Saltire Capital
Saltire Capital Ltd. is a Toronto-based, publicly traded permanent capital vehicle (TSX: SLT-U.TO; OTCQX) that acquires controlling stakes in private companies as an alternative to traditional private equity, with operating holdings spanning industrial equipment dealerships (SanStone, Tool Shed), global projection screens and immersive technology (MDI), and a stake in North American deathcare services (Anthem Partners).
- Company typePublic
- Founded2024
- HeadquartersToronto, Canada
- Headcount1–10
- GTM typeB2B
- OfferingServices
What Saltire Capital does
Saltire Capital Ltd. is a Toronto-based, publicly traded permanent capital vehicle (TSX: SLT-U.TO; OTCQX Best Market) that acquires controlling stakes in private companies and select public entities as an alternative to traditional private equity. Founded in September 2024 through FG Acquisition Corp.'s acquisition of Strong/MDI Screen Systems and an approximately US$4.3 million private placement, the company pursues a platform-plus-bolt-on strategy targeting market-leading businesses with defined competitive advantages. Saltire's holdings span three operating verticals: industrial services (SanStone Investments Limited and its Wilson Equipment and Tidal Tractor dealership brands in Eastern Canada, plus the recently acquired Tool Shed Sales and Rental Inc. in Nova Scotia), projection screens and immersive technology (MDI, which holds approximately 50% of the global projection screen market and operates an 80,000 sq. ft. facility in Joliette, Quebec), and a minority stake in deathcare services (Anthem Partners, a top-10 North American bereavement platform with 75 locations and 350+ employees).
The business model combines long-duration capital allocation with publicly traded liquidity. Saltire generates revenue through its operating subsidiaries — equipment sales, rentals, parts, and service from the dealership platform, and projection screen and immersive technology sales from MDI — augmented by investment returns and a carried interest in the underlying asset manager, Saltire Partners Inc. FY2025 revenue reached CAD$49.1 million, up 213% year-over-year, driven by the SanStone acquisition and MDI performance. Capital structure includes a US$100 million credit facility from Sagard Credit Partners II, LP and prior private placements. The company is led by Executive Chair Larry G. Swets Jr., CEO Andrew Clark (former Chairman & CEO of Park Lawn Corporation, where he drove a 337% total shareholder return), CIO Robert Clark (co-founder of Anthem Partners and former VP at Park Lawn and Bentall Kennedy), and CFO Imad Mushtaq (effective November 2025). Headquarters are at 10 Alcorn Avenue, Suite 206, Toronto, with operating subsidiaries across Eastern Canada, Quebec, and global cinema/entertainment markets.
Saltire Capital firmographics
Firmographics- Name
- Saltire Capital
- Legal name
- Saltire Capital Ltd.
- Website
- https://saltirecapitalltd.com
- Company type
- Public
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- Saltire Capital Ltd. is a Toronto-based, publicly traded permanent capital vehicle (TSX: SLT-U.TO; OTCQX) that acquires controlling stakes in private companies as an alternative to traditional private equity, with operating holdings spanning industrial equipment dealerships (SanStone, Tool Shed), global projection screens and immersive technology (MDI), and a stake in North American deathcare services (Anthem Partners).
- Ownership category
- akta.pro rank
Saltire Capital industry classification
Industry- Product category
- Private Equity / Permanent Capital Vehicle
- NAICS
- Management of Companies and Enterprises (551)
- SIC
- Security Brokers, Dealers & Flotation Companies (6211)
- akta.pro primary industry
- Corporate Strategic Real Assets & Infrastructure Venture Investing (FSANAHAN)
Keywords
Where Saltire Capital is headquartered
LocationHeadquarters
- HQ city
- Toronto
- HQ country
- Canada
- HQ region
- North America
Offices1 record
Markets served
Saltire Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Supply Chain, Marketing or Sales, Others
Revenue model
- Investment Returns and Portfolio Company Performance: Generates revenue through investment returns from controlling stakes in private companies and select public entities. Revenue growth driven by acquisitions (213% revenue increase to $49.1 million in 2025 from SanStone acquisition and MDI performance). Operates as a permanent capital vehicle with long-term capital allocation strategy.
- Industrial Services Operations: Through SanStone Investments Limited, operates heavy equipment dealerships and agricultural equipment dealerships in Eastern Canada. Through Tool Shed Sales and Rental Inc., provides contractor supplies, pro-grade tools, and safety equipment in Nova Scotia. Revenue generated from equipment sales, rentals, and related services.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels3 records
Saltire Capital product offering
Product offeringCore offering
Saltire Capital Ltd. is a publicly traded permanent capital investment vehicle that acquires controlling stakes in private companies and select public entities. The firm operates a platform-plus-bolt-on acquisition strategy targeting market-leading businesses across industrial services (heavy and agricultural equipment dealerships under Wilson Equipment and Tidal Tractor brands), projection screen manufacturing (MDI), contractor supplies (Tool Shed Sales and Rental), and deathcare services (Anthem Partners minority stake). Shares trade on the TSX (SLT-U.TO) and OTCQX Best Market, providing retail and institutional investors exposure to privately held businesses.
Product overview
Saltire Capital operates as a permanent capital investment vehicle providing retail investors access to private and control-level investments. The company holds a portfolio of subsidiaries and investments across industrial services and technology sectors. Key holdings include: SanStone Investments Limited (heavy equipment and agricultural equipment dealerships under Wilson Equipment and Tidal Tractor brands), MDI (projection screens and immersive technology products including Eclipse and SEISMOS haptic floors), Tool Shed Sales and Rental Inc. (contractor supplies and equipment), and Anthem Partners (deathcare services). The investment structure combines public market liquidity with private company ownership.
Differentiator
Problem solved
Functional benefit
Brands
- SanStone Holdings: Holding company for SanStone Investments Limited, Wilson Equipment, and Tidal Tractor dealership brands.
- Wilson Equipment
- Tidal Tractor
- MDI Innovations
Products and services
- Wilson Equipment
- Tidal Tractor
- MDI Projection Screens
- MDI Immersive Technology
- MDI Custom Structures
- Tool Shed Sales and Rental Inc.
Quantifiable outcome
- 213% revenue increase to $49.1 million in 2025
- +1 more outcomes
Companies that use Saltire Capital
Customer profileNamed customers5 records
Segments4 records
Ideal customer profiles4 records
Saltire Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Saltire Capital partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered core.
- Tool Shed Sales and Rental Inc.coreAcquired 100% of voting common shares of Tool Shed Sales and Rental Inc., a provider of contractor supplies, pro-grade tools, and safety equipment in Nova Scotia. Transaction funded through combination of cash, non-voting shares, and common shares, expected to close Q1 2026.
- SanStone Investments LimitedcoreAcquired SanStone Investments Limited, a Canadian equipment dealership valued at CAD$70 million. SanStone owns and operates Wilson Equipment and Tidal Tractor dealership brands, representing the core platform for Saltire's industrial services business in Eastern Canada.
Scale indicators7 records
Recent moves9 records
Expansion highlights6 records
Saltire Capital competitors and assessment
Company assessmentDirect peers
- Constellation Software: TSX-listed permanent capital vehicle that acquires and holds vertical-market software businesses indefinitely. Most comparable in structure (public permanent capital acquirer) and in deploying capital into controlling stakes of operating businesses.
- Clairvest Group: Toronto-based publicly listed mid-market private equity firm that acquires controlling stakes in private companies and holds them long-term. Closely mirrors Saltire's permanent-capital approach at a comparable small-cap Canadian scale.
- Alaris Equity Partners: Canadian public company that provides patient capital to private businesses in exchange for royalties/distributions. Similar in providing long-term capital to private operators through a public vehicle.
Broad incumbents
- Onex Corporation: Large Canadian PE firm with permanent capital structure via OCP. Operates the same public-permanent-capital playbook at significantly larger scale and broader scope than Saltire.
- Fairfax Financial Holdings: Canadian publicly traded holding company using long-term capital to own and operate a diversified portfolio of businesses. Demonstrates the public permanent capital model at a much larger scale.
- Power Corporation of Canada: Canadian publicly traded diversified holding company controlling operating businesses across multiple sectors. Comparable holding-company structure, though at vastly larger scale.
- Brookfield Asset Management: Large alternative asset manager operating permanent capital vehicles across private equity, infrastructure, and real estate. Comparable in the publicly traded alternative-asset/permanent-capital category, though much larger and more diversified.
Regional players
- AGF Management: Canadian public asset and wealth management firm. Less direct in acquisition strategy but operates in the same Canadian listed-finance ecosystem as Saltire.
- CI Financial: Canadian public wealth and asset management company. Comparable as a TSX-listed financial holding company but focuses on asset management rather than operating-company acquisition.
Others
- Park Lawn Corporation: TSX-listed deathcare services operator led previously by Saltire CEO Andrew Clark. Relevant as a comparable operating-company investment Saltire's CEO previously scaled, but is an operating business rather than a holding vehicle.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Saltire Capital social profiles
Digital presenceSaltire Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Saltire Capital leadership team
Management profileNumber of profiles
Profiles4 records
Saltire Capital subsidiaries and ownership
Company hierarchySubsidiaries6 records
Saltire Capital funding detail
Funding detailFunding overview
Funding rounds2 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Saltire Capital M&A and investment
M&A and investmentM&A3 records
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Saltire Capital
What does Saltire Capital do?
Saltire Capital Ltd. is a publicly traded permanent capital investment vehicle that acquires controlling stakes in private companies and select public entities. The firm operates a platform-plus-bolt-on acquisition strategy targeting market-leading businesses across industrial services (heavy and agricultural equipment dealerships under Wilson Equipment and Tidal Tractor brands), projection screen manufacturing (MDI), contractor supplies (Tool Shed Sales and Rental), and deathcare services (Anthem Partners minority stake). Shares trade on the TSX (SLT-U.TO) and OTCQX Best Market, providing retail and institutional investors exposure to privately held businesses.
Is Saltire Capital a public or private company?
Saltire Capital is a public company. It is classified as public and is currently operating.
When was Saltire Capital founded?
Saltire Capital was founded in 2024. It employs 1 to 10 people.
Where is Saltire Capital based?
Saltire Capital is headquartered in Toronto, Canada, in the North America region.
How does Saltire Capital make money?
Two revenue lines are on record. Investment Returns and Portfolio Company Performance is the primary driver. The others are industrial Services Operations.
Who are Saltire Capital's main competitors?
Direct peers on record are Constellation Software, Clairvest Group and Alaris Equity Partners. Broad incumbents are Onex Corporation, Fairfax Financial Holdings, Power Corporation of Canada and Brookfield Asset Management. Regional players are AGF Management and CI Financial. Park Lawn Corporation is listed as an others.
Does Saltire Capital have an API?
No public API is recorded for Saltire Capital.
What industry is Saltire Capital in?
Saltire Capital's product category is Private Equity / Permanent Capital Vehicle. Its primary akta.pro industry code is FSANAHAN, Corporate Strategic Real Assets & Infrastructure Venture Investing. Its NAICS code is 551 and its SIC code is 6211.