Deal Desk

M&A deals, 30 October 2026

30 October 2026 · 4 deals

Our view: Buyers from China, India and the listed global groups are paying for founder-built platforms and capabilities, often through partial stakes, retained minorities, earn-outs or share consideration, so founders should weigh structure and retained upside as carefully as headline price.

1. Singapore · Food manufacturing · US$30.47 million in cash (for 60.0005%)

   Anjoy Foods Group agrees to buy 60% of Singapore frozen bakery maker IFC

   Anjoy Foods Group has agreed to acquire 60.0005% of Singapore-based International Foodgnostics Corporation Pte. Ltd., which develops, manufactures and sells frozen cakes, breads and related products, for US$30.47 million in cash; the deal was signed and approved by Anjoy's board on October 12. The terms include a cumulative attributable-profit target of SGD 18.01 million for 2026 to 2028 borne by the two continuing minority shareholders, and completion remains subject to Chinese outbound investment procedures and other closing conditions.

   The Growth Alliance Capital view

   a listed Chinese food group buying control of a Singapore manufacturer as a platform for Southeast Asian expansion is exactly the cross-border appetite Singapore founders should be courting. The structure is the lesson: majority now, a three-year profit target and a path to a further stake, so founders who stay on keep real upside but also carry real performance risk.

   Source: EqualOcean

2. Asia · Mining services and agriculture · Approximately USD 1.355 billion (Rs 12,951 crore)

   Solar Industries agrees all-cash acquisition of South Africa's Omnia Holdings

   Solar SA Investments Proprietary Limited, a wholly owned step-down subsidiary of Solar Industries India Limited, will acquire all outstanding shares of Johannesburg-listed Omnia Holdings Limited in an all-cash transaction valued at approximately USD 1.355 billion (Rs 12,951 crore). Omnia operates in mining and agriculture across 23 countries and reported revenue of about USD 1.41 billion for the year ended March 31, 2026, and the deal is subject to regulatory approvals and Omnia shareholder approval.

   The Growth Alliance Capital view

   Indian industrial champions are now writing billion-dollar cheques for overseas platforms, and that outbound confidence is likely to reach Southeast Asian targets with the right capabilities. Founders in industrial and resources supply chains should map Indian strategics as serious buyers alongside the usual Japanese and Western names.

   Source: The Tribune

3. Global · Specialty finance

   BMO closes sale of transportation and vendor finance businesses to Stonepeak

   BMO Financial Group has closed the previously announced sale of its Transportation Finance and Vendor Finance businesses to Stonepeak, and the businesses will now operate as Longview Capital Solutions. At closing BMO transferred about 75% (C$11 billion) of the estimated C$14.5 billion combined loan and lease portfolio, and it retains a 19.9% interest in the Stonepeak-managed entity that acquired the businesses.

   The Growth Alliance Capital view

   large owners are carving out non-core divisions to specialist investors while keeping a minority stake, which lets the seller share in the upside it hands over. For founders weighing a partial exit, a retained minority alongside a new controlling owner is now a mainstream structure, not a compromise.

   Source: BMO Newsroom

4. Global · Engineering consulting

   WSP Global to acquire Canadian engineering consultancy GCM Corpo

   WSP Global Inc. has agreed to acquire GCM Corpo Inc., a Canadian provider of engineering consulting and specialist services for the energy and industrial sectors with about 600 professionals and six subsidiaries, with a portion of the purchase price paid in WSP common shares to sellers including Fonds de solidarité FTQ, its largest shareholder. The transaction is expected to close in Q4 2026, subject to customary conditions including regulatory approval.

   The Growth Alliance Capital view

   global engineering consolidators keep buying founder-built specialist firms of a few hundred people to deepen sector coverage, and paying partly in listed shares. Regional consultancies with a defensible niche in energy or industrial work should expect share consideration on the table and should price the liquidity and lock-up terms carefully.

   Source: WSP Global (press release)

Deal Desk summarises publicly announced transactions from the sources linked. "The Growth Alliance Capital view" is our opinion, not investment advice, and implies no involvement in any transaction mentioned.