CAI Capital Partners Announces Sale of Custom Air Conditioning Ltd. to Service Logic (opens in a new tab)
CAI exited its 2018 investment in the Vancouver mechanical services firm after five tuck-ins.
Private Equity
Vancouver private equity firm buying control of founder-owned lower-middle-market businesses in Canada and the US.
CAI Capital Partners is a Vancouver-based private equity firm, formed in 1989, that takes control positions in founder-owned Canadian and US lower-middle-market companies with at least $3 million of EBITDA and no prior institutional equity, often in essential and infrastructure-related services. It has invested about C$1.6 billion over three decades and closed CAI Fund VII at C$153 million in September 2024, above its C$150 million target. The investment team works from a single Vancouver office and many of its junior hires come from Vancouver mid-market investment banking groups such as CIBC, Deloitte Corporate Finance and Sequeira Partners.
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Control investments in founder-owned businesses providing essential services and products, with value created by adding talent, professionalizing processes, investing in infrastructure and expanding into new markets.
Builds platforms through add-ons, for example GreenArrow, which combined Midwestern Electric, Kuharchik Construction and Bear Electrical Solutions into a US traffic and electrical infrastructure services business with 500+ employees.
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Reasons that work in interviews
2 reasons for CAI Capital Partners
Vancouver-based lower mid-market with a long history in Western Canada.
Small fund, so every investment is material and visible.
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How juniors get in
Hires Associates in Vancouver with two or more years in investment banking, private equity, consulting, accounting or corporate development; no undergraduate or new-graduate roles on the investment team.
Green: evidence it does. Struck through: evidence it doesn’t. Dashed: no public evidence either way.
Programs
Distributor of scientific instruments offering technical sales, installation, training and after-sales service.
Business ServicesBurlington, ONSince 2026
BC consulting firm providing environmental, engineering, planning, geomatics and resource management services.
Business ServicesNorth Vancouver, BCSince 2024
Canadian distributor of powerline technician tools and safety equipment to utilities and line contractors.
Business ServicesCalgary, ABSince 2022
US platform of electrical infrastructure services firms covering traffic signals, street lighting and related work.
Business ServicesEast Chicago, United StatesSince 2021
Civil and geotechnical engineering, surveying and construction materials testing firm in the western US.
Business ServicesSalt Lake City, United StatesSince 2020
British Columbia specialty healthcare platform coordinating referral-to-recovery musculoskeletal care.
Business ServicesVictoria, BCSince 2020
Canadian traffic management and traffic control services provider expanding into the US Pacific Northwest.
Business ServicesLangley, BCSince 2018
Partner
Investment
Joined CAI in 2003 after 12 years in investment banking at RBC Dominion Securities and at Raymond James and its predecessor, Goepel Shields & Partners. Sits on the boards of Element Fleet Management, RebalanceMD and LineStar Utility Supply. UBC Sauder BComm, CFA, ICD.D.
Partner
Investment
Joined CAI in 2006 after working at RBC Capital Markets in Calgary and London. Chairs CMT Technical Services, GreenArrow, Kintera and Universal Group, and led the 2026 sale of Custom Air Conditioning. Haskayne BComm, ICD.D.
Partner
Investment
Joined CAI as an Associate in 2013 from CIBC Capital Markets' investment banking division and was promoted from Principal to Partner effective January 1, 2024. Chairs LineStar Utility Supply and sits on the ATS Scientific and Universal Group boards. UBC Sauder BComm, CFA, ICD.D.
Principal
Investment
Joined CAI as an Associate in 2019 from Parallel49 Equity, after six years in corporate finance, tax and restructuring at MNP and PwC; promoted to Principal effective January 1, 2024. Led the 2026 ATS Scientific investment and chairs RebalanceMD. UBC Sauder BComm, CPA, ICD.D.
Vice President
Investment
Joined CAI as an Associate in January 2021 from RBC Capital Markets' Consumer & Industrial Products investment banking group in Toronto, and was promoted from Senior Associate to Vice President effective January 1, 2025. Works on origination, transaction support and portfolio monitoring. Queen's Smith BComm.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Jan 1, 2025
Adam BlackPromotion
Vice President
CAI Capital Partners → CAI Capital Partners
Promoted to Vice President four years after joining as an Associate; announced January 8, 2025.
Jan 1, 2024
Ashton HerriottPromotion
Partner
CAI Capital Partners → CAI Capital Partners
Promoted to Partner after 11 years at the firm; announced January 22, 2024.
Jan 1, 2024
Trevor RibackPromotion
Principal
CAI Capital Partners → CAI Capital Partners
Promoted to Principal; joined as an Associate in 2019.
Jul 27, 2026
ATS Scientific Inc. (with subsidiary Folio Instruments Inc.)
Acquirer · Scientific instrumentation distribution
Buyer CAI Capital Partners (Fund VII)
Investment in a Burlington, Ontario distributor and servicer of analytical, scientific and test-and-measurement instruments; the third platform for CAI Fund VII.
Jul 13, 2026
Custom Air Conditioning Ltd.
Seller · Commercial mechanical services (HVAC/R)
Buyer Service Logic Holdings Canada Inc. · Seller CAI Capital Partners (Fund V)
Completed sale of CAI's majority stake in a Vancouver commercial HVAC/R, plumbing and electrical services provider held since 2018, after five tuck-in acquisitions; CAI called it one of the best returns in its history. BMO Capital Markets was financial advisor.
Jul 9, 2026
ATS Services Ltd.
Seller · Aviation weather and communication services
Buyer Consortium of private investors · Seller CAI Capital Partners (Fund VI)
Completed sale of CAI's majority stake in an Ottawa provider of aviation weather and communication services with 60+ sites, owned since September 2021. KPMG Corporate Finance advised.
Closed Aug 1, 2024
Bear Electrical Solutions
Acquirer · Traffic and electrical infrastructure services
Buyer CAI Capital Partners (now part of GreenArrow)
CAI partnered with California-based Bear Electrical Solutions in August 2024 (month only disclosed); Bear was combined with Midwestern Electric and Kuharchik Construction to form GreenArrow, unveiled March 18, 2025.
Mar 7, 2024
DWB Consulting Services Ltd.
Acquirer · Engineering and environmental consulting
Buyer CAI Capital Partners (Fund VII)
Fund VII investment in DWB Consulting Services, a multi-disciplinary consulting firm; CAI later backed DWB's 2025 merger with Chartwell Resource Group.
CAI exited its 2018 investment in the Vancouver mechanical services firm after five tuck-ins.
Sold ATS Services (July 9) and Custom Air Conditioning (July 13), then invested in ATS Scientific (July 27).
CAI combined three US electrical infrastructure services businesses under GreenArrow with a new CEO, Lloyd Kuehn.
Fund VII closed at C$153 million from more than 90 investors, beating its target in a difficult fundraising market.
Promotions effective January 1, 2024.
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Bay Street Oracle · Oct 8, 2026 · intelligence.baystreetoracle.ca
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