We don’t have to write these annual letters. No rule demands it. No LP expects it.

That’s not why we’re here.

At Lab One, we’re building a permanent home for a small number of exceptional businesses in Western Canada. We hold for the long run. We partner with proven operators. And we care deeply about how our companies feel to the people inside them.

These letters exist for three groups who are taking a real bet alongside us:

• Operators who step into the arena and take responsibility for leading a business day-to-day.
• Founders who entrust us with their life’s work and want their legacy treated with respect.
• Teams and communities who depend on these businesses for stability, opportunity, and pride.

Stewardship is the point.

So these letters are not marketing. They’re a discipline. A yearly checkpoint where we slow down, tell the truth, and write down what we believe: what we did, what we learned, what worked, what didn’t, and what we’re building next.

They’re also a record of compounding. Not just in revenue or EBITDA, but in capability: better leaders, stronger systems, sharper decision-making, and a clearer operating rhythm across our companies.

If you’re considering selling to Lab One, or exploring our Operating Partner program, treat this as a window into how we think and how we operate. You’ll see our priorities, our standards, and the way we approach long-term ownership.

Because in the end, the label does not matter. Annual letter, journal, report.

What matters is the pause. The accountability. The question we ask every year:

Are we building something worth holding forever?

Thank you for reading,

Tyler Atkinson
Managing Partner, Lab One Capital