Kilmer Group

What Kilmer Group does

Kilmer Group is a privately held, Toronto-based multi-generational investment platform built around the Tanenbaum family's holdings since 1911 and led since 1968 by Chairman and CEO Larry Tanenbaum (Officer of the Order of Canada, 2007). The company operates as a family office and holding company through five core operating subsidiaries - Kilmer Van Nostrand Co. Limited (primary holding company), Kilmer Capital Partners Limited (private equity), Kilmer Brownfield Management Limited (brownfield redevelopment), Kilmer Infrastructure Developments Inc. (public-private partnerships and real estate development), and Kilmer Sports Ventures LP / Kilmer Sports Inc. (sports and media) - plus a portfolio of acquired and minority-owned operating companies including English Bay Batter Inc. (bakery), Coalision Inc./Lolë (apparel), and Tempo Basketball Club Inc. (Toronto Tempo WNBA franchise).

Kilmer invests across three verticals: Private Equity (mid-market operating companies in food, apparel, and consumer brands with hold periods of 13-17 years), Infrastructure & Real Estate (the 50-year ONroute highway service center concession with the Province of Ontario covering 20 sites along Highways 400 and 401, the Billy Bishop Toronto City Airport passenger terminal via Nieuport Aviation, the Canary District development, and over 8 million square feet of urban mixed-use and 2 million square feet of industrial/commercial brownfield redevelopment), and Sports & Media (a 25% stake in Maple Leaf Sports & Entertainment being divested to Rogers Communications for approximately C$4 billion, joint ownership of the Toronto Argonauts CFL franchise with Bell Canada, Canada's first WNBA franchise Toronto Tempo launching in 2026 with a ~C$150 million founding investment, and outside investments in the Professional Women's Hockey League).

The business model is a fund-less, permanent-capital structure adopted in 2015 after the firm raised over $415 million in committed capital across three Kilmer Capital Partners funds between 2001 and 2015. Revenue is generated through equity appreciation, concession operating income (ONroute), and dividends/distributions from operating subsidiaries and minority stakes rather than through management fees or external fundraising. Marketing and customer acquisition are not applicable in a traditional sense; instead, deal sourcing and partnership formation rely on the Tanenbaum family reputation, Governor-level access to NHL/NBA/MLS/CFL/WNBA/PWHL governance bodies, and an institutional network anchored by co-investors such as Rogers Communications, Bell Canada, HMSHost, Canadian Tire, Dundee Realty, InstarAGF, Partners Group, and J.P. Morgan. The firm's customer base consists of government concession counterparties (Province of Ontario, Waterfront Toronto), 35 million+ annual ONroute travelers, sports fans and media audiences, and consumer end-markets for acquired operating brands.

Name

Kilmer Group

Legal name

Kilmer Group

Website

https://kilmergroup.com

Company type

Private

Founded year

1968

Operating status

Operating

Headcount range

51–100 employees

Short description

Kilmer Group is a Toronto-based, multi-generational private family investment platform operating across Private Equity, Infrastructure & Real Estate, and Sports & Media. It manages a portfolio of wholly-owned operating companies, joint ventures, and minority stakes anchored by the Tanenbaum family's holdings in MLSE, Toronto Tempo, and Ontario highway concessions.

Ownership category

akta.pro rank

Product category

Private Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Management of Companies and Enterprises (551), Lessors of Other Real Estate Property (53119), All Other Financial Investment Activities (52399)

SIC

Investment Advice (6282), Investors, Nec (6799), Lessors Of Real Property, Nec (6519), Operators Of Nonresidential Buildings (6512), Non-Operating Establishments (9995)

akta.pro primary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

Keywords

• Private equity investments
• Infrastructure development
• Sports franchise ownership
• Brownfield redevelopment
• Family office investment

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, Infrastructure, Marketing or Sales, Supply Chain, Others

Marketing channels2 records

Core offering

Kilmer Group is a multi-generational private investment platform that acquires, owns, and operates businesses and assets across three verticals: Private Equity (mid-market companies such as English Bay Batter and Coalision/Lolë), Infrastructure & Real Estate (ONroute highway service centres, brownfield redevelopment, Billy Bishop airport terminal, Canary District), and Sports & Media (Maple Leaf Sports & Entertainment stake, Toronto Argonauts, Toronto Tempo WNBA team, World Fishing Network). The company operates as a fund-less direct investor with no traditional fund management, using permanent capital to hold quality investments over extended periods.

Product overview

Kilmer Group is a multi-generational private investment platform operated by Kilmer Van Nostrand Co. Limited. The company's investment portfolio spans three core verticals: Private Equity (through Kilmer Capital Partners and direct investments in companies like English Bay Batter and Coalision/Lolë), Infrastructure & Real Estate (including the ONroute highway service centre network, brownfield redevelopment, and infrastructure developments), and Sports & Media (through Kilmer Sports Ventures managing teams including Toronto Tempo WNBA franchise, Toronto Argonauts CFL team, and ownership interests in Maple Leaf Sports & Entertainment). The company operates as a family office with direct investment focus, having transitioned from a fund-based model to a permanent capital approach enabling longer hold periods.

Differentiator

Problem solved

Functional benefit

Brands

• ONroute: World-class highway service centre network along Ontario's Highways 400 and 401
• English Bay Batter
• Lolë
• WFN: World Fishing Network
• Toronto Tempo

Products and services

• ONroute Service Centres A network of 23 (20 completed as of 2015) highway service centers along Ontario's Highways 400 and 401, developed through a 50-year public-private partnership with the Province of Ontario. Features include dining, retail, fuel, and convenience services through partners HMSHost and Canadian Tire. 16 sites are LEED Silver certified and 3 sites are LEED Gold certified. The network serves over 35 million customers annually.
• Maple Leaf Sports & Entertainment (Ownership Interest) 25% ownership interest in MLSE, which owns the Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), and operates Scotiabank Arena and BMO Field. Kilmer's stake was subject to a planned acquisition by Rogers Communications valued at approximately C$4 billion.
• Toronto Tempo (WNBA Franchise) Canada's first WNBA team, owned by Kilmer Sports Ventures under Tempo Basketball Club Inc. Begins play in the 2026 WNBA season. Co-investors include Serena Williams and Lilly Singh (Chief Hype Officer).
• Toronto Argonauts (CFL Franchise Co-Ownership) North America's oldest continuously operated professional football club (founded 1873), jointly owned by Bell Canada and Kilmer Group under the Canadian Football League, playing home games at BMO Field.
• English Bay Batter Inc. (Acquired Bakery Company) Premium North American bakery company producing gourmet cookies and frozen/refrigerated dough. Operates facilities in Vancouver, Toronto, and Columbus, Ohio. Acquired by Kilmer Van Nostrand in September 2014.
• Coalision Inc. / Lolë Apparel Brand Activewear apparel company known for its Lolë yoga and lifestyle brand, in which Kilmer Group acquired a majority stake in 2008.
• World Fishing Network (WFN) Media Asset North America's only 24/7 fishing television network, co-owned through the Insight Sports partnership and available to over 20 million households.
• Billy Bishop Toronto City Airport Passenger Terminal (Consortium Investment) Ownership interest in the Billy Bishop Toronto City Airport passenger terminal via the Nieuport Aviation Infrastructure Partners consortium (alongside InstarAGF, Partners Group, and J.P. Morgan).
• Canary District (West Don Lands Mixed-Use Development) C$514 million mixed-use neighbourhood developed on 13-14 hectares in Toronto's West Don Lands, originally built as the 2015 Pan Am Games Athletes' Village by the Dundee Kilmer consortium and subsequently repositioned as a mixed-use community.

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• Bell CanadacoreStrategic or Co-development Partner · 1 May 2015Joint acquisition of Toronto Argonauts CFL franchise with Larry Tanenbaum's Kilmer Group. Bell Media holds broadcast rights through TSN and RDS. Transaction closed December 31, 2015. The team relocated to BMO Field starting 2016.
• Maple Leaf Sports & Entertainment (MLSE)coreStrategic or Co-development Partner · 1 December 2011Larry Tanenbaum holds 25% stake and serves as Chairman of MLSE, which owns Toronto Maple Leafs (NHL), Toronto Raptors (NBA), Toronto FC (MLS), and operates Scotiabank Arena and BMO Field. Kilmer Group's core sports investment vehicle.
• Dundee Realty Corp.coreStrategic or Co-development Partner · 1 September 2011Dundee Kilmer consortium selected to build the Pan Am Athletes Village in West Don Lands, Toronto. The partnership developed the Canary District, a $514-million mixed-use neighbourhood on 13-14 hectares, housing 10,000+ athletes during the 2015 Pan Am Games.
• Altitude Sports & Entertainment (Kroenke Sports Enterprises)minorStrategic or Co-development Partner · 1 January 2011Altitude Sports & Entertainment (subsidiary of Kroenke Sports Enterprises) acquired 50% interest in WFN: World Fishing Network from Insight Sports. Kilmer Group's Insight Sports was a founding partner. WFN is North America's only 24/7 fishing network.
• HMSHost CorporationcoreStrategic or Co-development Partner · 1 April 2010Joint venture Host Kilmer Service Centers (HKSC) to design, build, finance, and operate 23 travel and service centers along Ontario's Highways 400 and 401. HMSHost provides food, beverage, and retail operations expertise; Kilmer provides local infrastructure development experience. 50-year agreement with the Province of Ontario.
• Canadian TirecoreChannel Partner/ Reseller/ Distributor · 1 January 2010Fuel partner for all 23 ONroute service centers. Canadian Tire operates gas stations and convenience stores at each location. Serves as the fuel and automotive retail anchor at each highway service center along Highways 400 and 401.

Scale indicators12 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Onex Corporation: Toronto-based private equity firm with a multi-sector investment approach spanning industrial, financial services, and consumer. Comparable as a Canadian-headquartered investment platform with operating-company stewardship focus, though Onex operates a fund-based model rather than Kilmer's fund-less approach.
• Woodbridge Company: Thomson family's private investment holding company controlling Thomson Reuters and holding diversified stakes. Closely comparable as a multi-generational Canadian family-controlled holding company with long-duration capital, concentrated control in one principal, and diversified operating-company investments.
• Power Corporation of Canada: Montreal-based diversified management and holding company with interests in financial services (Great-West Lifeco, IGM Financial), media, and sustainable energy. Comparable as a Canadian multi-generational holding company with cross-vertical platform strategy and long-term family-controlled stewardship.
• Fairfax Financial Holdings: Toronto-based holding company led by Prem Watsa with insurance, reinsurance, and diversified investment operations. Comparable as a Canadian-headquartered investment holding company with permanent-capital orientation, contrarian investment style, and family/founder-controlled governance.
• Catalyst Capital Group: Toronto-based alternative investment firm focused on distressed and special-situations private equity across Canada. Comparable as a Canadian private equity platform with mid-market investment focus and patient-capital orientation, though Catalyst employs a fund-based model.
• Birch Hill Equity Partners: Toronto-based mid-market private equity firm with a long-hold investment approach in Canadian operating companies. Comparable for the mid-market Canadian PE focus and patient-capital orientation that mirrors Kilmer Capital Partners' historical approach, though Birch Hill continues to operate a fund-based model.

Broad incumbents

• Brookfield Asset Management: Toronto-based alternative asset manager with overlapping infrastructure, real estate, and private equity verticals. Comparable as a Canadian-headquartered multi-asset platform with infrastructure concessions (e.g., toll roads, utilities) and large-scale real estate repositioning, though at materially larger scale and with public-market fund structures.
• Caisse de dépôt et placement du Québec (CDPQ): Quebec-based institutional investor managing pensions with significant infrastructure, real estate, and private equity allocations globally. Comparable for the infrastructure P3 and brownfield redevelopment playbook, though operating at materially larger AUM scale with public-pension governance rather than family-office control.

Others

• Ilitch Companies: Detroit-based family-owned holding company controlling the Detroit Red Wings, Detroit Tigers, and Little Caesars. Comparable as a family-controlled multi-sport investment platform with long-duration ownership; specifically relevant as Kilmer's partner in the first outside PWHL investment announced in June 2026.
• Rogers Communications: Toronto-based telecom and media conglomerate with significant sports holdings including the pending acquisition of Kilmer's 25% MLSE stake. Comparable for the Canadian telecom/media/sports ownership overlap and Toronto-area headquarters, though operating as a public company at vastly larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@KilmerGroup
• Instagraminstagram.com/kilmergroup

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles13 records

Subsidiaries12 records

Funding overview

Funding rounds

Investors

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

M&A4 records

Investments10 records

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

Frequently asked questions about Kilmer Group