“The Shotgun Fund was a valuable and supportive equity investor and Board partner for us as we grew the business over many years. They understood our business model and helped develop our strategic growth plans alongside the management team.

We enjoyed a successful business relationship for almost 10 years, including through a difficult economic cycle during the financial crisis of 2009-2010.

Richard was always very professional and respectful of our role as operators, and we worked well with the Board that Richard helped us put together.

When it became clear that The Shotgun Fund was interested in exploring liquidity alternatives, we worked together on a divestiture plan. Ultimately, an investor group that included management negotiated the purchase of The Shotgun Fund’s ownership interest providing for a successful exit for the Fund’s investors.

We are proud to recognize The Shotgun Fund’s role in helping to establish the strong foundation on which we have continued to grow our business.”

Alnoor Gulamani, President of Bayview Hospitality Inc.

“I started Steelcare with a three-way partnership. Our planning was often frustrated by our different views of the future.

As this partnership was dissolving, The Shotgun Fund offered an attractive alternative to the partnership model I was in, allowing me to run the business more effectively and also giving me quick access to sound strategic advice from a small board of directors.

Richard and his partners moved quickly and did what they said they were going to do every step of the way.

As patient investors with a long-term view to building value, The Shotgun Fund’s partners were actively involved with our team in reviewing all the new business initiatives we pursued that were consistent with our evolving strategy.

Although, like all businesses, we faced challenges over the 14 years we were in partnership with The Shotgun Fund, they worked with me and our team to overcome them. As partners, we worked together to ultimately sell the business at the right time for a strong return.”

Demetrius Tsafaridis, Founder and Former CEO of Carego

"Without Larry and Richard at Argosy, my life would have been very different – and not for the better. In fact, I would have lost the innovative, award winning company I started over 25 years ago.

When my ex-partner triggered the shotgun clause in our shareholders’ agreement, I turned to The Shotgun Fund for help. They were able to finalize attractive terms for me within 27 days that allowed me to buy him out.

Since that time, with Argosy’s involvement, we were able to significantly grow our revenue, profitability and cash flow. That allowed us to repay the financing earlier than planned creating a great result for both Argosy and me.

I would highly recommend Argosy for similar founders and entrepreneurs going through partner/shareholder transitions, that are getting in the way of being able to build successful businesses."

Gil Densham, CEO of CAST Group of Companies.

“I have had the privilege of actively working with Larry and Richard for the last ten years. I first met them in late 1999, a full 20 years ago, just prior to the management team of Prime Restaurants completing a 100% buyout. I was the CEO and a significant shareholder. At the time we were seeking potential financial partners. Financing was sourced elsewhere, but we stayed in contact as our businesses grew.

I was struck by their work ethic, business acumen, approach to investing, and above all their integrity.

Subsequently, in 2009, when The Succession Fund invested in Celtrade Canada Inc., I was asked to join the Board of their new portfolio company as one of two independent directors with relevant food industry experience. At the time the business was driven by its founder. He was looking not just for a new investor to help buyout shares from legacy shareholders, but he was looking for a new partnership.

The founder was ready to accept new input on developing growth strategies and building the team, all of which lifted the company to the next level. I particularly noted the effort made by Larry and Richard to try and preserve the entrepreneurial spirit of the business and its unique place in the market.

Larry and Richard worked with the founder to slowly transition to a more structured professional management team, with deeper bench strength. They did so in a thoughtful way that was right for the company, and while they exhibited patience, they stuck to their game plan of putting in place a deliberate strategic plan that was regularly revisited. This led to steady profitable growth.

The business grew by a factor of about four times at the bottom line and tripled revenues during the last decade, all based on organic growth. A strong management team is in place and the company is poised for its next stage of growth. In summary, Larry and Richard are passionate about investing in established businesses, particularly along side founders seeking new partnerships to pursue strategic growth plans.”

John Rothschild, Former Director of Celtrade Canada Inc.

“Twenty-five years ago, I started Celtrade Canada with the vision to produce premium private-label specialty food products, driven by culinary innovation and exceptional customer service.

When it came time to buy out some passive investors, The Succession Fund ‎provided them the liquidity they sought, and I entered into a new partnership. That gave me the opportunity to join with patient investors that shared my passion for building a team and developing and pursuing a growth strategy.

Larry was always respectful of my founder-operator role, and we continue to work well with the Board that The Succession Fund helped us put together.

With Larry and Richard’s support and active involvement, we built a company with lasting value and a meaningful legacy.”

Ron McAvan, Founder and Director of Celtrade Canada Inc.

“I first met Richard and Jim Ambrose (a former Shotgun Fund partner) in 1999 when I needed assistance on how to work my way through a partnership dispute. The Shotgun Fund moved quickly and decisively and we had a successful relationship from 2000 to 2017, building a company with a lasting legacy.

As partners, they had a long-term view on setting strategic plans and priorities, and shared our vision of investing to achieve future growth.

The Shotgun Fund was actively involved with the acquisition of our Chinese manufacturing subsidiary, which was a material inflection point for the growth of Etratech.

We worked closely with Richard and Larry on building out the management team, and then on the sale of Etratech, achieving a strong result for all shareholders.”

Michael Desnoyers, Founder and Former CEO of Etratech

“The opportunity to negotiate the buyout of Insception was one of the highlights of my career. It was matched by the ability to work with a quality team and Board with a shared focus on growing the company and building value.

The Succession Fund was actively involved in working with management to develop and support the strategic plan. Not only did Larry and Richard agree with our investment thesis for the original purchase, but they also increased The Succession Fund's equity investment when we identified a logical strategic acquisition.

Successfully integrating Lifebank with Insception required developing a detailed integration plan. Management's collaboration with Larry and Richard on this phase of growth was a turning point in creating value.

The sale process crystalized meaningful returns for all of the stakeholders of Insception.”

Richard Lockie, Former CEO of Insception Lifebank

“I was introduced to The Shotgun Fund 18 years ago while having a “shotgun clause” triggered against me and my family by former partners/shareholders.

Richard and his team at The Shotgun Fund responded quickly to that situation by buying out the other shareholders. The Shotgun Fund became my new partner.

We created a lot of value together over the last 18 years, culminating in a successful sale of the business in the fall of 2018. Our team and Board all contributed to grow total revenue by 7.5X.

As well as being patient investors, Richard and his partners helped form Logistik’s strategy, supported and structured important new ventures and acquisitions, helped recruit senior managers and board members and identified new investors.

Richard was a valuable contributor on the Board for those 18 years, and more importantly, a supportive partner for me and my family and our team, through both good and challenging times. The Shotgun Fund’s support as a long-term oriented partner helped contribute to our growth and success.”

Louis Bibeau, President, CEO and Founder of Logistik Unicorp Inc.

“I have known Richard for 30 years. His disciplined approach to uncovering private company investments brought me into The Shotgun Fund as an investor when it started 20 years ago. Given my operations background in various manufacturing businesses, I was able to join and contribute to The Shotgun Fund’s Advisory Board. That brought me first-hand involvement with many of the family business owners that The Shotgun Fund was able to help resolve their shareholder conflicts.

As an investor in The Shotgun Fund I, I benefited from the value realized as portfolio companies were grown, sometimes through challenging circumstances; however, the businesses were ultimately improved and sold. Overall, The Shotgun Fund I returned a multiple of several times its original capital to all its investors. The approach of focusing on working with owner-operators to strategically build their businesses and add professional management really paid off.

I believe the Argosy formula for success is simple but very effective:

• Be a real equity partner with aligned interests;
• Process and screen investments to identify solid partners in businesses that have room to grow and have demonstrated profitable results;
• Form boards with industry expert directors;
• Support management to enhance the team where additional expertise is required;
• Work with owner-operators by taking a deliberate approach to strategy and priorities, leading to steady growth and value creation;
• Where appropriate, pursue selected strategic add-on acquisitions and support management with integration planning;
• Most importantly, I have seen how Richard and Larry work with management partners and Boards with a goal of maximizing shareholder value though planned divestitures when the time is right.”

Ralph J. Zarboni, Independent Director and Private Company Investor