Diversified Royalty Corp. in its agreement to acquire the Mr. Lube + Tires franchisor business Diversified Royalty Corp. in its agreement to acquire the Mr. Lube + Tires franchisor business

On May 14, 2026, Diversified Royalty Corp. (DIV) and its newly formed wholly owned subsidiary entered into a definitive agreement with Mr. Lube Canada Limited Partnership and Mr. Lube Canada GP Inc. (collectively, Mr. Lube + Tires) for the strategic acquisition of the Mr. Lube + Tires franchisor business in Canada for an aggregate purchase price of $235 million, subject to customary closing and post-closing adjustments.

Mr. Lube + Tires is the leading Canadian automotive service chain specializing in fast, drive-in drive-through, no-appointment-needed vehicle maintenance. As the industry’s market leader, Mr. Lube + Tires services over two million Canadian customers each year, generating over $500 million in system sales.

DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

Osler advised DIV with a team consisting of Brad Newby, Trevor Scott, Minji Park, Fraser Love, Rohan Gupta, Julia McCarty, Emilie Han Xiong (Corporate), Kim Maguire, Timothy Hughes, Rachel Berger-Viflanzoff (Tax), Shaun Parker, Katy Allen, Logan Aitken (Employment and Labour), Jonathan Marin, Lauren Graham (Pensions and Benefits), Martha Martindale (Financial Services), Mat Brechtel (Intellectual Property), Dominic Mochrie, Ryan McCabe (Franchise and Distribution), Shuli Rodal, Zach Rudge (Competition), Yan Besner, Bavia Bisetty (Real Estate), Adam LaRoche, Erika Romanow (Privacy and Data Management), Emily MacKinnon, Jennifer Fairfax (Disputes), Jenna Aljarrah, Jaclyn Miller, Charlotte Gurung and Makenna Lutz (articling students).