Gryphon's Blueprint: New CEO Signals Major Expansion for Right Time

TORONTO & SAN FRANCISCO – July 07, 2026 – In a move signaling a significant acceleration of its growth strategy, Canadian home services leader Right Time Heating and Air Conditioning has appointed Steven Tsambalieros as its new Chief Executive Officer. The appointment, effective immediately, is a clear indicator of the ambitions held by its private equity owner, Gryphon Investors, to aggressively expand and consolidate its position in Canada's fragmented but lucrative residential services market.

Mr. Tsambalieros takes the reins from Interim CEO Karl Fessenden, who will transition to the newly created role of Executive Chairman. This carefully orchestrated leadership shuffle is more than a simple changing of the guard; it represents a classic private equity maneuver designed to pair a proven operational scaler with deep institutional knowledge to supercharge a portfolio company's growth trajectory. The move positions Right Time, already a major player with 23 locations across six provinces, for a new phase of intense expansion.

A Proven Scaler Takes the Helm

Steven Tsambalieros is not a newcomer to the complexities of managing large, distributed service organizations. His resume spans more than three decades and features a series of high-level executive roles where he was tasked with driving growth and operational excellence across hundreds of locations. His most recent tenure as President at Rentokil Initial saw him overseeing not only the firm's Canadian pest control, hygiene, and brand standards businesses but also two U.S.-based environmental services companies. This experience in managing a diverse portfolio of service lines is particularly relevant for a company like Right Time, which may look to expand beyond its core HVAC and plumbing offerings.

Before Rentokil, Tsambalieros honed his skills in building brands and driving profitable growth as President of The Steritech Group in Canada and as President and COO of well-known consumer brands like Second Cup and Swiss Chalet. This track record demonstrates a consistent ability to execute growth strategies in customer-facing industries where brand reputation and service quality are paramount. Karl Fessenden, in his statement, highlighted this specific expertise, noting that “Steven brings the right combination of people-first leadership, operational discipline, and multi-site services experience to build on that foundation.”

This emphasis on a “people-first” approach is a critical component of the strategy. In a service industry grappling with a skilled labor shortage, a leader's ability to attract and retain top talent is a significant competitive advantage. Mr. Tsambalieros echoed this sentiment, stating his commitment to “continuing to put our employees first and maintaining an unwavering focus on customers.” This philosophy will be essential as the company scales, ensuring that rapid growth does not come at the expense of the service quality that underpins its market position.

The Private Equity Playbook in Action

The leadership change at Right Time is a textbook example of a private equity firm executing its value creation strategy. Gryphon Investors, a leading middle-market firm with over $10 billion in assets, specializes in a “buy-and-build” approach. This involves acquiring a strong platform company—in this case, Right Time—and then fueling its growth through a combination of organic initiatives and strategic add-on acquisitions of smaller competitors.

The Canadian home services market is an ideal target for this playbook. It is a highly fragmented industry, populated by hundreds of small, local operators, which presents a rich environment for consolidation. Furthermore, the demand for HVAC and plumbing services is largely non-discretionary and often generates recurring revenue through preventative maintenance contracts, providing a stable and predictable cash flow that is highly attractive to investors.

Alex Earls, a Partner at Gryphon and Co-Head of its Business Services Group, made the firm’s intentions clear, stating that “Steven’s strong track record of successfully growing large, distributed service organizations makes him an ideal partner to accelerate Right Time’s growth across Canada.” The appointment is not just about installing a new manager; it is about bringing in an executive with the specific skillset required to execute Gryphon's M&A-driven growth thesis. Tsambalieros's experience in integrating different business units and instilling operational discipline will be crucial as Right Time likely moves to acquire and absorb smaller companies across the country.

Strategic Continuity with an Executive Chairman

While the spotlight is on the new CEO, the transition of Karl Fessenden to Executive Chairman is an equally critical piece of the puzzle. Rather than simply departing, Fessenden will remain deeply involved, working closely with Tsambalieros, the leadership team, and Gryphon's board. This structure ensures that his invaluable experience and institutional knowledge, gained during his tenure as Interim CEO, are retained to guide the company's long-term strategy.

In a private equity context, the Executive Chairman often plays a key role in identifying acquisition targets, overseeing the integration process, and managing board-level and investor relations. This allows the CEO to focus squarely on the immense task of day-to-day operations, team building, and executing the on-the-ground scaling strategy. Fessenden's continued presence provides a steady hand and strategic oversight, creating a powerful leadership dyad designed to maximize the speed and effectiveness of the company’s expansion while minimizing the operational disruptions that can accompany rapid growth.

Reshaping the Canadian Home Services Market

The strategic repositioning of Right Time is set to send ripples across the entire Canadian home services landscape. An accelerated acquisition strategy by a well-capitalized market leader will inevitably increase competitive pressure on smaller, independent HVAC and plumbing contractors. These businesses may find it increasingly difficult to compete on marketing spend, technology investment, and talent acquisition. This could trigger a wave of consolidation, prompting many owner-operators to consider selling their businesses or seeking partnerships to remain competitive.

For Canadian homeowners, the implications are twofold. On one hand, the growth of a large, professionally managed provider could lead to more consistent service standards, broader service availability, and greater investment in customer-facing technology. On the other hand, market consolidation can sometimes lead to less choice and potentially higher prices. The success of Right Time's strategy will hinge on its ability to deliver on its promise of an “unwavering focus on customers,” ensuring that operational efficiency and scale translate into a superior customer experience.

The appointment of Steven Tsambalieros is a clear statement of intent from Gryphon Investors. They are not merely managing an asset; they are actively building a national champion in a foundational sector of the Canadian economy, a move that will redefine the competitive dynamics for years to come.