Calgary, Alberta · Direct acquisitions
Rustica Strategies acquires and invests in established, cash-flowing industrial businesses in Calgary and southern Alberta.
A private acquisition firm. We partner with owners and evaluate opportunities selectively.
Submit an Opportunity
- Calgary and southern Alberta
- $2 million to $10 million EBITDA
- Industrial and specialized services
- Confidential process
How we work
Selling a business is more than a financial decision.
It is practical, personal, and often tied to years of work. We take that seriously.
Confidentiality
Discussions stay private. We sign a non-disclosure agreement before reviewing detailed information.
Straightforward process
Clear criteria, a defined process, and direct feedback.
Respect for what the owner built
Continuity for employees and customers matters as much as the transaction.
Patient capital
We invest as patient capital, with structures that fit the business and the owner’s goals.
What we look for
We are focused, not broad. Clear criteria lead to better conversations.
Geography
Calgary and southern Alberta
Size
$2 million to $10 million EBITDA
Business Type
Industrial and specialized services, specialty process and manufacturing, B2B
Revenue Profile
Recurring or repeat customer base
Team
Stable team, not dependent on the owner for day to day delivery
Transition
Owners seeking a full exit, staged handoff, or partial liquidity
Not a Fit
Startups, restaurants, retail storefronts, pre-revenue or speculative businesses
Larger transactions are completed alongside institutional and family office capital partners.
If your business fits these criteria, we encourage direct outreach. We evaluate opportunities selectively and provide clear feedback.
Capital and structure
Capital and structure
Rustica funds transactions with equity from institutional and family office capital partners alongside conservative senior debt. Rustica leads sourcing, underwriting, and operations, and takes an ownership position in every transaction it completes. Structures are sized to the cash flow of the business rather than to a target return.
- Disciplined underwriting on normalized cash flow
- Senior debt sized conservatively
- No reliance on aggressive assumptions to make a deal work
About Rustica
A Calgary-based private acquisition firm.
Rustica Strategies acquires and invests in established industrial and specialized-services businesses with strong cash flow. We partner with owners, evaluate opportunities selectively, and treat confidentiality, a straightforward process, and respect for what the owner built as the basis of every conversation.
Our approach is straightforward: acquire good businesses, invest as patient capital, and transition them with care.
Leadership
Jason Dagenais
Founder and Managing Partner, Calgary, Alberta
Jason is a professional engineer with more than twenty-five years of operating, capital, and transaction experience across Alberta’s energy and industrial sectors. His career spans asset evaluation, capital raising, operations leadership, and the design of reporting and control systems. He has held senior executive roles and has founded, built, and sold an operating company.
Track record
- $250M+Companies and assets transacted
- $45M+Capital raised, equity and non-dilutive
- $1.4BDevelopment projects managed
- 25+Years of Operating Experience
Career totals across prior operating and executive roles.
Case study
What a disciplined transition looks like
An Alberta industrial services business, acquired at approximately $4.2 million in revenue and grown to $6.1 million over two years. The transaction used a vendor take back structure that gave the seller certainty at close and kept the owner engaged through the handoff. The company retained one hundred percent of its staff, kept its original name and brand, and continued operating under its existing identity. Revenue grew 45 percent and EBITDA grew 52 percent over the period.
- 100%Staff retention
- No rebrandOriginal name and brand kept
- 52%EBITDA growth
Flexible transaction structures
Every business and every owner situation is different. We are open to deal structures that are fair, practical, and aligned with the realities of the business.
Full Buyout
Complete ownership transition for a clean exit.
Partial Liquidity
Seller retains equity with some cash out.
Transition Support
Defined handoff period for continuity.
Earnouts
Performance-based structure where appropriate.
After a transition
A change in ownership should not disrupt what already works.
Rustica looks for businesses with solid reporting, a capable team, and room to strengthen cash flow. Where it helps, additional tools and systems can be introduced after closing.
Everyone in the ring
A good transition works for everyone it touches.
Our symbol is six pieces locked into one ring. Each stands for a party to the deal, and the ring only holds when every one of them is looked after.
Seller
A fair, clear exit that respects what the owner built and the people who helped build it.
Rustica, as buyer and operator
We acquire to operate, with a hands-on focus on cash flow and on what already works.
Investors
Disciplined underwriting on cash flow, with structures built for durable returns.
Lenders
Conservative senior debt sized to the cash flow of the business, with clear reporting.
Employees
Continuity for the team that makes the business run.
Customers
The same service and relationships they rely on, without disruption.
Our process
We keep the process clear and professional.
Introductory conversation
Initial discussion to assess fit
Initial review
High-level review of financials and the way the business runs
NDA & deeper review
Non-Disclosure Agreement and deeper evaluation
Indicative offer
LOI if the opportunity fits
Diligence & transition
Validate assumptions and plan transition
Close and handoff
Complete transaction and handoff
For business brokers
Rustica works with business brokers and M&A advisors across Calgary and southern Alberta.
- Fees are protected and honoured in full.
- NDAs are reviewed and returned within 24 hours.
- Indicative feedback on a CIM within five business days.
- A clear yes or a clear no. We do not sit on files.
- No retrading after diligence absent a material undisclosed change.
Frequently asked questions
Clarity and confidence for owners and brokers.
Here are some common questions from business owners and business brokers considering a transition with Rustica Strategies. We aim to provide clarity and confidence as you navigate this important decision.
How is Rustica Strategies different from a private equity firm or a competitor buying my business?
Rustica Strategies is a private acquisition firm, not a competitor looking to absorb a customer list or cut staff. You deal directly with the firm. We partner with owners and respect what has already been built.
Will you fire my employees after the sale?
No. We specifically look for businesses with stable, capable teams. Our goal is continuity for the people who make the business successful, not to replace them. We rely on your team’s institutional knowledge to support a smooth transition.
How long does the acquisition process take?
While every transaction is unique, a typical process takes 60 to 90 days from the signing of a Letter of Intent (LOI) to closing. This allows enough time for a thorough review, to arrange financing, and to build a transition plan with you.
Do I have to stay on after the sale?
We structure the handover around the business and the owner’s goals, and we set the length together, typically at LOI. Some owners make a clean break; some stay involved for a period.
How do you value a business?
Valuation is based on a multiple of normalized EBITDA, adjusted for owner compensation, one time items, and any expenses that would not continue under new ownership. The multiple reflects the stability of the cash flow, customer concentration, the strength of the team, and the condition of the asset base. Purchase price is quoted on a cash free, debt free basis with a normal level of working capital left in the business. We explain how we arrived at a number and we show our work.
Confidentiality and Brand Integrity
We understand that rumors of a sale can disrupt your team, worry your customers, and alert your competitors. We sign a strict Non-Disclosure Agreement (NDA) before looking at any detailed financials, and we conduct our review discreetly to protect the business. In most cases, especially for businesses with strong local reputations, we maintain the existing company name and brand identity.
Insights
Notes from Rustica Strategies
From Advisory to Acquisition: Why We Stopped Just Giving Advice
Why Rustica Strategies acquires and invests in established businesses, rather than only advising, and how that shapes a practical path to transition.
Will This Deal Take Forever, or Collapse at the Finish Line?
What really kills deals, and the quick-yes / quick-note screen we use to keep a transaction on track.
A confidential conversation
Own or represent a business that may fit?
Reach out directly by email. All discussions are strictly confidential. We welcome submissions from business owners and brokers.
Submit an Opportunity