Sale of Phase Technology, a global leader in the cold flow properties testing industry

Corporate Finance case study


Phase Technology


Corporate Finance


Financial advisory


Phase Technology, based in British Columbia, Canada, is a global market leader in the design and manufacturing of test instruments to measure cold flow properties. Founded in 1989, Phase Technology has achieved significant market share with a strong client base and unique intellectual property.


Phase Technology’s shareholders were looking to sell the business, but they were concerned about confidentiality and the sharing of information, particularly in relation to industry players, including competitors. 


PwC secured the mandate by illustrating a process that would maintain levels of confidentiality over commercially sensitive items throughout the project. We were able to provide access to global buyers, including both strategic and private equity buyers.

We ran a competitive sale process and obtained multiple offers for the shareholders to assess. The continued employment of Phase Technology employees was a key criteria of the shareholders when reviewing potential purchasers. Ultimately, the client selected Roper Technologies, a diversified US public company with a market cap of over US$23 billion.


The shareholders were very satisfied with the outcome. Roper Technologies has experience making global acquisitions and has maintained the Phase Technology staff and location, while offering them the benefits of a wider network.

Client quote

The key to maximizing value was the competitive environment orchestrated by the PwC Corporate Finance team, complemented by the reputation and credibility of PwC as a leader in the deals market, and the trust of potential buyers in the process as a result of their prior experience with PwC through the worldwide network. Throughout the transaction, the Corporate Finance team provided excellent independent advice, which was critical in delivering a very successful outcome.

— Phase Technology shareholders

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Calle Johnson

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