Why We Invested: Cascadia

_{Image courtesy of Cascadia}

MKB Equity Partners (“MKB”) recently completed a growth investment in Cascadia Windows & Doors (“Cascadia” or “the Company”), with an MKB-led syndicate including participation from Blue Earth Capital and Canada Growth Fund, managed by CGF Investment Management, a subsidiary of PSP Investments. Cascadia is a manufacturer of high-performance fiberglass windows, window walls, doors, and building products, serving primarily institutional, commercial, and multi-residential markets across North America. Founded in 2008 and headquartered in Langley, British Columbia, Cascadia has established itself as a leading innovator of commercial-grade, high-efficiency fenestration products. MKB is thrilled to partner with the Company to further support its proven product-market fit and accelerate its path to scale. 

The Problem 

Carbon Trust¹ estimates that the built environment accounts for nearly 40% of global greenhouse gasses, through a combined 27% generated by building operations and 13% emitted from building materials. The World Economic Forum² estimates that over 80% of today’s buildings will still be in use in 2050, underscoring the need for stringent building codes and retrofit standards to curb emissions from both new and existing stock¹. Per the Canadian Passive House Institute³, windows are often the thermally weakest part of the building envelope, accounting for approximately 50% of all heat loss. Despite these pressures, fenestration product innovation has lagged, creating opportunity for disruption in the growing North American windows and doors market, projected to scale from US$24 billion today to US$30 billion by 2030⁴.   

The Cascadia Solution 

• Decarbonization Mandates and Energy Codes: Local and regional regulatory tools are accelerating new and existing building stock toward climate-aligned energy performance. Building codes set minimum performance requirements for new construction with many states having adopted the International Energy Conservation Code (IECC)⁵ and most provinces the National Model Codes by reference or by publishing their own variations⁶. Building Performance Standards aim to reduce energy use in both existing buildings and new construction and are being adopted across jurisdictions on a voluntary or mandatory basis⁷. This acts as a structural tailwind in driving the need for high-performance fiberglass windows and doors. 

• Product Portfolio: Cascadia holds multiple Canadian and US patents for its industry leading designs, which are developed in-house and manufactured in their North American facility. Its window profile delivers up to 250% improved thermal performance compared to traditional aluminum windows, allowing buildings to reduce heating and cooling loads, while maintaining glazing area, daylight and views. Cascadia was the first to market with a fiberglass thermal spacer, which reduces thermal bridging in exterior insulation assemblies and lowers construction costs. The Company was also the first to introduce a fiberglass window wall, combining superior thermal performance with expansive glazing areas. Compared to traditional materials, Cascadia’s fiberglass windows offer significantly higher energy efficiency and longevity, delivering a compelling lower Total Cost of Ownership (“TCO”). 

• Customer Traction: Cascadia has built a well-diversified and resilient customer base across both Canada and the US. Sales are concentrated in high-density, high-growth regions and are active in both retrofit and new build projects within institutional, commercial, and multi-family sectors. This diversification provides meaningful insulation from macroeconomic fluctuations within any single segment. Cascadia’s customers include long-term asset owners seeking low TCO and premium performance, resulting in a stable and repeatable demand profile. 

The fiberglass segment is capturing market share, supported not only by decarbonization mandates and stricter building codes, but also by growing demand for durable, future-ready building materials. The segment’s North American addressable market is expected to grow from US$1.3 billion today to US$2.4 billion by 2030⁴. 

Looking Ahead 

President Mike Battistel is widely recognized as a leader in the fenestration space, as well as a longtime building science educator, whose discipline and leadership we admire. The management team brings deep expertise in product development and operations, with a proven ability to deliver innovation and growth. The company’s culture is equally strong, reflecting a resilient, motivated organization that is well-positioned for continued success. 

We’re pleased to welcome Cascadia to the MKB portfolio. We look forward to working together to advance innovation and impact in the windows and doors market.   

For further information, read the Cascadia press release here.  

Sources

1 Building decarbonisation in the construction sector | The Carbon Trust 

2 For net zero cities, we need to revisit our older buildings | World Economic Forum

3 Design Fundamentals – Passivehouse.ca

4 Investor Group Services (IGS) Report  

5 state-adoption-status-iecc-nov-2024

6 Model code adoption across Canada – National Research Council Canada

7 IMT-BPS-Status-Map