BDC Capital‘s Growth & Transition Capital recently invested $12 million in Pixel Union, a Victoria, British Columbia-based e-commerce apps and themes agency and partner in the Shopify ecosystem.
The financing’s proceeds supported Pixel Union’s buyout earlier this year by the company and investors, including Canadian technology holding company Tiny Capital, which acquired a majority stake.
The seller was Teligence Capital, which acquired Pixel Union in 2014 from its co-founder, Tiny Managing Partner Andrew Wilkinson.
Established in 2009, Pixel Union provides products and services that have helped more than 100,000 brands launch and grow online stores.
Web design agency Pixel Union from Victoria gets $12 million from BDC Capital for buyout
VANCOUVER, May 7, 2019 — BDC Capital’s Growth and Transition Capital division recently provided 12 million dollars in unitranche financing to Pixel Union Design of Victoria, British Columbia. Founded in 2009, Pixel Union is one of the major partners to Canadian ecommerce giant Shopify, and is known for its industry-leading themes, apps and custom ecommerce solutions. BDC Capital is financing part of the buyout by the company and investors, both existing and new, of majority shareholder Teligence Capital, a Vancouver-based investment group.
Teligence acquired shares of Pixel Union in 2014 from its co-founder, Andrew Wilkinson. Since then, the company has grown considerably both organically and through acquisitions. Both parties felt the time was right for the buyout transaction, given Teligence’s strong return on its investment and the identification by Pixel Union management of several new growth opportunities.
“We’re excited to have BDC Capital playing this pivotal role in Pixel Union’s next phase of growth,” says Ben Moore, Pixel Union CEO. “Their extensive experience, insight and support provide a benefit well beyond financing, and we’re looking forward to working with them more, and more closely, in the future.”
BDC Capital’s financing was arranged by Randeep Janjua, Associate Manager, Growth and Transition Capital, Vancouver. “CEO Ben Moore and co-founder Andrew Wilkinson have grown Pixel Union into one of the largest and most well-regarded partners in the Shopify ecosystem,” says Janjua. “Management is now deploying a strategy to diversify Pixel Union’s revenue streams, which includes aggressively growing its apps and custom solutions lines of business.” The company has already produced sophisticated tools and websites for such brands as BC Cannabis, Blenders Eyewear and Viberg Boot.
About Pixel Union Design
Pixel Union is a leading ecommerce design agency known for helping merchants sell more. As Shopify’s only 360° Plus partner with deep involvement in themes, apps, and custom ecommerce solutions, Pixel Union’s products and services have helped over 100,000 brands launch and grow successful online stores. Founded in 2009 in Victoria, Canada, the company’s past and current clients include Tesla, MoMA, The White House, NBC, Live Nation, Sam Harris, and many more.
About BDC Capital
BDC Capital is the investment arm of BDC — Canada’s only bank devoted exclusively to entrepreneurs. With more than $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.