Partner-led fractional CFO, M&A and corporate strategy for founder and family-owned industrial businesses across North America.
These three are the core of the practice. Five more, from capital structure to fairness opinions, sit behind them.
We take the CFO seat. Forecasting, board and lender reporting, working capital, and the financial infrastructure a company needs before it can raise or sell. Senior capability without the full-time hire.
Sell-side processes that get the value story right before the market sees it, and buy-side searches that find the deal worth doing. Partner-led from first conversation to close.
Where to grow, how to allocate capital, whether to transact at all. Strategy work with an investment banker's view of what the market will actually pay for the answer.
We model thirty public companies from source filings before we ever take a mandate. That work is not a marketing exercise, it is what makes the advice worth paying for.
The valuation framework, the comparables, the precedent transactions and the questions management is already wrestling with. No ramp-up billed to you.
Our method→When we position a private company for a sale or a raise, we are not guessing at a multiple. We anchor it to public companies we model ourselves, updated continuously.
Coverage universe→No balance sheet, no trading desk, no house view. We say what we believe and change it when the facts change, not when a relationship is at stake.
How we think→We cover the chain end to end, from the engineers who scope an asset to the operators who haul it away, and rebuild every model from source filings. That is where the pricing and the buyer list come from.
Sector notes and market views from the BluPrint research desk.
Public multiples compressed 15-20% from 2025 peaks, opening a real gap versus private transaction precedents.
A 15% discount to its closest peer on NTM EV/EBITDA, despite a better margin trajectory and a more diversified mix.
Thirty companies across five verticals, every model rebuilt from source filings. See where the sector trades today.
Embedded finance leadership alongside a debt raise to fund fleet expansion.
BluPrint Capital acted as fractional CFO and capital raise advisor
Full sell-side process for a recurring-revenue inspection and monitoring business.
BluPrint Capital acted as sell-side M&A advisor
Separation and divestiture of a capital-intensive business unit.
BluPrint Capital acted as special advisor to the board
We work with a small number of companies at any one time. Every engagement begins with a partner.
BluPrint provides the full spectrum of financial advisory services available to an independent firm, without the conflicts of a balance sheet, the pressures of a trading desk, or the compromises of a bulge bracket.
For companies that require the judgment and capability of a senior CFO without a full-time hire. We embed directly into the business, owning the financial function, building institutional-grade infrastructure, and providing the strategic counsel that turns a good business into a financeable, transactable one.
Our partners bring private equity, investment banking, and operating CFO experience to every engagement. We think like investors and operators because we are ones.
We advise founders, owners, and management teams on the most consequential transactions of their careers. Our process is disciplined, discreet, and partner-led from origination to close.
We bring investment banking rigour and private equity judgment to every mandate, running sell-side processes that maximise value and buy-side searches that find the right deal at the right price.
The questions that matter most, where to grow, how to allocate capital, how to respond to a competitive threat, whether to pursue a transformative transaction, deserve rigorous, independent thinking.
We bring the analytical framework of a top-tier strategy firm and the financial lens of an investment bank to the decisions that define a company’s trajectory.
The right capital structure is not just about minimising cost, it is about building a balance sheet that supports the strategy, survives stress, and positions the business for its next stage of growth.
We advise on optimal debt and equity mix, recapitalisation opportunities, and the structural decisions that protect and create enterprise value.
When a business faces financial stress, the quality of advice in the first thirty days determines the outcome.
We advise companies and their stakeholders on navigating financial distress, stabilising operations, restructuring obligations, and creating a path to a sustainable capital structure. Our approach is direct, experienced, and independent.
Activist pressure, shareholder disputes, and governance challenges demand a trusted advisor who has no conflicts and no agenda other than the client’s best outcome.
We advise boards and management teams on understanding activist demands, developing credible responses, and communicating effectively with shareholders, before, during, and after a campaign.
Accessing private capital requires more than a good business, it requires knowing the right people, understanding what they need to see, and positioning the opportunity correctly.
We help companies identify and approach the right private capital providers, private equity, family offices, and private credit, and prepare them to have the right conversations.
When the financial terms of a transaction need to be independently verified, BluPrint provides rigorous, bottoms-up fairness opinions for private company transactions.
Our opinions are grounded in institutional-grade financial modelling, deep public market benchmarking, and precedent transaction analysis, delivered with the independence that only an unconflicted advisor can provide.
Our only obligation is to the client in front of us. That is the difference between advice and distribution.
BluPrint was founded to give private companies access to the calibre of financial advice previously reserved for large-cap corporates. Independent, unconflicted, and built for the long term.
M&A, capital markets, and corporate finance advisory executed at the highest level. The discipline and rigour behind every mandate we take on.
Sourcing, diligence, and portfolio management across industrial and technology sectors. We think like the investors sitting across the table.
Operating model design, growth strategy, and capital allocation frameworks built for complexity. The analytical rigour behind every strategic engagement.
We have sat in the CFO seat, building financial infrastructure, managing boards, and navigating capital decisions under real operating pressure. That perspective is irreplaceable.
Tell us about the situation. If we are the right firm for it, we will say so, and if we are not, we will tell you that too.
Thirty companies across the five stages of an industrial asset's life. Every model rebuilt from source filings, never from consensus.
Select a stage to filter the coverage universe below.
An industrial asset is designed, built, equipped, maintained through its working life, then decommissioned. Different companies own each stage. They share the same customers, the same capital budgets and the same cycle.
So we cover the chain, not a sector. Engineering backlog today is construction revenue in eighteen months, equipment utilisation after that, and maintenance and environmental spend for the two decades that follow. Reading one stage tells you what is coming for the next.
TSX, NYSE and NASDAQ listed. Showing 5 of 5 verticals.
Coverage is available to institutional clients and companies considering a mandate.
Public multiples compressed 15-20% from 2025 peaks, opening a gap against private transaction precedents.
A 15% discount to its closest peer on NTM EV/EBITDA despite a better margin trajectory and a more diversified mix.
Q1 EBITDA margins expanded 120bps ahead of our model on pricing discipline and route density in Western Canada.
Backlog at a record C$3.2B on defence and industrial awards. Eighteen months of visibility, EBITDA estimate up 8%.
Time utilisation held at 68% in Q1 despite macro uncertainty, confirming the structural demand thesis.
11x NTM EBITDA against peers at 14x, despite more than 85% recurring inspection revenue.
Thirty companies, five verticals, one screen. Switch the metric or isolate a vertical to see how the sector is being priced.
Illustrative figures shown. The chart reads from a single table in assets/js/chart.js. Drop in live model output to publish. Not investment advice.
We rebuild every financial statement from source filings. Revenue by segment. Margins normalised for one-time items. Working capital mapped quarter by quarter. Free cash flow reconciled to the penny.
We do not accept reported numbers at face value and we do not start from a consensus estimate. Every assumption in our models is explicitly documented and stress-tested. The output is a view of value we can defend in full, because we built every line of it ourselves.
Knowing what public market investors pay for a business gives our private company clients an enormous advantage. When we position a company for a transaction, we are not guessing at valuation, we anchor it to 30 live public comps we model ourselves.
Our research has no underwriting revenue to protect and no banking relationships to preserve. We cover what we find analytically interesting, we say what we actually believe, and we change our view when the facts change, not when a client relationship is at stake.
P&L, balance sheet, and cash flow rebuilt from 10-K and SEDAR filings. Every segment. Every adjustment. No shortcuts.
Revenue growth, EBITDA margins, ROIC, and FCF conversion mapped across the full 30-company coverage universe.
DCF with explicit assumptions, EV/EBITDA, EV/Revenue, and precedent transaction comps. Sensitivity tables on every key driver.
Bull case, bear case, and the specific catalysts that move the stock. Written for institutional readers. Applied to every private mandate.
Research is how we know the sector. It is also how our clients get a valuation view anchored in live public comps rather than a rule of thumb.
BluPrint works with a limited number of clients at any given time. We are selective by design, it is the only way to deliver the quality of counsel our clients deserve.
Showing 15 of 15 mandates
Embedded finance leadership alongside a debt raise to fund fleet expansion.
BluPrint Capital acted as fractional CFO and capital raise advisor
Board-level advice across a multi-company fabrication and construction platform.
BluPrint Capital acted as strategic advisor to the board
Forecasting, reporting and working capital discipline inside the business.
BluPrint Capital acted as fractional CFO
Stabilising operations and obligations through a period of financial stress.
BluPrint Capital acted as restructuring advisor
Finance function build-out for a project-based installation business.
BluPrint Capital acted as fractional CFO
Growth priorities and capital allocation for the next stage of the business.
BluPrint Capital acted as strategic advisor
Full sell-side process for a recurring-revenue inspection and monitoring business.
BluPrint Capital acted as sell-side M&A advisor
Target identification and execution on a complementary installer.
BluPrint Capital acted as buy-side M&A advisor
Sell-side modelling and valuation analysis. No process was run.
BluPrint Capital acted as financial advisor on valuation
Financial modelling and investor materials supporting an equity round.
BluPrint Capital acted as financial advisor on the raise
Independent opinion on the financial terms of a proposed transaction.
BluPrint Capital acted as independent financial advisor
Separation and divestiture of a capital-intensive business unit.
BluPrint Capital acted as special advisor to the board
Growth strategy alongside embedded finance leadership.
BluPrint Capital acted as strategic advisor and fractional CFO
Sale of a risk-based engineering and consulting practice.
BluPrint Capital acted as sell-side advisor
Corporate strategy for a national training and emergency response business.
BluPrint Capital acted as strategic advisor
Mandates are confidential by default. What is published here closed, or the client asked us to. The rest stays where it belongs.
Most of our work is confidential. What appears here is a fraction of the mandates in progress, the rest will be published as they close, and some never will.
Owners who understand their value, know their strategic alternatives, and have an advisor in their corner before a process starts achieve materially better outcomes.
Nobody else is doing what we do. We use deep, proprietary sector research to build CFO-level relationships, and those relationships are the pipeline for every transaction we advise on. Research leads to trust. Trust leads to mandates. Mandates become transactions.
We build proprietary, bottoms-up models on 30 companies across five essential services verticals. Not to publish. To know the sector better than anyone advising in it.
That research gets us in front of CFOs and boards of the most interesting companies in the sector, not as a banker pitching a deal, but as a financial partner who already understands their business.
When the moment comes, a sale, an acquisition, a capital raise, we are already inside the tent. The mandate is the natural conclusion of the relationship, not a cold pitch.
Below $500 million in market cap, institutional research coverage drops to near zero. These companies, profitable, growing, with real strategic decisions to make, are invisible to Bay Street. Not because they aren’t interesting. Because they don’t generate enough fee revenue to justify the overhead of a bulge bracket.
That is not a gap we stumbled into. It is the entire thesis for BluPrint.
We have held the CFO chair at a $100M public company, accountable for the outcome, not parachuted in. Most advisors have studied that seat.
The large banks cannot give unconflicted advice. Their balance sheets, trading desks, and underwriting pipelines will always come first. The advice they give is shaped, consciously or not, by the capital they want to deploy, the relationships they want to protect, and the deals they want to win.
BluPrint has none of those constraints. No balance sheet. No trading desk. No underwriting pressure. Our only obligation is to the client in front of us.
We build proprietary research before we ever walk into a client meeting. We know the sector’s valuation framework, the comps, the precedent transactions, and the strategic questions management is wrestling with. We arrive with a view, not a pitch.
We work with a small number of companies at any one time. Not because of capacity constraints, because giving genuinely unconflicted advice requires undivided attention. Every engagement gets the full weight of the firm.
We have been inside the business, not just advising on it. Building financial infrastructure, managing boards under pressure, making capital decisions with real consequences, that experience shapes how we think about every mandate.
We have run the financeBluPrint Capital, Founding Partner
function of a $100M
business. We know what it
feels like when the answer
actually matters.
“I spent years making million-dollar decisions without the right people in the room. That changed when we found BluPrint.”CEO, Western Canadian Industrial Company
We work with a small number of companies at any one time. If we are the right firm for your situation, we will say so, and if we are not, we will tell you that too.
Growth in 2026 is selective, not broad-based. The essential services sector is bifurcating, between companies exposed to structural demand tailwinds (infrastructure, power, data centres, water) and those facing macro headwinds. Here is where we see the opportunity.
The aggregate numbers mask a deeply uneven market. Sub-sector selection now matters more than cycle timing.
Total US construction spending is forecast to increase ~1% to $2.2 trillion in 2026, but the aggregate masks a deeply uneven market. Public infrastructure and government-funded projects are outperforming while multifamily, traditional office, and manufacturing face ongoing headwinds.
Companies positioned in power, water, and data centre infrastructure are outperforming materially. Those that have not are managing margin pressure. The playbook has changed from riding the cycle to picking the right sub-sectors.
Data centre construction is driving office spending up 6% in 2026, nearly all of it concentrated in mission-critical facilities. Power construction is accelerating toward 14% growth by 2028. Water infrastructure leads all nonbuilding segments, driven by PFAS compliance mandates and the water intensity of data centres and advanced manufacturing.
Engineering firms with exposure to power, water and digital infrastructure, WSP, AtkinsRéalis, Stantec, are reporting double-digit organic growth in these sub-segments. This is a multi-year structural shift, not a cyclical spike.
Canada's federal infrastructure agenda, defence, energy, transportation, northern development, is creating a multi-year pipeline that has materially improved the outlook for Canadian E&C. Aecon's $10.9B backlog is up 12% year-over-year. Stantec is growing double-digits in Northern Canada.
Defence spending, expected to scale from $63B to $155B by 2035, is a structural tailwind for companies with engineering and construction capabilities. The Arctic Over-the-Horizon Radar program, trans-Canada infrastructure, and nuclear refurbishment are the visible portion of a much larger pipeline.
59% of Canadian dealmakers expect increased M&A activity in 2026, and sector data confirms it. Industrial services M&A is being driven by structural conviction rather than cyclical momentum, buyers are targeting service-oriented, asset-light businesses with recurring revenue, infrastructure exposure and defensible technical capabilities.
The lower-middle market is the most active segment: companies between $10M and $100M in EBITDA are trading at historically attractive multiples relative to larger-cap peers. For acquirers, this is a rare window. For owners, independent financial advice has never been more consequential.
Below $500M in market cap, institutional research coverage drops to near zero. These companies, profitable, growing, with real strategic decisions to make, face the same capital allocation, M&A and investor positioning questions as their large-cap peers, without the same access to independent financial expertise. That gap is the entire thesis for BluPrint Capital.
Our view across the BluPrint coverage universe, five verticals, from design through disposal.
The strongest sub-sector in the coverage universe. WSP is growing Power & Energy at double-digits following the TRC acquisition. AtkinsRéalis is tracking 5-7% organic growth with nuclear revenue targets raised to $2.6-3.0B by 2027. Stantec sees double-digit growth in the US water and power markets. Defence is an emerging tailwind as Canadian government spending accelerates. Healthy balance sheets support continued M&A-driven consolidation.
Selective strength. Canadian nation-building is a genuine tailwind, Aecon's backlog is up 12% with nuclear at 28% of construction revenue. US specialty contractors (EMCOR, Quanta, MYR) are benefiting from power and data centre construction. General construction faces margin pressure as fixed-price legacy contracts roll off. Infrastructure work is outperforming private commercial.
Toromont is seeing Product Support demand ramp from fleet deliveries 2-3 years ago, with mining remaining constructive across multiple commodities. The AVL generator business is running at full capacity in Hamilton, serving data centre backup power demand along the eastern seaboard. Finning's Canadian business faces softer construction demand offset by mining strength. United Rentals continues to benefit from infrastructure and industrial capex.
The most defensively positioned bucket. Comfort Systems, IES Holdings and EMCOR are executing strongly on data centre electrical and mechanical work alongside their recurring maintenance base. Dexterra's workforce accommodation business is exposed to Canadian resource sector activity. APi Group's fire protection and life safety inspection revenues (85%+ recurring) provide earnings visibility across cycles. The sub-sector rewards incumbency and technical certification.
The most compelling long-term structural thesis. Waste Connections is tracking 5%+ core price growth with AI tools expected to contribute 100bps of margin expansion by 2028. GFL's environmental services platform continues to benefit from pricing discipline and route density gains. RNG projects are ramping with meaningful EBITDA contributions expected from 2027. For smaller environmental services companies, mine water treatment, clean combustion, industrial wastewater, regulatory tailwinds are accelerating demand with no comparable increase in the supply of qualified operators.
A lower interest rate environment, a Canada-first investment agenda, stronger valuations and the stabilisation following tariff uncertainty are converging to create a favourable deal environment. 59% of Canadian valuation professionals expect M&A to increase in 2026, driven by fundamentals, not distress.
Construction and engineering, logistics, oil and gas services, advanced manufacturing and business services are expected to see the most consolidation activity.
Well-capitalised strategic acquirers and private equity platforms prioritising service-oriented, asset-light businesses with recurring revenue, infrastructure exposure and defensible technical capabilities.
Public multiples compressed 15-20% from 2025 peaks, creating a meaningful gap versus private transaction precedents. Lower-middle-market companies are trading at historically attractive multiples relative to large-cap peers.
This environment rewards preparation. Owners who understand their value, know their strategic alternatives and have an advisor in their corner before the process starts will achieve materially better outcomes.
This report reflects BluPrint Capital’s independent views on sector trends and market conditions as of June 2026. It draws on proprietary research, publicly available data, and management commentary from industry participants. Not investment advice. Data sources include FMI Corp, PwC, KPMG, Torys and CBV Institute.
Every sector view in this outlook is built from models we maintain ourselves. If you want the version of this conversation that is specific to your company, start here.
We are selective about the mandates we take on. Every engagement begins with a direct conversation with a partner. There are no intake forms and no junior gatekeepers.
A partner reads every enquiry. If your situation is one we can help with, we will respond within two business days to arrange a call. If it is not, we will tell you that directly, and where we can, point you to someone better suited.
BluPrint works with a limited number of clients at any given time. It is the only way to deliver the quality of counsel our clients deserve.