Manitoba First Fund, PFM Capital invest in ‘well-positioned’ VAW Systems

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This article was published 05/05/2025 (487 days ago), so information in it may no longer be current.

A Manitoba company building noise-control products is the latest investment site of the Manitoba First Fund.

Both the fund (a venture capital organization dispersing $100 million of provincial money) and Regina-based PFM Capital Inc. have funnelled cash into VAW Systems Ltd.

“It’s a good example of what Manitoba First is trying to accomplish,” said Ken Ross, chief executive of fund. “That is, to attract capital to Manitoba.”

In 2023, the organization announced it’d direct $15 million towards joint investments with PFM Capital. PFM is Saskatchewan’s largest private equity firm; it counts more than $850 million in assets under management. Historically, it’s placed money in enterprises west of Manitoba.

Winnipeg-based VAW Systems will mark PFM’s third investment in the keystone province.

Shayne Barrie, PFM director of investments, declined to share how much money the firm tabbed for VAW Systems beyond saying, it’s “significant.”

PFM is now co-owner of the manufacturer, alongside the existing management team. All senior managers will remain in their roles and there won’t be layoffs, Barrie said.

“(VAW Systems is) well-positioned between Canada and the U.S. to serve and support the growth they’re seeing,” Barrie said. “There’s lots of demand in their industry.”

The company ships its noise-control products — including mechanical system silencers and panels — from a 108,000-square-foot facility on Inkster Boulevard. It has upwards of 100 employees, Barrie said.

The Manitoba First Fund put $15 million in PFM’s Apex IV Investment Fund. VAW Systems will consume one-third, or $5 million, of that money. It’s the first company to receive joint funding from PFM and the MFF through the partnership.

VAW Systems is “excited” to partner with PFM Capital, chief executive Dan Sierens said in a news release.

PFM has also invested in All-Fab Building Components and Sexton Family of Companies, both based in Manitoba.

The Manitoba First Fund has committed $75 million to various projects, leaving one-quarter of its cash untouched for now.

The Progressive Conservatives began the Manitoba First Fund under then-premier Heather Stefanson in 2022.

gabrielle.piche@winnipegfreepress.com