Recent deals in roadways, retail, food, and energy sectors reach up to $220 million
Stikeman Elliott LLP and Burnet, Duckworth & Palmer LLP acted as legal advisors to Tamarack Valley Energy’s $93 million acquisition of U.S.-based oil producer Rolling Hills Energy, while McMillan LLP advised Ionic Brands in its sale to YourWay Cannabis Brands to highlight this week’s deals roundup.
Oil and gas exploration and production company Tamarack Valley Energy Ltd acquired Rolling Hills Energy, a pure play Clearwater oil producer based in Pennsylvania, for $93 million.
Tamarack’s legal counsel is Stikeman Elliott LLP and the financial advisors are Peters & Co. Ltd and RBC Capital Markets.
Burnet, Duckworth & Palmer is acting as legal advisor to Rolling Hills. The company’s financial advisor is National Bank Financial.
Brian Schmidt, Tamarack's President and CEO said, "The acquisition of Rolling Hills completes the consolidation of our core operating area in the Southern Clearwater, which will allow us to fully optimize development and maximize returns from this area. The Corporate Acquisition coupled with our second strategic Peavine Metis Settlement agreement and additional land sales in the Peavine area will expand our total Clearwater footprint to 593.2 net sections (379,650 net acres)."
YourWay Cannabis Brands Inc. agreed to acquire Ionic Brands Corp., a cannabis holdings company based in Washington.
McMillan LLP served as legal counsel to Ionic Brands.
Jakob Ripshtein, Executive Chairman of the Board at YourWay Cannabis Brands, said, "The Transaction is expected to accelerate YourWay's 'House of Brands' strategy and represents an opportunity for entry into key markets with limited competition from national multi-state operators. Ionic Brands brings complementary strength to our existing business, providing the ability to bring more innovative products to consumers and bolstering our footprint in two new US markets."
Ionic Brands CEO John Gorst said, "We believe the Transaction is highly strategic for Ionic Brands, its brands, team members and shareholders, and will allow Ionic Brands shareholders to participate in the shared vision of the combined company. The Transaction was entered into with a view to the long-term growth and success of the Ionic brand and the potential to increase shareholder value."
The transaction is expected to be completed in the third quarter of 2022.
Sheertex Holdings Corp, a Montreal-based producer of “unbreakable” pantyhose, raised $101 million in a funding round led by Swedish retail giant H&M.
Existing investor Export Development Canada is also one of 33 investors in the round alongside others from Canada, the United States, Hong Kong, the Netherlands, and New Zealand.
H&M invested $62.25 million for this transaction.
Sheertex founder and chief executive officer Katherine Homuth commercialized an “unbreakable” alternative to nylon pantyhose by turning polymer used to make bulletproof vests into tights that, according to the company, has a material 10 times stronger than steel.
“We’re excited to use this funding to increase investments in the development of our proprietary materials while expanding our vertically integrated manufacturing. We’re lucky to have found incredible partners that share our commitment to sustainability and are excited to grow together both in hosiery and through new categories,” said Homuth.
Simply Better Brands Corp. (SBBC) signed a binding letter of intent (LOI) in a $123.17-million acquisition of Washington-based Jones Soda Co., a craft soda-maker which has recently added cannabis-derived food and beverages to the company’s product line-up.
“Our growth model remains consistent: acquire and build emerging Gen Z and Millennial brands in the wellness space through category, channel and geographic expansion,” said SBBC CEO Kathy Casey.” We see joining forces with Jones as an incredible fit due to a common wellness mission, consumer cohort, and leadership approach. Our previous acquisitions of PureKana, TRUBAR and No BS brands have yielded tremendous opportunities to fuel our growth and we are thrilled to have the opportunity for the iconic Jones brand to join our expanding portfolio. We believe that in addition to solving consumer problems in the wellness place, this latest move will be fundamental to driving shareholder value.”
Jones Soda CEO Mark Murray said, “We are very excited to be bringing together the two companies to further accelerate top line growth and bottom line improvements. For Jones, this combination will deliver diversification to our core business. We are bringing together not only strong consumer brands but also two strong management teams that we believe will deliver growth and operational synergies.”
Both parties expect to negotiate and execute a definitive agreement on or before June 30, 2022.
