Operators who invest.

Julia Belza leads value creation at Front Line Capital. With an MBA and a background spanning financial planning, operational transformation, and strategic advisory, she is the team member who gets embedded with portfolio companies and makes them measurably better — quickly.

At Front Line Capital, Julia's remit covers every step of the post-acquisition journey: financial system implementation, KPI frameworks, management team assessment, org design, and growth strategy. She understands how construction businesses work — how jobs are estimated, how crews are managed, and why most small contractors run on gut instinct rather than data. Her job is to change that without breaking what works.

Julia built the ERP system deployed at Frank's Drilling & Blasting in three weeks post-close — covering daily activity reporting, job costing, employee management, equipment tracking, and financial dashboards. That system eliminated 100% of paper-based processes and enabled a performance-based bonus structure tied directly to job profitability.

Julia is also a featured speaker at major construction industry conferences across North America — CONEXPO, AGC, NDA, BuildEx, and the Canadian Construction Association — addressing business owners on succession planning, financial readiness, and operational transformation.

Connor Paddon founded Front Line Capital to do what most institutional PE firms won't: acquire lower middle market construction businesses, install real operating infrastructure, and build them into lasting enterprises.

He brings more than a decade of experience building and operating businesses across construction services, real estate development, and hospitality. His portfolio includes Frank's Drilling & Blasting, a Prince Edward County resort development (AllsWell / Hideout), a four-property Airbnb portfolio, and an aviation services business. He's been on both sides of growth — building from scratch and acquiring what's already proven.

Connor doesn't manage from a distance. He builds the dashboards, reviews the bank reconciliations, talks to the crews, and gets the actual picture of a business before any capital moves. That operational transparency is how Front Line Capital protects capital and generates returns.

Based in Toronto, he leads all deal evaluation, capital allocation, and investor relations for the firm.

Michael Gligic brings a rare combination of elite competitive discipline and entrepreneurial instinct to Front Line Capital. A Canadian PGA Tour professional, Michael spent years performing under pressure — skills that translate directly into deal-making, relationship management, and the patient persistence required to originate quality transactions in the lower middle market.

At Front Line Capital, Michael leads all deal origination. He builds relationships with construction business owners across North America, represents the firm at industry events, and manages the front-end of the acquisition process from first conversation to letter of intent. He understands that most construction business sales are relationship-first decisions — trust is built over years, not months.

Michael's ability to connect with people at every level — from owner-operators managing crews to institutional co-investors — is the cornerstone of Front Line Capital's deal flow. When an owner is ready to talk, Michael is usually already in the relationship.

Victor Sagar brings a decade of transactional experience in real estate and commercial acquisitions to Front Line Capital. Known for sourcing off-market opportunities that institutional buyers consistently miss, Victor has built a reputation as one of the sharper deal finders in the Ontario market — operating well outside the traditional broker channel.

At Front Line Capital, Victor leads the acquisitions function: originating and evaluating targets, managing initial diligence, and structuring deal entry. His background in off-market investment sales — spanning residential conversion plays, commercial properties, and pre-construction positions — translates directly into the kind of patient, relationship-first sourcing that lower middle market acquisitions demand. He understands how to find motivated sellers before anyone else is in the room.

Victor's reach extends across Ontario and into Western Canada, where he has developed investment relationships across multiple asset classes. His network with operators, brokers, and capital partners means Front Line Capital sees deal flow that never hits a marketplace. When a construction or trades business owner is ready to have a conversation about succession or capital, Victor is often the first call they make.