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Everyone wins together.
Boardwalk builds great companies in partnership with great people. Our investment is not just capital, but time, effort and contribution.
Investment strategy
Control, with conviction.
Boardwalk Capital targets control, majority equity investments in leading lower middle market companies poised for growth, in sectors where we have relevant experience to bring to bear.
While we focus on control, we may structure investments in a variety of ways to fit our partners’ needs while keeping interests aligned. We work hard, add demonstrable value, always deal in good faith and relentlessly strive to create successful outcomes for all stakeholders. We are:
- Focused on opportunitieswhere the insight, skill sets and networks of our long and diverse experience give us a sourcing, diligence or value-creation advantage.
- Committed to alignment of interestsand to creating “win-win” partnerships that provide value for all stakeholders.
- Actively involved with our management teamsin strategic planning and execution of organic and inorganic growth, operational improvements, infrastructure and team building, M&A and financing.
- Attracted to talented companies and teamswho believe in the value of the opportunity and are willing to put their money where their mouths are.
- Disciplined about working only with those who value our partnershipand share our values. Our partners must pass the Boardwalk Beer TestTM.
- Relentlessly committed to delivering superior returnsfor our investors at every phase, from sourcing through final monetization, with a deliberate focus on capital preservation and downside protection.
Investment criteria
What we look for.
Initial equity
Initial equity investment per platform.
EBITDA
For initial investments. Any size for add-ons.
Toronto
Core focus on North America, with global reach through local relationships.
Involvement
Proximity, face-to-face work and a deliberate roll-up strategy.
Start smart, then scale.
Unlike most of our peers, we often start with smaller acquisitions and scale them with management through a combination of roll-up and organic growth.
Platform
Partner with a strong team in a business with $2 to $10 million of EBITDA.
Build
Grow organically and through accretive add-on acquisitions of any size.
Scale
Pursue larger acquisitions with direct experience, a lower cost basis and more actionable synergies.
Transaction types
Equity-oriented. Structurally flexible.
We value the ability to control and protect our investments, and we invest wherever and however we see the greatest risk-adjusted returns without sacrificing those requirements.
Investment attributes
What great investments share.
- Proven, aligned partners working together to achieve a clear strategic plan
- Strong market fundamentals with durable demand and GDP+ growth dynamics
- Accretive roll-up potential
- Beneficial structure to minimize risk and provide strong embedded value on the buy
- Ability to proactively drive growth through organic and inorganic market share gains
- Margin enhancement potential
- Multiple expansion or valuation arbitrage on exit
Target sectors
Where our experience compounds.
We have invested successfully across a range of industries, and we use our domain expertise and relationships to drive value.
Core values
The Boardwalk Vectors of GrowthTM
The guiding principles that have served our investors, partners and team members over our careers.
- Partnership & AlignmentWe endeavor to be great partners. We align interests to create shared success, which is why many partners choose to work and invest with us again and again.
- Teamwork & CollaborationInvesting is a team sport. Playing to win means playing together, and it takes many people committed to working together to achieve extraordinary results.
- Planning & ExecutionA strong view on each opportunity, a thoughtful plan, decisive decision making and continuous tracking to make sure we do what we set out to do.
- Transparency & CommunicationOpen, honest and upfront about intentions and goals. Integrity is non-negotiable for us and our partners.
- Respect & AccountabilityWe value everyone who trusts us enough to work with us, and we want them to feel it every day. We ask only for the same in return.
- Continuous ImprovementA dogged commitment to getting better every day. Period.
- Flexibility & CreativityNo two situations are the same. Open-minded, creative problem solving keeps progress moving where other investors might trip.
- Have FunWork is hard, but it doesn’t have to be a job. The joy of accomplishment is amplified when you share it with people you are proud to call partners.
Questions answered
Criteria, in plain terms.
What size of company does Boardwalk invest in?
Companies with $2 to $10 million of EBITDA, with an initial equity investment of $5 to $20 million. Add-on acquisitions can be any size.
Does Boardwalk only invest in majority control deals?
No. Boardwalk primarily seeks control, majority equity investments, but stays flexible in structuring deals to fit partners’ needs while keeping interests aligned.
Which industries does Boardwalk target?
Media, entertainment and gaming; manufacturing and distribution; consumer products and multi-unit retail; and business, industrial and environmental services.
Where does Boardwalk invest?
Boardwalk is headquartered in Toronto with a core focus on North America. The team’s international network also creates selective global opportunities through local market relationships.
What types of transactions does Boardwalk do?
Majority buyouts, minority equity investments with strong negative controls, growth capital, structured securities with equity-like features, corporate carve-outs, management team lift-outs, public take-privates and special situations.
How does Boardwalk manage risk?
Through structured deals with embedded value, strong downside protection, low leverage and multiple avenues for growth.
What is the Boardwalk Beer Test™?
An informal but crucial measure of fit. Partners should be people Boardwalk genuinely enjoys working with and trusts. In the firm’s words: “We want partners that we want to have a beer with.”
Want to work with Boardwalk?