Canadian Mid‑Market Financings and Transactions (January 2026)

Your guide to Canadian deals setting the pace for transactions in January 2026...

Canadian Mid‑Market Financings and Transactions (January 2026)

Introduction

January 2026 was an unusually active month for mid‑market deals in Canada!

It included large mergers and acquisitions (M&A), take‑private transactions, spin‑offs, strategic growth acquisitions and a host of venture‑capital financings across technology, renewable energy, real estate and natural resources.

This report compiles available public information and official announcements published in January 2026 (and a few early February filings reporting on January) to give a comprehensive picture of the Canadian deal landscape.

All values are reported in Canadian dollars (C$) unless otherwise noted, and exchange rates at the time of the announcement have been used where necessary.

Major M&A and Take‑Private Transactions

Zijin Mining’s acquisition of Allied Gold

• Date: 26 Jan 2026. Chinese miner Zijin Mining Group announced a definitive agreement to acquire Canadian gold producer Allied Gold Corp. for approximately C$5.5 billion (Source). Shareholders will receive C$44 per share in cash—about a 5.4 % premium to the prior day’s closing price and a 27 % premium to Allied’s 30‑day volume‑weighted average price. The deal includes a C$220 million termination fee and is expected to close in late April 2026. (Source)

• Context & significance: Allied operates gold mines in Mali, Ethiopia and Ivory Coast. Zijin framed the acquisition as a strategic move to bolster its African gold portfolio, while Allied’s board viewed the all‑cash offer as providing immediate liquidity and eliminating development risk. The transaction underscores continued international interest in Canadian‑listed mining companies.

Minto Apartment REIT take‑private by Crestpoint & Minto Group

• Date: 5 Jan 2026. Crestpoint Real Estate Investments Ltd. (part of Connor, Clark & Lunn Financial Group) and Minto Group announced an agreement to take Minto Apartment Real Estate Investment Trust (REIT) private. (Source).

  • Crestpoint will acquire all outstanding trust units not already owned by Minto for $18 per unit, valuing the REIT at roughly C$2.3 billion including debt. The price represents about a 32 % premium to the REIT’s pre‑announcement trading price. Minto Group will roll over its 42.7 % interest and partner with Crestpoint in a long‑term joint venture to build a “leading Canadian multi‑family platform” focused on Toronto, Vancouver, Calgary, Montreal and Ottawa. (Source).

• Context & significance: The transaction continues a trend of public REITs being taken private. Management cited the ability to accelerate growth by combining Crestpoint’s capital with Minto’s property and construction expertise. The deal is expected to close in the second half of 2026 pending unitholder and regulatory approvals.

NuVista Energy acquisition by Ovintiv

• Date: 28 Jan 2026. The Government of Canada approved Ovintiv Inc.’s previously announced acquisition of NuVista Energy Ltd.

  • The cash‑and‑stock deal values NuVista at about C$3.8 billion (approximately C$17.80 per share). Shareholders approved the transaction on 23 Jan 2026, and the Court of King’s Bench of Alberta issued a final order; closing is scheduled for 3 Feb 2026. (Source).

• An earlier energy‑industry summary reported that Ovintiv would finance the purchase through a combination of cash and stock and expected synergies from the Montney natural gas plays. (Source)

• Context & significance: The approval highlights the Canadian government’s willingness to allow consolidation within the natural‑gas sector at a time of price volatility. The transaction will create one of the largest Montney producers, enhancing Ovintiv’s scale and free‑cash‑flow profile.

Definity’s acquisition of Travelers’ Canadian P&C business

• Date: 2 Jan 2026 (closing). Definity Financial Corp., parent of Economical Insurance, completed its previously announced acquisition of Travelers Canada’s personal insurance and a majority of its commercial lines business.

  • The May 2025 announcement valued the transaction at $3.3 billion in cash with additional private placements of $351 million. The closing release noted that this milestone transaction elevates Definity to one of Canada’s top four property‑and‑casualty insurers and involved RBC Capital Markets as the lead financial advisor. (Source).

• Context & significance: The acquisition adds roughly $1.1 billion of premium volume and creates substantial cross‑selling opportunities. Definity expects run‑rate synergies of about $100 million annually.

Fresnillo’s takeover of Probe Gold

• Date: 22 Jan 2026. Mexican gold and silver major Fresnillo plc agreed to acquire Quebec‑focused explorer Probe Gold Inc. for C$3.65 per share in cash, giving Probe an equity value of approximately C$770 million. The deal will be executed via a court‑approved plan of arrangement under the Ontario Business Corporations Act. Probe’s key assets include the Novador and Detour Quebec gold projects. (Source).

• Context & significance: The acquisition provides Fresnillo with a foothold in Canada’s prolific Abitibi Greenstone Belt and continues international consolidation of gold exploration assets.

Coeur Mining’s purchase of New Gold

• Date: 27 Jan 2026 (court approval). Coeur Mining Inc. received a final court order for its plan of arrangement to acquire New Gold Inc., a Toronto‑listed mid‑tier gold producer. Under the arrangement Coeur will issue shares valued at US$7 billion, creating a new North American senior precious‑metals producer with a pro‑forma market capitalisation of about US$20 billion. (Source). The transaction remains subject to approval under the Investment Canada Act and other conditions, and closing is expected in the first half of 2026. (Source).

• Context & significance: This cross‑border deal reflects continued U.S. interest in Canadian gold assets. Coeur and New Gold expect synergies through scale, stronger free‑cash‑flow generation and a diversified asset base. It builds on the initial reporting we did last month.

GTCR’s take‑private of Dentalcorp

• Date: 14 Jan 2026. Private‑equity firm GTCR secured approval under Canada’s Investment Canada Act for its acquisition of Dentalcorp Holdings Ltd. at C$11 per share in cash. Goodmans LLP, which advised GTCR, noted that the transaction values Dentalcorp at about C$2.2 billion. (Source). Dentalcorp is Canada’s largest network of dental practices, and the deal allows certain executives and partner dentists to roll over their equity while giving other shareholders immediate liquidity. (Source).

Titanium Transportation Group going‑private transaction

• Date: 15 Jan 2026. Titanium Transportation Group Inc., a trucking and logistics company, announced that it will be taken private by TTNM Management Acquisition Limited and Trunkeast via a plan of arrangement. (Source). Shareholders will receive $2.22 in cash per share, representing a 41 % premium to the closing price on 14 Jan 2026. Directors holding approximately 50.7 % of shares entered into voting agreements to support the deal. Goodmans LLP advised the special committee and emphasised that the going‑private plan of arrangement provides immediate value to shareholders. (Source).

Blue Ant Media acquisition of Thunderbird Entertainment

• Date: 28 Jan 2026 (closing). Canadian media company Blue Ant Media completed its acquisition of Thunderbird Entertainment Group. Each Thunderbird shareholder could elect to receive either 0.2165 Blue Ant common shares or $1.77 in cash per Thunderbird share (subject to proration), resulting in aggregate consideration of approximately 5.86 million Blue Ant shares and $40 million in cash. Blue Ant said it expects to achieve about $7 million in annual synergies. (Source).

• Context & significance: The deal consolidates two Vancouver‑based producers of scripted and factual TV content. It demonstrates continued strategic consolidation within Canada’s media sector, with Blue Ant aiming to build scale to compete in an increasingly global industry.

Jan 2026 Strategic Acquisitions and Spin‑Offs

Pattern Energy’s acquisition of Cordelio Power

• Date: 6 Jan 2026. Pattern Energy Group LP announced an agreement to acquire Cordelio Power Inc. from CPP Investments. Cordelio owns a 1,550‑MW portfolio of operating and under‑construction wind, solar and storage assets in Canada and the United States. The transaction is a share‑based deal; closing is targeted for Q1 2026 subject to regulatory approvals. (Source).

• Context & significance: CPP Investments will increase its equity stake in Pattern as consideration, enabling Pattern to become one of North America’s largest independent renewable‑energy platforms. The combination deepens Pattern’s project pipeline and aligns with Canada’s clean‑energy transition.

Boyd Group’s acquisition of Joe Hudson’s Collision Center

• Date: 9 Jan 2026 (closing). Winnipeg‑based Boyd Group Services Inc. completed the acquisition of Joe Hudson’s Collision Center, a U.S. collision‑repair chain operating 258 locations across the Southeast. The transaction increases Boyd’s network by 25 % to 1,301 locations and was funded through a US$897 million U.S. equity offering, a C$525 million private placement of senior unsecured notes due 2030 and credit‑facility borrowings. The total consideration was approximately US$1.3 billion. (Source).

• Context & significance: The acquisition cements Boyd’s position as one of North America’s largest collision‑repair providers and reflects its strategy of consolidating a fragmented industry. Management expects cost synergies and cross‑border opportunities.

Wolters Kluwer’s purchase of StandardFusion

• Date: 9 Jan 2026. Global information services firm Wolters Kluwer announced and immediately completed its acquisition of StandardFusion, a Vancouver‑based provider of cloud‑based governance, risk and compliance software. The all‑cash purchase price was approximately €32 million (about C$46 million). StandardFusion posted unaudited 2024 revenues of about €4 million (C$6 million), 94 % of which were recurring, and about 40 employees will join Wolters Kluwer. (Source).

• Context & significance: The integration with Wolters Kluwer’s TeamMate platform will combine audit and GRC capabilities, providing customers with continuous compliance and risk‑management solutions.

Docebo’s acquisition of 365Talents

• Date: 20 Jan 2026. Docebo Inc., a Toronto‑based provider of AI‑powered learning‑management systems, acquired 365Talents, a French talent‑marketplace platform. (Source). Docebo paid US$54.6 million in cash and up to US$5.1 millionin earn‑out payments; it expects the acquired business to generate roughly US$9 million in revenue for the remainder of 2026. 365Talents will continue to operate as a separate brand. Goodmans LLP’s case summary notes that the acquisition bolsters Docebo’s AI‑driven skills‑management capabilities. (Source).

• Context & significance: The deal underscores growing demand for AI‑based employee‑development platforms. It allows Docebo to offer a more comprehensive talent‑development solution while expanding its European presence.

Venture-Capital and Growth-Stage Financings

• In early January 2026, Photonic Inc., the Vancouver-based quantum computing company, announced a C$180 million Series B+ financing (approximately US$130 million) led by Planet First Partners, with participation from RBC, TELUS, BCI, Microsoft, and others. (Source).

  • The raise brought Photonic’s total capital raised to approximately C$375 million and will accelerate development of its photonic-based quantum computing and networking platform.

  • The company indicated the funds would support team expansion and commercialization efforts as it advances toward fault-tolerant quantum systems.

• On January 16, Canada Rocket Company (CRC) closed a C$6.2 million seed round led entirely by Canadian investors, including BDC, Garage Capital, Ripple Ventures, Panache Ventures, Northside Ventures, and Cold Capital. (Source).

  • The funding will support development of sovereign Canadian launch capabilities, including hiring domestic engineering talent and advancing a light-lift launch vehicle program.

  • The round signals growing interest in Canadian space sovereignty and dual-use aerospace innovation.

• On January 20, Vancouver-based clean-tech company Jetson announced a US$50 million Series A financing(approximately C$69 million) led by Eclipse, with participation from 8VC, Activate Capital, Garage Capital, and Active Impact. (Source).

  • Jetson develops vertically integrated smart heat-pump systems designed to electrify residential heating at scale.

  • The company stated that its approach can reduce electrification costs by 30–50%, and the funding will enable expansion into additional U.S. states and workforce growth. (Source).

• Also on January 20, Toronto-based construction-technology company Brickeye raised C$10 million in Series B financing led by GreenSky Ventures, with participation from Brightspark, Graphite Ventures, Export Development Canada, and a strategic investor. (Source).

  • Brickeye deploys IoT and AI-enabled monitoring systems on construction sites to mitigate risk.

  • The company reported deployment across more than 3,000 sites worldwide and approximately 150% revenue growth, positioning it as a scaling Canadian ConTech platform.

• On January 19, defence-technology startup Dominion Dynamics, based in Ottawa, announced a C$21 million seed round led by Georgian, with participation from Bessemer Venture Partners and British Columbia Investment Management Corporation (BCI). (Source).

  • The funding will advance development of “Auranet,” an interoperable, attritable defence system designed for Canada’s Arctic and allied security operations. Dominion has raised C$26 million since late 2025, highlighting increased institutional support for Canadian defence innovation.

• Toronto prop-tech startup Mave raised US$5 million in seed funding (approximately C$7 million) on January 21 from Staircase Ventures, Relay Ventures, N49P, and Alate Partners. (Source).

  • Mave is developing an AI-powered real estate assistant designed to integrate with brokerage workflows and improve transaction efficiency.

  • The funds will accelerate product development and deepen brokerage platform integrations.

• On January 26, Montreal-based construction software company Billdr announced a US$3.2 million seed round(approximately C$4.4 million) led by White Star Capital, with participation from Desjardins Capital, One Way Ventures, asterX, and Formentera Capital. (Source).

  • The company is pivoting from a home-renovation marketplace toward a vertical SaaS platform serving residential contractors.

  • Proceeds will support AI feature development and expansion into the U.S. market.

• Finally, on January 27, Montreal industrial automation platform Vention secured a US$110 million Series D financing(approximately C$150 million) led by Investissement Québec, with participation from Nvidia’s venture arm, Desjardins Capital, and Fidelity Investments Canada. (Source).

  • Vention develops a “physical AI” platform that combines generative AI software with modular hardware to enable factory automation.

  • The company surpassed a C$100 million annual revenue run rate and intends to expand into Europe using proceeds from the round.

Other Notable Canadian Financings and Market Developments in January 2026

TMX equity‑financing statistics

The TMX Group released January 2026 statistics on 10 Feb 2026. Notable highlights include:

• The Toronto Stock Exchange (TSX) welcomed 23 new issuers, all exchange‑traded funds, compared with 24 new issuers in January 2025. Total financings on the TSX were $738.2 million, down 75 % from December 2025 but only 9 % lower than January 2025. There were 40 financings in January, versus 37 the previous month. (Source).

• The TSX Venture Exchange (TSXV) added one new issuer and recorded 158 financings raising $870.8 million, 63 % higher than January 2025. Mining issuers accounted for nearly half of the funds raised, reflecting ongoing investor appetite for exploration projects.

  • These figures illustrate that, despite large M&A transactions, equity financing activity was relatively subdued compared with December yet remained comparable year‑over‑year. Canadian public markets remain in need of innovation and attention.

Nuframe, ITI Powered and other construction sector moves

The SiteNews January construction round‑up reported several corporate moves. Nuframe Group acquired AJ Construction, expanding its forming and framing operations across British Columbia and boosting staff to over 250. ITI Powered joined Trystar to deliver modular switchgear across North America. (Source).

Dominion Dynamics, Mave and Billdr illustrate Canada’s defence‑tech and prop‑tech momentum

Investments in Dominion Dynamics, Mave and Billdr highlight growing investor appetite for niche Canadian technologies. Dominion’s seed round funds autonomous systems for northern defence; Mave’s raise supports AI solutions for real‑estate professionals; and Billdr’s pivot underscores interest in vertical SaaS platforms for the construction trades.

Notes on deals outside the January window

As a reminder, some significant transactions were announced in late 2025 and closed in early 2026 (e.g., Boyd Group’s Joe Hudson acquisition), or were announced in January 2026 but expected to close later (e.g., Coeur/New Gold, Pattern/Cordelio). They are included here because the key announcements occurred in January. Apologies for any redundancy but we want to err on the side of caution here.

Key Trends and Observations

1. Mining consolidation accelerates. Multiple major deals underscore how Canadian mining companies and foreign majors pursued consolidation in January 2026. Zijin’s C$5.5 billion takeover of Allied Gold and Fresnillo’s C$770 million purchase of Probe Gold highlight ongoing international interest in Canadian‑listed gold assets. The pending US$7 billion merger of Coeur and New Gold likewise signals a shift toward larger, diversified producers.

2. Private‑equity sponsored take‑privates. The take‑private of Minto Apartment REIT (C$2.3 billion) and GTCR’s acquisition of Dentalcorp (C$2.2 billion) reflect private‑equity appetite for stable cash‑flow platforms. Titanium Transportation’s going‑private transaction also demonstrates interest in logistics infrastructure.

3. Renewable‑energy and clean‑tech investments rise. Pattern Energy’s acquisition of Cordelio Power will add 1,550 MW of renewables to its portfolio. Venture‑capital deals such as Jetson’s US$50 million Series A for heat‑pump electrification, Photonic’s $180 million quantum‑computing raise and Brickeye’s $10 million Series B for construction‑risk mitigation signal capital flowing toward climate‑tech and infrastructure.

4. Expansion of Canadian AI and advanced‑tech startups. Large financing rounds for Vention’s physical‑AI automation platform (US$110 million), Docebo’s acquisition of 365Talents to enhance AI‑driven talent management, and the emergence of Dominion Dynamics in defence technology all point to Canada’s growing prominence in AI‑enabled industries.

5. Real‑estate and prop‑tech evolution. The Minto REIT take‑private and Jetson’s electrification raise show investors repositioning Canadian real‑estate assets toward sustainability and multi‑family growth. Prop‑tech startups Mave and Billdr attracted funding to modernize transaction and construction workflows.

6. Moderate capital‑market activity. TMX data indicate that although the number of financings in January was similar to the previous year, total funds raised on the TSX dropped sharply from December levels. The TSXV, however, saw increased financing volumes, particularly from mining issuers.

January 2026 - Canadian Conclusions for Mid Market Transactions

January 2026 showcased a dynamic Canadian deal market with activity spanning resource extraction, real estate, renewable energy, media, logistics, and a broad spectrum of emerging technologies.

Large‑scale M&A, particularly in mining and real estate, highlighted foreign investors’ appetite for Canadian assets and private‑equity sponsors’ willingness to take public platforms private.

At the same time, venture‑capital financings signalled strong investor confidence in Canadian innovation, particularly in clean‑tech, quantum computing, AI and defence.

While public capital‑market financings were lower than the previous month, the overall level of activity suggests that 2026 began with momentum that could carry through the year.

Investors should monitor regulatory approvals (e.g., Coeur/New Gold and Pattern/Cordelio) and integration risks but can draw optimism from the breadth and diversity of January’s deal flow.

Risk Disclaimer and Intended Use: This report is intended to act as an educational resource, - not a definitive recommendation. Please reference underlying sources directly for further details. This report is not a recommendation to raise capital from investors, US-based or otherwise. If you need advice for your business, you are welcome to contact us for a referral.

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