Next Runner Capital
A long-term, operator-led buyer for owners seeking a thoughtful succession path.
Who We Are
Next Runner Capital is a private investment firm. We are a long-term, operator-led buyer focused on taking an active leadership role and stewarding the companies we acquire for decades. Led by Max Horne, whose background is rooted in Canadian construction and manufacturing, NRC is drawn to owners looking for a successor, not just a buyer.
If you are considering succession and believe our approach aligns with your vision, we would welcome the chance for a confidential conversation.
Considering Selling Your Business?
See how we differ from traditional buyers, understand our acquisition process, and get answers to your questions.
See Why We're DifferentOur Value to You
See how we differ from traditional buyers in preserving your business legacy
| Criteria | Next Runner Capital | Private Equity (Financial Buyer) | Strategic Acquirer (Competitor / Larger Company) |
|---|---|---|---|
| Your Legacy | Your legacy is preserved. | One of many companies in a large portfolio. Your legacy is uncertain. | One piece of a larger whole. Legacy is often eliminated. |
| Your Employees | Retaining your team is critical to long-term success. | High risk of job cuts to meet efficiency goals. | High risk of job cuts to achieve synergies. |
| Time Horizon | Long-term with no fixed exit timeline. | Short-term (<5 years). | Uncertain, driven by the strategy of the acquiring company. |
| Our Goals | Sustainable growth and operational improvement, ideally building on your legacy for the long term. | Focus on financial engineering, cost-cutting, and short-term returns. | Focus on synergies with parent company, cost reduction, and integration. |
| Source of Funding | Committed personal capital, Horne family equity, senior lending relationships, and an operating partner network. | Institutions, pension funds, and endowments with strict mandates. | Acquiring company cash flows, public and/or private investors. |
Investment Criteria
We are seeking to acquire companies with the following characteristics.
Financial Profile
- EBITDA
- C$2.0M to C$4.0M of EBITDA
- Cash flow
- History of stable, consistent cash flows
- Margins
- Healthy margins and durable cash conversion
- Stewardship
- Clear opportunity for long-term operational stewardship
Company Profile
- Succession
- Closely held business with an owner considering succession
- Transaction
- Full or majority sale preferred
- Alignment
- Open to the owner rolling equity where it fits
- Continuity
- Management team and employees important to the next chapter
Industry Profile
- Sectors
- Manufacturing, industrial services, and construction services
- Geography
- All of Canada, plus the U.S. East North Central, Middle Atlantic, East South Central, and South Atlantic regions
- Market
- Durable demand, fragmented competition, and high service standards
- Culture
- Owner-operated cultures where a thoughtful transition matters
See Our Acquisition Criteria
Review the sectors, EBITDA range, geography, and ownership situations where NRC can move decisively.
View Investment CriteriaAbout Us
Max Horne
Principal and Founder
Max Horne is the Principal of Next Runner Capital, a Toronto-based private investment firm. His background is rooted in Canadian construction and manufacturing through his experience at Horne Construction, the family business his father founded in Burlington, Ontario. Horne Construction is a general contracting and millwork business whose work includes more than 300 restaurants across Canada, commercial units in Ontario, and 20+ custom luxury homes.
Prior to founding Next Runner Capital, Max spent five years in management consulting, leading engagements for North American companies, such as new product launches, business cases for strategic initiatives, and new business verticals from thesis and operating-model design through pilot and early-scale execution. He is known for translating complex analytics into clear decisions and guiding teams through first-of-a-kind projects.
Max is based in Toronto and is focused full time on acquiring and operating a closely held business where the owner is looking for a successor, not just a buyer.
Get in Touch
Ready to discuss your business transition? Let's start a conversation.