In 2015, the owner of W.D. Sheetmetal in Grand Forks, British Columbia, decided to fully retire from the company he had founded in 1995, which provides custom steel fabrication and millwright services, refrigeration, HVAC and industrial maintenance.
The three long-term employees who had purchased 49% of the company in 2012 decided to acquire the remaining 51% of the business, which employed 12 people and had shown promising growth. They approached their current lender and BDC to explore their options.
BDC and their lender worked together on a complementary financing package, but just two weeks prior to closing, their lender advised them that the desired terms could not be secured.
With the deal in danger of collapsing, BDC quickly began to discuss alternatives with the client and worked closely with their preferred back-up lender on financing terms that would work for all parties. To help conclude the deal and meet the tight deadline for transitioning the shares, BDC increased the client’s current unsecured loan and provided a period of interest-only payments.
“BDC went the extra mile and more to help us get the financing we needed,” says Brent Haslam, shareholder and manager. "We can now take the company to the next level and achieve the growth we’ve always wanted.”