Halifax Investment Bank | Strategic M&A and Capital Advisory for Atlantic Canada
Institutional-Grade Investment Banking Based in Halifax, Nova Scotia
Windsor Drake is a Halifax-based investment banking and M&A advisory firm serving mid-market private companies across Atlantic Canada. We provide sell-side advisory, strategic transaction planning, and growth capital solutions for business owners preparing for exit, succession, or recapitalization.
As one of the only independent investment banks headquartered in Halifax, Windsor Drake combines deep regional understanding with national buyer access and global execution standards. Our engagements are discreet, senior-led, and tailored to founders and families with $5M to $150M in annual revenue.
Halifax: Atlantic Canada’s Emerging M&A and Capital Hub
Halifax has become a regional nucleus for investment, innovation, and entrepreneurship. As the economic anchor of Atlantic Canada, the city is attracting increased M&A attention from national and international buyers, private equity firms, and family offices.
Key drivers of capital interest in the region include:
An aging ownership class across key trades and industrial sectors
Lack of local succession plans among established businesses
Inflow of institutional capital from Ontario and the U.S.
Scarcity of high-quality, scalable businesses with strong teams
With Atlantic Canada’s demographic trends and competitive buyer environment, Halifax-based companies are well-positioned to command premium valuations through properly structured exits.
Windsor Drake’s Investment Banking Services
Sell-Side M&A Advisory
We serve as lead advisor to owners preparing to sell their business. Our process includes:
Exit planning and readiness strategy
Financial modeling and EBITDA normalization
CIM and dataroom preparation
Targeted outreach to buyers across Canada and the U.S.
Term sheet negotiation and deal structuring
Management of due diligence and legal close
Strategic Transaction Advisory
For owners not ready to go to market but seeking clarity on timing, value, and positioning, we provide:
Pre-sale readiness analysis
Market valuation benchmarking
Corporate structure review
Strategic buyer and investor landscape assessment
This allows shareholders to prepare early and execute when conditions are most favorable.
Capital Raising & Recapitalization Advisory
We advise companies seeking to raise capital or pursue a partial exit. Our capital advisory services include:
Growth equity or minority recapitalizations
Sale-leaseback structuring and investor sourcing
Family office and private capital partnership evaluation
We focus on efficient capital structures and aligned investor relationships.
Who We Advise
Windsor Drake represents companies headquartered in Halifax, Nova Scotia, and throughout Atlantic Canada, typically with:
$5M–$150M in annual revenue
$1M–$15M in EBITDA
Strong regional or national market presence
Growth trajectory and operational maturity
Key sectors include:
Trades and mechanical services (HVAC, electrical, fire protection)
Construction and infrastructure support
Manufacturing and industrial services
Transportation, logistics, and distribution
Healthcare services and B2B technology
Our clients include founder-led businesses, family enterprises, and private equity-backed operators.
Our Halifax Investment Banking Process
1. Strategic Discovery
We begin with a confidential discussion to understand:
Shareholder objectives and timeline
Financial performance and growth capacity
Exit risk factors and potential buyer profiles
Corporate structure and tax optimization opportunities
We build a custom roadmap for maximizing enterprise value and readiness.
2. Market Preparation & Positioning
We prepare professional, buyer-facing materials:
CIM (Confidential Information Memorandum)
Financial model with normalized EBITDA and working capital
Targeted buyer list and industry research
Dataroom and diligence framework
3. Controlled Outreach to Buyers & Investors
Our Halifax-based advisors run a national and cross-border outreach campaign targeting:
Private equity firms and family offices
Strategic buyers active in Eastern Canada
Ontario and U.S.-based consolidators entering Atlantic Canada
We handle all outreach under NDA and introduce only vetted, qualified parties.
4. Negotiation and Term Structuring
We negotiate letters of intent (LOIs) and manage competing offers, focusing on:
Purchase price and earnout structure
Working capital, net debt, and rollover equity
Tax and legal structure optimization
Transition roles and employment terms post-close
Our role is to protect seller leverage and create a clear path to closing.
5. Due Diligence and Closing
We coordinate the diligence and legal process alongside your accountant and legal team:
Operational, financial, legal, and HR diligence
WSIB, environmental, and insurance documentation
Customer, subcontractor, and vendor agreement reviews
Real estate and IP transfer or leaseback management
We remain engaged through final signing, funds flow, and post-close transition planning.
Why Halifax Business Owners Choose Windsor Drake
Locally Headquartered: Deep relationships and presence in Halifax and throughout Atlantic Canada
Sell-Side Only: We act solely for business owners—no buy-side conflict
Private Company Focus: Experts in founder-led, multi-generational, and private equity-sponsored businesses
Full-Service Execution: Strategic, financial, operational, and legal coordination under one mandate
Institutional Discipline: Investment banking process standards adapted to the regional mid-market
Valuation & Deal Structuring Considerations
Buyers evaluate Halifax companies based on:
EBITDA stability and normalized margin trends
Contract backlog and recurring revenue visibility
Leadership team depth and employee retention
Real estate holdings and operational scalability
Seasonality, cyclicality, and working capital profile
Valuation multiples typically range from:
4.5x–6.5x EBITDA for service-based operators
6x–8x EBITDA for industrials and infrastructure providers
7x–9x EBITDA+ for technology or recurring revenue businesses
Premiums are paid for:
Strong second-tier leadership
Clean corporate structure and low-risk profile
Cross-border customer base and supply chain integration
Legal & Tax Considerations in Nova Scotia Transactions
We collaborate with legal and tax advisors to structure transactions efficiently. Areas of focus:
Share vs. asset transaction implications
Capital gains exemption (LCGE) eligibility
Assignment of government, vendor, or union contracts
WSIB, safety, and insurance compliance
CRA planning and post-sale estate management
Reference: https://www.canada.ca/en/revenue-agency/services/tax/businesses.html
FAQs
Do I need to sell 100% of my company?
No. We structure partial exits and recapitalizations regularly.
Can I stay involved after the sale?
Yes. Many deals include employment or board roles for 6–24 months.
Can I keep ownership of real estate?
Yes. Sale-leaseback structures are common for commercial property.
Do buyers from outside the region look at Halifax companies?
Absolutely. Ontario and U.S. firms are actively expanding into Atlantic Canada.
What if I’m not ready to sell yet?
We provide pre-sale advisory to prepare your business for the right timing.
Begin the Conversation
If you own or operate a company in Halifax or Atlantic Canada and are considering a sale, recapitalization, or capital raise, Windsor Drake offers local expertise with national reach and institutional execution.
We help:
Structure and negotiate premium outcomes
Access qualified buyers and capital partners
Manage the entire M&A process from start to finish
Windsor Drake | Halifax’s Investment Bank for Privately Held Companies