We invest in
exceptional
North American
industrial companies.
Concentrated positions in listed North American industrials, held for years.
Industrial sector specialists.
BluPrint Capital invests in public North American industrial companies. We cover one sector and we cover all of it, from engineering and construction through equipment, maintenance and environmental services.
Depth is the advantage. We know what these businesses earn across a cycle and what they fetch from a strategic buyer. We also know how often the market marks one down for a problem it does not have. We publish the research, and we advise industrial companies on roll ups, restructurings and turnarounds. Calgary, Vancouver and Toronto.
The blueprint for capital deployment.
Sector expertise is earned by following the same companies for years. We track the operators, the assets and the prices they change hands at, measured the same way across every vertical. Most cheap industrials deserve to be cheap. Knowing the difference quickly is what the coverage is for.
Cover the whole chain
We follow the listed operators in all five verticals, year in and year out. Nobody gets picked up the week they start to look interesting.
Know what drives each one
Backlog quality, utilization, route density, renewal rates. Each means something different depending on the vertical.
Find the dislocation
A durable gap between what a buyer would pay for the whole company and what the market pays for a share of it.
Concentrate and wait
Few positions, sized to the evidence. Then we wait for as long as the thesis takes.
One asset life.
Five verticals.
An industrial asset is designed, built, equipped, maintained, then taken apart. A different set of companies owns each stage. They share customers, labour and a cycle, and a business is only ever cheap or expensive next to the others doing the same work.
Priced for a problem they do not have.
Industrial businesses are cyclical, capital intensive and thinly followed. They get mispriced often. We concentrate on four strategies, each a case where the market is valuing something other than the operating business.
We are buying companies, not shares. Every position is underwritten on what an acquirer would pay for the whole thing, and on what it fetches if we are wrong.
A durable business inside a stretched capital structure. Every dollar of debt repaid moves enterprise value across to the equity, and the multiple usually rerates on top of that. Nothing operational has to change.
A division earning well above the group it sits inside, carried at group allocations and valued at the group multiple. A separation, a disclosure change or a strategic review forces the market to price it properly.
A sound asset and a poor operator. This is the only kind of underperformance an outsider can fix. Telling it apart from an asset that is genuinely impaired is where the work goes.
A whole vertical marked down while the contracted and recurring part of its revenue never moves. Covering all five is how we tell whose earnings are actually at risk.
We publish
what we think.
Sector views and company notes drawn from the coverage universe. The same work that sits behind every position we take.
Market outlook
North American Industrial Services Market Outlook
Four themes defining the year, the sector view vertical by vertical, and where we think the cycle sits going into 2026.
Clean it up
GFL Environmental: pricing and route density
Why density decides returns in solid waste, what the pricing power is actually worth, and how far the deleveraging path can carry the equity.
Design it
WSP Global: margin discipline at scale
What happens to margin when an engineering consultancy compounds through acquisition, and which measures show whether it is working.
We know what your sector is worth.
The public consolidators in your vertical set the price of every acquisition you bid on. They set the multiple you will eventually be valued at, and the standard your lenders hold you to. We follow them as investors, not as advisors chasing a fee, so we know what they pay, how fast they integrate, and what the market gives them for it.
We have bought these businesses from the private equity side, sold them from the banking side, and run one from the chief financial officer’s chair. Rarely is there anyone else in the room who has done all three.
We work with chief executives, finance leaders and boards at both private and public industrial companies. Defined workstreams on a monthly retainer, a small number at a time.
Target screening, valuation discipline and the sequencing of a multi year program. Roll ups fail on capacity, not pipeline. We set the pace against leverage headroom, integration bandwidth and the point where density starts to pay.
Capital structures that have stopped working. Lender negotiation, covenant resets, refinancing, balance sheet repair. The case is built on a forecast a credit committee will accept, not one written to win the meeting.
Underperforming companies and divisions. First we settle what is actually broken: the asset, the operating model or the management. Then we build the plan and stay to run it.
The strategic finance seat, not the reporting one. A capital allocation framework that ranks every claim on the next dollar against the return it has to clear. Sell side and buy side support when a process goes live.
We do not accept an advisory mandate from a company in which we hold a position, and we do not take a position in a company we advise. Advisory work never informs an investment decision, and client information is never used anywhere else in the firm.
Get in touch.
For research access, a conversation about a company we both follow, or advisory work.