Blackline Safety, the Calgary-based maker of connected gas monitors and wearable safety devices, agreed on 8 April to be taken private by an affiliate of Francisco Partners for C$9.00 a share in cash plus a contingent value right of up to C$0.50.
Why Francisco Partners is buying Blackline Safety Corp.
Francisco Partners said Blackline had built a leading platform in connected worker safety. Chief executive and chair Cody Slater said the firm brought financial strength, sector expertise and a shared vision for growth as the company moved into private ownership.
Deal terms and financing
The cash price was a 27% premium to the 7 April close and 28% to the 20-day VWAP. The CVR pays up to C$0.50 if annualised recurring revenue for October 2027 reaches C$148.9m, scaling down to nothing below C$145m; ARR was C$90.5m in the quarter to January 2026. Rollover holders including Slater, DAK Capital and the Lowy Family Group exchanged about 31% of the shares for purchaser equity, and holders of about 34% signed voting support agreements. CIBC's formal valuation put fair market value at C$8.15 to C$11.10 a share.
Regulatory approvals and timing
The plan of arrangement under Alberta's Business Corporations Act required a two-thirds shareholder vote plus majority-of-minority approval, court approval and regulatory clearances. Blackline announced on 30 June 2026 that the transaction had closed and that its shares would be delisted from the TSX.
Market context
Blackline sells wearable devices, personal and area gas monitors, cloud software and analytics with cellular and satellite connectivity to customers in more than 75 countries. The board recommended the deal after a strategic review and targeted sale process.
