About Tocal

A Canadian Platform for businesses built to last

Tocal was founded by Lorcan O Carroll in Calgary and has provided strategic, commercial and project advisory services. Its current priority is the acquisition of an established Canadian business that Lorcan will personally lead. Advisory services remain available for selected assignments where his experience can provide practical value.

Its value rests in the people who understand the work, the customers who trust the service, the capabilities developed over time and the reputation earned through delivery. Understanding those foundations is essential to making good ownership decisions.

Lorcan has worked in the field, managed projects, developed commercial strategies and held responsibility for operating results. This progression gives Tocal a practical perspective on the connection between strategy, execution, customer commitments and the people delivering the work.

Relationships come first. Clear accountability helps capable people do their best work. Reliable operations and customer trust create the foundations for enduring performance. Responsible growth depends on protecting safety, quality and the knowledge that gives a business its advantage. These principles shape how Tocal approaches potential owners, investment partners and operating decisions.

07. // ACQUISITIONS

Established businesses. Strong Foundations. Room to Grow

Tocal is seeking one established operating business with a track record of serving customers profitably and opportunities to grow through practical leadership. The preferred size is approximately CAD $1–3 million in EBITDA, with a primary focus on Alberta and Ontario. Businesses elsewhere in Canada may also be considered where the operating fit is compelling.

We consider the whole business: earnings and cash generation, the strength of the management team, customer relationships, technical capability, market position and the demands of running the operation day to day. A sound business today provides the starting point for a credible plan to develop it tomorrow.

The preferred profile includes established customer relationships and a strong market reputation; repeat or predictable demand; services or products with a clear technical advantage; experienced people who understand the work; and a business capable of supporting its ongoing operating and financing needs. We also value opportunities to improve reporting, strengthen commercial systems, develop future leaders and expand services where customers already see a need.

Sectors of interest include energy and industrial services; maintenance, reliability, commissioning, inspection and technical field services; specialty manufacturing and engineered products; fabrication, process equipment and industrial construction; and selected technical distribution or essential B2B services.

08. // OUR APPROACH

A thoughtful approach to ownership.

A successful transition begins with understanding the owner’s objectives and the realities of the business. Tocal approaches initial discussions discreetly, with respect for the time and information involved.

We begin with the owner’s priorities: the future they want for themselves, the business and its people, and the timing and form of transition that may work for them.

We review the operating model, team, customers, financial performance and sources of competitive strength. This includes understanding where the founder remains essential to the business and where continuity will require careful planning.

The right terms must reflect the proven value of the business, the owner’s transition priorities and financing that leaves the operation properly supported. Clarity early in the process gives both sides a sound basis for deciding whether to proceed.

Following a successful acquisition, Lorcan intends to lead the company directly, build relationships with employees and customers, and establish clear priorities for operating performance and growth. Changes would be guided by a practical understanding of the business and the people responsible for delivering its results.

09. // LORCAN O CARROLL

The operator behind Tocal

Lorcan O Carroll

Founder & CEO

Lorcan O Carroll is an MBA-qualified Chartered Engineer and Chartered Manager with more than 20 years of experience in industrial operations, energy, engineering, construction, project delivery and commercial leadership. Originally from Ireland and now based in Calgary, he has worked across Europe, the Middle East and the Americas.

Lorcan began his career as a qualified electrician and site foreman before progressing into engineering, project management and senior commercial and operating roles. At Kent, he held P&L responsibility for an Americas completions, commissioning and start-up business and led a regional organization of more than 200 employees and contractors. More recently, as President of the Americas for px Group, he led the establishment and development of its North American business. Tocal was founded before his appointment at px Group and has also provided strategic and project advisory services.

His decision to pursue ownership brings together an operating career built on learning, leading teams, managing customer commitments and developing businesses. Lorcan is seeking an established company with a strong foundation that he can personally lead, developing its capabilities while respecting the people and relationships behind its success.

10. // INVESTORS & PARTNERS

Capital aligned with operating expereince.

Tocal is building relationships with prospective investors and capital partners interested in supporting an operator-led acquisition of an established Canadian business. Lorcan intends to take direct operating responsibility following closing, with investment structures considered for each specific opportunity.

Established industrial and technical-services businesses can combine durable demand, specialist capability, capable teams and meaningful potential for commercial and operational development. Tocal seeks opportunities where the historical earnings support a sensible acquisition and where operating leadership can contribute to long-term value creation.

Lorcan brings experience across field execution, project delivery, customer relationships, P&L management and the development of business capability. That breadth helps connect investment decisions to day-to-day operational realities, including delivery risk, team capacity, cash requirements and customer commitments.

Target established businesses with demonstrable cash generation, defensible customer relationships and room for practical improvement. Underwrite against historical performance, preserve sufficient working capital and use financing the business can service. Future growth represents additional value to be created through disciplined execution; the purchase must stand on proven performance.

Tocal welcomes conversations with investors who value disciplined acquisition decisions, transparent reporting, appropriate governance and a long-term operating horizon. Potential participation, economics and governance would be developed around an identified transaction and agreed with the relevant parties.

11. // FOR BUSINESS OWNERS

What happens to the business after you?

For many owners, a sale raises questions about the future of the people, customers and reputation they have spent years developing. Tocal is pursuing an owner-led acquisition in which Lorcan would personally take responsibility for the company’s ongoing operation and development.

A business has a financial value and an operating reality. Both matter. Lorcan’s background spans frontline construction and technical work through executive leadership, giving him a practical appreciation for the pressures faced by employees, managers and customers.

We would want to understand what makes your company successful, which relationships and capabilities are essential, how your team operates and what you would want to see preserved during a transition. Your own objectives and timing would shape the conversation from the outset.

A direct and confidential initial discussion, clear communication and thoughtful consideration of the business as it operates today. Where there is a mutual fit, we would work towards a transition plan that addresses leadership, customer continuity, the seller’s involvement and the needs of the business.

12. // ADVISORY

Practical thinking operational experience

Alongside the acquisition search, Tocal remains available for selected advisory assignments. Lorcan’s experience includes business strategy, commercial development, project execution, operating performance and organizational leadership, developed across industrial, energy and technical-services businesses.

Relevant areas include strategic and commercial planning, key-account development, market engagement, project development and delivery, operational systems, organizational capability and leadership. The emphasis is on clear priorities and recommendations that can be implemented by the people responsible for the work.

Effective advice begins with an understanding of resources, customer commitments, technical challenges and the decisions managers need to make every day. Tocal approaches advisory work with that practical operating perspective.

06 // LET'S TALK

The right conversation starts with understanding.

Tocal welcomes confidential conversations with owners considering a business transition, advisers representing established companies, and investors interested in an operator-led acquisition. Organizations seeking selected strategic or operational advisory support are also welcome to get in touch.

Tell us a little about your interest and the best way to reach you. Lorcan will respond directly where there is a potential fit.

Confidentiality statement

We understand that conversations about investment,business ownership and succession can be sensitive.Information shared with Tocal will be handled withappropriate care and confidentiality.Any specific confidentiality commitments should beestablished through suitable agreements whererequired.

Tocal Inc. | Calgary, Alberta, Canada