Commemorate Group of St. Albert, Alberta, had reached a crossroads. The company had been steadily growing its two lines of business—the importing and selling of funeral products and the operation of a full-service funeral home—and needed to make a move, having outgrown the space in which it was operating.
The owners had found a larger location that was well-situated, with ample parking, a garage for its vehicles, a large chapel and private meeting rooms. To make the purchase possible, Commemorate Group needed high-leverage financing.
“We were at a critical time in our business cycle where our growth had reached the point that was becoming difficult to sustain without financial assistance,” explains Dennis Rego, CEO. However, the business was growing frustrated in its attempts to find support for its growth plans.
After meeting with Commemorate Group, BDC was impressed with the company and its management team, and determined that applying the Commemorate business model would result in profitability at the new location, despite the risks companies sometimes face when making a move. BDC provided the high-leverage financing required to complete the purchase.
In its new location, with more than double its former capacity, Commemorate Group’s projected monthly sales are now equivalent to its previous semi-annual sales number, and growing.
“The BDC team recognized our goals and helped secure our growth and security for years to come,” says Rego.