Renfrew’s Deslaurier's gets support from Business Development Bank of Canada
A wave of business transitions is taking place across Ontario, with many entrepreneurs retiring and looking for ways to exit their business.
Deslaurier Custom Cabinets, a family business with a 40-year history in the Ottawa Valley, is one such company that has come up with a unique transition to new ownership while maintaining the family name; the change was announced in July 2018.
Business Development Bank of Canada (BDC) is providing financing to the new group of owners that includes a mix of seasoned and millennial entrepreneurs with a strategy to mentor and empower within the company.
The financing is part of the $180 million in investments that BDC Capital, the investment branch of BDC, has made since 2017 — and is on track to invest up to $900 million in the next five years.
Deslaurier Custom Cabinets' new group of intergenerational shareholders includes:
— Bernie Ashe, former CEO of Ottawa Sports & Entertainment Group and KOTT Group;
— Cyril Leeder, former president and co-founder of the Ottawa Senators;
— James Maxwell, entrepreneur and CEO of Investment Partners Group;
— Mike Deslaurier, son of company founder Jim Deslaurier and DCC’s current director of operations; and
— Tyler Leeder, DCC’s director of finance and analytics.
Other transactions made by BDC Capital during this time include Sancton in Halifax, N.S. and BID Group in Prince George, B.C.
Deslaurier is a leader in the design, manufacture, installation and servicing of custom cabinetry. The company has its state-of-the-art manufacturing plant in Renfrew and showrooms in both Ottawa and Renfrew. It has won awards for housing design, business ethics and for being one of Canada's best managed companies.
BDC is Canada’s only bank devoted exclusively to entrepreneurs. BDC Capital serves as a strategic partner to the country’s most innovative firms, offering a variety of risk capital, from seed investments to transition capital — supporting Canadian entrepreneurs who wish to scale their businesses into global champions.