The "roll-up" appears to be on the ropes.
A number of former all-stars – Valeant Pharmaceuticals International Inc., Concordia Healthcare Corp., Amaya Inc. and Intertain Group Ltd. – have fallen from grace over the past nine months or so, with their multiyear mergers and acquisitions streaks on hold and their stock prices in the dumps. And never mind trying to make acquisitions: Some are trying to sell themselves.
"Right now, roll-ups are out of favour," said John Medland, partner with Blair Franklin Capital Partners Inc., a Toronto-based boutique M&A advisory firm. "People are probably less open to this kind of momentum story, because they've seen some recent examples of where it didn't work out." Story
Hansell forms communications firm
Toronto corporate governance lawyer Carol Hansell is branching into a new line of business, helping to form a new communications company that will become the first in Canada to partner – and share offices – with a law firm.
Hansell McLaughlin Advisory will combine Ms. Hansell's legal background with the government relations expertise of Ron McLaughlin in partnership with veteran communications specialists Peter Block and David Scott.
Mr. Block is a former vice-president of communications at Maple Leaf Foods Inc., who was previously national managing partner of communications firm Cohn & Wolfe and a partner at National Public Relations. Mr. Scott is also a former National Public Relations executive who led the firm's corporate practice and previously worked at FleishmanHillard.
The new venture, which opens its doors Monday, will be owned by the four partners and will be operated separately from the law firm, but the two organizations will be affiliated and staff will collaborate and even share office space, Mr. Block said.
Mr. Block said he and Mr. Scott were initially looking at forming their own independent firm, but changed directions after speaking to Ms. Hansell. Story
DAILY DEALS
Williams Cos. said Energy Transfer Equity LP is breaching a merger agreement and asked a court to intervene. Story
Buyout firm Abraaj Group is leading a group of investors planning to bid for a minority stake in Barclays Plc's African unit, Bloomberg reported. Story
Warren Buffett is backing a consortium that includes Quicken Loans Inc. founder Dan Gilbert, that is seeking to buy Yahoo's online portfolio, Reuters reported. Story
IN CASE YOU MISSED IT
InnVest Real Estate Investment Trust, Canada's largest publicly traded hotel owner, is checking out early. Story
Is the magic of 'smart' contracts just sleight of hand? Story
On the heels of its landmark acquisition of Quebec's St-Hubert restaurant chain, Cara Operations Ltd. has suffered a setback. Story
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