Relay Investments
Toby Chang is a seasoned professional with extensive experience in investment and operations. As Principal at Relay Investments since November 2022, Toby specializes in the investment sector. Concurrently, Toby serves as a Board Member and President & Chief Operating Officer at Datavalet, an enterprise SaaS company focused on Wi-Fi solutions across various industries since May 2017. As Managing Partner at Alpine Growth Partners, co-founded in April 2014, Toby actively seeks acquisitions of North American SMBs. Previous roles include Portfolio Associate at IndUS Growth Partners and Advisor at Ascot Chang, along with a significant tenure as Director of Research Services and Data Management at Millennium Research Group. Toby holds an MBA from INSEAD and a B.A.Sc. in Mechanical Engineering from the University of Waterloo.
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Relay Investments
We invest in the next generation of entrepreneurs through Search Funds. We are active in the US, Canada, and other markets. To date, we have invested in 21 countries on 6 continents. We find hidden gems in the $1-3mm EBITDA range by using the search fund model to invest in highly motivated entrepreneurs, typically graduates of top tier MBA programs. This lower end of the private equity market provides outsize return opportunity because other financial and strategic players find it too small to enter. We fund acquisitions of healthy businesses operating in fragmented markets under stable regulatory and political regimes. These companies tend to have been operating profitably for at least 3 years with B2B, recurring revenue business models and low capital intensity. Minimal customer and supplier concentration provides us with a margin of safety. The owners of our target companies generally seek retirement after a long career and view our searchers as younger versions of themselves, allowing us oftentimes to pay lower prices in competitive processes. The low entry multiples allow significant multiple expansion to improve investor IRR. We avoid investing in cyclical industries as well as those driven by commodity prices and other exogenous factors. We do not invest in start-ups, real estate, or turnarounds. If you have what it takes to source, acquire, and manage a growing SME, please don't hesitate to contact us.