Alphi Capital

What Alphi Capital does

Alphi Capital is a Toronto-based lower middle market private equity firm founded in 2022 by Andrew Fortier and Thecla Sweeney, both formerly of Birch Hill Equity Partners where they worked together for 13 years and collectively executed 9 platform investments and 100+ add-on acquisitions deploying over $1B of equity capital. The firm invests in Canadian business-to-business service and value-added distribution companies with $5M–$10M of EBITDA, partnering with founders and family-owned businesses on succession, growth acceleration, and buy-and-build strategies.

The firm's core operational product is the Alphi Timeless Principles (ATP) Playbook, a proprietary activation framework with modules covering Data Insights, Go-to-Market Strategy, Employee Engagement, Governance, and Acquisitions. ATP is implemented during diligence and post-investment, with progress tracked against financial, customer, and employee KPIs. Supporting the playbook is an in-house value creation team spanning Operational Finance, Go-to-Market Strategy, and Data Insights, plus an advisory board with sector expertise. The firm holds PRI signatory status and a 2025 RIA Canada Certification Badge.

Alphi's revenue model is conventional private equity fund management: management fees on committed capital of its debut vehicle Alphi Capital I, LP ($295M CAD closed January 2025, exceeding its $200M target) plus carried interest on realized exits. The current portfolio comprises five platform companies — Da-Lee Group (infrastructure/environmental services, 2023), K2 Fasteners (value-added distribution, 2024), Tenom (IT managed services), Eastbay Technologies (IT managed services, January 2025), and RedBlue HeatPumps & Refrigeration (HVAC/plumbing/electrical, July 2025). Go-to-market is relationship-driven, relying on direct founder/intermediary outreach rather than outbound origination.

Name

Alphi Capital

Legal name

Alphi Capital Inc.

Website

https://alphicapital.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Ownership category

akta.pro rank

Product category

Private Equity

NAICS

Portfolio Management and Investment Advice (52394), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Lower Mid-Market Buyout (FSANABAC)

akta.pro secondary industries

Small-Cap / Micro-Buyout (FSANABAD), Corporate Finance & Capital Advisory (BPAHADAB)

Keywords

• Private equity investing
• Lower middle market
• Business services
• Value-added distribution
• Buy-and-build strategy

Headquarters

HQ city

Toronto

HQ country

Canada

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Private Equity Fund Management: Generates returns through equity ownership in portfolio companies, with revenue derived from management fees on committed capital and carried interest on investment gains. Fund I has $295 million in total limited partner commitments.
2. Investment Returns (Carried Interest): Earns carried interest from successful exits of portfolio companies including Da-Lee, K2 Fasteners, Tenom, Eastbay, and RedBlue.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Alphi Capital is a lower middle-market private equity firm that invests equity capital into Canadian small and mid-sized business services and value-added distribution companies, targeting platform investments of $5 million to $10 million of EBITDA. The firm partners with founders and business owners to support succession, growth, and buy-and-build strategies, while deploying its proprietary ATP Playbook and an in-house value creation team to drive operational improvements and acquisitions across its portfolio.

Product overview

Alphi Capital is a Toronto-based private equity firm founded in 2022 by Andrew Fortier and Thecla Sweeney. The firm operates as a lower middle-market private equity platform with its inaugural Fund I at $295 million CAD. Alphi Capital's core offering centers on investing in and transforming Canadian business services and value-added distribution companies, using its proprietary Alphi Timeless Principles (ATP) Playbook as a value creation framework. The firm partners with founders and owners, providing capital alongside operational expertise through its in-house value creation team. Alphi's portfolio currently includes five companies: Da-Lee Services (infrastructure and environmental services), K2 Fasteners (value-added distribution of fasteners), Tenom (IT managed services), RedBlue HeatPumps & Refrigeration (HVAC/plumbing/electrical services), and Eastbay Technologies (outsourced IT services).

Differentiator

Problem solved

Functional benefit

Products and services

• Alphi Capital I, LP (Fund I) Inaugural private equity fund targeting Canadian lower middle-market companies in business services and value-added distribution, with $295 million CAD in limited partner commitments, generating returns through equity ownership in portfolio companies, management fees on committed capital, and carried interest on investment gains.
• Alphi Timeless Principles (ATP) Playbook

Quantifiable outcome

• Founders have invested in 9 portfolio companies and executed 100+ add-on acquisitions with $1B+ equity capital deployed at prior firms
• +1 more outcomes

Named customers5 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Torys LLPcoreOthers · 8 January 2025Served as Canadian and U.S. counsel for the fund formation. In 2024, Torys was the only Canadian firm ranked Band 1 in both Fund Formation and Buyouts by Chambers and Partners.

Scale indicators6 records

Recent moves7 records

Expansion highlights5 records

Others

• Imperial Dade: PE-backed value-added distribution platform of Bain Capital in food service and janitorial supplies. Comparable as a roll-up distribution business that exemplifies the buy-and-build strategy Alphi pursues in its value-added distribution investments like K2 Fasteners.

Direct peers

• Clairvest Group: Toronto-based Canadian mid-market private equity firm partnering with management teams across business services and consumer sectors. Comparable Canadian lower mid-market buyout orientation and fund structure.
• TorQuest Partners: Toronto-based mid-market private equity firm investing in Canadian business services and consumer companies. Jeff McLay (Alphi Principal) previously served as VP at TorQuest, and the firms share a similar mid-market Canadian service-sector focus.
• Audax Group: Boston-based private equity firm focused on buy-and-build strategies in the lower middle market. Co-founder Andrew Fortier previously worked at Audax, and the firms share a programmatic add-on acquisition thesis in fragmented service sectors.
• Birch Hill Equity Partners: Toronto-based Canadian mid-market private equity firm focused on business services and value-added distribution. Both founders worked at Birch Hill for 13 years before launching Alphi, making it the closest comparable in mandate, sector focus, and operating model.
• Wynnchurch Capital: Canadian-headquartered private equity firm operating across North America in lower mid-market buyouts. Highly comparable fund size, sector focus, and operational value creation approach.
• Novacap: Canadian mid-market private equity firm investing in business services and specialty manufacturing. Highly comparable Canadian lower mid-market buyout strategy with overlapping deal sizes and sector focus.
• Imperial Capital Group: Toronto-based private equity firm investing in the Canadian lower middle market across business services and industrial sectors. Comparable target size, sector mix, and partnership-based approach.
• TriWest Capital Partners: Western Canadian private equity firm focused on the Canadian lower middle market across business services and industrial sectors. Comparable fund size, target EBITDA, and Canadian geographic concentration to Alphi.

Broad incumbents

• Onex Partners: One of Canada's largest private equity firms with diversified holdings across services, industrials, and consumer. Jeff McLay previously worked at Onex Partners; while Onex is significantly larger, it competes in overlapping Canadian mid-market sectors.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/alphi-capital

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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

M&A

Investments3 records

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

Frequently asked questions about Alphi Capital