Vancouver, BC – July 6, 2016 – CAI Capital Partners (“CAI”) is pleased to announce that its latest fund has acquired Langley, BC-based Canadian Heating Products Inc. and Montigo Del Ray Corp. (combined, “CHP” or the “Company”). CHP is a niche manufacturer of residential and commercial gas fireplaces that are marketed and sold under the Montigo brand name. The Company’s product offering includes gas fireplaces for the residential market as well as highly-customized linear gas fireplaces for the residential and commercial markets.
CAI acquired its interest in CHP from the Company’s founder and President, Dan Binzer. Dan will continue to remain involved in the business predominantly focused on product design. Curtis Johansson, Partner of CAI said, “Dan has built an impressive business that makes a very high quality product. We are excited for the opportunity to work with him and the CHP team to continue the growth of the business across North America”.
In conjunction with the closing of the transaction, Jonathan Burke has joined CHP as President and CEO. Jonathan brings a track record of successfully growing middle-market businesses and has direct experience in the natural gas products sector. “Bringing Jonathan on board will facilitate a transition of leadership at the Company and his past experience and understanding of the natural gas products business will position the Company to capitalize on a number of available growth opportunities,” continued Mr. Johansson.
CAI’s investment in CHP marks the current fund’s second investment in the past year and fits with CAI’s strategy of partnering with and growing founder-owned businesses in the Canadian lower middle market.
About Canadian Heating Products Inc.
Founded in 1976, CHP designs and manufactures residential and commercial gas fireplaces. The Company’s product offering includes gas fireplaces for the residential market as well as highly-customized linear gas fireplaces for the residential and commercial markets. For additional information, please visit www.montigo.com.
About CAI Capital Partners
CAI Capital Partners is a Vancouver-based private equity firm focused on partnering with and growing founder-owned businesses in the Canadian lower middle market. Over three decades, CAI has invested C$1.4 billion into companies across North America. For additional information, please visit www.caifunds.com.