Range Mobility MBO financed by debt from BDC Capital

Calgary-based Range Mobility, an emergency and commercial vehicle upfitter and servicing specialist, has raised financing from BDC Capital’s Growth and Transition Capital.

Calgary-based Range Mobility, an emergency and commercial vehicle upfitter and servicing specialist, has raised financing from BDC Capital’s Growth and Transition Capital. No financial terms were disclosed. The deal’s proceeds will support a management buyout of Range by Craig Mannell, Matthew Warman and Justine Lalicon.

PRESS RELEASE

CALGARY, March 11, 2021 – Calgary’s Range Mobility, Southern Alberta’s preeminent emergency and commercial vehicle upfitter and servicing specialist, has received non-dilutive financing from BDC Capital’s Growth and Transition Capital to advance the transition of the business to three senior managers who are all in their early thirties. Founded in 2007, Range Mobility adapts vehicles for police, fire fighting and emergency medical use as well as for public transit and other commercial applications by designing, supplying and installing a wide variety of equipment and accessories, including computer and communication systems, cameras and emergency lighting. In addition, the company also performs general vehicle maintenance. Over the past 14 years, Range Mobility has gained an enviable reputation for superior installation quality, speed of service and design expertise.

Craig Mannell, Matthew Warman and Justine Lalicon, who have had day-to-day operational control of the business in recent years, have used BDC Capital’s financing to purchase a majority interest in the company. The funds came in the form of a patient loan which offers management more flexibility to formally transition the business and to reinvest into the company’s continued growth.

“BDC Capital’s financing facilitated the partial transfer of ownership to a relatively young management group, allowing them to participate in the future success and growth of our business,” explains Dave Hutchison, President of Range Mobility. “The expertise of the BDC Capital team was invaluable to the new team’s understanding of the financing process, and was essential to the smooth execution of the arrangement.”

This financing was arranged by Ameel Velji, Director, Growth & Transition Capital, for BDC Capital in Calgary. “Range’s new part owners exemplify the commitment to excellence and innovation that has made the company a leader in emergency, government and commercial vehicle upfitting in Southern Alberta,” says Velji. “The ongoing transition at Range Mobility is representative of demographic shifts and the consequent increase in ownership transfers to management teams who had no prior equity stakes. BDC Capital’s financing is supporting the continued operations and growth of a successful Alberta-based business while providing a financial exit to its founders,” adds Vern Malcom, Managing Director, Growth & Transition Capital for Southern Alberta and Manitoba, BDC Capital.

About Range Mobility
Range Mobility Inc. is a Canadian-owned, COR certified, commercial and emergency fleet services vehicle upfitting company. Located in Calgary, Alberta, Range supplies and installs a wide variety of specialized equipment, including in-vehicle computer mounting systems, emergency lighting and sirens, radio equipment and antennas, and custom electronic solutions for every style and make of fleet vehicle. Company information is available at rangemobility.com.

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.