CPE News (7/202/2020) – BDC Capital Growth and Transition Capital has provided $2.2 million funding to Atlas Médic Inc to became a personal protective equipment (PPE) importer at the onset of the COVID-19 crisis.
Quebec City based Atlas Médic manufactures, imports and distributes medical supplies, devices and equipment on the Canadian market.
BDC Capital’s funding enables Atlas Médic to cover order costs while awaiting payments from its clients. BDC Capital designed a custom loan for the company by combining various existing products and easing several of its standard conditions.
Pascal Dion, Director Growth & Transition Capital, at BDC Capital’s Quebec City office, led the transaction.
photo credit: Atlas Médic
Atlas Médic pivots to meet needs in the wake of the COVID-19 crisis thanks to $2.2 million in funding from BDC Capital
QUEBEC CITY, July 20, 2020—Atlas Médic, a company based in the Quebec City region that normally distributes sports medicine supplies and equipment, became a personal protective equipment (PPE) importer at the onset of the COVID-19 crisis thanks to $2.2 million in funding from BDC Capital’s Growth and Transition Capital division. As of today, it has delivered over five million masks, medical gowns, medical coats, visors, goggles, gloves and other protective items to healthcare workers across Quebec and elsewhere in Canada.
Medical and physical rehabilitation clinics were among the first facilities to close in mid-March due to the novel coronavirus. As demand for its products dropped sharply, Atlas Médic immediately turned to the PPE niche, realizing that the usual healthcare institution suppliers were struggling to keep up. In just five days, the company found and vetted a dozen suppliers in China ready to ship certified protective equipment to it, as well as buyers in Quebec’s health network who were in urgent need of supplies. Since these orders exceeded its regular volume, Atlas Médic turned to BDC Capital, of which it has been a client since 2015, to get financing.
BDC Capital’s funding enables Atlas Médic to cover order costs while awaiting payments from its clients. To respond to this exceptional situation, BDC Capital designed a custom loan for the company by combining various existing products and easing several of its standard conditions.
As clinic networks reopen, Atlas Médic is gradually resuming normal operations, but plans to keep importing protective equipment as long as necessary.
“We are very proud of and pleased with BDC Capital’s support,” says Atlas Médic President Yvan Laflamme. “Without it, we simply wouldn’t have been able to actively help supply and protect thousands of health professionals, government agencies and businesses. BDC Capital’s creativity and speed in bringing this unique financing project to life has been nothing short of exceptional. Thanks to the invaluable collaboration and efforts of our employees, business network and families, we’ve turned a corporate issue into a business and social success story. The entire BDC Capital team has our deepest thanks for making a difference during this pandemic.”
This financing package was developed by Pascal Dion, Director Growth & Transition Capital, at BDC Capital’s Quebec City office. “Thanks to its local and foreign network, coupled with its experience in importing medical products, Atlas Médic was in an ideal position to make this operation a success,” says Dion. “The company has always shown great agility in adapting to changes and disruptions in its regular market, which has certainly helped it respond quickly to this crisis.”
About Atlas Médic
Atlas Médic Inc. manufactures, imports and distributes medical supplies, devices and equipment on the Canadian market. We have been solution agents for the healthcare field for nearly 20 years. We serve a very diverse client base and represent unique medical products across Canada. From digital radiology to scalpels, we offer over 13,000 different products to various health professional segments. In addition, thanks to our corporate ecosystem, our clients can receive training through the Medicvox program and support from our advisory services and team of technicians. Atlas Médic actively supports a community of health professionals who want to stand out, perform and stay competitive. Visit atlasmedic.com.
About BDC Capital
BDC Capital is the investment arm of BDC, Canada’s only bank devoted exclusively to entrepreneurs. With more than $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers a full spectrum of risk capital, from seed investments to transition capital, supporting Canadian entrepreneurs who wish to scale their businesses into global champions. Visit bdc.ca/capital.
Source: Private Capital Journal