Sale of Promac Industries
Whitehorn advised the shareholders of Promac Industries on its successful sell-side transaction to Canerector Inc.
Selling Your Business in Edmonton, Calgary, Alberta & Western Canada
You've spent years — often decades — building your company. Now something has changed: retirement is on the horizon, an unsolicited offer has landed, a health event has shifted your priorities, or you simply sense the market is strong. Whatever brought you here, selling your business will likely be the largest financial transaction of your life, and you only get to do it once.
Whitehorn Capital has advised Western Canadian business owners through more than 50 transactions since 2008, representing over $1 billion in deal value. We work exclusively with privately held companies — typically with revenues between $10 million and $100 million — and we run the entire sale process so you can keep running your business while we find, negotiate with, and close the right buyer.
$1B+
Total Deal Value Advised
50+
Transactions Closed
$10M – $100M
Target Revenue Range
100%
Confidential & Middle-Market Focused
How the Sale Process Works
Every business is different, but a well-run sale follows a proven sequence. Here is what working with us looks like, step by step:
Stage 01
Confidential Assessment & Valuation
We determine what your business is realistically worth in today's market — a range grounded in comparable transactions, financial performance, and buyer appetite. Performed by our designated Chartered Business Valuators (CBVs).
Stage 02
Market Preview — Before You Commit
Rather than asking for a long-term commitment on promises, we quietly test the market first. We identify likely buyers and validate interest and pricing before you sign a full engagement.
Stage 03
Preparation & Deal Packaging
We build the materials buyers expect — Confidential Information Memorandum (CIM), normalized financial statements, and secure data rooms — fixing value erosion risks before buyers enter diligence.
Stage 04
Confidential Buyer Outreach
We approach a curated list of strategic acquirers, private equity groups, and family offices across Canada, the US, and internationally. Your identity remains anonymous until an NDA is executed.
Stage 05
Offers, Negotiation, & LOI Execution
Multiple interested buyers create competitive tension, maximizing valuation. We negotiate headline price, cash at close, earnouts, transition terms, and employee protection.
Stage 06
Due Diligence & Closing
This is where unadvised deals frequently stall or fail. We quarterback legal, accounting, and operational flow, keeping the transaction on schedule through to funds deposited in your account.
Typical Engagement Horizon: From initial valuation to closing, most sales span 8–12 months. Well-prepared businesses with clean financials and strong management benches consistently close faster.
What Is My Business Worth?
It’s almost always the first question, and the honest answer is: it depends on factors you can actively influence.
Core Valuation Benchmark
Enterprise Value = Normalized EBITDA × Multiple
Buyers of private Western Canadian companies price businesses primarily on a multiple of normalized earnings or sustainable cash flows. The multiple expands or contracts based on five key value drivers.
Two companies with identical revenues can sell for vastly different prices. The multiple moves based on specific structural characteristics within your business:
Key Value Drivers That Influence Your Multiple:
1. Quality & Consistency of Earnings
Recurring revenue streams, predictable historical margins, and clean, auditable financial statements command premium multiples.
2. Owner Independence
How dependent is the business on you personally? Companies that run seamlessly without the owner's daily presence are far more valuable to acquirers.
3. Customer Concentration
A diversified customer base reduces buyer risk. Relying on any single client for a large portion of revenue creates value drag during negotiations.
4. Management Team Depth
A capable, second-tier leadership team that plans to stay post-closing gives buyers confidence in future continuity and growth.
5. Strategic Growth Story
A clear, credible narrative demonstrating where and how a new owner can expand the business creates competitive bidding tension.
The Opportunity: With enough lead time, most of these value drivers can be systematically improved before going to market. This is why our best client outcomes often begin 1 to 3 years before a transaction launches — and why a confidential valuation conversation costs you nothing but can change how you build value starting today.
Why Business Owners Choose Whitehorn
Selling a middle-market business is one of the most critical financial events of your lifetime. Owners choose to partner with us because we offer senior-level transaction expertise tailored specifically to mid-market private companies.
Designated CBV & CFA Professional Expertise
We aren't brokers relying on rough rules of thumb. Our team includes designated Chartered Business Valuators (CBVs) and CFA charterholders on staff who provide rigorous financial analysis, valuation defensibility, and institutional-grade guidance throughout every phase of the process.
The "Test the Market" Approach
We don't ask you to lock into a full sale process on blind faith. Our proprietary market preview lets you gauge buyer appetite and valuation range confidentially before committing to a full engagement.
Senior-Level Advisory, Every Step
Your transaction is never handed off to junior associates. You work directly with senior corporate finance advisors who have spent decades quarterbacking middle-market M&A deals.
Strict Confidentiality Protection
We protect your business identity, employees, customers, and trade secrets. Information is only disclosed to vetted buyers under strict non-disclosure agreements at approved stages.
Unbiased, Independent Guidance
As an independent merchant bank and M&A advisory firm, our incentives align entirely with yours: maximizing price, optimizing deal terms, and securing the right legacy for your company.
Recent Sale Transactions
A representative sample of middle-market sell-side transactions quarterbacked by our senior M&A advisory team:
Sale of Western Modular Homes
Advised the owners of Western Modular Homes through a structured, confidential process to Strive Global Holdings.
Sale of Monarch Roofing & Siding
Quarterbacked the sell-side transaction for Monarch Roofing & Siding to a US strategic group, ABC Supply.
Sale of Business: Vivid Reports
Represented the founder of Vivid Reports in its sale transaction to Banyan Software.
Frequently Asked Questions
Common questions business owners ask when considering a sale process or evaluating their advisory options:
A typical M&A process takes between 8 and 12 months from the initial valuation to closing and funds transfer. Companies with well-organized financial records, clean legal structures, and strong management benches generally move faster through due diligence.
We maintain strict control over information flow. Your business name and sensitive identifiers are removed from initial teaser documents. Potential acquirers must execute a legally binding Non-Disclosure Agreement (NDA) and undergo background vetting before receiving full confidential materials.
Our market preview allows you to test real buyer interest and valuation ranges confidentially before formally launching a transaction. It provides proof of market appetite without locking you into a long-term commitment on assumptions.
Our transaction teams include designated Chartered Business Valuators (CBVs) and CFA charterholders. This ensures institutional-grade financial analysis, rigorous valuation defense, and experienced negotiation throughout every phase of your transaction.
It depends on your goals and the buyer's strategy. Most buyers require a transition period ranging from 6 to 24 months to ensure operational continuity. If you prefer a faster exit, we structure the transaction to highlight a capable second-tier management team that can step up post-close.
Ideally, 1 to 3 years prior to your target exit date. Early preparation allows us to identify and address value erosion factors — such as customer concentration, owner dependency, or unnormalized financial accounting — directly increasing your exit valuation multiple.
Help us help you
Ready to explore your options?
A confidential, no-commitment conversation with our experts is the right first step — whether you are thinking about a transaction next year or would like to understand what your business is worth today.
Book a confidential consultation
Or call us directly: 403-680-4266
