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Mid-market energy companies are attracting unprecedented
buyer interest as consolidation accelerates across Western Canada
CALGARY, AB — June 1, 2026 — As Canada’s energy sector experiences its busiest merger-and-acquisition market in nearly a decade, RWT Capital has successfully advised H2Oil Energy Inc. on its sale to GFL Environmental Services Inc., further strengthening the firm’s position as one of Canada’s leading boutique advisors in the mid-market energy and industrial sectors.
The transaction sees H2Oil, one of Alberta’s largest providers of fluid hauling, vacuum truck, H2S scrubbing and turnaround services, join GFL Environmental Services, one of North America’s largest environmental services companies. The acquisition expands GFL’s footprint across Western Canada while providing H2Oil with access to a larger platform and additional resources for future growth.
For RWT Capital, the transaction reflects more than a successful deal closing. It highlights the growing demand for mid-market energy services companies as strategic buyers, private equity firms and infrastructure investors increasingly compete for established businesses with strong operations, specialized expertise and long-standing customer relationships.
“Canada is being taken seriously as an energy superpower again, and the M&A market reflects that,” said Reece Tomlinson, Founder and CEO of RWT Capital. “We’re seeing tremendous demand for high-quality companies across the energy services sector. Businesses with strong market positions and proven operating histories are attracting significant interest from buyers looking to expand their capabilities and regional reach.”
Founded with a focus on Canada’s underserved mid-market, RWT Capital has grown into one of the country’s leading independent boutique M&A advisory firms. With offices in Kelowna, Calgary and Vancouver, the firm advises clients on acquisitions, divestitures, succession planning and strategic growth initiatives across a range of industries, with particular depth in energy, industrial services, infrastructure and business services.
The timing of the transaction is notable.
Canadian energy M&A recorded its strongest year in eight years during 2025, with total deal value reaching approximately C$48 billion—more than four times the volume recorded the previous year, to S&P Capital IQ data. That momentum has continued into 2026, with energy ranking first nationally in first-quarter deal value.
While major corporate transactions often dominate headlines, Tomlinson believes much of today’s activity is occurring within the mid-market.
“The mid-market is where we’re seeing some of the strongest activity in the country right now,” she said. “Large transactions attract attention, but much of Canada’s economy is driven by privately held mid-market companies. We’re seeing strategic buyers actively pursuing businesses with specialized capabilities, strong customer relationships and established regional positions.”
As exclusive sell-side advisor to H2Oil, RWT Capital guided the company through the transaction process, leveraging its sector expertise and extensive buyer network to position the business effectively within a highly competitive market.
Operating a fleet of more than 115 power units across northwestern Alberta, H2Oil has built a reputation as a trusted partner to upstream oil and gas producers throughout the region. Companies with specialized service offerings and established operating histories have become increasingly attractive acquisition targets as larger organizations seek growth through acquisition rather than organic expansion alone.
According to Tomlinson, the depth of buyer demand is unlike anything seen in recent years.
“The megadeals have gotten much of the attention, but the real activity is happening in the mid-market,” she said. “We’re seeing a broader and more competitive buyer universe than we’ve seen in years, particularly in energy services. For well-positioned companies, the market conditions remain exceptionally strong.”
With more than 130 completed mandates across 16 countries, RWT Capital has established itself as a trusted advisor to mid-market companies navigating acquisitions, divestitures and strategic growth initiatives. As investment continues to flow into Canada’s energy sector, the firm expects demand for specialized advisory services to remain strong.
“We believe we’re still in the early stages of this cycle,” said Tomlinson. “The fundamentals supporting Canadian energy remain strong, and we’re continuing to see significant interest from buyers looking to deploy capital into quality businesses. For owners considering strategic options, it’s one of the most active markets we’ve seen in years.”
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