Brian Gray is the chair of Osler's Private Equity practice, guiding private equity sponsors, portfolio companies, and strategic acquirers through high-stakes transactions across various industries. Specializing in private equity transactions, complex M&A and cross-border deals, Brian delivers practical, results-driven solutions that help clients invest in, build, and exit Canadian businesses. He is a “uniquely talented private equity lawyer in the Canadian markets who has great rapport with clients and leads teams effectively.” (Chambers Canada).
Brian's expertise spans the full spectrum of private equity transactions, including leveraged buyouts, take-private deals, secondary market transactions, and strategic acquisitions. Brian’s tailored guidance extends beyond deal-making to encompass securities law compliance, corporate governance, and other pivotal matters that drive business growth and ensure successful acquisitions and exits. For U.S. and international investors entering the Canadian market, Brian’s cross-border experience is an invaluable asset. Likewise, he provides critical support to Canadian companies seeking to expand their reach abroad, helping them navigate the complexities of global markets with precision.
Brian is a highly skilled negotiator, relentless in securing optimal outcomes for his clients across a diverse array of industries, including technology, financial services, infrastructure, healthcare, manufacturing, automotive, retail, and mining. His industry knowledge enables him to quickly grasp complex business models, assess transaction risks, and craft deal structures that align seamlessly with his clients' strategic goals.
Representative Work
Brian has led many of Canada’s most significant private equity and M&A transactions, including:
Private Equity
- Nelnet Inc. in its agreement to acquire the student loan servicing business of Finastra in Canada, a Vista Equity Partners portfolio company.
- iCON Infrastructure in its investment in QSL and co-investment with CDPQ
- Frontenac in various acquisitions and divestitures, including Newterra and EFC International
- Dominion Voting Systems in its acquisition by Staple Street Capital
- Nautic Partners in its sale of Canada Cartage to Mubadala Capital
- Lindsay Goldberg in its acquisition of ARYZTA AG’s North American business
- Canada Cartage in its acquisition of GTI Group from Novacap
- Blackstone in its partnership with Westland Insurance and investment in Westland by OTTP-owned Broadstreet
- Apollo-backed ADT in its sale of ADT’s Canadian business to Telus
- Fengate Capital Management in its preferred share investment in eStruxture
- Magna International Inc. in the sale of its global fluid pressures and controls business to Hanon Systems, a portfolio company of Hahn & Company
- TopBuild in its acquisition of Distribution International, a portfolio company of Advent International
- BC Partners in its recapitalization of GFL Environmental, partnering with OTPP
- Avance Investment Management in its strategic investment in Tracxtion Commerce Group
- Longview Communications in its acquisition by FGS Global, a portfolio company of KKR
- Vector Capital in its sale of Corel Corporation
- American Capital, Ltd. in its acquisition of Service Experts Heating & Air Conditioning Inc. from Lennox International Inc.
- Enterprise in its acquisition of Discount Car and Truck Rentals
Technology and Innovation
- Create Music Group, a portfolio company of Flexpoint Ford, in its acquisition of Monstercat
- Celtx in its acquisition by Backlight, a portfolio company of PSG
- Layer 6 Inc. in its acquisition by Toronto-Dominion Bank
- Canalyst in its acquisition by Tegus, a company backed by Goldman Sachs, Capital G and Viking Global
- Higher Logic, a JMI Equity portfolio company, in its acquisition of Vanilla
- Sokanu Interactive in its acquisition by Penn Foster, a company owned by Bain Capital Double Impact
- Contractor Compliance in its acquisition by VelocityEHS, a portfolio company of CVC and Partners Group
- Google Inc. in its acquisition of various Canadian technology businesses
- Epiq, an OMERS portfolio company, in its acquisition of Simplex Services Inc.
- TransUnion in its $638 million acquisition of Sontiq
- The majority shareholder of theScore in its acquisition by Penn National Gaming
Financial Services
- Monex Group Inc. in its acquisition of 3iQ Digital Holdings Inc.
- Royal Bank of Canada in its sale of RBC Royal Bank (Jamaica) Limited
- The Bank of Nova Scotia in the sale of its Caribbean banking operations to Republic Financial Holdings Limited
Capital Markets
- Hydro One Limited in its initial public offering
- The underwriters in Canada Goose Holdings Inc.’s initial public offering and US$630 million secondary offering
- Magna International in various MJDS senior notes offerings
Latest Insights
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Osler Update November 18, 2025
Private equity in Canada: a market worth monitoring
Investors who combine conviction with strategic sophistication will be best positioned to unlock the full potential of Canada’s dynamic PE...
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Osler Update October 29, 2025
Minority investor rights: striking the right balance
Admitting a minority investor requires discussing protective rights in the company’s governance agreements to balance control and flexibility.
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Osler Update June 19, 2025
Return of the hybrid: the rise of structured equity solutions
Organizations can achieve transformative capital solutions through structured equity transactions.
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Osler Update May 8, 2025
How will private credit impact M&A transactions?
We look at how private credit entered the Canadian market and the role it could play in M&A transactions in the years to come.
Read more
Awards and Recognition
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Recognized in Private Equity: Buyouts
—Chambers Canada -
Recognized in Mergers & Acquisitions
—Canadian Legal Lexpert Directory -
Recognized as a Leading Lawyer Under 40 (2023)
—Lexpert Rising Stars -
Recognized as a “Lawyer to Watch” in Finance and M&A (2024)
—Lexpert Special Edition
Media Mentions
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Osler News November 23, 2023
Brian Gray and Jessica Harding named 2023 Lexpert Rising Stars
Congratulations to Brian Gray and Jessica Harding on being named 2023 Lexpert Rising Stars: Canada’s Leading Lawyers Under 40.
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Media Mentions July 26, 2023
Analysis: Small firms offer private equity job market bright spot – Reuters
In a recent Reuters article, Brian Gray, corporate partner and Chair of Osler’s Private Equity practice, explains why smaller private equity firms...
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Osler News November 4, 2022
Osler names M&A and Private Equity leaders
Osler is pleased to announce two new practice group leaders.
Read more
Credentials
Education
- Osgoode Hall Law School, J.D.
- Schulich School of Business, M.B.A.
- University of Western Ontario, B.A.
Languages
- English
Professional Affiliations
- Canadian Bar Association
- Ontario Bar Association
- Law Society of Ontario