By: The Working Forest Staff
OTTAWA – Export Development Canada (EDC) has made a $13.5 million equity investment into BID Group Holdings Ltd., part of a larger equity transaction led by Highland West Capital Ltd.
Based in Prince George, B.C., BID provides mill equipment and turnkey solutions to the North American wood processing industry. Over the last five years, BID has completed four acquisitions, tripled revenues, more than doubled its customer base, and diversified its manufacturing capabilities.
The investor group, which also included Roynat Equity Partners, BDC Capital, and other institutional investors, is working with BID to support its continued growth – both organically and through acquisition.
“EDC’s commitment reflects our interest in helping to build strong companies in a vital Canadian industry,” said Nathan Gibb, senior principal, investments, EDC. “As a company that has grown rapidly through consistent investment and focus on international growth opportunities, BID is exactly the type of high potential company that EDC wants to support and partner with.”
“We are excited about the additional opportunities that our partnership with HWCL, EDC, and the rest of our new investors will provide,” said Alistair Cook, CEO, BID. “The additional capital will allow us to accelerate our turnkey offering and ongoing investments in technology to further support our customers.”
“EDC will also enhance its investment in BID by working with the management team to leverage EDC’s global trade expertise, international relationships, and suite of financing and insurance products,” Gibb said.
“This transaction represents the next step in BID’s evolution as we continue our path to be the clear leader in providing solutions to the wood processing industry,” added Brian Fehr, founder and Chairman, BID.
The privately-owned BID has more than 30 years of experience in the forestry sector. Its holdings include BID Construction, Comact, PHL, Deltech, BID Service, Miller Manufacturing, and McGehee.