RBC Capital Partners provides junior capital to Canadian and U.S. based mid-market companies across a wide range of industries.

Our Investment Focus

RBC Capital Partners actively seeks structured cash flow term loan, subordinated debt, and mezzanine financing opportunities to provide flexibility in cash flow management and a cost effective alternative to raising additional equity to finance transformational events, including:

  • Growth capital
  • Acquisitions
  • Financial sponsor buyouts
  • Shareholder buyouts
  • Management buyouts
  • Refinancing of existing facilities
  • Senior debt relief
  • Equity withdrawals (or dividend recapitalizations)

RBC Capital Partners can work together with our RBC senior debt partners to provide mid-market companies and financial sponsors with a comprehensive financing solution to facilitate transactions.

Junior capital investments range from $3 million to $20 million in any single transaction, plus the ability to partner on larger transactions and provide minority equity investments to further support growth.

Our Investment Criteria

RBC Capital Partners is seeking investment opportunities in businesses in a variety of industries* that have some or all of the following characteristics:

  1. Proven and sustainable free cash flows, with EBITDA typically exceeding $3 million, and an Enterprise Value greater than $10 million
  2. Strong management teams with a significant financial commitment (“at-risk” capital)
  3. Established track record of business plan execution
  4. Operate in market niches and possess a sustainable competitive advantage
  5. Based in Canada and/or the U.S.

*excluding real estate and natural resource extraction

Notable Transactions

2025

Third Party Logistics Provider

Refinancing
Structured Cash Flow Term Loan
Refinanced term loan
2025

Wood Preservatives and Fire Retardants Manufacturer

Acquisition Financing
Subordinated Debt
Support shareholder buyout
2024

HVAC and Insulation Installer

Acquisition Financing, Growth Capital
Subordinated Debt
Refinanced existing debt, and support tuck-in acquisition
2024

Digital Transformation Consultancy

Acquisition Financing
Subordinated Debt and Subordinated DDTL
Supported Canadian-based sponsor leveraged buyout
2024

P&C Insurance Brokerage and Risk Management Firm

Refinancing, Growth Capital
Direct Lending Debt and Equity
Refinanced existing debt, and support acquisitions
2024

Education Furniture Manufacturing

Acquisition Financing
Subordinated Debt
Supported US-based sponsor leveraged buyout
2024

Mobility Product and Services Provider

Refinancing, Growth Capital
Structured Cash Flow Term Loan and DDTL
Refinanced term and shareholder debt, and support growth initiatives
2024

Veterinary Services Organization

Refinancing, Growth Capital
Subordinated Debt and Equity
Refinanced senior debt, and support growth initiatives
2023

Small Agriculture and Turf Equipment Manufacturer

Acquisition Financing
Equity
Supported Canadian-based sponsor leveraged buyout
2023

Independent Real Estate News Publisher

Refinancing
Subordinated Debt
Refinanced senior debt
2023

Insights and Research Company

Refinancing
Subordinated Debt
Refinanced shareholder debt
2023

Digital Consumer Marketing Platform

Acquisition Financing
Subordinated Debt
Supported US-based sponsor leveraged buyout
2023

Healthcare Services Consolidator

Growth Capital
Subordinated Debt and Equity
Provided growth capital to support business plan
2022

Sustainable Consumer Product Manufacturer

Growth Capital
Subordinated Debt and Equity
Provided financing to support growth
2022

Branded Consumer Food Manufacturer

Growth Capital
Subordinated Debt
Provided financing to support growth
2022

Pool Products Distributor and Franchisor

Acquisition Financing
Equity
Supported Canadian-based sponsor leveraged buyout
2021

Specialty Clothing Apparel Manufacturer

Acquisition Financing
Subordinated Debt and Equity
Supported US-based sponsor leveraged buyout
2021

Food Product Manufacturer

Acquisition Financing
Subordinated Debt
Supported US-based sponsor leveraged buyout

Our Team

Patrick Trainor

Managing Partner

+1 416-842-4056

Patrick has over 20 years of mezzanine investment and merchant banking experience. He joined RBC in 2007 from CCFL Mezzanine Partners and was previously with McKenna Gale Capital, two leading independent mezzanine funds. Patrick also spent time in business development and as a university lecturer. Patrick is a Chartered Financial Analyst, and has an MBA from Saint Mary’s University.

Jordan McMullen

Partner

+1 416-842-1154

Jordan is responsible for sourcing and executing junior capital investments and has over 15 years in mid-market transaction and operating experience. Prior to joining RBC, Jordan worked as an Investment Manager at Crown Capital Partners deploying and managing junior capital investments. Jordan holds the Chartered Financial Analyst designation and a Bachelor of Arts in Political Science and Economics from the University of Toronto.

Matthew Hall

Partner

+1 437-238-5489

Matt has over 15 years of middle market transaction and private equity experience. Prior to joining RBC, Matt was Managing Partner at Market Square Equity Partners targeting middle market buyouts. Previously he worked at Covington Capital, a diversified private equity and venture capital fund. Matt has an MBA from the University of Western Ontario (Richard Ivey School of Business) and is a Chartered Business Valuator (CBV). Matt is responsible for sourcing and executing junior capital investments at RBC.

Steve Lewis

Partner

+1 416-842-2146

Steve is responsible for sourcing and executing junior capital investments. Prior to joining RBC, Steve was a Partner and Senior Vice President at Ernst & Young Orenda Corporate Finance.  Steve spent over 25 years at EY during which he co-founded the Canadian capital markets advisory business. He has led hundreds of transactions in a variety of industries involving many forms of financing and capital structures.  Steve holds an MBA from McMaster University as well as the Chartered Professional Accountant designation.

David Goldband

Partner

+1 416-974-7162

David is responsible for sourcing and executing junior capital investments. Prior to joining RBC, David worked at Grant Thornton Limited in their corporate restructuring and turnaround group, assisting mid-market companies develop turnaround plans across multiple industries. In this role, David also acted as an advisor to financial institutions in reviewing and reporting on debtors’ viability and operational performance. David holds the Chartered Professional Accountant designation, the Chartered Insolvency and Restructuring Professional designation and an Honours of Business Administration degree from the Richard Ivey Business School at Western University.

Janice Lai

Principal

+1 416-842-2896

Janice joined the RBC Capital Partners team in 2018 and has since provided junior capital and equity co-investments to a variety of industries with a particular focus on consumer and healthcare sectors.  During her time at RBC, she also spent a few months with the Mid-Market Mergers & Acquisitions team. Prior to RBC, Janice worked in the audit practice at Grant Thornton LLP providing assurance services to mid-market companies in manufacturing, distribution and services. Janice holds the Chartered Professional Accountant designation and has an Honors Business Administration degree from Ivey Business School.

Vinay Martin

Principal

+1 416-317-0501

Vinay joined RBC Capital Partners in 2025 and is responsible for sourcing and executing junior capital investments. Prior to joining RBC, Vinay was a senior member in the debt and capital advisory group within the Corporate Finance practice at KPMG, where he assisted mid-market companies in Canada across a variety of sectors to develop and execute strategies related to debt financing. Vinay began his career in leverage finance at Nedbank Group in South Africa, followed by three years in private equity before joining KPMG in Toronto. Vinay is a CFA charter holder and a qualified Chartered Accounted – CA (SA). He holds a Bachelor of Business Science, Finance and a Post-Graduate degree in Accounting (both from the University of Cape Town).

Martin Asante

Principal

+1 437-980-5896

Martin joined RBC Capital Partners in 2025. Prior to joining RBC, Martin was a Principal within the Private Credit team at Ontario Teachers’ Pension Plan; here, he focused on underwriting loans and investments across the capital structure for mid-market transactions in the United States, Latin America and Europe. Previously, he worked at Fiera Private Debt and at KPMG in its Transaction Services team. At KPMG, Martin obtained his CPA designation in 2019. He also holds a Bachelor of Commerce from McMaster University.

Michael Gordaneer

Principal

+1 416-904-3270

Michael joined RBC Capital Partners in 2025. Prior to joining RBC, Michael was Vice President in EY’s Turnaround and Restructuring group where he acted as financial advisor to secured lenders of various distressed loans, assessed the health of businesses, recommended workout plans and provided financial monitoring. Michael holds the Chartered Professional Accountant designation, the Chartered Insolvency and Restructuring Professional designation, Licensed Insolvency Trustee designation and an Honours of Business Administration degree from the Richard Ivey Business School.