BeaconRidge Corp., an Ottawa–based provider of design and manufacturing services for electronic products, has raised US$11.2 million in private equity funding from EdgeStone Capital Partners. It also has secured another US$39.8 million in debt financing.
BreconRidge Corporation, a world class provider of design and manufacturing services for electronic products in the communications, industrial, medical, aerospace and defense markets, is pleased to announce the completion of a US$50 (C$63) million financing.
The financing includes a renewal and enhancement of the Company’s credit facility with Canadian Imperial Bank of Commerce and Export Development Canada (EDC), and an extension and enhancement of Roynat Capital and other debt providers. As part of the financing, BreconRidge also received an US$11.2 (C$14.2) million equity investment from its lead investor, EdgeStone Capital Partners. This combined debt and equity financing significantly strengthens BreconRidge’s balance sheet, and provides additional capital and liquidity to finance the Company’s strong anticipated growth.
“We are extremely pleased with the show of support from all of our lenders, and EdgeStone,” said Cyril McKelvie, BreconRidge’s President & CEO. “This financing is recognition that we have been executing well on our new business plan, designing and manufacturing the most technically challenging products in the communications, industrial, medical, aerospace and defense market sectors, providing the highest levels of quality and customer service cost competitively, and winning important new customers.”
Gilbert S. Palter, Chief Investment Officer & Managing Partner at EdgeStone, and Chairman of BreconRidge added: “We are very pleased with the progress BreconRidge has made in the last year; the company has won accolades, and new business, from many of its long-term customers as well as engaging with several new customers in various market sectors. We are pleased to provide additional capital to support BreconRidge’s continued growth as it successfully executes on its strategic plan.”
BreconRidge is a world class provider of innovative design and manufacturing services for electronic products. With facilities located in North America and Asia, BreconRidge collaborates in the development and manufacture of products for the world’s leading communications, medical, industrial, aerospace and defense OEMs (original equipment manufacturers).
EdgeStone is one of Canada’s leading private equity firms and has managed in excess of CDN$2.3 billion of private capital on behalf of institutional and high net worth clients. EdgeStone provides capital, strategic direction and business and financial advice to help promising mid-market and early-stage companies achieve their full potential. EdgeStone leverages the resources of its broad business network and ensures an alignment of interests to achieve superior returns for all stakeholders. EdgeStone is one of the principal entities of the GMP Capital Trust group (TSX:GMP.UN).