Representative engagements

A selection of representative mandates.

Specific client names and confidential details are omitted. Engagements are described at a level of generality consistent with our professional confidentiality obligations.

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Man-years of valuation and advisory work
Across the principal's career, spanning private and public engagements
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Engagements
Valuations, business plans, technical assessments, fairness opinions, and feasibility studies
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Clients
Public and private companies, founders, boards, and professional advisors
Hundreds
Capital-markets assignments
Public-company, transaction, and financial reporting matters

Client confidentiality

RwE preserves client confidentiality. Engagements are described at a level of generality consistent with our professional confidentiality obligations. No engagement description constitutes a client endorsement.

Service pillar

Sector

Transaction type

Visibility

Industrial services, Western Canada
Comprehensive business valuation
Situation. Independent comprehensive valuation supporting a planned shareholder transaction.
Outcome. Valuation report delivered with documented methodology and review.
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Mandate
Comprehensive Valuation Report on the fair market value of one hundred percent of the equity, on a controlling and marketable basis, as at a defined valuation date in support of a planned shareholder transaction.
Approach
Income approach (discounted cash flow with a normalised terminal value), market approach (guideline public-company multiples and selected precedent-transaction comparables), and an asset-based reconciliation. Working-capital normalisation, redundant-asset analysis, and earnings adjustments were documented in writing. Independent partner-level review was completed before the report was finalised.
Key considerations
Customer concentration was material and required explicit adjustment reasoning rather than a single-factor discount.
Several non-recurring items in historical earnings were normalised with supporting commentary.
Capital-expenditure cycle was bridged into the income-approach forecast assumptions.
Marketability and minority / control considerations were addressed in line with CICBV guidance.
Deliverable
Comprehensive Valuation Report with full schedules, a methodology section, and independence and conflict declarations consistent with the Practice Standards.
Standards. CICBV Practice Standards 110, 310, 410 · Fair Market Value (open-market definition)
- Private company
- Valuation
- Shareholder transaction
- Comprehensive report
Technology, Canada
Fairness opinion
Situation. Independence-reviewed fairness opinion supporting a public-issuer special committee.
Outcome. Written fairness opinion delivered to the special committee.
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Mandate
Independent fairness opinion on whether the consideration to be received in a proposed transaction was fair, from a financial point of view, to the public shareholders. Engaged by the special committee of independent directors.
Approach
Standalone valuation analysis (income approach, public-company comparables, and precedent transactions), comparison against the proposed consideration, and sensitivity testing under reasonable downside, base, and upside scenarios. The special committee and counsel were briefed on assumptions, scope, and limitations before the opinion letter was finalised.
Key considerations
Independence and the absence of any contingent-fee arrangement were formally documented at engagement.
Material non-public information was protected under engagement confidentiality undertakings.
Scope limitations — including the absence of any view on legal, tax, or strategic merit — were stated explicitly in the opinion letter.
MI 61-101 considerations were coordinated with securities counsel where applicable to the transaction.
Deliverable
Written fairness opinion letter to the special committee, supported by a separately delivered analytical appendix documenting the underlying analysis.
Standards. CICBV Practice Standard 510 (fairness opinions) · MI 61-101 (coordinated with counsel)
- Public issuer
- Fairness opinion
- Special committee
- Public issuer
Consumer products, Canada
Purchase price allocation
Situation. PPA analysis supporting financial close after an acquisition.
Outcome. Audit-ready workpapers and methodology memo delivered in coordination with the auditor.
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Mandate
Purchase price allocation supporting financial close of the acquisition under IFRS 3 (Business Combinations). Identification, valuation, and useful-life support for tangible and identifiable intangible assets, with goodwill reconciled to the consideration transferred.
Approach
Customer relationships valued via the multi-period excess earnings method (MPEEM), trademarks via relief-from-royalty, and non-compete via the with-and-without method. Deferred revenue measured at the cost of fulfilment plus a normal margin. Tangible asset values were reconciled to management's fixed-asset schedules and to any technical reports relied upon.
Key considerations
Identification of intangible assets meeting either the separability or the contractual-legal criterion under IFRS 3.
Useful-life support documented for each intangible asset class.
Working-capital and inventory step-up reconciled to the acquisition close balance sheet.
Auditor coordination on review timing and reliance on management's underlying schedules.
Deliverable
Audit-ready PPA workpaper file, a methodology memorandum, and a summary schedule reconciling consideration to the identified asset and goodwill amounts.
Standards. IFRS 3 (Business Combinations) · IFRS 13 (Fair Value Measurement)
- Private company
- Financial reporting
- IFRS
- PPA
Growth-stage technology, Canada
Listing readiness assessment
Situation. Listing readiness assessment for a growth-stage company evaluating CSE and TSXV pathways.
Outcome. Pathway recommendation and gap-analysis deliverable.
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Mandate
Pre-listing readiness diagnostic comparing the CSE and TSXV pathways. Scope covered audit and IFRS readiness, governance, contracts of significance, shareholder structure, and the practical operating load of being a public issuer.
Approach
Document review and management interviews against published exchange listing requirements and the continuous-disclosure regime. Gap analysis was structured as a comparison matrix delivered alongside a narrative recommendation; sponsor and exchange-staff conventions surfaced from prior engagements were noted where they materially affected the pathway choice.
Key considerations
Operating-cost projection covering the fully-loaded public-issuer cost base (audit, listing, legal, IR, exchange).
Shareholder structure and free-float implications under each pathway.
Audit readiness and any IFRS conversion staged ahead of formal listing work.
Coordination handoff to securities counsel and the eventual sponsor on regulated items.
Deliverable
Pathway recommendation memorandum, gap-analysis matrix, and an operator-oriented twelve-month readiness plan.
Standards. Exchange listing requirements (CSE / TSXV) · Continuous-disclosure regime
- Private company
- Listing pathway
- CSE / TSXV
- Listing pathway
Software-as-a-Service, Canada
Investor materials
Situation. Business plan, financial model, and investor presentation for a financing round.
Outcome. Materials delivered for the company's investor process.
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Mandate
Three-tier investor package for a financing round: a refreshed business plan, a bottom-up financial model with scenario sensitivities, and an investor presentation. Internal review of analytical accuracy and consistency.
Approach
Cohort-based revenue model (customer acquisition, expansion, and churn) tied to a granular operating-expense build. A scenario layer flexes go-to-market intensity and gross-margin trajectory. The business plan was written to explain the model in plain language rather than restate it; the deck was structured to walk the model rather than carry it.
Key considerations
Revenue-recognition treatment for multi-year subscription contracts surfaced in the model.
Customer-concentration and net-retention metrics disclosed transparently in the materials.
Use-of-proceeds and milestones tied directly to the targeted round size.
Working-capital and runway sensitivity at the down-side scenario.
Deliverable
Business-plan document, dynamic financial model in Excel, and an investor presentation deck — delivered as a coordinated set.
Standards. Internal analytical-review process · Regulated advice (legal / tax) handled by the company's licensed advisors
- Private company
- Capital raise support
- Financial model
- Investor deck
Manufacturing, Canada
Sale process analytical support
Situation. Analytical and project-management support during a private-company sale process.
Outcome. Transaction analysis and materials delivered alongside licensed dealer.
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Mandate
Analytical and project-management support to a private company and its licensed dealer on a sell-side process. RWE acted in a non-dealer analytical capacity on standalone valuation, materials, and process coordination.
Approach
Pre-process valuation framework on a controlling and marketable basis. Information-memorandum analytical sections (financial summary, normalisation commentary, customer / contract analysis). Bidder-Q&A working-paper packs and a process tracker shared with management and the dealer. Tax and structuring pre-positioning coordinated with the company's tax counsel.
Key considerations
Clear scope boundary between RWE's analytical work and the dealer's regulated solicitation activity.
Confidentiality and NDA chain-of-custody for diligence materials.
Realistic bidder-evaluation framework prepared in advance of letters of intent.
Coordinated handoff of regulated items (solicitation, securities, tax) to licensed advisors.
Deliverable
Pre-process valuation memorandum, IM analytical sections, bidder-Q&A workpaper packs, and a cross-stream process tracker.
Standards. RWE's analytical work was independent of the regulated dealer mandate · CICBV Practice Standards applied to standalone valuation work within scope
- Private company
- Transaction support
- Sell-side support
- Transaction analysis
Real estate, Canada
Goodwill impairment analysis
Situation. Goodwill and asset-level impairment analysis for a public issuer.
Outcome. Analysis and supporting workpapers delivered in coordination with auditor and management.
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Mandate
Goodwill and asset-level impairment analysis for a reporting period under IAS 36 (Impairment of Assets). Cash-generating-unit identification was reviewed and recoverable amount was estimated using value-in-use and fair-value-less-costs-of-disposal.
Approach
CGU mapping reconciled to the issuer's segment reporting. Value-in-use estimated via a discounted-cash-flow model on management forecasts, adjusted where required. Fair-value-less-costs-of-disposal benchmarked against transaction comparables, public-market proxies, and observable real-estate metrics where applicable.
Key considerations
CGU identification documented to the level required by the auditor.
Discount-rate build-up and explicit reconciliation to the issuer's WACC.
Sensitivity testing on terminal-value, growth, and discount-rate assumptions.
Audit and management review cycle coordinated under tight reporting deadlines.
Deliverable
Impairment analysis memorandum, supporting workpapers (CGU schedules, DCF, sensitivities), and a reconciliation to the issuer's recorded carrying values.
Standards. IAS 36 (Impairment of Assets) · IFRS 13 (Fair Value Measurement)
- Public issuer
- Financial reporting
- Impairment
- IFRS
Healthcare, Canada
Reverse takeover support
Situation. Project-management and financial materials support for a reverse takeover transaction.
Outcome. Listing-statement support content and project coordination across counsel and the exchange.
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Mandate
Project-management and financial-materials support for a reverse takeover transaction. RWE acted in a non-regulated analytical and coordination role alongside securities counsel, the dealer or sponsor, and the auditor.
Approach
Listing-statement narrative and analytical support under the relevant exchange's RTO requirements. Financial information was coordinated with the auditor; pro-forma and resulting-issuer modelling supported the listing-statement appendices. A cross-stream project tracker covered legal, financial, exchange, and disclosure milestones.
Key considerations
Clear scope boundary between RWE's analytical / PM role and the regulated counsel and sponsor roles.
Pro-forma assumptions disclosed and reviewed with the auditor.
Listing-statement timetable maintained against an exchange-imposed deadline.
Material-information protocols enforced across all parties throughout the transaction.
Deliverable
Listing-statement support content, pro-forma and resulting-issuer financial materials, and a project plan delivering the transaction within the exchange's timetable.
Standards. TSXV / CSE reverse-takeover requirements (whichever applied)
- Private company
- Listing pathway
- Reverse takeover
- Project management
Professional services, Canada
Calculation valuation report
Situation. Shareholder valuation supporting a corporate reorganisation.
Outcome. Calculation valuation report delivered for the reorganisation transaction.
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Mandate
Calculation Valuation Report on the fair market value of shares supporting a corporate reorganisation. Specified valuation date and standard of value defined in the engagement letter.
Approach
Income approach (capitalised cash flow on a normalised basis) cross-checked against market-approach indications. Working-capital normalisation, owner-compensation adjustment, and personal-goodwill considerations addressed where applicable. Calculation-level scope documented (less extensive procedures than a Comprehensive Report).
Key considerations
Personal-goodwill considerations specific to professional-services firms.
Owner-compensation adjusted to a market-rate equivalent before capitalisation.
Reasonableness of the capitalisation rate cross-checked against alternative-methodology indications.
Coordination with tax counsel on the reorganisation-specific filing requirements.
Deliverable
Calculation Valuation Report with the methodology, supporting schedules, and limitation-of-scope language consistent with the calculation-level engagement.
Standards. CICBV Practice Standards 110, 310, 410 (Calculation level)
- Private company
- Valuation
- Calculation report
- Reorganisation