with Philip Desrochers · GLP Canada Ltd
LenderHawk analysis. Not affiliated with or endorsed by Search Funded: The ETA Podcast.
Buy a durable, traditional industrial business tied to construction demand, then grow it over the long term by professionalizing operations and leveraging the founders’ complementary skills.
Too early to assess financially, but the business was still operating and the owners were focused on long-term growth rather than a near-term exit.
A partnered search can be the right structure when the buyers want to acquire a larger company and share operating responsibility after close.
Investor selection matters as much as investor capital because active help on diligence, operating questions, and industry expertise can be more valuable than money alone.
Highly tailored proprietary outreach can generate faster traction than broad blasts because sellers respond better to buyers who already understand their business.
In Canada, brokered and proprietary channels can blend together because many deals still originate through personal relationships, accountants, and wealth managers rather than fully public listings.
Construction-adjacent businesses can be attractive acquisition targets when the buyer understands the value chain and the industry has recurring replacement demand.
Post-close success depends less on mastering the technical product on day one and more on learning the seller’s relationships, customer dynamics, and operating routines.
A CEO with technical familiarity can add value by spending time in the field, because firsthand exposure to the work improves credibility and operating decisions.
Long-term ownership works best when investors and operators are aligned on a multi-year growth plan rather than a quick flip.
Phil Desrochers and Cameron Roblin launched their search in June 2021 and closed GLP Canada in March 2022, less than a year later.
He gives a timeline from formal launch to close.
Their investor group ended up being roughly half Canadian and half U.S. or international investors.
He describes the composition of the search backers.
GLP Canada was owned by three partners, with one near retirement and the others also close to exit decisions.
He explains why the seller was motivated to transact.
The sellers were a third, a third, a third ownership group, which made succession planning complicated.
He describes the cap table and the resulting transition problem.
The HVAC market in Canada is supported by aging equipment that is often 15 to 20 years old in homes.
He uses install-base age to explain replacement demand.
He thinks the labor shortage will intensify because demand for equipment will outpace the number of technicians available to install it.
He identifies labor as the main industry constraint.
Canada has thousands of small and medium businesses owned by founders aged roughly 50 or older, while the searcher population is only around the hundreds.
He argues the market remains underpenetrated.
Start with your existing network, including old colleagues and contacts you have not spoken to in years, because early trust can generate inbound opportunities quickly.
Why: That approach helped create fast deal flow and led to an early introduction with the eventual sellers.
Build a mixed investor base that includes operators, former successful searchers, and financially sophisticated backers, because different investors contribute different kinds of help.
Why: He emphasizes that capital alone is only one piece of the value proposition.
Run highly targeted outreach instead of mass email campaigns, because sellers are more likely to engage when you already understand their business and fit.
Why: His most effective outreach was tailored to specific industries and companies.
Spend time meeting sellers, their families, and key suppliers before closing, because trust building can matter more than transaction mechanics.
Why: The seller group wanted to assess whether the buyers fit the company and its stakeholders.
Choose co-founders with complementary strengths and define responsibilities during diligence, because the operating transition begins immediately at close.
Why: He and his partner divided duties by technical/customer-facing work versus finance and supply chain.
Learn the business by going into the field, because seeing the work firsthand improves credibility with technicians and customers.
Why: He says hands-on exposure helps him give better advice and understand operational constraints.
When taking over a business, listen first and change later, because existing employees and sellers often hold the context needed to avoid mistakes.
Why: He repeatedly stresses taking time before making major operational changes.
The business was owned by three partners, one near retirement and the others also considering transition, which created a succession problem rather than a simple one-owner sale. Phil and Cameron positioned themselves as a solution that preserved continuity while allowing one owner to exit.
Lesson: Buyers can win deals by solving ownership transition friction, not just by offering the highest price.
Instead of blasting generic emails, the searchers did pre-work on specific companies and approached owners with a strong sense of fit. That approach helped them move quickly into serious seller conversations.
Lesson: Precision outreach can outperform volume when the goal is to build trust with a specific founder or family.
Even as CEO, Phil still visits customers and works alongside technical staff on furnace adjustments. He uses those visits to better understand the work technicians do and to make more credible operating decisions.
Lesson: Direct field exposure can improve leadership quality in technical, service-based businesses.