On July 24, 2025, Saltire Capital Ltd. announced it will acquire 100% of the voting common shares of SanStone Investments Limited, owner of Wilson Equipment and Tidal Tractor dealerships in Eastern Canada, for approximately CAD$70 million, subject to customary adjustments. The purchase will be settled via CAD$10 million in Saltire common shares, CAD$34 million in cash, CAD$500,000 in escrow, and the issuance of non-voting common shares in the acquiring subsidiary representing a 31% economic interest to certain SanStone shareholders.

To support the acquisition and growth plans, Saltire has secured a US$100 million (approx. CAD$137 million) credit facility from Sagard Credit Partners II, LP and other lenders. About US$50.1 million (approx. CAD$68.6 million) will be drawn initially to refinance Saltire and SanStone’s existing debt and fund part of the acquisition. Saltire will also issue 1,504,812 five-year warrants to Sagard, exercisable at CAD$14.5228.

In parallel, Saltire launched a brokered private placement of up to 424,448 common shares at CAD$11.78 per share for gross proceeds of up to CAD$5 million, with an over-allotment option for an additional 63,667 shares. Paradigm Capital Inc. is acting as sole agent and bookrunner, earning 7% in cash and compensation warrants.

Advisors include National Bank (M&A), Raymond James (credit facility), and Paradigm (private placement). Legal counsel includes Goodmans LLP, Torys LLP, BLG, McInnes Cooper, and Cox & Palmer.

The transaction was completed on August 5, 2025.