Vancouver, BC – June 12, 2025 – CAI Capital Partners (“CAI”) is pleased to announce that its portfolio company, the Universal Group (“Universal”) has successfully closed the acquisition of D&H Flagging (“D&H”).
D&H, headquartered in Portland, Oregon, was founded in 1988 by Diana Woods and provides traffic control services primarily in Portland along with other parts of Oregon and southwestern Washington. Diana’s daughters, Toni and Shannon, joined the business in 1989 and Diana later retired in 2008. The business has grown extensively under their leadership and maintains strong market share in the industry.
“This transaction expands our geographic reach into Oregon following our entry into the U.S. in November 2022 by acquiring Advanced Traffic Control in Washington,” said Michael Menzies, CEO of the Universal Group. “D&H is a wonderful business with a great team and is complementary to our business model and expansion plans. Toni and Shannon have done a great job of building a ‘family’ culture over many years and we are honored to have D&H a part of the Universal Group family of companies.”
In addition to Universal’s expansion into Oregon, the acquisition enables both companies to come together and expand their product and service offerings to their customers and become a “one stop shop” for all traffic control management solutions.
“We have built our family business for over 37 years and have put our heart and soul into D&H Flagging. We are proud of what we and our staff have accomplished. It was important for us to find a company that would recognize our culture and take care of our employees and customers who have supported us for so many years. We are thrilled to have found a perfect fit in the Universal Group and know that they will carry on our legacy and grow the business through additional products, services and their overall expertise,” said Shannon Bowden, President and Toni Hashash, Secretary Treasurer of D&H Flagging.
CAI’s equity co-investment partners in the combined organization include BDC Capital, Roynat Equity Partners and Frind Enterprises. Universal was advised on the transaction by Lawson Lundell LLP (legal), Stoel Rives LLP (legal), MNP Transaction Services (financial), Maul Foster & Alongi, Inc. (environmental), Marsh Canada Limited (insurance), and HUB International (benefits).
About Universal Group
Universal is the largest traffic management and control services provider in Canada. Universal provides traffic control personnel, lane closure services, traffic control equipment, traffic management plans, road maintenance and other services. The company is headquartered in Langley, British Columbia with locations across Canada and the Pacific Northwest of the United States. For additional information, please visit www.theuniversalgroup.ca.
About D&H Flagging
D&H is a leading traffic control provider in Oregon headquartered in Portland, Oregon. D&H provides traffic control personnel, equipment rentals, and traffic management plans. For more information, please visit www.d-hflagging.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 and US lower middle market. Over more than three decades, CAI has invested over C$1.6 billion of equity capital into companies across North America. For additional information, please visit www.caifunds.com.
For further information please contact:
Curtis Johansson
Partner, CAI Capital Partners
604-694-2527
Date: June 12, 2025
