The opportunity: Specialty protein processor and B2B wholesale distributor, GTA Revenue: $21M (FY2025, Aug 31 year-end) Adj. EBITDA: $2.7M EV: $11.5M Entry-Multiple: 4.2X 3-year revenue CAGR: 19% Strong seller alignment with $2M equity rollover, earnout, VTB Capital stack: GP equity: $500K Seller rollover: $500K LP co-investor equity: $3.15M Senior bank debt: $7.1M - 3 term sheets received in favourable terms VTB: $1.0M Total: $12.25M Investor economicsredactedexit): Base case: ~4.2x MoIC / 33% IRR (5x EBITDA) Upside case: ~6.7x MoIC / 46% IRR (5.5x EBITDA) Downside case: ~1.6x MoIC / 11% IRR (4.5x EBITDA) 8% preferred return, 30% carry to GP above hurdle Why we like it: Non-discretionary B2B foodservice, 500+ active accounts, lots of opportunity to professionalize. Strong seller alignment. Protein market tailwinds. Buying at a significant discount to the 7x+ comparable set. Dedicated operating partner stepping in as CEO at close with a structured operational improvement mandate. Our backgrounds: I helped scale Blackhawk Network over sixteen years from early-stage startup through two multi-billion dollar exits. Founder and GP of Elliott Capital Co., focused on lower mid-market Canadian acquisitions. My partner is a management consultant with a decade of experience at Carpedia International leading large-scale manufacturing and process improvement engagements. Stepping in as CEO at close. Target close July 15, 2026. DM me or reach out at redacted if you'd like to connect. Tristan Roffey Elliott Capital Co. Inc.