Cieslok is Back: Founder Jorg Cieslok Returns to Lead a New Out-of-Home Platform in Canada backed by TorQuest Partners (opens in a new tab)
TorQuest-backed relaunch of the former Branded Cities Canada under its founder.
Private Equity
Toronto-based Canadian middle-market private equity firm that partners with management teams.
TorQuest Partners is a Toronto private equity manager founded in 2002 by Brent Belzberg that invests in Canadian middle-market companies, often founder- and family-led, and works closely with management to build value. It has more than C$5 billion of equity capital under management across six funds (Fund I to Fund VI); Fund VI held its final close in December 2023 at its C$2.1 billion hard cap for external commitments (described as a roughly C$2.3 billion fund in total). In 2024 RidgeLake Partners took a passive minority stake in the firm as part of a long-term succession plan.
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Control and partnership investments in Canadian middle-market companies, currently from Fund VI (C$2.1 billion of external commitments; described by TorQuest as a C$2.3 billion fund). Mevotech, GlassRatner and Waste Solutions Canada were its first, third and fourth investments.
Industrial holdings such as aftermarket parts maker Mevotech and Xypex Chemical; the managing partner's own deal focus has mostly been industrials and consumer products.
Services platforms including advisory firm GlassRatner, IT staffing business S.I. Systems and out-of-home media company Cieslok Group.
Investments such as VersaCold Logistics, TrailCon and Waste Solutions Canada, a tech-enabled waste and recycling management provider.
Buy-and-build support for portfolio companies; the firm reports 117 add-on acquisitions completed alongside 62 platforms.
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From the inside
Reasons that work in interviews
4 reasons for TorQuest Partners
Canadian mid-market with a consistent industrials and business services focus rather than a rotating thesis.
Partners with founders and corporate carve-outs, and carve-outs are a genuinely different diligence problem worth saying you want to learn.
Small team, so associates are on the full deal rather than a workstream.
Long-tenured senior group, which means the apprenticeship is with people who have done this through multiple cycles.
Coming soon
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How juniors get in
Hires most Associates out of investment banking or pension-fund private equity, but also brings in juniors as Analysts, and its TorQuest Scholars program offers a four-month internship or co-op alongside the investment team for Black-identifying GTA students.
Green: evidence it does. Struck through: evidence it doesn’t. Dashed: no public evidence either way.
Programs
Specialty advisory firm offering restructuring, forensic accounting, litigation support and transaction services.
Business Services; Financial Institutions and ServicesAtlanta, GASince 2025
Tech-enabled managed service provider for waste and recycling services across Canada.
Business ServicesLondon, ONSince 2025
Quebec deathcare provider operating funeral homes, cemeteries and cremation services in Montreal and Quebec City.
Consumer Products & ServicesMontreal, QCSince 2024
Third-party logistics operator providing ambient and temperature-controlled warehousing and transportation.
Transportation, Logistics & InfrastructureBrantford, ONSince 2023
Canadian lessor of transportation trailers offering lease, rental and maintenance services.
Transportation, Logistics & InfrastructureBrampton, ONSince 2022
Designer, manufacturer and wholesaler of branded and private label footwear and apparel.
Consumer Products & ServicesMontreal, QCSince 2021
Franchisor of A&W, a leading Canadian quick-service burger restaurant chain.
Consumer Products & ServicesVancouver, BCSince 2018
Specialty chemical maker producing malic and fumaric acid for food, beverage and industrial markets.
Chemicals & IngredientsStoney Creek, ONSince 2018
North American manufacturer of aluminum extrusions with anodizing and fabrication capabilities.
Industrial Products & ServicesBrampton, ONSince 2016
Manufacturer of zero-turn residential and commercial lawn mowers sold through U.S. dealers and retailers.
Consumer Products & ServicesBatesville, AR
Rental provider of lighting equipment for concerts, theatre, corporate events and tradeshows.
Business ServicesOrlando, FL
Owner-operator of digital and static outdoor media displays in major Canadian markets.
OtherToronto, ON
Processor and distributor of snack nuts, confectionery and dried fruit for Canadian and U.S. retailers.
Consumer Products & ServicesToronto, ON
Specialty industrial services such as pigging, decoking and chemical cleaning for energy and petrochemical customers.
Industrial Products & ServicesHouston, TX
Designer of driveline, steering and suspension parts for the automotive aftermarket.
Industrial Products & ServicesToronto, ON
Manufacturer of rubber products sold into farm, consumer, athletic facility and industrial channels.
Industrial Products & ServicesAbbotsford, BC
Canadian IT staffing firm offering contract, project-based and permanent placement services.
Business ServicesCalgary, AB
Independent provider of outsourced services to the Canadian property and casualty insurance industry.
Business Services; Financial Institutions and ServicesEdmonton, AB
Proprietary technology for waterproofing, protection and repair of concrete structures.
Chemicals & IngredientsRichmond, BC
Senior Executive Chairman
Leadership
Founded TorQuest in 2002 after the 2001 sale of Harrowston Inc., a public investment vehicle he set up in 1992; earlier President of First City Financial. Now Senior Executive Chairman (titled Senior Managing Partner as recently as April 2024). Member of the Order of Canada (2018), director of Sinai Health System and former director of CIBC and Four Seasons Hotels. Queen's BComm and U of T JD.
Executive Chairman
Leadership
Co-founded TorQuest in 2002 after serving as President, CEO and controlling shareholder of consumer paper products maker Gustin Kramer from 1994 to 2002. Now Executive Chairman (titled Managing Partner as recently as April 2024) and a director or observer on each TorQuest portfolio company. Boston University MBA.
Managing Partner
Leadership
Joined TorQuest in 2004 from CIBC Capital Partners and, as Managing Partner, leads all aspects of the firm; his deals have mostly been in industrials and consumer products, and he previously chaired the Investment Committee. U of T JD/MBA gold medallist and Harvard economics graduate.
Partner
Business Development & Investor Relations
Joined TorQuest in 2006 and, as a Partner, oversees external relationships including business development and investor relations. Previously led business development at Los Angeles-based Platinum Equity. Honorary director and past chair of ACG Toronto.
Partner
Deal Team
Joined TorQuest in 2007 from enterprise software firm Workbrain, where he rose from Director of Finance to CFO (2003–2006) and SVP Operations before its 2007 sale to Infor. Earlier worked in RBC Capital Markets' investment banking group. Rotman MBA; McGill BSc and MSc.
Partner
Deal Team
Partner at TorQuest since joining in 2009. Previously a partner in EdgeStone Capital Partners' venture capital funds and, earlier, a lawyer at Goodmans LLP where he set up its venture group. Former director of the CVCA; U of T LLB and MBA.
Professional information only, drawn from official biographies and published reporting. BSO never lists private contact details.
Sep 16, 2026
Cieslok Group (formerly Branded Cities Canada)
Financial sponsor · Out-of-home advertising media
Buyer TorQuest Partners
TorQuest backed a new Canadian-owned out-of-home media platform, the former Branded Cities Canada, led by returning founder Jorg Cieslok, with signage assets in Toronto, Montréal, Edmonton and Ottawa.
Sep 8, 2025
Waste Solutions Canada Inc.
Acquirer (partnership with co-founders) · Environmental / waste management services
Buyer TorQuest Partners
Completed investment in London, Ontario-based Waste Solutions Canada, a tech-enabled waste, recycling and sustainability management provider; co-founders kept substantial stakes. Fourth investment from Fund VI.
Jun 27, 2025
GlassRatner
Acquirer · Specialty advisory services (restructuring, forensic accounting)
Buyer TorQuest Partners · Seller B. Riley Financial, Inc.
B. Riley sold GlassRatner, a ~200-person restructuring, forensic accounting and litigation-support advisory firm operating in the US, Canada and Mexico, to TorQuest for US$117.8 million; it became Fund VI's third platform.
Jul 15, 2024
Mevotech L.P.
Acquirer · Automotive aftermarket parts
Buyer TorQuest Partners · Seller Penfund
TorQuest completed its acquisition of Toronto-based Mevotech, which designs driveline, steering and suspension parts for the North American aftermarket, from Penfund funds; it was Fund VI's first investment and CEO Ezer Mevorach stayed on.
TorQuest-backed relaunch of the former Branded Cities Canada under its founder.
Fund VI's fourth investment, in a London, Ontario waste-management services provider.
B. Riley sells its specialty advisory unit to TorQuest.
TorQuest highlighted a Brock University student's four-month placement through its Scholars Program.
First Fund VI investment, acquired from Penfund.
Passive GP-stake investment supporting the firm's succession plan, with no operational changes.
Fund VI closed oversubscribed at its C$2.1 billion hard cap for external commitments, above its C$1.75 billion target.
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Four-month in-person internship or co-op for Black-identifying students in the Greater Toronto Area, with mentorship across investment, business development and value-creation teams, technical training and ongoing post-program support. No prior finance experience required.
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Large-cap platforms and global multi-strategy funds
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