Catchment Capital announces inaugural investment in Fidus Systems

Catchment Capital, a private equity firm focused on transforming middle market industrial businesses, today announced an agreement to make a majority investment in Fidus Systems, a leading provider of advanced electronic and embedded system design services. The investment in Fidus is Catchment’s inaugural investment since the firm’s founding. Fidus management is investing alongside Catchment in the transaction.

Founded in 2001 and headquartered in Ottawa, Ontario, Canada, Fidus has established itself as a trusted design partner to blue-chip companies across a diverse set of end markets. The Company focuses on high-complexity embedded design services including FPGAs and ASICs, embedded software, hardware, layout and printed circuit boards, signal and power integrity, mechanical and thermal as well as radio frequency and providing validation and testing services. Fidus serves customers in the aerospace & defence, automotive, communications, computing & storage, consumer electronics, general industrial medical device, and semiconductor equipment industries.

“Fidus is an ideal first investment for Catchment,” said Alex Rose, Founder and Managing Partner at Catchment. “Our investment strategy is to back industrial businesses that are well positioned to capitalize on industry growth trends, where we can invest in the capabilities, people and systems to enhance its strategic market position. We are excited to be able to support Alan Coady and the Fidus team to help transform the Company into a global leader, providing solutions to a diversified and growing customer base pursuing bleeding edge applications and exceptional service delivery.”

“Fidus has earned a stellar reputation with customers and partners as a highly technical service provider with a long track record of delivering creative solutions to complex problems,” said Robby Berner, Investment Partner at Catchment. “We believe Fidus is well-positioned to benefit from exceptionally attractive secular and macro growth drivers, including increases in market-wide outsourcing of high-complexity design services, utilization of artificial intelligence at the edge, increases in processing power and speed required for advanced electronics, and demand for aerospace, defence and space electronics.”

Alan Coady, CEO of Fidus, said “We are thrilled to partner with Catchment as we enter the next stage of Fidus’s growth. The Catchment team brings deep experience in supporting and scaling leading industrial services companies, and their strategic and operational expertise will be invaluable as we look to accelerate growth. This milestone is a testament to the dedication and talent of the entire Fidus team, and we are excited to build on our strong foundation to deliver even greater value to our customers.”

The transaction is expected to close in October 2025, subject to customary closing conditions.

TD Cowen is serving as financial advisor to Catchment, and Blakes, Cassels & Graydon LLP and Gibson, Dunn, & Crutcher LLP are serving as legal counsel. Sampford Advisors is serving as financial advisor to Fidus and LaBarge Weinstein LLP is serving as legal counsel.