On November 15, 2010, CanWel Building Materials Group Ltd. (“CanWel”) completed the sale of its hardware division to Tim-BR-Marts Ltd. (“TBM”) for $50 million in cash.
CanWel was represented by Goodmans LLP. The Goodmans team was led by Michael Partridge and included Kirk Rauliuk and Brian Savage (corporate/securities); David Veneziano (tax); Daniel Shapira (real estate) and Jean Anderson and Grant Coad (banking). Davies Ward Phillips & Vineberg LLP acted as special regulatory counsel to CanWel with a team that included John Bodrug and Elisa Kearney. Mark Hilton of Bernard & Partners acted as local counsel to CanWel in British Columbia; David Grout of Burnet, Duckworth & Palmer LLP acted as local counsel to CanWel in Alberta and Daniel Frajman of Spiegel Sohmer acted as local counsel to CanWel in Québec.
TBM was represented by Gowling Lafleur Henderson LLP in Calgary with a team led by Pierre Magnan including Jason McCormick and Lorie Wheeler (corporate/securities); Thomas Cumming (banking) and Greg Lindsey (tax); and in Toronto by Susan Rosen (real estate); Bruce Graham and Ian Macdonald (regulatory) and Michael Bussman (tax); and in Montréal by Alain Lalonde (real estate).
HSBC Bank of Canada, which provided credit financing to TBM in connection with the transaction, was represented by Borden Ladner Gervais LLP with a team consisting of Scott McLeman in Calgary, Caroline Émond and Darina Bashilova in Montréal and Josée Virgo in Ottawa.
Blake, Cassels & Graydon LLP represented Wells Fargo Capital Finance Corporation Canada, CanWel's senior lender, with a team consisting of Daryl Clark and Bahar Hafizi in Vancouver and Ian Binnie in Toronto.