Altitude Sports, a Montréal-based web retailer specializing in urban and outdoor high-end clothing, has secured an investment from the growth equity group of BDC Capital. No financial terms were disclosed for the deal, which gave BDC a minority stake. Founded in 1984, Altitude is headed by Co-CEOs Maxime Dubois and Alexandre Guimond, who acquired the business in 2011. Today, it offers a selection of more than 340 brands, sold primarily through an online store, Altitude-sports.com. BDC, which has funded Altitude since 2011, will in the latest deal support the company’s continued growth. BDC last year allocated $250 million to growth equity investing.
Altitude Sports receives a significant minority equity investment from BDC Capital
MONTREAL, Jan. 24, 2018 /CNW Telbec/ – Altitude Sports, a web retailer specializing in both urban and outdoor high-end clothing, based in Montreal, has received a major investment in equity from BDC Capital’s Growth Equity division.
“Our participation is intended to support the growth of a Canadian company which is on its way to become the leader of its sector in Canada,” explains Claude Miron, Vice President, Growth Equity, BDC Capital. The support of BDC Capital will help Altitude Sports execute its ambitious expansion plan over the next few years. “BDC has been providing funding to Altitude Sports since 2011. We have witnessed its rapid growth in recent years, which has exceeded our expectations,” adds Mr. Miron.
Altitude Sports is headed by Maxime Dubois and Alexandre Guimond, who acquired the company in 2011 when they were employees. Since 2008, the two were responsible for the implementation of e-commerce for the retailer, which only had two physical stores, one in Montreal and the other in Mont-Tremblant. At the time of the ownership change of the company in 2011, its online sales already exceeded those of its stores.
Since then, the company has continued to grow and prioritize the improvement of the online experience for its customers. At the time of the purchase, it had 15 employees. Today, Altitude Sports employs more than 130 people, the online store represents 98% of its sales and the company has delivered almost 300,000 parcels in 2017.
“The arrival of BDC Capital as a shareholder of the company is a natural evolution,” believes Maxime Dubois, co-CEO of Altitude Sports. “BDC was the first financial institution to support us when we took over Altitude Sports in 2011, and since then, BDC and its investment division, BDC Capital, have been able to follow us through each stage of our rapid growth by diversifying their financing solutions offering. BDC is a partner that is focused on the long term and this is reflected in our conversations and our relationship. We share the same vision regarding the future of Altitude Sports, which is to become the biggest online retailer of high-end technical clothing in Canada. ”
About Altitude Sports
Altitude Sports is a web retailer specializing in both urban and outdoor high-end clothing. This Montreal-based company is booming in the Canadian market, offering a selection of more than 340 brands and employing more than 130 people. Durability, style and comfort are the main selection criteria for the products the company sells. In addition to the main website, the company also owns TheLastHunt.com, the only site entirely dedicated to the discount sale of technical clothing and gear in Canada. There is also Altitude-blog.com, a media outlet dedicated to product tests, buyers’ guides and sports or travel stories.
About BDC Capital
With more than $2 billion under management, BDC Capital is the investment arm of BDC, serving as a strategic partner to Canada’s most innovative and high potential firms. It offers a range of equity, venture capital and flexible growth and transition capital solutions to help Canadian entrepreneurs scale their businesses into global champions. To find out more, visit bdc.ca/capital.
For further information: Maxime Dubois, co-CEO, Altitude-Sports.com, 514-495-1111
Photo courtesy of Altitude Sports