Founder and CEO of Lift Mark Reineking and CBGF chief executive officer George Rossolatos stand together for the $15 million investment which will go towards expanding Lift in other parts of Canada. - Contributed

Kelowna auto collision company gets $15 million boost

Lift Auto Group recently received a $15 million investment from the Canadian Business Growth Fund

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.

RELATED: Advocates, lawyers say ICBC minor injury caps could hit victims at their weakest

“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.

RELATED: Accidents increase in Central Okanagan

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.


edit@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Firefighters have doused a Peachland house fire

Fire crews are still on scene investigating the cause of the BBQ fire which made its way to the home

Special memorial service to say goodbye to murdered teen

A memorial service and celebratio of life was held Tuesday for murdered teen Elijah-Iain Beauregard

Wilson M. Beck Charity Golf Tournament in Kelowna benefiting YMCA of Okanagan

The tournament is sold out with 144 golfers swinging for the cause

Is construction in Kelowna hurting small businesses, or helping them?

Voices from both sides of the spectrum weigh in

Kelowna baseballers invited to league all-star game

The 2019 West Coast League All-Star Game will have two players from the Kelowna Falcons

VIDEO: B.C. MLA Michelle Stilwell takes first steps in nearly 30 years

‘It actually felt like walking. It’s been 27 years… but it felt realistic to me’

False report of dead body leads police to sex dolls at Manning Park

Princeton RCMP breathed a sigh of relief, momentarily, when they discovered a… Continue reading

Ironman returns to Okanagan after seven-year absence

Subaru Ironman Canada is coming back to Penticton in 2020

Grand Forks fire chief found to have bullied, harassed volunteer firefighter: report

WorkSafeBC, third-party human resources investigation looking into allegations complete

Okanagan College campus flies Syilx flag

The Okanagan Nation Alliance flag was raised at a ceremony at Vernon campus on July 16

Dog recovering after being drenched in hot coffee, B.C. man charged

Man was taken into custody, charged, and released pending a court date

Taekwondo instructor, 21, identified as B.C. bat rabies victim

Nick Major, 21, an instructor at Cascadia Martial Arts in Parksville

Science expedition to Canada’s largest underwater volcano departs Vancouver Island

Crews prepared for a two-week research mission to the Explorer Seamount

Summerland clinic will be closed on August long weekend

Medical office assistant needed at Rosedale Medical Clinic

Most Read