MMiller Thomson LLPToronto, ON · October 26, 2026
When pandemic revenue counts: A $9.7M earnout lesson
A Quebec uniform company pivoted to manufacturing medical gowns during COVID-19 and took in $191 million in pandemic-related sales in a single fiscal year. Its vendors’ earnout, tied to EBITDA, suddenly looked like a windfall. The purchaser said those sales had nothing to do with the business it paid for. Both sides read the same...
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