Acquisition criteria
We're looking for exceptional Canadian companies, each to be led by a trained Indigenous searcher.
Bear & Bison's IETA Fund is a generalist acquirer of profitable, place-based Canadian SMBs, with a particular focus on rural, remote, and Indigenous-served communities.
If the profile below describes your business, or one you represent, we'd welcome a confidential conversation, and we respond to every qualified inquiry within 48 hours.
Financial profile
The numbers we look for.
- Enterprise value
- Up to $20M CAD
- EBITDA
- $500K – $5M CAD annually
- Growth
- Demonstrated positive annual growth
- History
- Profitable, established operating history
- Customer base
- Diversified. No single customer dominates revenue.
Example of average deal structuring: ~50% senior debt, ~35% Bear & Bison equity, ~15% seller's note.
Qualitative profile
The character of the business.
- Profitable, place-based business with a defensible moat, even if local or niche.
- Recurring or repeat-customer revenue model with durable cash flows
- Strong second-tier management an Indigenous searcher can step in to lead
- Owner ready to transition over 6–12 months
- Headquartered in Canada, with emphasis on rural, remote, and Indigenous-served communities.
- Bonus: existing relationships with Indigenous communities, suppliers, or workforce
Industries of focus
Where we go deep.
Specialty distribution & wholesale
Industrial & specialty services
Residential & commercial trades
Logistics
Specialty manufacturing & fabrication
Natural resources services (responsible)
IETA is a generalist fund. We're open to thoughtful exceptions when the business, seller, and community fit are strong.