Need a lift?
An auto collision company, headquartered in Kelowna, is getting a $15 million boost to allow its company to grow.
“The Canadian Business Growth Fund announced Tuesday that it has invested $15 million in Lift Auto Group. The deal is CBGF’s first investment as part of its mandate to provide long-term, patient, minority capital to ambitious entrepreneurs and their high-growth mid-market Canadian companies,” according to a Lift news release.
The investment allowed Lift to acquire its newest branch in Edmonton.
“We had our own business plan and we’ve been executing on that plan but came to the point where we needed that additional capital,” said Mark Reineking, Lift co-founder and CEO.
“It’s very positive because it’s the right partner that provided the capital and can continue to help us grow and execute on what our vision (is) which is becoming a leader playing on collision repair space across Western Canada.”
The company’s first shop was in North Vancouver, but the three that followed were built in Kelowna.
“We feel it’s a very entrepreneurial city and it’s a great place to be based out of to consolidate across Western Canada so we started looking in the Kelowna market and there were some good opportunities that were available,” Reineking said.
He said for business owners that are looking to expand, the key is to have a strong business plan you’re able to show to investors and to find the right partner.
The goal for the next two years is to expand to Ontario, Reineking said.
“Lift is a Kelowna-based company and a consolidator of automotive collision repair centres. The company currently has six locations in British Columbia and Alberta and plans to expand its footprint across Western Canada,” the news release said.