CPE News (6/9/2020) – Dante Venneri has acquired the ServiceMaster franchise in Sault Ste. Marie last fall with the help of an undisclosed amount of non-dilutive financing from BDC Capital’s Growth & Transition Capital division.
Sault Ste. Marie’s ServiceMaster was established some 40 years ago to service the city and its surrounding area. The retiring previous owner will be remaining with the company for a period of time to ensure a proper transfer of knowledge.
BDC Capital’s financing is a cash flow loan which is backed by the business’s historically strong cash flow. It was personalized to fund not only part of the acquisition but also the working capital needs of the business for the months following the transaction.
This transaction was led by Christina Howard, Director, Growth & Transition Capital for Eastern and Northern Ontario.
photo credit: ServiceMaster, Sault Ste. Marie
News Release
ServiceMaster of Sault Ste. Marie changes owner with financing help from BDC Capital
SAULT STE. MARIE and OTTAWA, March 3, 2020—Dante Venneri, a renovation and construction industry veteran, acquired the ServiceMaster franchise in Sault Ste. Marie last fall with the help of an undisclosed amount of non-dilutive financing from BDC Capital’s Growth & Transition Capital division. Through a network of branches and franchises, ServiceMaster provides essential residential and commercial services across Canada and the United States, including disaster restoration, home cleaning and janitorial services. Sault Ste. Marie’s ServiceMaster was established some 40 years ago to service the city and its surrounding area. The retiring previous owner will be remaining with the company for a period of time to ensure a proper transfer of knowledge.
BDC Capital’s financing is a cash flow loan which is backed by the business’s historically strong cash flow. It was personalized to fund not only part of the acquisition but also the working capital needs of the business for the months following the transaction. A measure of patience was also built in with an initial principal postponement and a partial balloon payment at term in order to facilitate a smooth transition.
“Along with the devoted and experienced team here at ServiceMaster, we will strive to maintain the greatest level of customer service and satisfaction that has allowed us to be part of the community and surrounding areas for so many years,” declares Dante Venneri, President, ServiceMaster of Sault Ste. Marie. “Many thanks to the people who have supported myself and ServiceMaster in the past, present, and to those who will continue to support us in the future. A personal thank you to BDC Capital and RBC, and the individuals who provided exceptional assistance in allowing this transaction to be a success.”
This transaction was led by Christina Howard, Director, Growth & Transition Capital for Eastern and Northern Ontario. “Dante Venneri brings extensive experience from the market and proven management abilities, and he will be solidly supported by ServiceMaster of Sault Ste. Marie’s long-standing management team,” states Howard. “This transaction allows a business owner to retire and a well-established business with a strong track record to continue operating in the community.”
About ServiceMaster of Sault Ste. Marie
When disaster strikes, we’re there to provide the guidance, expertise and personalized care needed to ensure your life gets back to normal, quickly. With over 65 years of experience in Canada, our certified professionals work by your side providing effective disaster restoration services with expert guidance. ServiceMaster Restore is an industry-leading restoration company with the knowledge and resources to fix your problem, fast. Whether you have experienced property damage due to flooding or other water damage, fire, storm damage or you are concerned about environmental contaminants such as mold or asbestos, we are committed to providing prompt emergency restoration services 24 hours a day, 7 days a week, 365 days a year.
We employ the industry’s most highly trained technicians who have the expertise, technology, products, procedures and know-how to navigate from crisis to resolution. Shoulder to shoulder, we are at your side restoring the damage to your home or place of business and your peace of mind. ServiceMaster Restore is the restoration company you can trust for reliable, comprehensive disaster restoration services.
About BDC Capital
BDC Capital is the investment arm of BDC—Canada’s only bank devoted exclusively to entrepreneurs. With more than $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.
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