Investment Criteria
We focus on closely held manufacturing, industrial services, and construction services businesses generating C$2.0M - C$4.0M of EBITDA across Canada and select U.S. regions.
Our Initial Investment Criteria
NRC is led by Max Horne, whose background is rooted in Canadian construction and manufacturing. His father founded Horne Construction, a general contracting and millwork business in Burlington, Ontario. This operating background shapes our acquisition approach, drawing us to owners looking for a successor, not just a buyer. We are drawn to durable, closely held companies where ownership succession matters. In addition to our sector, size, and geography criteria, attractive businesses tend to exhibit at least two or more of the following qualities:
Reputation Moat
A strong reputation creates switching friction: when customers face meaningful risk if a provider fails, they stick with the company they trust.
High Barriers to Entry
Some businesses enjoy natural monopolies because starting a competitor is prohibitively difficult. Specialized licensing, heavy capital requirements, and the need to attract skilled labor all discourage new entrants.
Low Share of Customer Spend
When a service represents a small slice of the customer's overall budget, there's little incentive to switch for marginal savings. Customers prefer reliability over pennies saved.
Embedded Relationships
Services that become part of a customer's daily operations are difficult to unwind.
Example Businesses
Our core focus is manufacturing, industrial services, and construction services. These are the types of companies we will look at first.
Fire Sprinkler Inspection & Maintenance
Compliance-driven with recurring schedules and high switching costs.
Backflow Testing & Certification
Mandated by regulation, inexpensive per site, and performed annually.
Roofing Service & Leak Response
Emergency-driven and reputation-based, with recurring maintenance contracts.
Waterproofing & Building Envelope Repair
Specialized expertise, high failure costs, and limited competition.
Special Inspections & Materials Testing
Code-required and embedded in project workflows.
HVAC Commissioning & TAB
Critical for project closeout and recurring retro-commissioning.
NRC is focused on businesses generating C$2.0M - C$4.0M of EBITDA. Geography includes all of Canada and the U.S. East North Central, Middle Atlantic, East South Central, and South Atlantic regions.
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