The pandemic disrupted many aspects of business across Canada, including buying and selling companies. In the second quarter of 2020, deal activity across North America dropped off a cliff from an already record low first quarter of 2020 caused by the uncertainties of the pandemic. When governments mandated and shut down a large part of the economy in March 2020, many transactions already in-market or under Letter of Intent were abandoned altogether or delayed. After an initial overall drop-in deal activity, there were signs of an uptick by the end of the summer.