Sleep Country Canada Holdings Inc.

Acted for Sleep Country Canada Holdings Inc. in its C$1.7-billion sale to 16133258 Canada Inc., a newly-formed and wholly owned subsidiary of Fairfax Financial Holdings Limited, implemented by way of a court-approved plan of arrangement under the Canada Business Corporations Act.

AirBoss of America Corp.

Acted for AirBoss of America Corp. in connection with the refinancing of its senior secured credit facilities with a new US$125 million asset-based lending revolving facility provided by a syndicate of lenders led by The Toronto-Dominion Bank and Canadian Imperial Bank of Commerce and a US$55 million term loan facility provided by Great Rock Capital Partners. 

Flex Ltd.

Acted as Canadian counsel to Flex Ltd. in its US$325-million acquisition of Crown Technical Systems, a provider of integrated power distribution and protection systems.

Ruck Lane Inc.

Acted for Ruck Lane Inc., a real estate-focused venture capital investor, in its  strategic partnership with Private Pension Partners, which offers a fully integrated real estate service platform to institutional and high-net-worth clients, including asset management, development, property management, leasing and brokerage services.

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in its sale of Alumni Educational Solutions, a leading manufacturer and distributor of educational furniture, to an equity consortium led by Castle Harlan.

A&W Revenue Royalties Income Fund

Acted for A&W Revenue Royalties Income Fund in its strategic combination with A&W Food Services of Canada to create a leading publicly-traded quick-service restaurant company.

Russel Metals Inc.

Acted for Russel Metals Inc. in the establishment of a $600 million credit facility.

AFC Toronto

Acted for AFC Toronto, Toronto’s first professional women’s soccer club, in its brand launch of the Northern Super League, a new Canadian women’s pro soccer league that will kick off a 25-game season in April 2025 with franchises in Ottawa, Montreal, Vancouver, Toronto, Halifax and Calgary. By providing expertise and time pro bono, Davies laid a strong foundation for the club and took the lead in negotiating and documenting the deal to form the league. This work is one of several pro bono mandates that we have taken on relating to women in sports.

Golden Venture Partners

Acted for Golden Ventures in connection with the formation of its fifth fund, Golden Ventures V, a leading seed-stage venture capital fund investing across North America.

Grup Mediapro S.L.U.

Acted for Grup Mediapro S.L.U. in a litigation settlement with CSB, LP, culminating in a transaction pursuant to which Mediapro sold its Canadian business, consisting of the OneSoccer Channel, to CSB.

Russel Metals Inc.

Acted for Russel Metals Inc. in its C$225-million acquisition of seven service centers from Samuel, Son & Co., five of which are located in Western Canada and two in the United States.

Apotex International Inc.

Acted as lead tax counsel and Canadian transaction counsel to Apotex International Inc., a global pharmaceutical company that produces high-quality affordable medicine, in the sale of a 50% interest in Arrotex Pharmaceuticals (Australia) to DBG Health.

Connor Clark & Lunn Infrastructure

Acted as tax counsel to Connor Clark & Lunn Infrastructure in its acquisition of Landmark Student Transportation, a leading student transportation businesses in North America.

Ironbridge Equity Partners Management Limited

Acted for Ironbridge Equity Partners in the first and final closing of its fourth private equity fund, Ironbridge Equity Partners IV, LP, which raised $383 million from investors globally and surpassed its $325-million target.

AirBoss of America Corp.

Acted for AirBoss of America Corp. in its US$42.5-million acquisition and related financing of Ace Elastomer, Inc., a leading North American custom rubber compounder.

Birch Hill Equity Partners

Acted for Birch Hill Equity Partners in the sale of Bio Agri Mix, LP, Canada's largest manufacturer and distributor of medicated feed additives and water-soluble medications for livestock, to DW Healthcare Partners.

Russel Metals Inc.

Acted for Russel Metals Inc., one of the largest metals distribution companies in North America, in its joint venture with Marubeni-Itochu Tubulars America Inc. whereby each company combined their respective Canadian OCTG/line pipe business into a newly incorporated company, named TriMark Tubulars Ltd.

Granite Real Estate Investment Trust

Acted as tax counsel to Granite REIT in its $316-million bought deal equity offering of stapled units.

Blackpoynt Inc.

Acted for BrandProject in connection with the formation of BrandProject Capital Fund LP, an early-stage venture capital fund focussed on making investments in next generation consumer product, service, and technology companies across North America.

Premium Brands Holdings Corporation

Acted for Premium Brands Holdings Corporation in its groundbreaking partnership with a coalition of Mi'kmaq First Nations to jointly acquire Clearwater Seafoods Incorporated, Atlantic Canada's largest wild seafood company, for approximately $1 billion.

Granite Real Estate Investment Trust

Acted as tax counsel to Granite REIT in its $500-million bond offering of 2.378% Series 5 senior unsecured debentures.

Granite Real Estate Investment Trust

Acted as tax counsel to Granite REIT in its $288-million bought deal equity offering of 3.84 million stapled units.

Northleaf Capital Partners

Acted for Northleaf Capital Partners in its strategic sale of a non-controlling interest to Mackenzie Financial Corporation, a subsidiary of IGM Financial Inc., and Great-West Lifeco Inc.

New Gold Inc.

Acted for New Gold Inc. in its sale of the Blackwater Project in British Columbia to Artemis Gold Inc. for $210-million and an 8% gold stream.

Connor, Clark & Lunn Infrastructure Ltd.

Acted as tax counsel to Connor, Clark & Lunn Infrastructure Ltd. in its acquisition of USA Rail, an operator of short-line rail terminals in Louisiana and Texas.

Blackstone Tactical Opportunities

Acted for Blackstone Tactical Opportunities, a fund managed by Blackstone, in its sale of TITUS Inc., an Ottawa-based leading provider of data classification and categorization solutions, to an affiliate of HelpSystems Holdings, Inc.

Fine Capital Partners LP

Advised Fine Capital Partners LP, acting as investment manager for certain funds, in its financing of up to approximately US$18.5-million in exchangeable secured debentures issued by a newly formed subsidiary of WildBrain Ltd., a Canadian media production, distribution and broadcasting company.

InstarAGF Asset Management Inc.

Acted for InstarAGF Asset Management Inc. in the formation of US$1.2-billion InstarAGF Essential Infrastructure Fund II, an infrastructure fund focused on investments in North America, with limited partners from Canada, U.S., Europe and Asia.

Granite Real Estate Investment Trust

Acted as tax counsel to Granite REIT in its inaugural $500-million green bond offering of senior unsecured debentures.

ArcTern Ventures

Acted for ArcTern Ventures in connection with the formation of its second fund, ArcTern Ventures Fund II, a cleantech fund investing across North America.

Birch Hill Equity Partners

Acted for Birch Hill Equity Partners with the formation of Birch Hill Equity Partners VI, Birch Hill's sixth fund, which will make private equity investments in mid-market companies principally located in Canada.

Hostess Brands, Inc.

Acted as Canadian counsel to Hostess Brands Inc. in its $425-million acquisition of Voortman Cookies Limited from Swander Pace Capital.

AirBoss of America Corp.

Acted for AirBoss of America Corp. to form a new defense business, AirBoss Defense Group, through the merger of its AirBoss Defense business and other operations in Acton Vale, Québec, with privately owned, U.S.-based Critical Solutions International, Inc., in a transaction valued at approximately US$132.7 million.

Spring Lane Capital

Acting as counsel to Spring Lane Capital in the formation of its inaugural private equity fund formed to invest in sustainability projects in the energy, water, food and waste industries.

Leviton Manufacturing Co., Inc.

Acted for U.S.-based Leviton Manufacturing Co., Inc. in its acquisition of Viscor Inc., Canada's largest independent lighting manufacturer.

Northleaf Capital Partners

Acted for Northleaf Capital Partners in connection with the formation of an innovative evergreen fund for Canada Pension Plan Investment Board.

Northleaf Capital Partners

Acted for Northleaf Capital Partners in connection with the formation of Northleaf Senior Private Credit, an open-ended credit fund formed to make senior secured loans to private-equity backed companies.

Northleaf Capital Partners

Acted for Northleaf Capital Partners in connection with the formation of Northleaf Private Credit II, a closed-end credit fund focused on making loans to mid-market private equity backed companies.

Canadian Business Growth Fund

Acted for Canada's leading banks and insurance companies to form the Canadian Business Growth Fund, an independent evergreen fund with a national mandate to provide long-term patient, minority capital to entrepreneurs pursuing growth and expansion strategies.

Golden Ventures

Acted for Golden Ventures in connection with the formation of its third fund, Golden Ventures III, a leading seed-stage venture capital fund investing across North America.

Blackstone Tactical Opportunities

Acted for Blackstone Tactical Opportunities, a fund managed by Blackstone, in its acquisition of a majority stake in TITUS Inc., an Ottawa-based leading provider of data classification and categorization solutions.

Northleaf Capital Partners

Acted for Northleaf Capital Partners in connection with the establishment of a US$1.4-billion Northleaf global private credit program and Northleaf's related acquisition, through a new Northleaf-managed investment fund, of a 16% equity stake in Antares Holdings from CPPIB Credit Investments Inc.

Birch Hill Equity Partners

Acted for Birch Hill Equity Partners in its acquisition of CCM Hockey from Adidas.

Golden Gate Capital

Acted as Canadian counsel to Golden Gate Capital in its majority equity investment in the GAL group of companies, a leading North American designer, manufacturer and distributor of elevator components and systems.

Restaurant Brands International Inc.

Acted as Canadian tax counsel to Restaurant Brands International Inc., owner of Burger King and Tim Hortons, in connection with its US$1.8-billion acquisition of Popeyes Louisiana Kitchen, Inc., an Atlanta-based chicken chain.

BMO Capital Markets, Credit Suisse Securities Canada and Scotiabank

Acted for a syndicate of underwriters BMO Capital Markets, Credit Suisse Securities Canada and Scotiabank in connection with Centerra Gold Inc.'s $195-million public offering of subscription receipts. The proceeds of the offering were used to partially finance Centerra's $1.1 billion purchase of Thompson Creek Metals Company Inc.

Raymond James Ltd.

Acted for Raymond James Ltd. in connection with its acquisition of 3Macs (MacDougall, MacDougall & MacTier Inc.), creating Canada's leading independent investment dealer.

ISE Inc.

Acted for ISE Inc., a major supplier of ergonomic office and workstation products, in connection with the sale of its business to Workrite Ergonomics, LLC, a division of Knape & Vogt Manufacturing Co., a portfolio company of Wind Point Partners.

Federal Budget 2024: How It Impacts You and Your Business

Apr. 16, 2024 - The Honourable Chrystia Freeland, Deputy Prime Minister of Canada and Minister of Finance, delivered the Liberal Party’s federal budget (Budget 2024) on April 16, 2024. Budget 2024 included a number of proposed changes to the Income Tax Act (ITA) and other tax legislation. The most...

Canadian Tax Foundation, 75th Annual Tax Conference, “Private Equity Structuring”; Montréal, QC

Nov. 27, 2023

2021 Federal Budget: Tax Highlights

Apr. 20, 2021 - The Honourable Chrystia Freeland, Canada’s Deputy Prime Minister and Minister of Finance, delivered the Liberal Party’s first federal budget (Budget 2021) in over two years and the first since the start of the global COVID-19 pandemic. As part of a recovery plan for “jobs, growth and resilience,”...

Canadian Government’s Proposed Extension of Time Limits Due to COVID-19

May 27, 2020 - As part of the federal government’s response to the COVID-19 pandemic, the Department of Finance recently published a draft legislative proposal, the Time Limits and Other Periods Act (COVID-19) (Proposal), that, if implemented, would provide for an automatic six-month suspension of time...

Tax Issues for Distressed Corporations

Apr. 08, 2020 - The restrictions on social and commercial activity necessitated by the COVID-19 pandemic have resulted in unprecedented economic strain. Although governments have enacted equally unprecedented fiscal and monetary stimuli, businesses will be affected and some will need to restructure debts or take...

Back to the Basics, co-author

Apr. 01, 2020 - Corporate Finance, Vol. XXIII, No. 2 (Thomson Reuters Canada Limited)

Canadian Tax and Other Measures Implemented in Response to COVID-19 Pandemic

Mar. 27, 2020 - Starting on March 18, 2020, the Canadian government has announced a series of emergency measures intended to help stabilize the economy in response to the COVID-19 pandemic. These include tax and economic measures aimed at providing financial support for individuals and businesses, and alleviating...

2019 Federal Budget: Tax Highlights

Mar. 19, 2019 - Budget 2019 is the last federal budget of the current Liberal government before the upcoming federal election in October 2019. Tax-related measures are intended to advance the government’s stated priority of creating a fair tax system. Proposals include changes to the employee stock option rules,...

2017 Federal Budget: Tax Highlights

Mar. 22, 2017 - The Liberal government’s second budget (Budget 2017) comes during a period of exceptional global political and economic uncertainty. Of particular importance from a Canadian economic and tax policy perspective is the uncertainty about how the Trump administration’s agenda will unfold in the coming...

Canadian and U.S. Tax Laws: A Review of 2016 and a Look Ahead to 2017

Jan. 13, 2017 - The year 2016 was eventful from a Canadian tax perspective, with the current Liberal government introducing its first federal budget and important judicial developments that included two decisions in tax cases by the Supreme Court of Canada. Conversely, while U.S. tax developments in 2016 were...