Norwood Industries Enters CCAA as Demand for DIY Sawmills Slumps

Norwood Industries Inc., a Barrie, Ontario–based manufacturer of portable sawmills, obtained protection under the Companies’ Creditors Arrangement Act on September 12, 2025, with the support of senior lender Monroe Capital, which is owed approximately C$30.8 million.

Founded more than 30 years ago and acquired by U.S.-based GreyLion Capital in 2021, Norwood has built a global footprint with sales of more than 35,000 sawmills across 123 countries and a portfolio of over 85 patents. The company was a clear beneficiary of the COVID-19 home-renovation boom, when demand for high-ticket equipment surged as consumers took on large do-it-yourself projects.

That momentum reversed as consumers returned to hiring contractors, leaving demand for Norwood’s products significantly reduced. The shift, combined with falling lumber prices and higher interest rates, eroded margins and liquidity. By the end of 2024, the company had accumulated $34.3 million in losses over a three-year period and reported negative working capital of $7.0 million, with $10.9 million in current assets against $17.9 million in current liabilities.

While under creditor protection, Norwood intends to continue a sales process already underway, led by G2 Capital Advisors, with the goal of securing a going-concern transaction that preserves the company’s operations and intellectual property portfolio. The monitor is expected to oversee the process and report back to stakeholders and the Court.

KSV is the monitor. Counsel is McCarthy Tétrault for the company and Norton Rose Fulbright for the monitor.