More about Spencer Ord

Energy, Mining, Engineering & Construction

• Retained by Western Canada’s largest domestic frack sand mining, processing and distribution company. We prepared financial models and valuations of both active mining operations and undeveloped reserves. Application of income, market and asset/cost-based approaches, corroborated by valuation benchmarking to other prominent frac sand operators, considering market risks (O&G commodity price risk, US import competition, etc.), operational risks (logistics & transport, scaling challenges, etc.), regulatory risks (potential regulatory roadblocks in the face of increasingly attention to climate-change, potential tariffs, etc.). The Valuation conclusion was credibly substantiated by an arm’s length offer to acquire the Company’s shares, which fell within the concluded valuation range.

  
  

• Recurring annual engagement to prepare the valuation of a mid-market engineering services company serving the Alberta-based O&G Majors, including its high-growth Software & IP business, and traditional consulting business. Special consideration for differentiated growth rates, margins, working capital, capex and R&D profile across businesses, along with separate consideration for accompanying risk profiles and corresponding discount rate development and selection. Discounted cash flow and capitalized cash flow methods used in conjunction with corroborative M&A transaction analysis and guideline public company trading multiples assessment. 
  
  

• Jointly retained by a mid-market, Alberta-based precision manufacturing company, and one of its minority shareholders, to prepare a valuation of the shares. The business specialized in providing custom machining, fabrication, and engineering solutions for Alberta oilsands mining and global conventional oil & gas markets. Valuation was accepted by both parties as fair and reasonable and enabled a successful negotiation and company buyback of the minority shares.
  
  

• Retained by the largest Canadian publicly-traded energy construction and mining company, with operations in Canada, USA and Australia. In support of the company’s largest acquisition of one of Australia’s leading mining services companies, performed valuation of all mining services contracts, equipment and workforce, until end of life of mine, working closely with Company management and a team of mining experts to consider mineral reserves, operational risks, equipment and labour configuration, financial risks, climate-related regulatory risks, commodity price volatility, while considering the risk sharing mechanisms of each contract. The valuation was accepted by both the SEC and international securities regulators.
  
  

• Retained by Counsel for the Canadian subsidiary of a global, multi‑billion‑dollar energy services company to prepare an expert report, quantifying damages in connection with breach of fiduciary duty, and alleged misappropriation of confidential information.
  
  

• Engaged on behalf of the plaintiff, the estate of the majority shareholder of a mid-market group of road construction and mining companies with operations in Western Canada and the Northern Canadian Territories. Prepared formal valuation and critique reports in response to opposing expert report. Participated in mediation to quantify various settlement scenarios, negotiated directly with defendant’s expert and counsel which resulted in favourable settlement for our client.
  
  

• Engaged by a municipality to prepare a pricing analysis of their share interest in the largest, publicly-traded independent power producer in Western Canada (~$9 billion). Income and market approaches were used, in conjunction with sophisticated benchmarking analysis, and corroborated by investment bank analyst research. Preparation of illustrative counter-offers to position the municipality for productive negotiations with the counterparty.
  
  

• Jointly retained by counsel for both sides in the context of a shareholder dispute, to quantify the entitlement for certain shareholders to receive compensation in relation to past operations as well as their apportionment of business value of a truck park business. Necessitated forensic analysis in order to extract truck park operations from other businesses included in the financial statements. Gave expert testimony at the Alberta Court of King’s Bench. The court's decision strongly endorsed the rigor and validity of my analysis and conclusions.
  
  

• Jointly retained by counsel for both sides in the context of a shareholder dispute, involving an upper mid-market energy services company serving both the oilsands and conventional O&G production space. Prepared valuation report, along with response reports addressing critiques from both sides. Counsel for both sides agreed to adopt my report and rebuttals, thereby enabling a successful settlement.
  
  

• Engaged to value a Western Canadian $600+ million diversified heavy civil energy construction, industrial construction, fabrication, on-site and off-site module construction, and maintenance business for corporate planning and tax purposes.
  
  

Technology

• Engaged by a ~$25.0 billion Western Canadian publicly-traded tech company, to conduct detailed valuation procedures, including the valuation of intangible assets and goodwill, for financial reporting purposes, for several company acquisitions. These valuation procedures were accepted by US securities regulators. Procedures included the use of various software valuation approaches, including discounted cash flow, multi-period excess earnings, relief from royalty, depreciated replacement cost, IPO method, venture capital method, along with corroborative methods, such as price to sales multiples, and weighted average return on assets, etc. Software acquisitions where I performed valuation procedures included:
  
  

  • $2.3 billion international health and wellness platform company;

  • $1.5 billion full-service digital product agency specializing in app and web development;

  • $1.3 billion leader in translation and localization software integration and services;

  • $350 million trade promotion management software provider for the consumer packaged goods industry;

  • Provider of supply chain and trade promotion management software;

  • IT and software services firm focused on telecom and media;

  • Customer experience and tech support provider with digital capabilities;
    
    

• Engaged on behalf of the plaintiff concerning an alleged breach of contract in connection with a patent for a specialized vehicle suspension technology. Development of financial model to illustrate various scenarios of potential loss of royalties, to assist Counsel with case management and strategy.
  
  

• Engaged to conduct an independent business valuation of Food & Beverage IP connected to a share reorganization for tax planning purposes.
  
  

• Engaged on behalf of the plaintiff concerning an alleged breach of contract and alleged infringement of intellectual property rights relating to bitumen refining technology. Prepared economic losses model and related expert opinion report.
  
  

• Jointly retained by plaintiff and defendant as arbitrator in regard to the value of certain technology and working capital assets sold in connection with an asset purchase agreement between a US-based technology purchaser and Alberta-based vendor. Reviewed documents, conducted analysis, drafted formal report and presented findings to both parties.
  
  

• Engaged by plaintiff in a shareholder dispute matter to value a nanotechnology manufacturing company. Preparation of critique report in response to opposing valuation report and provided advice to legal counsel in regard to opposing expert questioning. Provided expert testimony for in-chief and cross-examination, resulting in fair and reasonable court decision.
  
  

• ~5 years of early-stage technology (including software) valuation experience both at a Western Canadian-based Venture Capital Group as well as the largest Canadian chapter of North America’s largest accredited angel investor network. Exposure to a $400+ million portfolio, personally involved in supporting due diligence, valuation and closing approximately $150mm worth of transactions.
  
  

• Retained by the plaintiff in a shareholder dispute to determine the fair market value of an Alberta-based smart grid software company. Preparation of valuation report and rebuttal reports responding to multiple experts.
  
  

• As part of shareholder oppression remedy, engaged by the court to conduct a valuation of a medical supplies manufacturing company. Required to work directly with adverse party (company management) to gather information, corroborate management assertions, and formulate conclusions that were accepted by the Court.
  
  
  

Transport, Forestry & Agriculture

• Engaged to value an Alberta-owned, internationally operated private aerial firefighting company specializing in wildfire suppression using air tankers and water bomber aircraft.
  
  

• Engaged to value an Alberta-based off-road recreational vehicle distributor for shareholder dispute purposes.
  
  

• Engaged to value large potato processing and distribution operations across Canada and USA for corporate and shareholder planning purposes.
  
  

• Engaged to value the tangible and intangible assets of a global crop fertilizer manufacturer and distributor in connection with its merger with a global agriculture products company for financial reporting purposes.
  
  

• Engaged to value large poultry farming operations and distribution network across Canada for corporate and shareholder planning purposes.
  
  

• Engaged to value a livestock brokerage, with operations across Western Canada, for shareholder and corporate planning purposes.
  
  

• Engaged to value Alberta-based feedlot software company for shareholder and corporate planning purposes.
  
  

• Engaged to value Alberta-based dairy farming business for shareholder and corporate planning purposes.
  
  

• Engaged to conduct financial assessment of Agriculture-focused venture capital fund with investments in Western Canada.
  
  

• Engaged to conduct an agribusiness value chain study for a Western Canadian-based municipality.
  
  

• Engaged to value the tangible and intangible assets of a Western-Canadian-based Cannabis producer and distributor, for financial reporting purposes.
  
  

• Engaged to value an agriculture-based waste to energy facility for corporate and shareholder planning purposes.
  
  

• Engaged to value a Saskatchewan-based lentils producer, processor and distributor to support financing and tax planning.
  
  
  

Expropriation and Business Interruption Disputes

• Engaged by expropriating authority to respond to the claimant, one of the largest publicly-traded integrated oil & gas companies in Canada (~$50 billion market cap) with various international operations. Reviewed claimant’s expert reports, claiming both past losses and future losses, prepared rebuttal reports, provided advice on a without prejudice basis to assist with negotiation to come to a fair and reasonable settlement.
  
  

• Engaged by the claimant, a large telecommunications services company, to quantify economic losses resulting from business interruption caused by a natural disaster. Responded to opposing expert reports. Realized 100% of the claimed economic loss for the claimant.
  
  

• Engaged by expropriating authority to respond to multiple claimant expert reports regarding past loss of income and disturbance costs. Claimant is in the self-storage business. Assisting counsel with direct and cross-examination questioning, preparation for and delivery of expert testimony at the Land and Property Rights Tribunal. LPRT completely accepted my report and critique of the opposing expert.
  
  

• Engaged by the claimant, a large industrial and commercial products manufacturer, to quantify economic losses resulting from business interruption caused by machine failure. Responded to opposing expert reports. Realized majority of claimed economic loss for the claimant.
  
  

• Engaged by expropriating authority to critique claimant expert’s opinion regarding past loss of income and loss of goodwill in regard to expropriation matter involving an aircraft hangar leasing company. Prepared detailed analysis of general ledger accounts and identification of errors and normalization of revenues and costs. Detailed critique of loss and goodwill claim, examining valuation approach, underlying earnings, capitalization rate, qualitative components of goodwill. Preparation of alternative calculations for goodwill and economic loss to support negotiation and settlement discussions.
  
  

• Engaged by claimant in the communications and media industry in an expropriation matter to quantify damages in connection with Light Rail Transit expansion. Prepared expert report to quantify damages. Rebuttal reports were also prepared in response opposing expert views. Creation of dynamic spreadsheet model to illustrate the impact of flexing key assumptions driving the quantum of damages, and to facilitate negotiation and enable counsel to reach an efficient and favourable settlement.
  
  

• Engaged by expropriating authority to respond to claimant expert report regarding economic losses due to expropriation suffered by a pharmacy business. Assisted counsel in questioning, due diligence and working toward settlement.
  
  

• Engaged by claimant, a Western Canadian-based RV manufacturer and distributor, to quantify economic losses resulting from expropriation by the county.
  
  
  

Real Estate and Diversified Operations

• Engaged by the plaintiff, one of the partners of an agricultural partnership in Alberta, to prepare a business valuation of operations, as well as forensic analysis around the quantification of potential unjust enrichment in relation to certain payments unrelated to business operations. Matter was escalated to arbitration where Ord delivered expert testimony. Arbitrator completely accepted Ord’s report, testimony and critique of the opposing expert.
  
  

• Engaged to value a complex corporate structure of ~20 residential, commercial and industrial real estate development entities with $600 million of properties under development across Alberta.
  
  

• Engaged by a high-net-worth family real estate investment business to value $300 million+ in Alberta land and related residential and commercial property assets for rent, development and resale.
  
  

• Engaged on behalf of an Alberta-based real estate developer to value $100 million in various residential, commercial and agricultural properties currently under development for resale.
  
  

• Engaged to value certain business interests of a $700 million startup Western Canadian gaming and hospitality property complex including detailed analysis of landlord and tenant risk, cost and benefit sharing in the context of structuring a long-term lease agreement between the parties.
  
  

• Determined the fair market value of a $600 million conglomerate of 33 entities under common control, including real estate investments, financial institutions, insurance companies, airline companies, and car dealerships.
  
  
  

Wealth Management and Banking

• Engaged by Alberta’s sovereign wealth fund manager ($150+ billion AUM) to provide an independent valuation of various portfolio investments for financial reporting purposes. Portfolio investments included large-scale multi-billion-dollar companies in infrastructure, conventional and renewable energy, electrical utilities, and technology. Investments also included smaller private equity and venture-stage investments, including a $500+ million group of 21 private equity co-investments, fund investments and fund-of-fund investments, including durable-goods manufacturing, oil sands mining, drilling services and transportation services, pharmaceuticals, home healthcare, e-learning, waste management, HR and payroll services, and hedge funds.
  
  

• Engaged by one of Alberta’s leading financial institutions—$2+ billion in revenue. Provided annual independent valuations for 15+ years for their wealth management business and capital markets division, for internal corporate and stock compensation planning purposes.
  
  
  

Hospitality and Food Service

• Engaged by claimant, a franchisee of a large multinational food service operator to quantify damages in connection with Light Rail Transit expansion. Prepared expert report to quantify damages. Reviewed and responded to rebuttal report from the City of Edmonton’s expert. Assisted in settlement, mediation and related procedures. Realization of favourable settlement.
  
  

• Engaged by franchisee of a large multinational food service operator to quantify damages in connection with business interruption which resulted in premature termination of the franchise agreement. Working with legal counsel to understand the financial ramifications of termination of the franchise agreement and financial interpretation of facts so as to derive an estimate of damages for multiple scenarios. Engaged to prepare expert reports and respond to rebuttal reports from the respondent.
  
  

• Engaged by claimant in the retail and wholesale trade industry to quantify damages in connection with Yellowhead Trail upgrades. Engaged to prepare expert report and respond to rebuttal reports from the expropriating authority.
  
  

• Engaged by expropriating authority in an expropriation matter in connection with Light Rail Transit expansion. Claimant’s business is in the gas station and convenience store industry. Reviewed and responded to opposing expert report on claimed damages. Prepared expert report and provided advice to legal counsel.
  
  

• In support of litigation for the claimant, engaged to quantify the damages of certain business interests of a Western Canadian hotel group involved in a natural disaster, including the quantification of lessee / lessor contractual obligations over a long-term lease.
  
  

• Engaged to value part of a network of more than 380 Restaurant Sports Bars in Canada, for transaction support and tax purposes. Creation of valuation model with normalized cash flow analysis corroborated by guideline company market multiples. Further assessment of reasonableness by reference to the specific potential tangible and intangible asset components, including land and building, equipment, leasehold improvements, goodwill (including consideration of franchise rights, brand, customers, location and reputation).
  
  

• Engaged to value certain business interests for a 62,000 sq. ft. entertainment destination, including restaurants, hotels and casino gaming facility. Detailed analysis of company cash flows and forecasts, intercompany and related party transactions. Analysis corroborated by reference to comparable entertainment facilities. Recommendations provided to management and board for tax planning purposes.
  
  

• Engaged to prepare a detailed financial model for multiple Golf Course / Concession / Restaurant facilities for capital planning and refinancing purposes. Development of detailed historical analysis of green fees, concession, restaurant and other revenue sources. Creation of detailed financial forecast of operations and capital spending and the related impact on profitability and debt service coverage. Articulation of recommendations to executive team.
  
  
  

Healthcare and Education

• Engaged by the selling Shareholder of a large dental practice in the Greater Edmonton Region, to prepare an independent valuation in response to the valuation prepared by the purchasing shareholder in a contemplated transaction. Preparation of rebuttal reports and mediation special-purpose exhibits to facilitate agreement, which supported a successful transaction at the conclusion of mediation.
  
  

• Jointly retained by plaintiff and defendant to determine the fair market value of a Western Canadian dental laboratory business in connection with a shareholder oppression remedy. Responded to questions from counsel as required.
  
  

• Co-led the development of the business case for constructing and operating early learning childcare centres for the Metis Nation of Alberta, with a focus on the quantitative (value for money) assessment and capital planning. Responsible for distilling all cost estimates for purposes of financial modelling, configuring financial models, and authoring quantitative and other sections of the business case.
  
  

• Engaged by the Metis Nation of Alberta to develop a business case for the construction and operation of a Comprehensive Health & Wellness Centre, including development of the financial model, and underlying operating and capital assumptions. Integration of multi-faceted financial and non-financial priorities based on consultation with Alberta Health and Metis Nation leadership.
  
  
  

Court, Tribunal, Arbitration and Mediation Experience

Alberta Court of King’s Bench

Action No. 1503-18216 – Amjer Singh Gill and Harinder Singh Bhatti v Harry’s Excavating et al

• Jointly retained by two of the largest law firms in Alberta, to conduct forensic analysis on subject company baseline financial information, value the truck park business as well as quantification of past losses. Provided expert report as evidence along with providing expert testimony during trial. 

• Honourable Justice Kevin Feth: “[Mr. Ord’s] evidence was…helpful and deserving of significant weight.”
  
  

 Docket No. 4803 168361 – Aubin v Petrone

• Retained by mid-size law firm to prepare a business valuation of a nanotechnology developer. Provided court-ready report, rebuttal reports and expert testimony during trial.

• Honourable Justice Ritu Khullar: “…most significantly, if the liquidated damages were a realistic contingent liability for Quantiam, as Mr. Ord noted, it would have been identified in the Quantiam financial statements.”

Land and Property Rights Tribunal

• Citation No. 2022 ABLPRT 1397 - Instant Storage (Edmonton) Inc. v Edmonton (City)

  • Retained by the City of Edmonton to review claimant expert reports and prepare rebuttal reports, quantifying the alleged economic losses of the claimant. Provided expert testimony at the Tribunal.

  • Tribunal: “The Panel finds Ord’s evidence, critique of [opposing expert] reports, and findings convincing and valid. …Ord’s report … was objective, applied industry standards and accepted business valuation methodology.”

    
    
    
    

Arbitration

• Confidential Mid-Market Oilfield Services Company Dispute (2025) – Jointly retained by both parties to prepare an independent business valuation, to determine the fair market value of shares in shareholder buyout, which was subject to rebuttal by both sides, but ultimately accepted by the Arbitrator.

• Confidential Farming Operation Dispute (2024) – Retained by Counsel on behalf of a minority shareholder in a farming operation, to prepare an independent valuation of the minority shareholder interest and the provision of specified forensic procedures to facilitate clarification of certain financial transactions. Provided expert testimony at the Arbitration. The Arbitrator accepted my valuation while rejecting the opposing expert’s work. 

• Confidential Pipeline Maintenance Contract Dispute (2020) – Retained by Counsel on behalf of a publicly traded, multi‑billion‑dollar energy infrastructure company with pipeline, utility, and renewable energy operations across North America. Engaged to review claimant expert reports and prepare rebuttal reports, quantifying the alleged economic losses of the claimant resulting from alleged breach of contract. The Arbitrator accepted my economic loss report while rejecting the opposing expert’s work.

Mediation

• Confidential Dental Practice Shareholder Dispute (2026) – Engaged by the selling Shareholder of a large dental practice in the Greater Edmonton Region, to prepare an independent valuation in response to the valuation prepared by the purchasing shareholder in a contemplated transaction. Preparation of rebuttal reports and mediation special-purpose exhibits to facilitate agreement, which supported a successful transaction at the conclusion of mediation.

• Confidential Vehicle Storage Lot Expropriation Dispute (2025) – Engaged by Expropriating Authority to prepare an independent determination of economic losses resulting from expropriation, including responding to rebuttal reports from the claimant. Attendance at mediation, development of counter-offers, and providing special-purpose mediation visuals and exhibits that were used by both sides to facilitate negotiations.

• Confidential Estate Dispute Connected to Mid-Market Gravel Haul Operation (2012) – Retained by Counsel to review opposing expert reports and prepare an independent business valuation report to determine the fair market value of shares of the estate of the deceased in the context of a buyout by company management. Preparation of mediation special-purpose exhibits to facilitate negotiation, preparation of counter-offers and advisory, during two-day mediation, resulting in successful settlement between parties.

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