Alphi Capital Partners with RedBlue HeatPumps & Refrigeration (opens in a new tab)
Alphi backs a Victoria, BC home and commercial services business.
Private Equity
Toronto lower mid-market private equity firm, founded by two Birch Hill alumni, backing Canadian business-services and value-added distribution companies.
Alphi Capital is a Toronto private equity firm founded in 2022 by Andrew Fortier and Thecla Sweeney, both long-time members of Birch Hill Equity Partners' investment team. It invests in Canadian lower mid-market business-to-business services and value-added distribution companies, targeting initial platforms with roughly $5–10 million of EBITDA, often where founders face succession. Its debut fund, Alphi Capital I, closed in January 2025 at C$295 million against a $200 million target, and the portfolio now spans five companies from Ontario infrastructure services to a Victoria HVAC business. Alphi pairs its deal team with an in-house value-creation group (data, operational finance, human capital), so it hires both investment and value-creation staff from a single Toronto office.
0 open roles2 deals5 people17 sources
Partnerships with founders and families in Canadian B2B services and value-added distribution companies, investing from the C$295 million Alphi Capital I fund and growing businesses organically and through acquisitions.
In-house staff covering data insights and technology, operational finance and human capital, applying the firm's 'Alphi Timeless Principles' playbook to portfolio companies.
| Toronto | ON | headquarters |
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1 reasons for Alphi Capital Partners
Toronto lower mid-market with a small, senior team.
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Programs
RedBlue
Residential and commercial HVAC, plumbing and electrical services provider in Greater Victoria on Vancouver Island.
HVAC, Plumbing and Electrical ServicesVictoria, BCSince 2025
K2 Fasteners
National master distributor of stainless steel and corrosion-resistant fasteners with branches across Canada.
Value Added DistributionBurnaby, BCSince 2024
Tenom Technologies
IT managed services provider offering helpdesk, cloud, cybersecurity and monitoring to Canadian small and mid-sized businesses.
IT Managed ServicesToronto, ONSince 2024
Da-Lee
Provides dust control, winter de-icing and pavement repair products plus hazardous and non-hazardous waste services in Ontario, Quebec and the US.
Infrastructure and Environmental ServicesStoney Creek, ONSince 2023
Grant Aggregate
Family business distributing wear and spare parts such as screen media, crusher wears and conveyor components to aggregate and construction industries.
Value Added DistributionSudbury, ON
Chief Financial Officer
Operations
Runs Alphi's finance function. Previously VP Finance at Crown Capital Partners (2018–2023) and began her career in KPMG's financial services audit practice. University of Toronto BCom and CPA, CA.
Founding Partner
Investments
Co-founded Alphi in 2022 after more than a decade (2011–2022) on Birch Hill Equity Partners' investment team, focused mainly on business services. Earlier worked in private equity at Audax Group in Boston and began as an M&A analyst at Morgan Stanley. Harvard MBA and Ivey HBA.
Founding Partner
Investments
Co-founded Alphi in 2022 after 18 years at Birch Hill Equity Partners (2004–2022), 12 of them as a Partner, including stints as an Operating Partner and as CEO of a portfolio company during its turnaround. Earlier worked on the start-up of Porter Airlines, at Bain & Company and in George Weston's Chairman's Office. Ivey MBA; sits on the board of Restaurant Brands International.
Principal
Investments
Principal working on new investments and portfolio value creation. Previously led strategic finance and operations at AI company Cohere, was an associate at Birch Hill (2019–2021) on industrials and aviation deals, and began as a Goldman Sachs investment banking analyst in Toronto.
Principal
Investments
Principal working on new investments and portfolio value creation. Previously spent five years as CFO of a PE-backed Canadian manufacturer, and before that was a vice president at TorQuest Partners (2017–2019) and senior associate at Onex Partners (2015–2017); started at Moelis & Company in Los Angeles.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Jul 21, 2025
RedBlue HeatPumps & Refrigeration
Acquirer · HVAC, plumbing and electrical services
Buyer Alphi Capital · Seller Founders Jordan Owen and Marshal Mason
Alphi partnered with Victoria, BC-based RedBlue, a residential and commercial HVAC, plumbing and electrical services provider on southern Vancouver Island founded in 2013, to fund growth in people, systems and geographic reach.
Jan 9, 2025
Eastbay Technologies Inc.
Acquirer · Managed IT services
Buyer Alphi Capital · Seller Founder Jeff Ridout
Alphi partnered with Toronto-based Eastbay, a managed IT services and project consulting provider to small and mid-sized businesses founded in 1999, with plans to grow organically and through acquisitions; it was one of the three Fund I platforms listed at the January 2025 fund close.
Alphi backs a Victoria, BC home and commercial services business.
Managed IT services platform in Toronto.
Debut fund closes well above target; three platforms (Da-Lee, K2 Fasteners, Eastbay) already invested.
Investment in Stoney Creek, Ontario-based Da-Lee, an infrastructure and environmental services provider.
Andrew Fortier and Thecla Sweeney leave Birch Hill to launch a Toronto lower mid-market firm.
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Bay Street Oracle · Oct 8, 2026 · intelligence.baystreetoracle.ca
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