Investment Criteria

Transaction Dynamic

We make majority, control investments where our partnership model works best including:

  • Partial Liquidity & Growth: shareholder seeking liquidity and partnership for next chapter of growth (3+ years).
  • Staged Succession: an owner-operator may be looking to take a step back from the operations of the business and transition over time (1-3 years).
  • Immediate Retirement: an owner-operator is looking to retire on closing and exit the business completely (0-12 months).
  • Management / Employee Buy-Out: an existing group of managers or employees would like to purchase the company from the owner they currently work for and are seeking a strategic partner for the transaction.
  • Carve Out: a larger corporation would like to carve out a segment of their business that is deemed non-core or simply believes the segment is better suited as a stand-alone business.

Business Characteristics

We seek to invest in smaller, entrepreneurial businesses that have some (or all) of the following characteristics:

  • Financial Profile: EBITDA $2M+, long-term history of profitability, strong free cash flow conversion
  • Predictability of Cash Flows: Diverse set of customers and end markets, growing industry, barriers to entry
  • Strength of Team: Long-term, loyal employee and customer base that we can grow alongside
  • Leader in Niche: Strong competitive position within its niche – has a distinct reason to exist and outperforms their market. Competing (and winning) in large, fragmented and often over-looked, niche markets.
  • Ability to Resource: Opportunity to invest in people, process and technology.

Industry Focus

We partner with companies where we have experience, including, but not limited to:

  • Business products and services
  • Niche manufacturing
  • Value added distribution
  • Franchisors


  • Canada-wide
  • Preference for Ontario headquarters