CPE Media News – pcJournal (10/2/2018) – The Canadian Business Growth Fund (CBGF) has invested $15 million in Lift Auto Group (Lift), its first investment since its official launch in June 2018. Financial details were not disclosed.
Led by Mark Reineking, Kelowna, BC based Lift is an emerging consolidator in the collision repair industry. It currently has 6 locations in BC and Alberta, plans to expand across Western Canada.
A portion of CBGF’s investment allowed Lift to immediately close a significant acquisition in Edmonton.
Backed by Canada’s leading banks and insurance companies, CBGF’s mandate is to provide long-term, patient, minority capital to ambitious entrepreneurs and their high-growth mid-market Canadian companies.
photo credit: Lift Auto Group
News Release
Canadian Business Growth Fund Selects BC Company for Its First Investment
Kelowna-based Lift Auto Group receives $15 million in funding to execute on growth and acquisition strategy.
TORONTO, October 2, 2018 — The Canadian Business Growth Fund (CBGF) announced today that it has invested $15 million in Lift Auto Group (Lift). The deal is CBGF’s first investment as part of its mandate to provide long-term, patient, minority capital to ambitious entrepreneurs and their high-growth mid-market Canadian companies.
Lift is a Kelowna-based company and a consolidator of automotive collision repair centres. The company currently has six locations in British Columbia and Alberta and plans to expand its footprint across Western Canada. A portion of CBGF’s investment allowed Lift to immediately close a significant acquisition in Edmonton.
“Lift is a great fit with our mandate and we are excited to partner with them as they put their growth strategy into action,” says George Rossolatos, Chief Executive Officer, Canadian Business Growth Fund. “They have an ambitious team, solid plans for scaling up and the skills and experience to execute on their vision to build a leading collision repair company. They are thinking big, and with this round of investment, they have the capital required to become a leading player in a highly fragmented industry.”
Led by Mark Reineking, the Lift team brings a sophisticated approach to an increasingly complex industry. This complexity makes the collision repair industry ripe for consolidation, providing an opportunity for well-capitalized and well-managed consolidators like Lift to acquire small operators and build the scale to properly address industry demands. And, as proud members of Kelowna’s thriving entrepreneurial community with family roots in the collision repair business, Lift’s team is well-positioned to turn their ambitious growth plans into reality.
“Our partnership with CBGF will provide us with the long-term, patient capital we need to embark on our next phase of growth while still retaining control of our business,” says Mark Reineking. “Strategic and cultural alignment is a priority for us, and we believe the common values shared by both parties will serve as the basis for a strong and successful relationship, allowing us to maximize value for our stakeholders and the communities in which we invest.”
This opportunity was introduced to CBGF by AltaCorp Capital, who acted as Lift’s advisors in raising growth capital to execute on its growth strategy.
ABOUT THE CANADIAN BUSINESS GROWTH FUND
The Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses with investments between $3 and $20 million. An evergreen investment fund with capital commitments of $545 million, CBGF is committed to long-term partnerships with the companies it invests in. As part of its mission to drive growth, CBGF connects business leaders and sector experts to help its partner businesses achieve their full potential. For companies seeking investment opportunities, please contact Logan Philp, Director of Business Development.
ABOUT LIFT AUTO GROUP
Headquartered in Kelowna, British Columbia, Lift owns and operates a network of six collision repair centers located in Kelowna, Vernon, North Vancouver, and Edmonton. In addition to collision repair services, the Company provides concierge services and replacement vehicles for its customers. Already seen as a leading collision repair group in the interior British Columbia region, Lift aims to expand its presence and become one of the leading collision repair groups in Western Canada