Refer a Business
Investor Login6 min read Nov 27, 2024
Tom Kennedy, Chairman and Senior Managing Director
At the 2024 Annual Investor Conference, Kensington proudly celebrated over 28 years as an active investor in the Canadian private equity space. Kicking off the event, Ash Lawrence, Head of AGF Capital Partners, made a special appearance to discuss the recent AGF-Kensington partnership. He emphasized AGF’s commitment to preserving Kensington’s unique “investment DNA” and entrepreneurial culture—qualities that have been central to its past and future success. “The two things I want to leave you with,” Ash noted, “are that it’s the same Kensington, but with a lot of support from AGF.” He added, “With that operating and investment independence intact, Kensington now has the backing of a much larger asset manager to help drive new growth.” This partnership not only strengthens Kensington’s growth trajectory but also sets the stage for an exciting new era of expansion and opportunity.
This year’s event brought together investors, industry leaders, experts, partners, and portfolio companies across North America. The conference showcased a range of industries, covering topics from intellectual property protection and mid-market private equity trends to jumbo glass fabrication, raw pet food, and cybersecurity. Here’s a recap of the standout sessions and trends shaping the future in each area.
Mike Brown, Chief Data Officer and Co-Founder
To kick off the day, Mike Brown, Chief Data Officer and Co-Founder of Strider Technologies, shared Strider’s unique approach to tackling intellectual property (IP) theft. As he highlighted, “Industry is the frontline of today’s geopolitical battle, with the U.S. economy losing $600 billion annually to IP theft.” Strider Technologies has set a new standard in IP protection by focusing on prevention over response. This proactive model has drawn the attention of eight of the Fortune 10 companies and over 90 companies globally across 10 countries.
Founded in 2019, Strider has grown rapidly, raising over $110 million and achieving an impressive $35 million in annual recurring revenue. Their innovative technology detects when employees are targeted or co-opted for IP theft, particularly by nation-state actors, without requiring any direct information from client companies. Strider’s growth is further bolstered by strategic hires, including David Vigneault, former head of the Canadian Security Intelligence Service (CSIS). Vigneault’s decision to join highlights Strider’s critical role in countering global IP theft and protecting economic interests in an increasingly complex landscape.
From Left to Right, Liam Cheung, Managing Director, Kensington Capital Partners | Ed Mielke, Managing Director, Jefferies | Cody Jones, Senior Director, CIBC | Wei Wang, Partner, Ernst and Young
During the panel discussion on the mid-market landscape, a group of industry experts shared their insights and predictions on current trends and future opportunities. Moderated by Liam Cheung, Managing Director at Kensington, the panel featured Ed Mielke, Managing Director at Jefferies, Cody Jones, Senior Director at CIBC, and Wei Wang, Partner at Ernst & Young.
Ed Mielke opened the conversation by highlighting the impact of interest rates on transaction activity, stating, “We’ve been waiting for a sign that it’s safe to go back in the water from a transaction standpoint.” While there is optimism for growth, he noted the environment remains challenging due to a cooling economy. Cody Jones echoed this, emphasizing that “There has to be a realignment of expectations from sellers in terms of what they can get,” highlighting the need for sellers to adapt to the rising costs of debt affecting valuations.
Wei Wang added that demand for liquidity is strong, but the U.S. election could influence market dynamics, especially regarding protectionism and tariffs. The panelists highlighted investment themes, with Mielke pointing to the service sector as resilient and well-suited for buy-and-build strategies.
The panelists also emphasized the use of creative structures, such as earnouts, to bridge valuation gaps and close deals in today’s market. Ultimately, they agreed that focusing on organic value creation and leveraging data is essential for driving returns in this changing economic landscape.
Corey Boland, CEO, and Brad Miller, CFO of AGNORA, joined us to share exciting updates and discuss the company’s impressive growth. AGNORA has become a market leader in high-end architectural glass fabrication, catering to luxury residential, retail, and institutional end markets. Their portfolio includes high-profile projects such as Damien Hirst’s gilded mammoth display in Miami and luxury retail storefronts in New York City.
Recently, AGNORA expanded its production capabilities into the US by acquiring West Coast Glass Products, a California-based fabricator specializing in the luxury residential sector. This acquisition enables AGNORA to offer comprehensive “whole home” glass solutions for the rapidly growing residential market.
With ambitious plans for further expansion and innovative products like glass for zoos, bird-friendly glass, and security glass, AGNORA is well-positioned for continued growth.
Caroline Bolduc, CEO, Bold by Nature
We were delighted to welcome Bold by Nature, led by CEO Caroline Bolduc, to share their journey and impressive accomplishments. As the first Canadian raw pet food company to enter the U.S. market, Bold by Nature has achieved a significant milestone, marking an inflection point for the company and the industry. Since partnering with Kensington, Bold by Nature has experienced impressive growth, marked by significant achievements such as securing a major private label contract with a prominent retailer in Canada. Their expansion into markets like Barbados and the Bahamas and the establishment of a U.S. manufacturing hub highlights their adaptability and commitment to sustainable practices. Furthermore, the company’s focus on producing high-quality and ethically sourced products resonates with the growing consumer trend toward pet humanization and natural, nutritious pet food options.
From Left to Right, Win Bear, Managing Director, Kensington Capital Partners | Glenn Cowan, Founder and CEO, ONE9 | Leo Scott, CIO, DataTribe
To close the day, Glenn Cowan, Founder and CEO of ONE9, and Leo Scott, CIO of DataTribe, discussed emerging opportunities in cybersecurity and defence technology. They emphasized how rising threats and expanding budgets are fueling an expanding “addressable market,” with geopolitical tensions igniting a new “arms race” focused on technological advantage over traditional weaponry and drawing substantial investment. Kensington is committed to identifying high-potential opportunities in this arena by partnering with industry experts.
Cowan and Scott also raised the importance of collaboration between military and civilian sectors, especially as cybercrime costs are projected to reach $10 trillion annually, highlighting the urgent need for advancements in cybersecurity. Innovations like $500 drones capable of neutralizing multimillion-dollar tanks emphasize the disruptive potential of cost-effective technology in defence. The dual role of AI—used in both cyber defence and attacks—further illustrates its transformative impact. As governments struggle to retain top talent, private-sector partnerships and venture capital have become vital tools for national security, promoting faster and more agile advancements. This evolving landscape reinforces the critical role of private capital and public-private collaboration in addressing new threats and driving future growth.
We would like to thank all our speakers and attendees for their contributions and look forward to exploring these opportunities together next year.