• Sector Healthcare
• Investment Date July 2020
• Headquarters Woodbridge, Ontario

Overview

Founded in 2006, VetStrategy is Canada’s leading veterinary services network, operating more than 190 hospitals across nine provinces. VetStrategy has established itself as a partner of choice for Canada’s veterinarians based on its “heritage-first” approach which allows veterinarians to focus on practicing medicine while providing staff, clients and patients the benefit of VetStrategy’s business experience and infrastructure. In addition to hospital ownership, the company supports independent practitioners through Globalvet and VetAlliance, two of Canada’s largest veterinary buying groups. The company’s commitment to pet care is further supported by partnering with Chiron, a leading compounding pharmacy in Canada.

Our perspective

We have long been interested in the veterinary services market, which we view as a growing and recession-resistant segment of the healthcare sector. VetStrategy has a proven track record as an acquirer and operator of hospitals and we believe it has a strong growth runway through additional M&A and whitespace opportunities. The company’s highly capable management team has invested significantly in its corporate infrastructure and established a leading platform that attracts top talent to lead its growth.

• Sector Business Services & Technology
• Investment Date August 2020
• Headquarters Torrance, California

Overview

EP Wealth Advisors is a fee-only Registered Investment Advisor (RIA) firm serving high net-worth families, primarily in the western United States. Founded in 1999, EP Wealth has grown to be a leading wealth management firm in its markets, with more than 70 advisors across seven states. The company offers a broad range of financial planning services including retirement, tax and estate, small business and other life planning. With a unique culture that underpins its approach, EP Wealth operates as an advisor-owned firm which fosters an entrepreneurial and team-based environment.

Our perspective

EP Wealth operates in the large, highly fragmented, and growing RIA market that is in the early stages of consolidation. Leveraging its strong reputation and scale, the firm has developed deep referral relationships that accelerate organic growth for acquired firms. We believe the current economic environment should advance the trend of clients seeking fiduciary-oriented advice, as well as independent advisors joining platforms like EP Wealth to benefit from centralized support and services.

• Sector Consumer
• Investment Date August 2020
• Headquarters Boulder, Colorado

Overview

CrossFit^® is a world-class fitness platform to improve health, happiness and performance. In the 20 years since its founding, the company has grown from a garage gym into a leading global health and fitness brand. The company and its affiliate gyms are committed to creating a welcoming and inclusive environment for all athletes; more than five million people have already experienced CrossFit’s transformational benefits through workouts in thousands of locations across more than 150 countries. The company also operates the annual CrossFit Games Open, bringing together athletes from across the world to compete for the title of Fittest on Earth™.

Our perspective

CrossFit^® is a unique fitness brand, with industry-leading customer advocacy and loyalty. Its athletes are deeply committed to the sport and the vibrant and passionate community it fosters. The company plans to leverage these foundational strengths to support its broad network of affiliates and pursue meaningful growth opportunities across multiple existing and new, technology-enabled channels. CrossFit’s new leadership intends to accelerate the company’s growth by professionalizing its operations and transforming the organization and its culture while maintaining its unique approach to health and fitness.

• Sector Healthcare
• Investment Date September 2020
• Headquarters Ankeny, Iowa

Overview

Founded in 1999, PurFoods is a leading provider of medically tailored home-delivered meals, serving customers in all 50 states. Operating under the Mom’s Meals® brand, the company offers nutrition programs that preserve health, help combat chronic disease and support recuperation. PurFoods serves both its payer customers and end-consumers by enhancing independence for higher quality living at home while limiting the need for inpatient care and lowering overall healthcare costs.

Our perspective

PurFoods benefits from a variety of secular, regulatory and macroeconomic tailwinds that we expect will continue to drive robust demand for medically tailored home-delivered meals. The company’s vertically integrated operating model, significant manufacturing and distribution scale, and commitment to safety and compliance provide a differentiated value proposition that we believe positions PurFoods for future growth.

• Sectors Communications
  Business Services & Technology
• Investment Date October 2020
• Headquarters Chicago, Illinois

Overview

AHEAD is a leading provider of information technology solutions to enterprises. The company offers hardware and software solutions and related services, with a focus on hybrid cloud deployments and digital innovation. By weaving together advances in enterprise cloud infrastructure, intelligent operations, and modern applications, AHEAD helps enterprises transform digitally.

Our perspective

The hybrid cloud solutions and services market is large and growing. We believe AHEAD’s differentiated sales capabilities, technical expertise and service levels position it well, to both win new customers and grow its share of wallet with existing relationships. As evidenced by its recent acquisitions of regional IT solutions providers Kovarus and RoundTower, the company also has a large universe of potential additional M&A opportunities. AHEAD’s highly capable and committed senior leadership team is well-positioned to lead the company through its next chapter of growth.

• Sector Industrials
• Investment Date December 2020
• Headquarters Deerfield, Illinois

Overview

FoodChain ID provides technology-enabled safety, quality and sustainability solutions that address challenges and opportunities in the rapidly evolving food industry. The company serves more than 30,000 customers in over 100 countries with a market-leading portfolio of testing, inspection, certification and compliance solutions. Founded as a pioneer of genetically modified organism (“GMO”) identification, FoodChain ID helps companies navigate the increasingly regulated global food economy with greater levels of transparency, accountability, safety and sustainability.

FoodChain ID is a leader in a fast-growing market driven by consumer and regulatory tailwinds. The company’s highly recurring demand and long-tenured customer relationships provide an attractive platform from which to continue to expand its capabilities and reach, including through ongoing M&A. With differentiated technology and service offerings, as well as a highly experienced management team, we believe the company is poised to continue its impressive growth trajectory.

• Sectors Industrials
  Business Services & Technology
• Investment Date December 2020
• Headquarters Grimes, Iowa

Overview

National Carwash Solutions (“NCS”) is a leading provider of equipment, service, chemicals and supplies to the vehicle care industry. The company has served customers in North America for more than 45 years whose facilities are responsible for washing millions of vehicles each year. NCS operates a family of leading brands, including MacNeil Wash Systems, Ryko Solutions, Cleaning Systems, Inc. (CSI), CleanTouch Wash Solutions, and Vacutech. The company also has strategic partnerships with many top car wash equipment, services and chemicals distributors in North America.

Our perspective

We believe the car wash market is highly attractive, representing a staple that benefits from secular tailwinds driven by consumer “do it for me” behavior and a growing volume of cars on the roads. NCS’ business also has the potential to take advantage of significant market whitespace through an ongoing buildout of new car wash sites. We believe the company is well-positioned to provide car wash operators a one-stop shop with its leading portfolio of high-quality brands, and to benefit as operators across the car wash landscape invest both to build new sites and to improve their existing businesses.