Vancouver, BC – October 4, 2022 – CAI Capital Partners (“CAI”) is pleased to announce that it has partnered with LineStar Utility Supply Inc. and its related and affiliated companies (“LineStar” or the “Company”). LineStar is a leading distributor of powerline technician (“PLT”) tools and safety equipment across Canada. With distribution centers in British Columbia, Alberta, Manitoba, and Ontario, the Company serves electric utilities and powerline contractors from coast-to-coast.
LineStar will continue to be led by Brian L’Heureux, Greg Payne, and Brian Colledge who have each retained a meaningful equity interest. Co-founders Mike Armstrong and Bill Finley will also remain involved in the business in an advisory capacity.
“I want to thank Mike and Bill for their tireless efforts and major contributions in developing the Company,” said Brian L’Heureux, CEO at LineStar, adding “We have found the right partner considering CAI’s strong track record in partnering with owner-led businesses that service utilities and infrastructure, and are well-positioned to capitalize on a number of growth opportunities.”
“We are excited to partner with the team at LineStar,” said Rob Wildeman, Partner at CAI. “They have collectively built an impressive business that improves the safety of PLTs who support our power infrastructure. We believe in the significant industry tailwinds and look forward to leveraging our experience to support the team and the Company in building on their success to date.”
CAI’s investment in LineStar marks the sixth platform investment in its sixth fund, CAI Capital Partners VI, LP. Debt financing for the transaction was provided by Scotiabank. CAI was advised on the transaction by Blake, Cassels & Graydon LLP, PwC Canada, Marsh McLennan, HUB International, and Kroll. LineStar was advised on the transaction by Fort Capital Partners and Mogan Daniels Slager LLP.
About LineStar Utility Supply Inc.
Founded in 2005, LineStar is a leading distributor of powerline technician tools and safety equipment across Canada with distribution centers in British Columbia, Alberta, Manitoba, and Ontario. LineStar primarily serves electric utilities and powerline contractors and has long-standing relationships and exclusive partnerships with key tool and equipment OEMs. For additional information, please visit www.linestar.ca.
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 and US lower middle market. Over three decades, CAI has invested over C$1.5 billion of equity capital into companies across North America. For additional information, please visit www.caifunds.com.
For further information please contact:
Rob Wildeman, Partner
Date: October 4, 2022