representative work

Represented Paradigm Capital in Carlsberg’s $144 Million Acquisition of Waterloo Brewing


On December 14, 2022, Waterloo Brewing Ltd. entered into a definitive arrangement agreement with Carlsberg Group pursuant to which Carlsberg has agreed to acquire all of the issued and outstanding shares of Waterloo Brewing, by way of a statutory plan of arrangement under the Business Corporations Act (Ontario). Under the terms of the arrangement agreement, holders of Waterloo Brewing shares will receive $4.00 in cash for each Waterloo Brewing share held, which implies an aggregate equity value for Waterloo Brewing, of approximately $144 million, on a fully diluted, in-the-money, treasury method basis and an enterprise value of $217 million.

Paradigm Capital Inc. provided a fairness opinion to the Board of Directors and the Special Committee.

Cassels acted for Paradigm Capital.