KANATA, August 5, 2019—BDC Capital’s Growth and Transition Capital division has provided $2.9 million in mezzanine financing to Renaissance Repair and Supply. Founded in 2004, Renaissance repairs and remanufactures telecommunications network equipment for Canadian and U.S. carriers and integrators such as Verizon and Ciena. The company prides itself, in particular, on its customer service and its agility. It is headquartered in Kanata, Ontario and has an office in Dallas, Texas.
Most of the funds will be used for the long-term working capital needs of Renaissance as it continues to see higher volumes from top clients. Another portion will serve to clean up the balance sheet by refinancing a number of smaller loans. This is BDC Capital’s fifth financing of Renaissance since it began backing the company in 2009.
“Our business growth has been outstanding over the last several quarters,” says Len Anderson, President and CEO of Renaissance. “We are very happy to have closed this round of working capital with BDC Capital. As a result, Renaissance will be in a position to accelerate its growth, as we continue to align our network service offerings to the needs of our OEM and global carrier customers alike.”
The transaction was led on the BDC Capital side by Robert Shaw, Director, Growth & Transition Capital, Ottawa. “Over the years, we’ve seen Renaissance’s management team land, and deliver on, progressively larger contracts from existing and new clients,” says Shaw. “We believe Renaissance’s growth trajectory is now at an inflection point. Management is deploying an aggressive strategy over the next two years that will include R&D investments into new techniques as well as additional staff.”
Renaissance Repair and Supply offers an end-to-end supply chain including: Test engineering, repair, logistics, equipment supply, and spares management, providing best-cost solutions to the communications industry. Focus areas include: Wireline, Wireless, Optical, Data/IP and IOT. Renaissance empowers customers to take control of their network convergence life cycle by servicing legacy and next generation networking equipment for most OEM brands.
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.
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