First West Capital, the mezzanine and subordinated debt lending arm of Canadian credit union First West Credit Union, recently provided funding to Arctic Chiller. The financial terms of the transaction were not published. The Edmonton, Alberta-based company is an established custom-label bottled water supplier owned and operated by the Hygaard family. Its partnership with First West Capital is intended to finance an investment in Arctic Chiller’s facilities and purchase new high-speed equipment.
First West Capital Edmonton helps Arctic Chiller quench their capital needs
The Client: Arctic Chiller, Edmonton, AB
Arctic Chiller, owned and operated by the Hygaard family in the Sherwood Park-area of Edmonton, is an established custom label bottled water supplier in Western Canada. They have successfully turned bottled water into a personalized promotional product designed to support their clients’ marketing activities.
The Challenge: Funds needed for facility upgrades and new equipment
In order to meet the demands of the evolving industry and capitalize on their existing assets, Arctic Chiller required capital to invest in their facilities and purchase new high-speed equipment. President, Tom Hygaard, explains, “The funding from First West Capital helps us to continue to offer our clients a valued-added product mix, as well as anticipate consumer needs and trends, including the continual improvement of our packaging.”
The Solution: First West Capital Edmonton supports growth and provides capital
First West Capital Edmonton worked closely with Arctic Chiller, and their senior lender, to devise a solution that provided them with the funds they needed to execute their business plans.
“The promotional aspect of their products is unique and provides their clients an important branding opportunity. They have created a lucrative niche market within the highly competitive and commodity-driven bottled water market,” says George Coon, regional director, First West Capital Edmonton. “We are pleased to partner with Arctic Chiller and support their growth plans as they begin an important phase in their business.”
Expertise beyond the deal™
“We were referred to First West Capital Edmonton by our trusted banker and we found George to be efficient, knowledgeable and professional,” says Tom.” George was able to provide the right financial solution for us and made the process easy – we especially appreciated George’s flexibility in working with us during our peak summer season.”
He continues, “We would recommend businesses with capital needs in Northern Alberta to connect with George. We look forward to continuing our partnership with First West Capital as we explore developing new business opportunities and eventually opening up additional bottling plants.”
Source: First West Capital
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