Cizzle Brands (CA) has acquired Flow Water (CA) for $84 million to accelerate its path to profitability and strengthen its long-term operating platform. The transaction closed on December 24, 2025.
| Acquirer | Target | Deal Value | Type | Date Closed |
|---|---|---|---|---|
| Cizzle Brands (CA) | Flow Water (CA) | $84m | Acquisition | 2025-12-24 |
The deal includes funding through a senior secured credit facility, a vendor take-back loan, and two concurrent non-brokered private placements. Bennett Jones served as the legal advisor to Cizzle Brands on this acquisition.
Deal Mechanics
Cizzle Brands acquired 100% of Flow Water’s issued and outstanding shares for approximately $84 million in total consideration, subject to customary post-closing adjustments. The transaction was funded through a senior secured credit facility from Orion Infrastructure Capital (OIC) with an additional drawdown option of up to US$10 million over five years.
Flow Water received a vendor take-back loan worth $22.25 million and two non-brokered private placements were conducted for units and convertible debentures, respectively. The total proceeds from the financing package will also provide working capital for the combined operations following the acquisition.
Strategic Rationale
The acquisition aims to immediately increase Cizzle’s revenue base by adding approximately $46.5 million in fiscal 2027 and improve margins through reduced cost of goods sold due to greater manufacturing capacity control. Additionally, it secures in-house Tetra Pak manufacturing capability for CWENCH Hydration and future brands.
Financial Context
The combined company is expected to generate pro forma consolidated revenue of approximately $41 million in fiscal 2026 and $75 million by fiscal 2027. The acquisition accelerates Cizzle’s path to profitability, positioning the company to achieve EBITDA-positive status on a significantly faster timeline.
Advisors
Bennett Jones LLP acted as legal counsel for Cizzle Brands in this deal, while Miller & Martin provided legal services to Flow Water. Financial advisors were not disclosed by either party involved in the transaction.