$2.65M EBITDA | Premium Seasonal Events | Canada & USA

Written By Morgan Tate
Project Kringle – Breakwater M&A confidential deal listing cover image featuring project name, tagline "$2.6M EBITDA | Annual Events Company | Western Canada," and Breakwater M&A logo on a dark navy textured background with gold border accent.

Project Kringle produces and operates large-scale, premium Christmas Markets in major North American cities, combining authentic European-style vendor experiences, curated food and beverage programming, and festive entertainment into a multi-week destination event. Founded over 15 years ago, the Company operates a flagship market in Vancouver and an expansion market in the United States, attracting approximately 395,000 combined attendees annually across both locations. Revenue is generated through multiple streams including ticketed admissions (55%), company-operated hut rentals (20%), vendor commissions (14%), vendor fees (10%), and sponsorships (1%).

The business operates year-round with a lean senior leadership team of four experienced executives who manage all operations, vendor relationships, marketing, and infrastructure across both markets. The CEO maintains a strategic oversight role, with the team running day-to-day execution independently. The Company generated $12.2M in consolidated revenue in FY2025 with $2.65M in EBITDA (21.8% margin), recovering strongly from a one-time disruption year in FY2024. The business has validated its scalability by successfully replicating the model in a second city and is positioned for further expansion through both owned operations and a capital-light licensing model.

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Key Investment Highlights

  • Proven Multi-City Platform. The Company has successfully replicated its model from Western Canada into the U.S., validating portability and scalability. A pipeline of 10+ target cities has been identified for expansion via owned operations or licensing partnerships.

  • High-Margin, High-Leverage Model. Gross margins of 58.7% in FY2025 and EBITDA margins of 21.8%. The concentrated operating window creates strong operating leverage once fixed costs are covered, with incremental revenue flowing to the bottom line at high margins.

  • Diversified Revenue Streams. Five distinct revenue streams across admissions, hut rentals, vendor commissions, vendor fees, and sponsorships. No single customer represents more than a fraction of revenue, eliminating concentration risk.

  • 15+ Years of Brand Equity. The flagship market has operated continuously since 2010, building deep emotional brand loyalty and annual tradition behaviour among attendees. High vendor retention and strong repeat attendance underpin revenue predictability.

  • ~395,000 Combined Annual Attendees. Approximately 215,000 attendees at the flagship market and 180,000 at the U.S. market in FY2025, with significant midweek capacity remaining across both locations.

  • Capital-Light Licensing Upside. The Company has developed a licensing model for expansion into new cities, generating $300K-$500K in recurring, high-margin revenue per licensed market without deploying capital. A 10-city network represents $5M-$8M+ in potential EBITDA.

Reason for Sale

The selling shareholders are looking to take chips off the table following 15+ years of building the business. They are satisfied with the legacy of the event and are seeking the right partner to take the platform to its next stage of growth. The CEO is willing to remain involved through a 12 to 24 month transition period to ensure continuity for the team, vendors, and venue partners.

Next Steps

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Morgan Tate
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