of commercial real estate, Coril will continue to work closely with Colliers, its professionals, and our former team members for our real estate needs.”
The deal is expected to close during the second quarter of 2025, subject to customary closing conditions.
Commerce Resources Corp. has entered into a definitive agreement with Mont Royal Resources Limited in a merger that is anticipated to create a Québec-focused critical minerals explorer and developer.
The deal will combine Commerce's Ashram Rare Earth and Fluorspar Project and Eldor Niobium Project with Mont Royal's Northern Lights Lithium Project.
Osler, Hoskin & Harcourt LLP and Hamilton Locke are serving as the Canadian and Australian legal counsel, respectively, to Commerce, with Wallabi Group Pty Ltd as financial advisor.
“The team at Commerce is excited at the prospect of working with the Mont Royal team to create a new Canadian-focused critical metals company and to maximize the value of our outstanding flagship asset at Ashram,” said Commerce executive director Jeremy Robinson. “This merger will provide a dual listing on the ASX and TSXV, funding, additional expertise and a clear strategy to generate superior shareholder returns through completion of the studies at the Ashram Project while also unlocking additional exploration upside at the Eldor Niobium and Northern Lights exploration projects.”
“This transaction is a great opportunity to create value for both groups of shareholders,” said Mont Royal executive director Peter Ruse. “Combining the proven exploration and management skills of the Commerce and Mont Royal teams with the large resource at Ashram and the additional upside at the Eldor Niobium Project will have the potential to unlock value for shareholders.”
Upon deal completion, the board of the combined company will be comprised of a new non-executive chairman in Cameron Henry, appointed by Commerce, two directors from Commerce, being Jeremy Robinson and Adam Ritchie, and one non-executive director from Mont Royal, expected to be Ronnie Beevor. In addition, it is expected that a new CEO and president will be appointed to replace the interim Commerce CEO and president, Jeremy Robinson, who will transition to a non-executive director of the merged group.
The deal is expected to close on July 2025, subject to customary closing conditions.
Synex Business Performance announced a strategic partnership with FSB Group Ltd., an Ontario-based independent brokerage comprised of FSB Insurance Ltd. and FSB Commercial Ltd., reinforcing Synex’s national growth strategy and solidifies its presence in the Greater Toronto Area (GTA), one of Canada’s key insurance markets.
Dowling Hales served a as the exclusive financial advisor to FSB.
This marks Synex’s first partnership following the investment from CDPQ and Ares Management Credit funds, two prominent institutional investors that joined Synex as minority shareholders.
“This partnership with FSB is fully aligned with our vision: building a strong and independent national group that empowers local brokerages to thrive,” said Synex chairman of the board and chief vision officer Yan Charbonneau. “We are delighted to welcome the FSB team to the Synex family. Their exceptional reputation and client-first approach are key strengths as we continue our development across Canada.”
“We’re proud of the strong reputation FSB has built over nearly four decades,” said FSB Group CEO Paul Brown. “This new partnership with Synex marks an exciting milestone for our team, one that will allow us to continue growing, evolving, and delivering exceptional service to our clients—while staying true to our values and local roots.”
BroadStreet Partners, a North American insurance brokerage, announced an ownership transaction in which Ethos Capital, British Columbia Investment Management Corporation (BCI), and White Mountains Insurance Group acquired a significant stake. Ontario Teachers’ Pension Plan retained a substantial co-control position, continuing its partnership.
Torys LLP and Latham & Watkins LLP are serving as legal counsel to Ontario Teachers’ and BroadStreet, with Ardea Partners as the lead financial advisor. Kirkland & Ellis LLP is serving as legal counsel to Ethos Capital. Debevoise & Plimpton LLP is acting as legal advisor to BCI. Cravath, Swaine & Moore LLP is serving as legal counsel to White Mountains.
Ontario Teachers’ originally acquired a majority stake in 2012 and helped scale BroadStreet into one of the top private insurance brokerages in North America, with operations across all 50 U.S. states and all 10 Canadian provinces. The Ethos-led group brought insurance sector experience and growth-focused expertise to support BroadStreet’s next chapter.
“BroadStreet is uniquely positioned as the partner of choice for successful entrepreneurs seeking new avenues for growth,” said BroadStreet CEO Mike O’Connor. “Our differentiated co-ownership model and proven strategy empower our 30 Core Agency Partners to scale their businesses with confidence. For over a decade, the Ontario Teachers’ team has been a value-added partner to us. We are excited to continue this collaboration and now join forces with Ethos, BCI, and White Mountains, leveraging their collective expertise to enhance our capabilities and drive sustained growth.”
“BroadStreet has developed a highly differentiated business model – consistently building its expertise and scale through its industry network and a growing set of Core Agency Partners,” said Ethos Capital managing partner Brent Stone. “Our Ethos leadership team and co-investors have significant experience in accelerating growth and long-term value creation for high-performance companies including in the insurance sector. We look forward to partnering with an executive of Mike’s caliber and his team to pursue their future growth ambitions.”
“BroadStreet has experienced tremendous growth as a result of its unique co-ownership model and strong management team,” said Ontario Teachers’ senior managing director of financial services Jeff Markusson. “As we continue to focus on creating long-term value at BroadStreet, we are delighted to bring in like-minded partners with a proven track record in the insurance industry. Ethos and its co-investors share our vision of growing BroadStreet into the premier insurance brokerage company in North America by capitalizing on sectoral tailwinds and accelerating both organic and inorganic growth efforts.”
Valsoft Corporation Inc., a Montreal-based software acquisition company, announced the acquisition of American Data, a Wisconsin-based pioneer in Electronic Health Record (EHR) software for the U.S. long-term care sector. The transaction closed on the same day. Financial terms were not disclosed.
Legal representation for Valsoft was provided internally by David Felicissimo. American Data was advised by von Briesen & Roper, s.c.
This strategic move positions Valsoft to capitalize on the accelerating demand for senior and long-term care technology, driven by demographic trends. American Data, known for its customizable EHR platform ECS (Electronic Chart System), integrates clinical, financial, and administrative functions to help senior care providers achieve better outcomes.
“American Data is a trusted leader in long-term care, with a best-in-class EHR platform and a team deeply committed to customer success,” said Valsoft portfolio VP Peter Blanchard. “We are proud to welcome them into the Valsoft family. Our mission is to ensure a seamless transition and continue building on their legacy of innovation and service excellence.”
“It has been an honor and a privilege to serve our clients over the years,” said American Data president John Ederer. “We are confident that Valsoft is the right partner to usher American Data into its next chapter, bringing fresh ideas to better meet our customers evolving needs.”
Leadership at American Data transitions to Kara McDonald, a healthcare technology veteran with over 25 years of experience. The company will continue to operate independently while benefiting from Valsoft’s operational support and long-term vision.
Sprott Asset Management LP and Brompton Funds Limited launched an at-the-market (ATM) equity offering of up to US$1 billion in trust units for the Sprott Physical Gold Trust (PHYS). The offering allows the Trust to issue units on an ongoing basis at prevailing market prices through the NYSE Arca and the Toronto Stock Exchange, where the units trade under the symbol “PHYS” in both U.S. and Canadian dollars. Using the exchange rate on the date of the announcement (1.36 USD/CAD), the total value of the offering is approximately $1.36 billion.
Stikeman Elliott LLP and Skadden, Arps, Slate, Meagher & Flom LLP served as Canadian and US legal counsel, respectively, to the Trust. Borden Ladner Gervais LLP (BLG) served as Canadian counsel to the agents, with Simpson Thacher & Bartlett LLP as the US counsel.
Proceeds from the ATM offering will be used for general purposes of the Trust, including the acquisition of additional physical gold bullion. The Sprott Physical Gold Trust is structured to provide secure, transparent exposure to precious metals and holds fully allocated, unencumbered physical gold at the Royal Canadian Mint.
