This is actually a very interesting company. On the surface, it looks relatively strong. The balance sheet is not what I would call great, but it's also not cause for alarm either. Coverage ratios are average, debt to equity is solid,
The company is growing at a pretty solid pace and is expected to continue doing so. The dividend is more than covered by trailing earnings.
The downsides? The company is trading at record valuations, and does require an acquisition based strategy to fuel growth. This requires a management team with a ton of experience and a ton of history of execution. As a small camp company worth around $140M right now, even its most recent acquisition of Innovative Heating for $15.5M can have a material impact on the business if things go sour.
In addition to this, it also trades on the Venture, which ultimately means lower volumes and lower overall exposure.
Overall I think you've found an interesting option here. It has managed to raise the dividend multiple times coming out of a pandemic induced cut.
Certainly a higher risk, higher reward play. But not a crazy one.