Investment Criteria
Size
Industry
Region
Transaction Size & Financial Profile
We target stable, low-growth, cash-flow–generating companies with predictable economics where disciplined execution can meaningfully unlock value.
EBITDA Range: $500K – $2.5M
Business Types We Invest In
We concentrate on traditional, durable industries that demonstrate recurring demand, operational simplicity, and opportunities for commercial or operational improvement.
B2B Services, Distribution, Light
Manufacturing, Food Production
Where We Invest
We acquire businesses across Canada, with deeper interest in regions offering strong economic fundamentals, diverse industries, and supportive business ecosystems.
Ontario, BC, Alberta,
Saskatchewan, Nova Scotia
About Us
Tristan Roffey founded Elliott Capital following a 20-year career scaling B2B and consumer technology businesses, most notably as part of the leadership team that grew Blackhawk Network from an early-stage company into a global category leader. Over a 16-year tenure, Blackhawk expanded across 26 countries, surpassed $36B in annual sales volume, completed 20 acquisitions with aggregate enterprise value exceeding $1B, executed a $1.3B IPO in 2013, and was taken private in a $3.5B transaction in 2018.
His operating background spans global go-to-market execution, commercialization, product strategy, and P&L leadership across multi-billion-dollar business lines. He has led large-scale transformations, integrated acquisitions, built high-performing commercial organizations, and managed cross-functional teams across strategy, operations, and product, with a consistent focus on disciplined execution and long-term value creation.
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How we Create Value
Thesis-Driven
Underwriting & Risk
Mitigation
Clear investment rationale, stable fundamentals, and identifiable paths to value creation.
Professionalization &
Margin Expansion
Process, pricing, systems, reporting, and efficiency improvements that stabilize and expand EBITDA.
Strong Post-Close
Execution
Hands-on leadership to implement accountability, structure, and a durable operating cadence.
Commercial Acceleration
(GTM)
Building repeatable revenue engines through improved sales execution, channel strategy, and customer insights.
Product & Offering
Expansion
Selective commercialization and innovation to unlock new growth vectors and improve long-term enterprise value.
Our Investments
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