MONTREAL and OTTAWA, Feb. 15, 2018 /CNW Telbec/ - BDC Capital and EDC have jointly provided $5 million in mezzanine financing to GSM Project located in Montreal. Founded in 1958, GSM Project designs and produces immersive, interactive and educational visitor experiences. Its clients include cultural institutions, consumer brands, commercial real estate developers and governments.
BDC Capital and EDC extended the loan to support the current international growth of this established Canadian SME and to better position the company for upcoming opportunities in the Middle East and in Eastern Asia.
"This financing will help us to finance operations, especially the large projects we are implementing in new geographical markets, including Dubai and other areas of the Middle East. We are very proud to receive this support for our international development and to contribute in return to the influence of the Canadian economy on the international scene," said Annie Derome, CEO, GSM Project.
"GSM Project is exactly the type of modern, high-potential Canadian company that EDC wants to help scale-up internationally, so that they can bring their creative service to some of the fastest growing economic regions of the world," said Frank Trentadue, Montreal district manager, EDC. "This financing also showcases how EDC and BDC can work seamlessly together on joint solutions that meet the working capital needs of Canadian companies looking to take on major contracts around the world."
"BDC Capital and EDC brought together their complementary expertise to propose a financing structure that provides the cash necessary for GSM Project's current projects with the flexibility to repay the loan when new liquidities become available, while protecting the investment of its senior lender," said Mathieu Rinaldi, director, Growth & Transition Capital, Montreal for BDC Capital who led the deal with Michael Luca, financing manager, International Growth Capital, Montreal from EDC.
"GSM Project has experienced strong growth over the last few years, thanks in large part to its strategic efforts to develop the Asian and Middle Eastern markets. It will now continue to build up its presence in the region in order to take advantage of the many opportunities it sees coming in the near future," explained Benoit Mignacco, managing director, Growth & Transition Capital, BDC Capital.
About GSM Project
GSM Project specializes in the creation and production of visitor experiences. Based in Montreal, Canada, since its founding in 1958, the company also has offices in Dubai and Singapore and collaborates with a wide range of clients all over the world to create immersive, educational, and memorable visitor experiences. GSM Project has designed exhibitions for major museums across the globe, such as the National Museum of Singapore, the Canadian Museum of History, the Anchorage Museum in Alaska, and At The Top, Burj Khalifa in Dubai.
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.
EDC helps Canadian companies go, grow, and succeed in their international business. As a financial Crown corporation, EDC provides financing, insurance, bonding, trade knowledge, and matchmaking connections to help Canadian companies sell and invest abroad. EDC can also provide financial solutions to foreign buyers to facilitate and grow purchases from Canadian companies. To find out more, visit edc.ca.
SOURCE Business Development Bank of Canada
For further information: For GSM Project, Mathilde Condrain-Morel/Bertrand Legret, Massy Forget Langlois public relations, 514-842-2455, ext. 26/15, firstname.lastname@example.orgemail@example.com; For BDC, Flavie Côté, Senior Advisor, Media Relations, 1-844-625-8321, firstname.lastname@example.org; For EDC, Simon Forsyth, Advisor, Media Relations, 613-598-3852, email@example.com