Canadian lower middle-market acquisitions

We Buy To Build.

We stay. We just don't insist on running the day-to-day.

Riverwood acquires businesses between $3M and $10M EBITDA to build for the long term. Every acquisition starts from the same place: respect for what has been built and how the business already works, and a fiduciary commitment to its continued health and growth, not just the transaction.

Geography

Canadian-headquartered

Size

$3M–$10M EBITDA

Sectors

Consumer branded products and specialty retail, value-added distribution, retail enablement (technology, merchandising, fixtures), and professional information, education & events

Situation

Founder- or family-owned businesses facing a succession, liquidity, or growth-capital decision — as well as corporate- or fund-owned businesses being divested through a strategic or portfolio review, where continuity for the team matters as much as price

Transactions are structured deal-by-deal, with capital arranged specifically for each acquisition through an established Toronto-based capital partner — so each one is built around the right structure for that seller: majority or full control, with seller continuity, earn-outs, or rollover equity where it makes sense. The governing role — chair or hands-on operator — is sized to what the business actually needs; if the leadership team is already strong, replacing it isn't the point.

Proof

One Thesis, Stated Three Ways

People

Building the business means building the people in it — real investment in developing the team and resources already there, not just keeping it in place.

Operator & Capital

A hands-on partner to the business, accountable for the outcome — two decades building sales and distribution organizations, and running P&Ls — backed by capital arranged deal-by-deal.

Long-Term Discipline

No return deadline to hit: durable, self-sustaining cash generation is the standard, not a story that needs the next capital injection.

Casper Gram Hvejsel, Founder

+18 yrs developing businesses and operating P&Ls in specialty retail & distribution expansion, with SaaS venture experience. Built ECCO's Latin America business from nothing starting in 2016 — no playbook, eleven markets, the company's fastest-growing territory within five years — while co-founding a bootstrapped vertical SaaS company that landed enterprise customers across 15 countries. Later ran ECCO's Asia Pacific retail network through COVID — 242 stores, real losses, back to break-even within a year, then sharpened its retail presence for an elevated positioning, built a new product line off Asia's pandemic-era golf boom to reach renewed retail profitability of +86% pre-pandemic performance. Went on to run Europe, then global commercial for the company as a whole — a +$2B business across 96 countries. MIT Sloan MBA.

Casper also advises a number of founder-led businesses as a board member and advisor.

Action

Exploratory. Confidential. No obligation.

A first conversation with Riverwood is exploratory and confidential — no intermediary required, no obligation, no process pressure. It typically starts with a straightforward discussion of the business and the seller's objectives, followed by a clear path toward an indication of interest if there's mutual fit. Deal structure is shaped around what works for that specific seller, not a fixed template.

Considering a sale, succession plan, or growth partner?

We'd welcome a confidential conversation — no obligation, no process pressure.

Get in touch

Advisor, broker, or corporate development lead?

Riverwood is always open to introductions to sellers, family offices, and operators across its target sectors.

Send an introduction