Mergers & Acquisitions:

• TerraVest Industries Inc. (TSX:TVK) has acquired Athens, TN based EnTrans International, a manufacturer of tank trailers and transportation solutions, for up to US$592MM. This marks TerraVest’s largest acquisition to date. The purchase price represents a 7.0x TTM EBITDA multiple.

• SubTerra Engineering Corporation a Calgary based engineering and consulting firm in the storage and disposal industry has acquired Cavern Solutions Inc., a U.S.-based engineering firm specializing in storage and disposal asset development. This acquisition strengthens SubTerra’s position in the midstream energy sector, expanding its expertise in underground salt cavern storage and reservoir solutions across North America.

• Fiera Private Debt Inc. has acquired control of 4,086,665 common shares of Green Impact Partners Inc. (TSXV:GIP) through a court order, increasing its ownership to represent 19 per cent of outstanding shares. The shares were received as partial debt repayment from Wolverine Energy and Infrastructure Inc.

• E&P: Westgate Energy Inc. (TSXV:WGT) has entered into an agreement to acquire select Mannville Stack assets in East-Central Alberta for $7MM. The acquisition includes 14.5 sections (3.712 hectares) of mineral rights with 57 multi-lateral horizontal well locations identified thus far. The deal is expected to close in June 2025.

Other:

• Trump’s 25 per cent steel and aluminum tariffs took effect March 12, with the threat of doubling the tariffs to 50 per cent resolved for now after Ontario suspended a U.S. electricity surcharge.