Bulldog Capital Partners
The Commerce Court courtyard in Toronto at dusk, with the historic Commerce Court North building and its reflecting pool

Partnering with entrepreneurs to build enduring businesses

Bulldog Capital Partners is a proudly Canadian investment firm that partners with entrepreneurial management teams to accelerate growth and build lasting value. We provide flexible capital and strategic support to build established, cash-generating businesses and drive sustainable growth.

Our team

Michael Andlauer

Michael Andlauer

Founder

Peter Jelley

Peter Jelley

Founder, President & CEO

Adam Capland

Adam Capland

Managing Partner

Brian Lee

Brian Lee

Partner

Emanuel Vella

Emanuel Vella

Associate

Investment portfolio

Peter Jelley

Peter Jelley

Founder, President & CEO

Peter founded Bulldog Capital Partners in 2019.

Peter has over 25 years of experience in the private equity and investment banking industry.

He sits on the Board of the Ottawa Senators, Bourn Hall Fertility, The Evewell, Hamilton ETFs, Bluwatr, and Venture Ontario. He was previously the Chairman of the Board of Andlauer Healthcare Group (TSX: AND) prior to its sale to UPS.

Peter is also the Chief Executive Officer of Trout River Capital, a leading investor in amusement and hospitality businesses in Atlantic Canada with successful investments in more than a dozen operating businesses since 1999.

Prior to founding BCP, Peter spent 20 years at National Bank Financial, where he served as Head of Investment Banking.

Peter holds an Honours Bachelor of Arts from the University of King’s College, a Master of Science (Economics) from the London School of Economics, and a Master of Business Administration from the Harvard Business School.
Michael Andlauer

Michael Andlauer

Founder

Michael Andlauer has more than 35 years of experience building and operating businesses in the North American transportation and healthcare logistics industries.

In 1991, Michael founded ATS Healthcare, which later became part of Andlauer Healthcare Group, a publicly traded healthcare logistics company. In November 2025, Andlauer Healthcare Group was acquired by UPS.

Michael is a lifelong hockey fan. In 2023, he and his family led a group of partners in acquiring the National Hockey League’s Ottawa Senators Hockey Club, which includes the American Hockey League’s Belleville Senators and the Sensplex rink properties. He and his wife Lucie are actively involved in the Senators Community Foundation. From 2009–2023, he was a minority owner of the NHL’s Montreal Canadiens. From 2015 – 2025 he was the owner of the Brantford Bulldogs, a two-time Ontario Hockey League Championship team.
Adam Capland

Adam Capland

Managing Partner

Adam is a Managing Partner of Bulldog Capital Partners, where he leads the firm’s strategy and oversees its investment activities across the portfolio, from sourcing and executing new investments to supporting portfolio companies through value creation. He brings more than 15 years of experience across private equity and investment banking.

Prior to joining BCP, Adam was an investment banker at a Canadian investment bank, advising corporate clients across the country on M&A and capital raising in the consumer products, industrial, and real estate sectors.

Adam is Chairman of Bourn Hall Fertility and The Evewell, and serves on the boards of the Ottawa Senators, Da-Lee, and Bluwatr.

Adam holds a Bachelor of Business Administration from Wilfrid Laurier University.
Brian Lee

Brian Lee

Partner

Brian joined Bulldog Capital Partners at its inception in 2019 and serves on the board of directors of Bluwatr.

Prior to joining Bulldog, Brian spent three years at BMO Capital Markets, including two years in the Financial Institutions Group and one year in Equity Capital Markets.

Brian holds an Honours Bachelor of Accounting and Financial Management from the University of Waterloo and has been a CFA charterholder since 2019.
Emanuel Vella

Emanuel Vella

Associate

Emanuel joined Bulldog Capital Partners in 2026.

Prior to joining BCP, he spent 3 years as an Analyst at CPS Capital, a Toronto-based lower middle-market private equity firm, where he executed transactions and worked closely with management teams on value creation initiatives.

Emanuel holds a Bachelor of Commerce from McGill University. Before attending McGill, he played four seasons in the Ontario Hockey League as a Goalie.
bluwatr

bluwatr

Industrials

Invested since 2024

Bluwatr is a growth platform focused on the North American architecture, engineering, and planning sectors. The firm partners with established businesses and their management teams, providing capital, industry expertise, technology and operational support to accelerate sustainable growth. Bluwatr’s current portfolio includes LPAS Architecture, Teeple Architects, and Watt Consulting Group.

Visit website
Bourn Hall Fertility Clinic

Bourn Hall

Healthcare

Invested since 2021

Bourn Hall Fertility Clinic is the world’s first fertility clinic, established in 1980 by the Nobel Prize-winning pioneers of in-vitro fertilization (IVF), Professor Sir Robert Edwards and Dr. Patrick Steptoe. With clinics in Cambridge, Norwich, and Wickford, Bourn Hall provides a comprehensive range of fertility treatments tailored to individual needs across the East of England. The clinic blends cutting-edge technology, compassionate care, and a multidisciplinary team of experts to offer personalized support at every stage of the fertility journey. Renowned for its legacy of innovation and high success rates, Bourn Hall continues to be a trusted leader in helping people achieve their dream of parenthood.

Visit website
Da-Lee

Da-Lee

Industrials

Invested since 2023

Founded in 1972, Da-Lee provides infrastructure and environmental services. Its infrastructure division provides dust control and winter de-icing solutions for municipal and industrial clients, calcium chloride distribution, cold laid asphalt, and pavement repair products. Its environmental division provides treatment, disposal, transportation, and handling of hazardous and non-hazardous waste. Headquartered in Stoney Creek, Da-Lee has operations across Ontario, Quebec, and the U.S.

Visit website
The Evewell

The Evewell

Healthcare

Invested since 2025

The Evewell is a leading fertility and women’s health clinic in London, UK, operating two centres at Harley Street and Hammersmith. The clinic provides a comprehensive range of private IVF fertility services. The Evewell combines consultant-led, personalised care with state-of-the-art laboratories and advanced reproductive technology. Known for its strong success rates and highly experienced multidisciplinary team, The Evewell is focused on delivering exceptional medical care and a supportive, individualised patient experience.

Visit website
Hamilton ETFs

Hamilton ETFs

Financials

Invested since 2020

Hamilton ETFs is Canada’s largest independent ETF provider, offering a suite of innovative exchanged traded fund (ETFs) designed to maximize income and growth from trusted sectors in Canada and across the globe.

Visit website
Legacy Pharma

Legacy Pharma

Healthcare

Invested since 2026

Legacy Pharma is a pharmaceutical company focused on acquiring and managing established prescription drug brands. The company owns a portfolio of mature, off-patent pharmaceutical products and works to ensure their continued availability to patients.

Visit website
MDA Space

MDA Space

Industrials

Invested since 2020

Bulldog Capital Partners partnered with a group of investors in April 2020 to acquire MacDonald, Dettwiler and Associates Ltd. (MDA) from Maxar Technologies. Now known as MDA Space, the company is a trusted mission partner to the global defence and space industry.

MDA Space is a global leader in communications satellites, earth and space observation, and space exploration infrastructure.

MDA Space is a valued partner of the Ottawa Senators.

Visit website
Ottawa Senators

Ottawa Senators

Media & Entertainment

Founder investment since 2023

Michael Andlauer led a group of partners in acquiring the Ottawa Senators Hockey Club and its affiliated entities in 2023.

Michael is the Governor and majority owner of the Ottawa Senators.

Go Sens Go!

Visit website