Case Study

Project Vanguard


Commissionaires Ottawa (the “Company” or the “Commissionaires”) is a not-for-profit organization with a mandate to provide meaningful employment to veterans. Traditionally, the Company’s services focused on physical security for buildings. This type of employment is not meaningful for all of today’s veterans. As such, the Commissionaires is continually looking to acquire companies that will provide said meaningful employment. 

This specific mandate was to assist with the acquisition and financing of the Company’s purchase of the ADGA Group, a company focused on delivering strategic insight, world-class capabilities and exceptional service in defence, security and enterprise computing to all levels of government (with a focus on Federal Government).


Being a not-for-profit, we understood the motivations for Commissionaires Ottawa was a little different than a typical buyer. We had to articulate this to the seller and also educate the various interested banks on their structure.

With the letter of intent in place, we ran a competitive process for the financing with three different charter banks. 


We are willing to work “outside” the box. The not-for-profit nature of the Commissionaires created challenges not seen when working with traditional for-profit enterprise. We took the time to understand Commissionaires Ottawa corporate structure, vision and mission. With this knowledge we could articulate the rationale for the deal to the lenders. Being able to concisely tell their story while also modeling out the future of ADGA under the Company’s ownership, we received two highly competitive financing offers. With financing in hand, we helped guide the Company through diligence and the closing of the transaction.



Glenn La Rusic, CFO

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