TriWest Capital Partners
TriWest Capital Partners is a Calgary-based private equity firm founded in 1998 that invests control equity in profitable Western Canadian mid-market and lower mid-market manufacturing, distribution, and service businesses through management buyouts, successions, and growth capital, having raised C$1.75 billion across seven funds.
- Company typePrivate
- Founded1998
- HeadquartersCalgary, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What TriWest Capital Partners does
TriWest Capital Partners is a Calgary-based private equity firm founded in 1998 by Ron Jackson, Lorne Jacobson, and Cody Church, former senior executives of Burns Foods. The firm invests in profitable Western Canadian mid-market and lower mid-market companies in the manufacturing, distribution, and service sectors with C$5 million+ EBITDA, deploying control-equity capital through management buyouts, family-business successions, recapitalizations, and growth financings. TriWest has raised approximately C$1.75 billion in committed capital across seven funds (Fund I through Fund VI plus the Lower Mid-Market Fund I) and has completed 52 platform investments and more than 60 add-on acquisitions since inception, alongside co-investments with BDC Capital, BMO Capital Partners, Export Development Canada, Silver Lake, HarbourVest, and Onex Partners.
The firm operates under a "Deal DNA" framework that emphasizes partnership with management, principal co-investment of 7.5%-15% per fund using personal resources, identical equity structures between general partners and management (no preferential terms), and disciplined capital structures. Revenue is generated through management fees on committed and invested capital across its seven funds and carried interest on realized exits above the preferred-return hurdle. Portfolio activity remains active: Fund VI (closed May 2025 at C$325 million) has already funded The Fastener Group, Spence Diamonds, and Ocean Brands, while recent realizations include Strike Group (MBO, October 2025), Bull Moose Capital (October 2025), and Peloton Computer Enterprises (Carlyle-led recapitalization, February 2026). A consortium led by Onex Partners and TriWest agreed to acquire AirSprint Inc. in June 2026, expanding into business aviation.
TriWest has no proprietary technology platform; its competitive edge is financial-structuring capability, operating expertise, and 25+ years of relationship-driven deal sourcing in Western Canada. The firm maintains a single Calgary headquarters and a partner-led investment team drawn from investment banking (Morgan Stanley, RBC Capital Markets, CIBC, TD Securities, BMO, Canaccord Genuity, Blackmont), law (Bennett Jones, Burnet Duckworth & Palmer), and operating roles. TriWest files annual reports under Canada's Supply Chains Act and operates under a formal ESG Policy overseen by the COO.
TriWest Capital Partners firmographics
Firmographics- Name
- TriWest Capital Partners
- Legal name
- TriWest Capital Partners Management Inc.
- Website
- http://triwest.ca/
- Company type
- Private
- Founded year
- 1998
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- TriWest Capital Partners is a Calgary-based private equity firm founded in 1998 that invests control equity in profitable Western Canadian mid-market and lower mid-market manufacturing, distribution, and service businesses through management buyouts, successions, and growth capital, having raised C$1.75 billion across seven funds.
- Ownership category
- akta.pro rank
TriWest Capital Partners industry classification
Industry- Product category
- Private Equity Investment Management
- NAICS
- Funds, Trusts, and Other Financial Vehicles (525), Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Sector-Focused Venture Capital (Vertical Specialists) (FSANAAAD)
Keywords
Where TriWest Capital Partners is headquartered
LocationHeadquarters
- HQ city
- Calgary
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
TriWest Capital Partners business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Marketing or Sales, Technology or R&D, Others, Infrastructure
Revenue model
- Management Fees: TriWest earns management fees on committed capital across its seven private equity funds. These fees provide a recurring revenue base during the investment period and beyond.
- Carried Interest (Performance Fees): The firm earns carried interest on fund profits when investments are exited at gains above the preferred return hurdle. This is the primary performance-based revenue stream that aligns TriWest principals' interests with those of limited partners and portfolio company management.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
TriWest Capital Partners product offering
Product offeringCore offering
TriWest Capital Partners is a Western Canadian-focused private equity firm that manages seven private equity funds (Fund I through Fund VI plus the Lower Mid-Market Fund I) with approximately C$1.75 billion in total committed capital. The firm invests in profitable mid-market businesses (typically $5M+ EBITDA) in manufacturing, distribution, and service sectors, providing management buyout financing, growth capital, recapitalizations, and succession planning solutions alongside management teams who co-invest. TriWest earns revenue through management fees on committed capital and carried interest on fund profits.
Product overview
TriWest Capital Partners is a private equity firm offering investment fund products rather than a traditional product company. The firm operates seven distinct private equity funds (Fund I through Fund VI and Lower Mid-Market Fund I) with combined committed capital of C$1.75 billion. These funds provide growth capital, management buyout financing, and succession planning solutions to Western Canadian mid-market companies. TriWest's investment strategy follows a 'Deal DNA' framework emphasizing partnership, aligned interests, dynamic support, and disciplined execution.
Differentiator
Problem solved
Functional benefit
Products and services
- TriWest Capital Growth Fund Limited Partnership No.1 TriWest's first private equity fund, raised in 1999 with $57 million in commitments from founding partners and institutional investors, focused on Western Canadian mid-market companies.
- TriWest Capital Growth Fund Limited Partnership II TriWest's second private equity fund, closed in 2004 with $120 million in commitments from Canadian institutional investors and principals, focused on Western Canadian mid-market investments.
- TriWest Fund III (TriWest Capital Partners III, L.P.) Third private equity fund closed in July 2008 with $250 million in commitments, building on relationships with existing Limited Partners and two new Limited Partners.
- TriWest Fund IV Fourth private equity fund closed in May 2012 with $350 million in commitments from existing and new institutional investors in Canada and the United States.
- TriWest Fund V Fifth private equity fund closed in February 2015 with $500 million in commitments, the largest fund in the firm's history at that time, with continued support from existing Limited Partners and new institutional investors from Canada and the United States.
- TriWest Mid-Market Fund VI Sixth private equity fund closed in May 2025 with C$325 million in commitments, targeting mid-market companies headquartered in, or with a strong connection to, Western Canada.
- TriWest Lower Mid-Market Fund I Lower mid-market fund deploying nearly C$500 million alongside Fund VI to support Western Canadian businesses with growth and transition capital needs, expanding TriWest's coverage of the lower mid-market segment.
Quantifiable outcome
- 52 platform investments and 60+ add-on acquisitions successfully completed since 1998
- +1 more outcomes
Companies that use TriWest Capital Partners
Customer profileSegments2 records
Ideal customer profiles2 records
TriWest Capital Partners technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
TriWest Capital Partners partnerships and signals
Strategic signalPartnerships
Ten partnerships are on record, tiered core and secondary.
- AirSprint (Target Portfolio Company)coreTriWest is acquiring AirSprint alongside Onex Partners and co-investors. AirSprint's Founder & Chairman Judson Macor, President & CEO James Elian, and certain existing shareholders will remain as investors post-deal. TriWest's investment will support AirSprint's next phase of growth under new institutional backing.
- Ocean Brands (Target Portfolio Company)coreTriWest acquired Ocean Brands in May 2026 in partnership with existing management led by President Ian Ricketts. Ocean Brands is a manufacturer, marketer, and distributor of food products under brands including Ocean's, Gold Seal, Millionaires, Nonna Pia's, and Culinary Collective. Headquartered in Richmond, BC, it is TriWest's third platform investment in Fund VI.
- Bennett Jones LLPsecondaryBennett Jones LLP acted as legal advisor to TriWest on the acquisition of Ocean Brands.
- EY ParthenonsecondaryEY Parthenon provided advisory services to TriWest on the Ocean Brands transaction.
- Spence Diamonds (Target Portfolio Company)coreTriWest acquired a majority stake in Spence Diamonds in July 2025. Spence is a vertically integrated diamond bridal jewelry retailer operating eight Canadian showrooms across Alberta, BC, and Ontario, established in 1978 and based in Vancouver, BC. This was TriWest's second platform investment in Fund VI.
- Alta West Capital Corporation (Target Portfolio Company)coreTriWest made a majority investment in Alta West Capital Corporation, an established fund manager providing alternative investment products within the Canadian residential mortgage market. This marked TriWest's seventh platform investment in its Growth Fund and 50th platform since 1998. The management team led by CEO George Botros and Executive Chairman Charles McKitrick continued in leadership roles.
- Alta West Capital Management Team (George Botros, Charles McKitrick)coreThe existing management team of Alta West Capital, led by CEO George Botros and Executive Chairman Charles McKitrick, continued to lead the business and remained significant shareholders following TriWest's majority investment.
- Phoenix Fence Corp. (Target Portfolio Company)coreTriWest acquired a majority stake in Phoenix Fence Corp. from Apex Partners in February 2023. Phoenix Fence, founded in 1981 and based in Edmonton, Alberta, is a leading manufacturer, distributor, and installer of fencing and related products across Western Canada. This was TriWest's sixth platform investment in its $157MM Growth Fund.
- Monarch Industries (Target Portfolio Company)coreTriWest led a majority acquisition of Monarch Industries, a leading manufacturer of hydraulic cylinders and custom iron castings, alongside BDC Capital's Growth Equity Partners, BMO Capital Partners, and Export Development Canada. The partnership demonstrates TriWest's co-investment model with institutional co-investors.
- Peloton Computer Enterprises (Former Portfolio Company)coreTriWest invested in Peloton in August 2017 and served as a board-level partner for nine years. Peloton is a Calgary-founded global software company providing well data lifecycle, production data lifecycle, and land data management solutions to energy clients worldwide.
Scale indicators6 records
Recent moves8 records
Expansion highlights5 records
TriWest Capital Partners competitors and assessment
Company assessmentDirect peers
- Birch Hill Equity Partners: Toronto-based Canadian mid-market private equity firm pursuing control buyouts of North American businesses, comparable to TriWest in fund size, strategy, and target EBITDA profile. Similar relationship-driven, partner-of-choice positioning in the Canadian mid-market.
- Stone Point Capital: U.S. middle-market private equity firm focused on business services, financial services, and consumer sectors with similar fund sizes and control buyout orientation; directly comparable on strategy and target company profile.
- Clairvest Group: Toronto-based Canadian mid-market PE firm that invests in owner-operator businesses with strong management teams, employing a co-investment-heavy model similar to TriWest's. Directly comparable in strategy and target segment.
- Novacap: One of Canada's largest independent PE firms, with funds investing in middle-market companies across multiple sectors and geographies. Directly comparable to TriWest as a Canadian-domiciled mid-market buyout sponsor with multiple fund vintages.
- Wynnchurch Capital: U.S. mid-market PE firm specializing in corporate carve-outs, complex situations, and operational value creation in industrial/services sectors — directly comparable to TriWest on size, sector focus (manufacturing, distribution, services), and middle-market buyout strategy. Wynnchurch also acquired TriWest's Trimlite portfolio company.
- Imperial Capital Group: Calgary-based Western Canadian private equity firm investing in mid-market businesses across Western Canada with comparable regional focus, fund size, and sector orientation (industrial, manufacturing, services) to TriWest.
- CAI Capital Management: Vancouver-based Canadian mid-market private equity firm focused on Western Canadian businesses, providing growth capital, succession, and recapitalization solutions — directly overlapping with TriWest's geography, target EBITDA range, and sector focus.
Broad incumbents
- Onex Corporation: One of Canada's largest alternative asset managers with multi-billion-dollar PE funds investing across North America and Europe. Broad incumbent comparable to TriWest as a Canadian PE sponsor; co-led the AirSprint acquisition alongside TriWest in 2026.
- Brookfield Asset Management: Canada-headquartered global alternative asset manager with one of the world's largest private equity platforms. Comparable as a Canadian-domiciled PE incumbent, though operating at materially larger scale and breadth than TriWest.
Others
- BDC Capital: Canada's business development bank, providing growth equity, venture capital, and PE capital to Canadian companies. Functions as a co-investor alongside TriWest (Monarch Industries 2022) rather than a direct competitor, but operating in the same Canadian PE ecosystem.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
TriWest Capital Partners social profiles
Digital presenceTriWest Capital Partners compliance and trust
Trust signalCompliance2 records
TriWest Capital Partners financial estimates
Financial estimateRevenue estimate
Valuation estimate
TriWest Capital Partners leadership team
Management profileNumber of profiles
Profiles15 records
TriWest Capital Partners funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
TriWest Capital Partners M&A and investment
M&A and investmentM&A19 records
Investments27 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about TriWest Capital Partners
What does TriWest Capital Partners do?
TriWest Capital Partners is a Western Canadian-focused private equity firm that manages seven private equity funds (Fund I through Fund VI plus the Lower Mid-Market Fund I) with approximately C$1.75 billion in total committed capital. The firm invests in profitable mid-market businesses (typically $5M+ EBITDA) in manufacturing, distribution, and service sectors, providing management buyout financing, growth capital, recapitalizations, and succession planning solutions alongside management teams who co-invest. TriWest earns revenue through management fees on committed capital and carried interest on fund profits.
Is TriWest Capital Partners a public or private company?
TriWest Capital Partners is a private company. It is classified as management employee owned and is currently operating.
When was TriWest Capital Partners founded?
TriWest Capital Partners was founded in 1998. It employs 1 to 10 people.
Where is TriWest Capital Partners based?
TriWest Capital Partners is headquartered in Calgary, Canada, in the North America region.
How does TriWest Capital Partners make money?
Two revenue lines are on record. Management Fees are the primary driver. The others are carried Interest (Performance Fees).
Who are TriWest Capital Partners's main competitors?
Direct peers on record are Birch Hill Equity Partners, Stone Point Capital, Clairvest Group, Novacap, Wynnchurch Capital, Imperial Capital Group and CAI Capital Management. Broad incumbents are Onex Corporation and Brookfield Asset Management. BDC Capital is listed as an others.
Does TriWest Capital Partners have an API?
No public API is recorded for TriWest Capital Partners.
What industry is TriWest Capital Partners in?
TriWest Capital Partners's product category is Private Equity Investment Management. Its primary akta.pro industry code is FSANAAAD, Sector-Focused Venture Capital (Vertical Specialists). Its NAICS code is 525 and its SIC code is 6282.