ONCAP

What ONCAP does

ONCAP is the lower mid-market private equity platform of Onex Corporation, founded in 1999 and headquartered in Toronto with an additional office in New York. The firm invests in and builds value in North American-headquartered small and medium-sized businesses with scalable, sustainable competitive positions, frequently serving as the first significant institutional investor in founder-owned companies. Over its 26-year history ONCAP has executed 38 platform investments and over 200 add-on acquisitions, with only one realized impairment across the portfolio.

The firm's stated investment strategy is to create value through revenue and EBITDA growth rather than financial engineering or excessive leverage, supported by active portfolio-company engagement, infrastructure investment, and operational resources. ONCAP typically takes majority equity stakes in partnership with founders and existing management teams, with current portfolio spanning automotive services (AutoSavvy, CSN Collision), healthcare (Biomerics, Image Specialty Partners), education (ILAC, Right At School), industrial services (Mid-State Industrial Maintenance, Komar Industries, Ontivity, Walter Surface Technologies), consumer products (Chatters, Mayzon, Merrithew, Venanpri), and technology-enabled services (Data Driven Holdings, Wyse Meter Solutions, Rebox). The firm manages multiple funds through ONCAP Management Partners L.P., with ONCAP V having held its final close in July 2023.

ONCAP's revenue model is that of a traditional private equity sponsor: management fees on committed and invested fund capital, plus carried interest on realized investments. The firm is privately held and does not disclose standalone revenue figures; it is a subsidiary of Onex Corporation. Recent strategic activity has centered on deploying ONCAP V (Mid-State Industrial Maintenance in March 2025, Data Driven Holdings in May 2025, CSN Collision in October 2025) while simultaneously realizing older assets (PURE Canadian Gaming sold December 2024 to Indigenous Gaming Partners; Precision Concepts sold July 2025 to The Sterling Group), and has included the formation of the Veritage Brands joint venture with Griffon Corporation in June 2026. The firm has also built a dedicated AI, Data and Analytics function led by Kevin Northrup (joined 2025) to support portfolio-wide value creation.

Name

ONCAP

Legal name

ONCAP Management Partners L.P.

Website

https://oncap.com

Company type

Private

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

ONCAP is the lower mid-market private equity platform of Onex Corporation, investing in North American small and medium-sized founder-owned businesses and creating value through revenue and EBITDA growth. With 38 platform investments and 200+ add-on acquisitions over 26 years, ONCAP partners with management teams across diverse sectors.

Ownership category

akta.pro rank

Product category

Private Equity Investment Services

NAICS

Other Financial Investment Activities (5239), Portfolio Management and Investment Advice (52394), Management of Companies and Enterprises (55111)

SIC

Investment Advice (6282)

akta.pro primary industry

Platform Buy-and-Build / Roll-Up Buyout (FSANABAI)

akta.pro secondary industry

Industry-Specialist Buyout (Sector-Focused) (FSANABAE)

Keywords

• Lower mid-market private equity
• Private equity investments
• Growth capital partnerships
• M&A-led buyout platform
• North American SMB buyouts

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Marketing channels1 record

Core offering

ONCAP invests in and builds value in North American headquartered small and medium-sized businesses with scalable, sustainable competitive positions, partnering with founders and management teams to deliver growth capital and strategic support. The firm executes a private equity investment strategy focused on revenue and EBITDA growth through organic expansion and M&A-led add-on acquisitions, having completed 38 platform investments and over 200 add-on acquisitions across its 26-year history.

Product overview

ONCAP is a private equity firm and does not offer a unified product or platform with modules. Rather than a product company, ONCAP provides private equity investment services, partnering with operating company management teams to invest in and build value in North American headquartered small and medium-sized businesses. The firm's offerings center on growth capital strategy, M&A-led growth through acquisitions (having completed 38 platform investments and over 200 add-on acquisitions over 26 years), and organic growth support for portfolio companies. ONCAP's services are structured around investment partnerships rather than software products, platforms, or modules. The portfolio spans diverse sectors including automotive services (AutoSavvy, CSN Collision), healthcare (Biomerics, Image Specialty Partners), education (ILAC Education Group, Right At School), industrial services (Mid-State Industrial Maintenance, Komar Industries, Ontivity, Walter Surface Technologies), consumer products (Chatters, Mayzon, Merrithew International, Venanpri Group), and technology solutions (Data Driven Holdings, Wyse Meter Solutions, Rebox Corporation).

Differentiator

Problem solved

Functional benefit

Products and services

• ONCAP Private Equity Investment Platform Lower mid-market private equity investment partnership platform of Onex Corporation that invests in North American headquartered small and medium-sized businesses with scalable, sustainable competitive positions, partnering with founders and management teams to deliver growth capital and support organic and M&A-led expansion.

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Griffon CorporationcoreStrategic or Co-development Partner · 10 June 2026ONCAP and Griffon Corporation formed Veritage Brands, a joint venture combining Griffon's AMES North America businesses with ONCAP's Venanpri Hand Tools Division to create a global leader in hand tools, garden products, and home organization solutions. The combined entity includes brands such as AMES, ClosetMaid, Garant, Bellota, Corona, and Burgon & Ball. Griffon received $100 million in cash consideration and $161 million of second lien debt, retaining 43% equity while ONCAP holds 57%.
• CSN CollisioncoreStrategic or Co-development Partner · 23 October 2025CSN Collision partnered with ONCAP to acquire collision centres from CSN founders and enable further growth through investments and acquisitions. The partnership aims to strengthen CSN's position as a leading collision repair network in North America with over 400 locations.

Scale indicators4 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• New Mountain Capital: New Mountain Capital is a growth-oriented investment firm with mid-market PE focus across services and healthcare. Comparable to ONCAP in scale, sector breadth, and operationally-driven approach to building category-leading businesses.
• Centerbridge Partners: Centerbridge is a diversified private investment firm with mid-market PE, credit, and special situations capabilities. Comparable to ONCAP in lower mid-market deal size and operational approach, though broader in strategy.

Regional players

• OMERS Private Equity: OMERS Private Equity is the direct investment arm of Ontario Municipal Employees Retirement System, with mid-market North American focus including Canadian exposure. Comparable to ONCAP as a major Canadian institutional investor in the mid-market PE space.

Direct peers

• Wynnchurch Capital: Wynnchurch is a mid-market PE firm investing in North American businesses with a focus on industrials, services, and consumer sectors. Directly comparable to ONCAP's sector emphasis, lower mid-market EBITDA range, and operationally-focused value creation.
• AEA Investors: AEA Investors is a lower mid-market private equity firm focused on founder-led businesses with significant operating partner involvement. Comparable to ONCAP in founder-partnering approach, sector breadth, and operational value creation emphasis.
• Quad-C Management: Quad-C is a lower mid-market PE firm focused on the middle market with strong operating partner infrastructure. Comparable in fund size, deal profile, and emphasis on founder partnerships and operational value creation.
• HIG Capital: HIG Capital is a global alternative investment firm with significant lower mid-market PE activity in North America. Comparable in target company size, sector diversification, and buy-and-build orientation.
• Audax Group: Audax is a leading lower mid-market private equity firm pursuing a systematic buy-and-build strategy, having completed thousands of add-on acquisitions. Highly comparable to ONCAP in target company size, North American focus, and platform/add-on M&A approach.
• Berkshire Partners: Berkshire Partners is a mid-market private equity firm investing across consumer, services, and industrials with operationally intensive approach. Directly comparable to ONCAP in target profile, sector emphasis, and value creation methodology.

Emerging players

• Greenbriar Equity Group: Greenbriar is a sector-focused mid-market PE firm specializing in industrials, services, and infrastructure. Comparable to ONCAP's industrial sector focus and lower mid-market deal size, though narrower sector mandate.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/oncap-management-partners

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries17 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A28 records

Investments7 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ONCAP