The transaction, valued at C$203.9 million, marks a definitive end to the Velan family’s governing tenure. Ivan, Peter, Rob, and Tom Velan have resigned from their board seats, making room for a new slate of directors led by Birch Hill partner Patrick Duncan, who steps in as chairman. Joining him on the board are new nominees Joshua Lundy, Jim Mannebach, and Shauna Gamble.

Operational shifts accompany the ownership change. Jim Mannebach is retiring from his dual roles as chief executive and chair. Replacing him is Rishi Sharma, a former finance chief at the firm, who takes the reins as president and CEO. Imran Gibbons has been named the company's new chief financial officer to manage the firm's transition under its new private equity ownership.