On November 25, 2015, Onstream Pipeline Inspection Services Inc. (Acquireco), an acquisition entity formed by Novacap TMT (Novacap), a leading Canadian private equity firm, completed the acquisition of all of the assets of Onstream Pipeline Inspection Ltd. (Onstream Pipeline).
Onstream Pipeline specializes in providing small-diameter pipeline integrity inspection services to petroleum, natural gas and other commodities through tethered and free-swimming inspections in Canada and the US. Onstream Polymers Inc. (together with Onstream Pipeline, “Onstream”) specializes in designing, manufacturing, fabricating and producing polymer and urethane materials and equipment. The value of deal was not disclosed.
Novacap and Acquireco were represented McMillan LLP with a team led by Charles Chevrette on the M&A side that included Enda Wong, Greg McIlwain, Julia Loney, Elisa Henry, Mitchell Allison and Craig Harkness; and on the financing side by a team led by Kevin Plowman that included Mitchell Allison and Allison Wong. Novacap was also represented internally by Bruno Duguay, its Chief Legal Officer.
Onstream was represented by Bennett Jones LLP with a team led by Chris Skelton that included Kelly Ford, James Bartlett and Jennifer Asquin.
The transaction included syndicated financing lead by BMO, as administrative agent for the lenders, which included BMO and RBC. The administrative agent and lenders were represented by Dentons Canada LLP with a team led by Colin Yeo that included Gabrielle Motuz and Mike Tallim.