MONTREAL, Sept. 16, 2026 /PRNewswire/ — Alfar Capital and Walter Capital Partners, together with BDC Capital, announced today the sale of MSP Operational Corp. (“MSP Corp.”), one of Canada’s largest providers of managed IT and cybersecurity services to small and midsize businesses, to Niobrara Capital, a New York-based private equity firm focused on middle-market B2B technology and technology-enabled services companies. Financial terms were not disclosed. The transaction completes the growth plan Alfar and Walter Capital Partners set out in 2022 when they acquired Groupe Access.
Founded in 1993, Groupe Access was a Quebec-focused IT services provider operating in a fragmented market served largely by subscale regional players. The investment thesis was to build a national platform by acquiring and integrating select regional providers with complementary capabilities, a scalable delivery model, and an accretive revenue profile, creating a business able to compete for SMB clients across Canada. Four years on, that thesis has been successfully executed.
During Alfar, Walter’s, and BDC’s holding period, MSP Corp. completed five acquisitions, transforming the platform from a local Quebec player into a pan-Canadian platform operating from Quebec to British Columbia, with extensive capabilities across cybersecurity, cloud computing and artificial intelligence. Since its inception, MSP Corp. has completed the acquisition and integration of more than 20 Canadian providers, now sharing a single service catalogue, a single delivery model and a single brand. Over the same period, MSP Corp. developed one of Canada’s deepest Microsoft practices, all six Microsoft Solutions Partner designations, and launched Guardian Shield, its packaged cybersecurity offering, shifting the revenue mix further towards managed services.
Alfar and Walter collaborated with management on establishing the operating infrastructure a platform of that size requires: a strengthened finance function, a rebuilt sales organization with a common go-to-market motion, standardized pipeline discipline and KPI reporting across regions, and a leadership team built to run a national business, highlighting the collaborative partnership that led to this successful outcome.
MSP Corp. today serves more than 2,300 recurring clients from coast to coast with a team of approximately 500 IT professionals across 12 offices in six provinces and one territory. Habib Malik, who has led the Company through the build-out, continues as Chief Executive Officer under Niobrara’s ownership.
“This transaction is a milestone for our clients, our team, and our partners,” said Mr. Malik. “Over the past four years, we’ve gone from a regional IT provider to a pan-Canadian platform, and with Niobrara we enter our next chapter. We see a substantial opportunity to keep consolidating a fragmented market and to broaden our cybersecurity and AI offering. None of this would have been possible without Alfar, Walter and BDC, who backed our team from day one and gave us the capital, the discipline and the room to build a national company.”
“When we invested in Groupe Access in 2022, we saw a regional company with a management team capable of running a national platform,” said Fares Kabbani, Founder and Managing Partner at Alfar Capital. “Four years later, Habib and his team have integrated five acquisitions into one business, one service catalogue, one delivery model, one culture, and built one of the deepest Microsoft and cybersecurity practices in the country, with the foundations in place for the next phase of growth. This is exactly the kind of outcome Alfar exists to create for entrepreneurs, and we are proud to hand the next chapter to Niobrara, who will use this platform as their entry point into the North American managed services market.”
Canaccord Genuity acted as exclusive financial advisor to MSP Corp, Alfar Capital, Walter Capital, and BDC. Raymond Chabot Grant Thornton acted as financial due diligence advisor, and Fasken Martineau DuMoulin LLP as legal counsel to the sellers.
About MSP Corp.
MSP Corp. is a pan-Canadian managed services provider specializing in cloud computing, cybersecurity, and IT support services. With a strong emphasis on customer satisfaction, MSP Corp. offers tailored solutions to help businesses stay ahead in the rapidly evolving digital landscape. For more information, visit www.mspcorp.ca
About Alfar Capital
Alfar Capital is a private equity firm focused on buy-and-build strategies, that backs founder-built businesses and turns them into scaled, growth oriented, professionalized enterprises. Focused on B2B manufacturing, distribution and services, Alfar partners shoulder-to-shoulder with management teams to accelerate growth, execute strategic acquisitions, and unlock operational performance, transforming strong companies into market leaders. For more information, visit www.alfarcap.com
About Walter Capital Partners
Walter Capital Partners is a private equity firm part of the Walter Group. Its investment model combines capital inflow and operating expertise to support the growth of promising companies on solid and sustainable foundations, by drawing on the entrepreneurial background of the Walter Group and the extensive business leadership experience of its managing partners. Headquartered in Montréal, Walter Capital provides a solid international network. For more information, visit www.waltercapital.ca
About BDC Capital
BDC Growth Equity Partners is a division of BDC Capital, the investment arm of BDC, Canada’s Business Development Bank. With $9 billion of assets under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity as well as ownership transition solutions, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. For more information, visit bdc.ca
About Niobrara Capital
Niobrara Capital is a U.S.-based private equity firm focused on middle-market technology investments. With decades of combined experience leading and scaling global technology businesses, Niobrara partners with business-to-business technology and technology-enabled services companies to deliver strategic leadership, growth acceleration, and operational excellence. For more information, visit niobraracap.com
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SOURCE Alfar Capital Management GP Inc
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