SAINT-ANTOINE, NB, May 22, 2013 /CNW Telbec/ - The Business Development Bank of Canada (BDC) announced today that the turning point project, "Cool Expansion", submitted by local businessman Matt Cormier will represent New Brunswick in the finals of the 2013 BDC Young Entrepreneur Award.
Matt aims to break into the U.S. market by starting a manufacturing division to supplement his current line of rebuilt refrigeration and cooling units for RV and off-grid clients. To take home the $100,000 grand prize and make Arcticold Refrigeration a hot brand south of the border, his project needs a warm reception from voters from coast to coast!
Matt's current business of rebuilding used units, which he buys from RV dealers and wholesalers and then resells, has really taken off. He is now preparing to hit the American market running with new cooling units manufactured in his New Brunswick plant. He sees great potential in the United States, where he is confident the Canadian-made units will stand out.
"We will provide a superior product with a superior warranty at an excellent price," says Matt. "Our research shows there are 10 million RVs in North America, with fridges that last about seven years. Do the math: it adds up to enormous opportunity for us!"
Five years ago, Matt took a trade learned from his family to a new level when he opened Arcticold Refrigeration, turning out environmentally friendly, economical and dependable rebuilt refrigeration units for the RV and off-grid market. A natural leader who believes in keeping a happy staff, he anchored Arcticold in the rural community of Saint-Antoine, where he created new jobs.
As demand began to outstrip the supply of used units, Matt looked for new business growth opportunities and hit on the idea of manufacturing new units for the North American market. "The more we explored this option, the more it became clear that this was the right path for us," he says. "The new division will also support the rebuild business and help it flourish beyond its current boundaries."
"All the finalists competing for the 2013 BDC Young Entrepreneur Award presented sound turning point solutions that could provide a solid springboard for future growth and success," says Michel Bergeron, Senior Vice President, Marketing and Public Affairs at BDC. "Matt has turned a trade learned from his family into a thriving business that supports the local economy and has a very light carbon footprint."
"We take pride in our work. We're also proud of our environmental record and the success we've built right here in New Brunswick," says Matt. "I'm ready to take our company to the next level. Show your pride in Canadian know-how and vote for our project daily!"
Voting for the 2013 BDC Young Entrepreneur Award contest runs from May 22 to June 11. To support your favourite project, log into the contest microsite and vote once a day. Follow the contest through updates on Facebook at "BDC Entrepreneur", Twitter at @BDC_News and LinkedIn. The BDC Young Entrepreneur Award winner and runner-up will be announced on June 17. The runner-up will receive $25,000 in consulting services.
About the BDC Young Entrepreneur Award contest
Created by the Business Development Bank of Canada in 1988, the BDC Young Entrepreneur Award contest pays tribute to remarkable Canadian entrepreneurs between 18 and 35 years of age. Nine finalists were short-listed to compete for a $100,000 grand prize. The winner will be selected by public vote and the contest runner-up will receive a second prize of $25,000 in consulting services. The Financial Post and La Presse are the media partners of the 2013 BDC Young Entrepreneur Award. www.bdc.ca/yea
Canada's business development bank, BDC puts entrepreneurs first. With almost 2,000 employees and more than 100 business centres across the country, BDC offers financing, subordinate financing, venture capital, securitization and consulting services to more than 28,000 small and medium-sized companies. Their success is vital to Canada's economic prosperity. www.bdc.ca
SOURCE: Business Development Bank of Canada
For further information:
Senior Advisor, Public Relations
Business Development Bank of Canada