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Success Stories

What We Do

Long-term growth with real-world results

Read our success stories about how Birchwater Investments guides founder-led businesses into their next phase — supporting growth, succession, and long-term operational strength.
Case Study
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The Company

Zenan Custom Cresting is a profitable, privately-owned group of companies headquartered in Toronto, Ontario, that provides drinkware branding to breweries, liquor, food service, wineries and others across North America. The company also wholesales and retails promotional clothing. Founded in 1990, Zenan produces 10 million units per year for its diversified roster of 1,000+ clients.

The Opportunity

In 2021, to fuel growth and for succession planning, the owners sought a strategic investment partner. They recognized the company had the products and the processes in place for scalable growth, but further investment was needed to tap into the larger promotional products industry.

The Approach

In 2021, Birchwater acquired Zenan and made significant investments in people and technology. Birchwater brought in a new President and General Manager to replace the company founder who wished to retire. Most of the company’s senior leaders remained and have experienced new career opportunities in a growth-focused environment.

The Results

Since acquiring the business, Birchwater’s involvement has resulted in Zenan doubling its top and bottom lines, and has positioned the company to continue its growth trajectory in both Canada and ultimately the U.S. markets, providing growth opportunities for the people within the company.
Case Study

The Company

Maxan Interior Systems (formerly Maxan Drywall Ltd.) is a leading commercial drywall installation service provider located in Oakville, Ontario. Founded in 1990, the company provides specialty steel, drywall, insulation and acoustic services to top tier commercial general contractors in the Greater Toronto Area and throughout Ontario, who are primarily involved in the fit-out market.

The Opportunity

In 2018, the company’s founders were looking to retire and exit the business but wanted to find investors who would continue on and grow the business and build on their legacy, while providing opportunities for their valued employees.

The Approach

In 2019, Birchwater acquired a majority interest in Maxan and brought in new senior leadership. The founders remained briefly to assist with the transition.

The Results

Since 2019, Maxan Drywall was renamed Maxan Interior Systems to better reflect its expanded offering, and the company has tripled in size. Maxan has made significant investments in technology and in bench strength to achieve its established growth goals. Maxan’s vision is to be a nationally positioned market leader in the interior systems specialty contracting space across Canada. Maxan is constantly seeking and assessing growth opportunities by organic growth, as well as M&A growth by partnering with companies that have similar values.
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