Altitude Sports, an online retailer of urban and outdoor high-end clothing, has raised undisclosed amount of growth equity from BDC Capital’s Growth Equity division. The transaction closed in December 2017. Financial terms were not disclosed.
Montreal based Altitude Sports is led by Maxime Dubois and Alexandre Guimond, who acquired the company in 2011 when they were employees. Altitude Sports employs more than 130 people, the online store represents 98% of its sales and the company has delivered almost 300,000 parcels in 2017. In addition to the main website, Altitude Sports also owns TheLastHunt.com, the only site entirely dedicated to the discount sale of technical clothing and gear in Canada; and Altitude-blog.com, a media outlet dedicated to product tests, buyers’ guides and sports or travel stories.
BDC Capital first invested Altitude Sports in 2011 through its Growth & Transition Capital division.
“Our participation is intended to support the growth of a Canadian company which is on its way to become the leader of its sector in Canada,” explains Claude Miron, Vice President, Growth Equity, BDC Capital. The support of BDC Capital will help Altitude Sports execute its ambitious expansion plan over the next few years. “BDC has been providing funding to Altitude Sports since 2011. We have witnessed its rapid growth in recent years, which has exceeded our expectations.”
“The arrival of BDC Capital as a shareholder of the company is a natural evolution,” believes Maxime Dubois, co-CEO of Altitude Sports. “BDC was the first financial institution to support us when we took over Altitude Sports in 2011, and since then, BDC and its investment division, BDC Capital, have been able to follow us through each stage of our rapid growth by diversifying their financing solutions offering. BDC is a partner that is focused on the long term and this is reflected in our conversations and our relationship. We share the same vision regarding the future of Altitude Sports, which is to become the biggest online retailer of high-end technical clothing in Canada.”
photo credit: Altitude Sports