CPE News (4/29/2021) – Medtrica Solutions Ltd. has obtained $1.5 million non-dilutive funding from BDC Capital’s Growth & Transition Capital division to meet the increased domestic and international demand for its recently launched line of surface disinfectants.
Founded in 2004 by Robert Penz, Medtrica is a manufacturer of both durable and disposable medical products primarily focusing on acute, long-term and home health care. Medtrica’s products are sold primarily in North America, Europe and Australia. Medtrica has 3 manufacturing facilities located in Canada, and 2 sales offices located in Surrey, BC and Los Angeles, California.
Kyle Duignan, Director of Growth & Transition Capital at BDC Capital in Vancouver, led the transaction.
“The additional financing of 1.5 million has really accelerated our ability to meet the growing demands of both our existing and new retail client base. Medtrica will now have the required inventory to significantly increase revenue over the next several years,” says Robert Penz, CEO of Medtrica.
photo credit: Medtrica
News Release
Medical equipment manufacturer Medtrica of Surrey receives $1.5M from BDC Capital to grow new disinfectant product line
VANCOUVER, April 29, 2021 – Medtrica, a Surrey-based manufacturer of medical products, has received non-dilutive financing of $1.5 million from BDC Capital’s Growth & Transition Capital division to meet the increased domestic and international demand for its recently launched line of surface disinfectants.
Founded in 2004 by Robert Penz, Medtrica has gained a strong reputation both in Canada and abroad as a provider of a diverse range of specialized medical products for patient safety and comfort, such as instrument cleaning kits, operating table accessories and various types of therapeutic surfaces. Over the past decade, the company, which has been a client of BDC since 2005, has grown revenue at an average rate of more than 20% a year, thanks in part to robust exports. Last year, when the COVID-19 pandemic hit, Medtrica accelerated the launch of environmentally conscious disinfectant products for commercial and home use that it had already been developing. These products met with immediate success given that traditional market-leading brands were unable to meet the rising demand.
The new funds will more specifically serve as working capital to boost production in order to fulfill contracts with major Canadian retailers. The investment provided by BDC Capital is structured as a patient mezzanine loan with a full balloon payment which allows Medtrica greater flexibility to further invest in production if needed given the absence of amortization payments.
“The additional financing of 1.5 million has really accelerated our ability to meet the growing demands of both our existing and new retail client base. Medtrica will now have the required inventory to significantly increase revenue over the next several years,” says Robert Penz, CEO of Medtrica.
This transaction was led by Kyle Duignan, Director, Growth & Transition Capital at BDC Capital in Vancouver. “With the rapid launch and scaling of this new line, Medtrica has demonstrated once again its remarkable responsiveness and capacity for innovation,” declares Duignan. “This diversification is expected to lead to strong growth for the company in the near term, at the same time as it bolsters Canada’s domestic supply for much sought-after disinfectant products.”
About Medtrica
Medtrica Solutions Ltd. is a manufacturer of both durable and disposable medical products primarily focusing on acute, long-term and home health care. Medtrica’s products are sold primarily in North America, Europe and Australia.
About BDC Capital
BDC Capital is the investment arm of BDC—Canada’s only bank devoted exclusively to entrepreneurs. With over $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.
—30—