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FAX Capital’s new Platform Company will be Focused on PropTech, EdTech and Home Services

March 23, 2021, Toronto, Ontario – FAX Capital Corp. (the “Company” or “FAX Capital”) (TSX: FXC and FXC.WT) today announced that it has, through its wholly owned subsidiary, completed its previously announced $11.75M acquisition of an approximate 78 per cent controlling interest in Carson, Dunlop & Associates Ltd. (“Carson Dunlop”). The acquisition was financed through the Company’s available cash balance (all currency figures are in Canadian dollars).

FAX Capital also announced today that it has appointed Graham Badun as Chief Executive Officer of its new platform company, which will leverage Carson Dunlop as its foundational asset as it focuses on organic growth initiatives and acquisition opportunities of complementary businesses within property technology, education technology and home services. Mr. Badun will also take on the role as President of Carson Dunlop, the subsidiary’s first acquisition, working alongside Carson Dunlop’s Co-Founder and CEO, Alan Carson.

“We are delighted to welcome Carson Dunlop into the FAX Capital family and welcome Graham as CEO of our new platform company. Graham is a seasoned executive who brings a unique blend of operational acumen, industry knowledge and strong relationships that will play a critical role in creating value at Carson Dunlop and the broader platform company,” said Blair Driscoll, CEO of FAX Capital.

Graham Badun has over thirty years of operating experience in the residential services industry, most recently as CEO of AlarmForce Industries (“AlarmForce”), where he led the team that was responsible for the operational turnaround, technology platform relaunch and sale of the business to BCE Inc. for a 70 per cent premium. Prior to his time at AlarmForce, Graham held multiple roles at Brookfield Residential Property Services (“Brookfield”), including Group Chief Executive, where he led the team that was responsible for a portfolio of companies in real estate and related services including Royal LePage, Canada’s largest real estate brokerage. During his time at Brookfield, net revenue quadrupled across his portfolio through organic growth initiatives, multiple acquisitions and joint ventures with Berkshire Hathaway and Wells Fargo.

“I am excited to join the FAX Capital family of companies and begin executing on the tremendous opportunity to build and scale a PropTech, EdTech and Home Services-focused company,” said Mr. Badun. “Carson Dunlop is a great foundational asset, with a leading market position and a distinct competitive advantage in each of its business segments, great brand recognition, and significant growth opportunities. With the support of FAX Capital, we intend to build and expand upon its existing verticals. The team is excited by the prospects ahead of us and we are committed to creating long-term value for all stakeholders.”

Alan Carson, CEO of Carson Dunlop, said: “I have known Graham for 20 years and believe he is a great cultural fit. I look forward to benefitting from his complementary skill set as we set upon the next phase of growth for the company.”

A presentation with further information about Carson Dunlop is available on FAX Capital’s website:

About Carson Dunlop

Carson Dunlop is a leading provider of proprietary technology-enabled education services and software for home inspectors across Canada and the United States, as well as a leading provider of home inspections services in the Greater Toronto Area. Carson Dunlop’s direct to consumer online education business through its private career college is the market share leader in Canada with a growing presence in the United States, and its curriculum is also utilized by third-party colleges and associations. Its home inspection software tools and mobile app, provided on a subscription basis, are used to generate home inspections in over 220,000 homes annually across the United States and Canada. Carson Dunlop was founded in 1978 and currently has 38 employees headquartered in Toronto.

About FAX Capital Corp.

The Company is an investment holding company with a business objective to maximize its intrinsic value on a per share basis over the long-term by seeking to achieve superior investment performance commensurate with reasonable risk. The Company intends to invest in equity, debt and/or hybrid securities of high-quality businesses. The Company initially intends to invest in approximately 10 to 15 high-quality small cap public and private businesses located primarily in Canada and, to a lesser extent, the United States.

For additional information please contact:

Investor Relations
Tim Foran
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Media Relations
Kieran Lawler
Telephone: (416) 303-0799
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Cautionary Note Regarding Forward-Looking Information

This press release contains forward-looking information. Such forward-looking information or statements (FLS) are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such FLS may be identified by words such as “proposed”, “expects”, “intends”, “may”, “will”, and similar expressions. FLS contained or referred to in this press release includes, but is not limited to, the Company’s outlook and future plans for Carson Dunlop, including the timing of any further public dissemination of such plans; the future or expected performance of the Company’s portfolio investments, including Carson Dunlop; the Company’s continuing investment thesis in respect of Carson Dunlop and its other portfolio investments, including its property, technology and services platform; and the Company’s investment approach, objectives and strategy, including investment selection and pace of continued investment.

FLS is based on a number of factors and assumptions which have been used to develop such statements and information, but which may prove to be incorrect. Although the Company believes that the expectations reflected in such FLS is reasonable, undue reliance should not be placed on FLS because the Company can give no assurance that such expectations will prove to be correct. Factors that could cause actual results to differ materially from those described in such FLS include, but are not limited to, the continued impact of coronavirus (COVID-19), as well as the identified risk factors included in the Company’s public disclosure, including the annual information form dated March 26, 2020, which is available on SEDAR at and on the Company’s website at The FLS in this press release reflect the current expectations, assumptions, judgements and/or beliefs of the Company based on information currently available to the Company, and are subject to change without notice.

Any FLS speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any FLS, whether as a result of new information, future events or results or otherwise. The FLS contained in this press release are expressly qualified by this cautionary statement. For more information on the Company, please review its continuous disclosure filings that are available at

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