IMPERIAL CAPITAL LIMITED

Thesis

Imperial Capital is a Toronto-based private equity firm founded in 1989, specializing in mid-market investment opportunities across North America. The firm focuses on partnership opportunities within the healthcare, business services, and consumer services industries, employing a "back-buy-and-build" strategy to foster growth and consolidation. Their investment strategy centers on identifying attractive industry niches, particularly in fragmented, recession-resistant, service-based sectors. They aim to build market-leading service platforms through a combination of acquisitions, de novo builds, and organic growth initiatives. The firm's "back-buy-and-build" model involves assembling experienced management teams to create platform companies that then pursue strategic acquisitions within their industry niche. This approach has led to a significant number of add-on acquisitions, with 259 recorded between 2021 and 2024. Imperial Capital targets companies with an EBITDA between $0 and $30 million, and they look for proven entrepreneurs or executives with significant industry expertise and networks. As of May 2026, Imperial Capital has approximately US$3.5 billion in assets under management. The firm is currently investing from its US$800 million Fund VIII, which launched in 2021. Fund VIII was 52% larger than its predecessor, Fund VII, which collected approximately $525 million in 2019. Imperial Capital primarily invests in companies based in the United States and Canada. While the firm's focus is on mid-market companies, their strategy of building platforms and pursuing acquisitions suggests an interest in companies at various stages of growth, particularly those poised for expansion through consolidation. They invest in companies with EBITDA of $0 to $30 million. The target investment size for Imperi

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