Lock Block provides solid, innovative precast concrete products for professional and commercial use. They differentiate themselves with their patented Lock-Block design, a unique solution that ensures safety and innovation for builders, while using recycled concrete. Lock Blocks are widely used across Canada.

Highlights:

• Shareholders received a 4x+ multiple
• Acquisition completed by a sole proprietor
• Lock Block is positioned for high growth and expansion

True North was originally introduced to the owner of Lock Block ON (LBO) via another transaction they were marketing in Alberta. The owner was so impressed with the expertise and professionalism of the True North Team that he asked for their assistance in the sale of LBO.

LBO had been impacted by Covid, and had experienced a short period of lower than average results, but True North was able to demonstrate to their prospective list of buyers and lenders that this downturn was temporary (Covid-related) and should be normalized out from the valuation metrics used to assess value.

Through True North’s proprietary sales process, they created a multiple offer scenario, and the strongest buyer with the most favorable terms was selected to proceed with the sale.

After a short transition period, the new owner expanded their client base and is rapidly increasing their market share within Ontario. True North is grateful to have played a critical role in taking LBO to market, finding multiple buyers, and leading the deal to the finish line.