A new investment group called 7th Wave Capital has been launched to support five established businesses a year in the Maritime Provinces.
The new Halifax-based group is headed by Paul LeBlanc, best known for his communications ventures such as Coastal Communications. The 7th Wave group aims to back five companies each year, providing capital and mentorship from some of the region’s leading business people. It will take a minority position in businesses with annual revenue of $5 million or more.
“Business owners need counsel, contacts and capital in order to reach their full potential,” said LeBlanc in a statement. “And that’s why I created 7th Wave Capital to help transform good Maritime businesses into great global businesses right here from the Maritimes.”
The group’s website said the 7th Wave will invest in companies based on their chemistry with the investors, scale potential, fiscal accountability and the industries they’re in.
The advisory board for the 7th Wave comprises the following business people:
- Darren Nantes, acting Chairman and CEO of the Guildfords Group of Companies. He is also Chair and CEO of Nantes Capital Inc. and the Nantes Group of Companies.
- Tom Hickey, CEO of Atlantic Road Construction and the former head of Frontline Safety and Frontline Gold Corp.
- Dwayne Smithers, President of Prime Material Handling Equipment, and a former senior executive with Secunda Marine Services.
- Corey Miller, President of Parts for Trucks, and former President of Tirecraft Canada.
- R.B. Cameron, the head of the Cameron Group of companies.
- And Wayne Crawley, Partner at the Venor recruitment agency.
The statement said the group is restricting itself to backing only five companies a year so that the group can focus its resources on each portfolio company and increase chances of success.
The group’s name refers to the belief that the seventh wave is the largest in a set of waves and the one that all surfers look to catch so they can enjoy the best ride into shore.
“Most entrepreneurs aren’t aware of its existence and find themselves thrashing in the ocean alone,” said the statement. “We help business owners spot the wave, prepare for it so they can enjoy the best business ride possible.”
