Lnkd Capital acquires a Canadian company in the safety and industrial training sector

Less than a year ago, the oversubscription of Lnkd Capital underscored the strong confidence and trust placed in its principal, David To. His investors can now be pleased, as the Vancouver-based searcher has successfully found a company to acquire: AT Safety Training. The deal involved 13 investors, including Sage Capital Partners, JB46, Hadley Family Office, Scipio, The Cambria Group, Martell Capital Partners, Associés Magnum Capital Partners, Gore Range Ventures, Black Sheep Operations, and Integral. The structure includes a mix of equity and 55% leverage, provided by RBC, and the EV was approximately CAN$8–9M, representing less than 4x EBITDA.

Founded in 1996 by Veronica McLeod and Bruce MacMillan, AT Safety Training is Canada’s largest authorized training provider of Energy Safety Canada certifications and a leading provider of workforce safety training and wellness certification services in Western Canada. The company proudly supports tens of thousands of Canadian workers annually in the energy, construction, and industrial sectors. Over the past five years, the company has experienced significant growth, reaching annual revenues of more than CAN$8M with an EBITDA margin close to 30%.

David commented: “This business ticks nearly all the boxes a traditional SF typically seeks in terms of deal size, historic financials, customer retention, retiring sellers, etc. The narrative and value proposition as an entrepreneur searcher was also a good fit for the sellers, which I believe helped us reach very fair terms quickly. On the personal side, knowing the business provides an essential service that directly helps tens of thousands of people each year who are working in dangerous environments stay safe and employed was a huge bonus.”

DD: KPMG / Legal: Stikeman Elliott