Canadian Business Growth Fund announces first investment
BGF congratulates the Canadian Business Growth Fund, a growth capital investor whose funding model is based on BGF’s, on its first investment. CBGF has invested $15m into Lift Auto Group, a consolidator of automotive collision repair centres.
The announcement further highlights the parallels between our business and theirs, and is promising news for our portfolio companies – bringing with it the potential for new connections and export opportunities for those looking to expand into North American markets.
Like BGF, the CBGF supports domestic companies with patient, minority capital that keeps entrepreneurs in control of their businesses, and has a talent network that can help entrepreneurs overcome critical knowledge and talent gaps as their businesses expand. The CBGF was launched in June this year following a report from the Canadian Ministry of Finance’s Advisory Council for Economic Growth, which highlighted the challenge of accessing growth capital for established and high-growth Canadian businesses.
Led by CEO George Rossolatos, CBGF seeks to invest between $3 million and $20 million in dynamic mid-market companies with $5 million or more in annual revenue, a demonstrated growth trajectory, and a clear vision for accelerated growth.
Stephen Welton, CEO of BGF, said: “I’d like to offer my warm congratulations to CBGF on the completion of their first investment. After supporting the team in the early days of their launch, it’s fantastic to see them make what I’m certain will be the first deal of many.
“Having international variations of our investment model is a powerful endorsement of the BGF way. A commitment to curating a powerful network for the businesses we back, and fostering a spirit of partnership, has always been central to BGF’s ethos and we’re very much looking forward to further collaboration with our BGF cousin across the pond. ”
Business funding news
MIP Diagnostics secures £5.1m in funding to expand commercial operations and production
Nanotechnology business, MIP Diagnostics, has completed a £5.1m funding round to accelerate its global expansion. The co-investment has come from…
HeleCloud acquires cloud software engineering specialist DataStork
The acquisition brings Cloud-native software engineering and AI/ML capabilities to HeleCloud, as well as a customer base of global players…