Smartrend Manufacturing Group of Winnipeg receives support from BDC Capital to maintain focus on growth strategy during COVID-19
WINNIPEG, October 8, 2020—Smartrend Manufacturing Group of Winnipeg has received non-dilutive financing from BDC Capital’s Growth & Transition Capital division in order to help it stay focussed on growth initiatives that were underway when the COVID-19 pandemic hit. Founded 16 years ago as a manufacturer of custom components and assemblies, Smartrend today serves clients in the transportation, agriculture, construction and a host of other industries across North America. In 2018, it launched First Light, a subsidiary which designs industry-leading safety products for school buses, such as fully illuminated school bus signs and stop arms. At the beginning of this year, Smartrend secured growth capital from BDC Capital to help First Light expand its product lines and increase its sales efforts in the United States.
BDC Capital’s new financing provides enhanced liquidity while preserving Smartrend’s earlier growth funding. This will ensure the successful completion and launch of First Light as market conditions become more favourable. The financing comes from a tailored working capital loan program specifically designed by BDC to assist businesses impacted by COVID-19.
“Working with BDC Capital on our financing needs was a seamless process. They were a responsive and flexible partner, who strived to understand our specific needs and efficiently address them,” says Kevin Smith, President, Smartrend Manufacturing Group.
This financing was arranged by Gaurav Anand, Director, Growth & Transition Capital for BDC Capital in Winnipeg. “Smartrend had prepared the growth of First Light exceptionally well before COVID forced it to delay its plans. These funds are helping the company stay strong through this period so that it can retain its ability to fully execute its strategy,” says Anand. “BDC Capital is committed to assisting export-oriented manufacturers like Smartrend manage through this time of unprecedented volatility and support their future growth potential,” adds Vern Malcom, Managing Director, Growth & Transition Capital for Southern Alberta and Manitoba, BDC Capital.
About Smartrend Manufacturing Group
Smartrend Manufacturing Group (SMG) is a supplier to OEMs and industrial producers, specializing in customer-specific engineered components and assemblies using multiple materials and processes. SMG’s mission is to bring value to our customers’ operations through efficiently designed and manufactured parts, made to our customer’s specifications and delivered on their schedule, with a focus on lowering their total cost of acquisition.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada’s bank for entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions.Visit bdc.ca/capital.—30—