Iron Ring Capital is an investment firm focused on acquiring a mid-sized business in Ontario, Québec, or the Northeastern United States, with the objective of preserving its legacy while accelerating its next phase of growth. We seek companies with a demonstrated track record of profitability over at least five years and clear opportunities for continued expansion.
By assuming an active and strategic ownership role, we aim to partner with and strengthen the existing management team, driving sustainable organic growth and pursuing selective bolt-on acquisitions to scale the business over time.
Investment Criteria
Industry
- Growing industry
- Large addressable market
- Preferably non-cyclical
- Interest in industrial manufacturing, niche industrial distribution, building systems services, industrial equipment repair & maintenance, fire & life safety services, specialty trades
Company
- Diverse and loyal customer base
- Defensible competitive advantage
- Ideally 50%+ of revenue is recurring
- Between $2M - $10 million EBITDA
- Minimum 5+ years of profitability and positive cash flow
Ownership Situation
- Owner nearing retirement
- Owner looking to reduce involvement
- Owner planning to pursue other ventures
The Iron Ring Difference
- Well-capitalized for a smooth, timely transition, ensuring certainty and confidence for founders.
- Leadership with hands-on operational experience, understanding the realities of running and growing a business.
- Dedicated to preserving and enhancing the company’s legacy, culture, and long-standing relationships.
- Flexible and customized transaction structuring, designed to meet the unique goals and priorities of the founder(s).
The Iron Ring Capital Team
Garen’s professional career incorporates significant experience in executive leadership, investment management, and investment banking roles, most recently serving as Managing Partner of Riviera Capital, a private equity firm focusing on investments in the mid-cap market in the Republic of Armenia. Previously, Garen was CEO of the country’s premier governmental agency dedicated to attracting investments and promoting exports, and CFO of Inecobank, a major commercial bank.
As President and CEO of General Donlee Canada Inc., a TSX-listed manufacturer of aircraft engine components, Garen led a major turnaround effort, spearheaded the company’s growth strategy and sold it to Triumph Group Inc. for USD 110 million.
Garen was a VP at private investment firm Geosam, where he managed activist, value and private equity investments. Previously, he was a member of the M&A team at BMO Capital Markets, involved in a wide range of public and private M&A advisory mandates.
Garen holds a B. Eng. from the Mechanical Engineering Honours Program at McGill University and an MBA from Concordia University’s John Molson School of Business.
Vicken Aharonian is the President of Combined Air Mechanical Services, a long-established commercial and industrial HVAC and Building Automation Controls (BAS) company serving the Greater Toronto area. He leads the firm with a focus on people-centered leadership, open communication, and long-term strategic thinking. Vicken has professional experience in HVAC equipment and services and has guided Combined Air through growth and cultural transformation.
Vicken holds a BASc in Mechanical Engineering from the University of Toronto and an MBA from INSEAD, grounding his leadership in both technical expertise and business management. In addition to his executive role, he is active in industry and community associations and recognized for fostering workplace excellence.