BDC Capital supports Varcon MBO

BDC Capital’s Growth & Transition Capital division has provided C$2 million in mezzanine financing to support a management buyout of Varcon.

BDC Capital’s Growth & Transition Capital division has provided C$2 million in mezzanine financing to support a management buyout of Varcon. Based in Fredericton, New Brunswick, Varcon is a telecommunications engineering firm.


FREDERICTON, December 10, 2019—Sean Hayman, Trevor Bolt and David Lewis recently acquired Varcon, an engineering firm specializing in the design and inspection of telecommunications towers, with the help of 2 million dollars in non-dilutive financing from BDC Capital’s Growth & Transition Capital division. Hayman and Bolt are senior executives who have been with Varcon for the past 6 and 19 years respectively, while Lewis is coming in to lead Varcon’s marketing efforts. The three acquired the company from the Vardy family, who founded Varcon in 1987. Varcon is headquartered in Fredericton, New Brunswick and has offices in Nova Scotia, Ontario, Alberta and British Columbia.

BDC Capital’s funding takes the form of a mezzanine loan that complements the financing of the senior lender in this transaction and investments from the vendors and buyers themselves. The patient and flexible terms of BDC Capital’s loan have been designed to protect Varcon’s cash flow as the new owners implement their growth strategy.

“BDC Capital took the time to understand our vision for Varcon and helped structure a financing package that not only enabled the transaction, but also supports our growth aspirations,” says Sean Hayman, CEO of Varcon. “Our acquisition would not have been possible without the support of BDC Capital’s Growth & Transition Capital team.”

BDC Capital’s lead on this transaction was Kirk Cornell, Director, Growth & Transition Capital for New Brunswick and Prince Edward Island. “Sean Hayman and Trevor Bolt have been critical to the growth and success of Varcon to date and its recognition as a leading service provider in the industry, says Cornell. The additional emphasis the new owners intend to put on sales and marketing bodes well for the company’s future as it gets ready to take advantage of the considerable investments coming up in 5G infrastructure.”

About Varcon
Varcon is an industry leading, Canadian engineering firm that is specialized in the engineering, design, project management and construction management of telecommunication sites. Founded in 1987, Varcon now has offices in 6 Canadian cities with 60 highly skilled engineers covering disciplines such as civil, mechanical and electrical engineering.

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