Key Takeaways
- • Atlantic Street Capital, a New York-based private equity firm, has invested in GLP, a Toronto-headquartered HVAC distributor founded in 1958, with the announcement made September 24, 2026; financial terms and ownership stake were not disclosed.
- • GLP operates approximately 70,000 square feet of warehouse capacity across facilities in Oakville, Ontario, and Calgary, Alberta, serving diverse end-markets including industrial, oil and gas, utilities, telecom, data infrastructure, energy storage, light commercial, residential, and recreational vehicles.
- • Atlantic Street Capital typically targets lower-middle-market platform businesses with $4 million to $25 million in EBITDA and makes equity commitments between $15 million and $75 million, positioning GLP within the firm's core investment thesis.
- • The partnership is structured to support both organic growth and acquisition-driven expansion, with GLP management indicating prior success integrating acquired distributors and anticipating geographic reach and product portfolio expansion under Atlantic Street's backing.
- • GLP represents a value-added distribution model combining equipment sales with technical and engineering support services spanning system design through warranty administration, differentiating it within the HVAC distribution sector.
Summary
Atlantic Street Capital has completed a private equity investment in GLP, a specialized HVAC distributor based in Toronto with operations spanning Ontario and Alberta. The transaction was announced September 24, 2026. While specific valuation metrics and ownership percentages remain undisclosed, the partnership signals Atlantic Street's commitment to the lower-middle-market distribution sector and reflects GLP's appeal as a platform for acquisition-driven consolidation in North American HVAC distribution.
GLP was founded in 1958 and operates as a value-added distributor supplying equipment, replacement parts, accessories, and components sourced from North American manufacturers. The company maintains approximately 70,000 square feet of warehouse space across two primary facilities and serves a diversified customer base spanning industrial, oil and gas, utilities, telecom, data infrastructure, energy storage, light commercial, residential, modular and manufactured housing, recreational vehicles, and institutional sectors. Additionally, GLP serves specialized applications in ventilation, energy recovery, and indoor growing operations.
The distributor's operating model extends beyond transactional sales. GLP combines distribution capabilities with integrated technical and engineering support, providing customers with comprehensive services from system design through warranty administration. This value-added positioning differentiates GLP within a fragmented distribution market and likely influenced Atlantic Street's investment decision.
Atlantic Street Capital specializes in lower-middle-market companies headquartered in the U.S. and Canada, with a focus on platform businesses exhibiting EBITDA between $4 million and $25 million. The firm typically commits between $15 million and $75 million per investment. Atlantic Street intends to support GLP's continued organic growth while simultaneously pursuing acquisition opportunities to expand geographic footprint and product offerings. GLP President Cameron Roblin and CEO Philip Desrochers noted the company's prior experience integrating acquired distributors and expressed confidence that the Atlantic Street partnership will accelerate both organic expansion and consolidation initiatives across Canadian and North American markets.
GLP was founded in 1958 and operates as a value-added distributor supplying equipment, replacement parts, accessories, and components sourced from North American manufacturers. The company maintains approximately 70,000 square feet of warehouse space across two primary facilities and serves a diversified customer base spanning industrial, oil and gas, utilities, telecom, data infrastructure, energy storage, light commercial, residential, modular and manufactured housing, recreational vehicles, and institutional sectors. Additionally, GLP serves specialized applications in ventilation, energy recovery, and indoor growing operations.
The distributor's operating model extends beyond transactional sales. GLP combines distribution capabilities with integrated technical and engineering support, providing customers with comprehensive services from system design through warranty administration. This value-added positioning differentiates GLP within a fragmented distribution market and likely influenced Atlantic Street's investment decision.
Atlantic Street Capital specializes in lower-middle-market companies headquartered in the U.S. and Canada, with a focus on platform businesses exhibiting EBITDA between $4 million and $25 million. The firm typically commits between $15 million and $75 million per investment. Atlantic Street intends to support GLP's continued organic growth while simultaneously pursuing acquisition opportunities to expand geographic footprint and product offerings. GLP President Cameron Roblin and CEO Philip Desrochers noted the company's prior experience integrating acquired distributors and expressed confidence that the Atlantic Street partnership will accelerate both organic expansion and consolidation initiatives across Canadian and North American markets.
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