GSM Project has raised $5m in debt financing from BDC Capital Growth & Transition Capital and Export Development Canada (EDC).
BDC Capital and EDC extended the loan to boost the current international growth of this established Canadian SME and to better position the company for upcoming opportunities in the Middle East and in Eastern Asia.
GSM Project CEO Annie Derome said this investment will help the firm to finance operations, especially the large projects it is implementing in new geographical markets, including Dubai and other areas of the Middle East.
“We are very proud to receive this support for our international development and to contribute in return to the influence of the Canadian economy on the international scene,” she said.
Founded in 1958, GSM Project designs and produces immersive, interactive and educational visitor experiences. GSM Project has offices in Dubai and Singapore, and collaborates with a wide range of clients all over the world.
GSM Project has designed exhibitions for major museums across the globe, such as the National Museum of Singapore, the Canadian Museum of History, the Anchorage Museum in Alaska, and At The Top, Burj Khalifa in Dubai.
“GSM Project is exactly the type of modern, high-potential Canadian company that EDC wants to help scale-up internationally, so that they can bring their creative service to some of the fastest growing economic regions of the world,” said Frank Trentadue, Montreal district manager, EDC.
He added: “This financing also showcases how EDC and BDC can work seamlessly together on joint solutions that meet the working capital needs of Canadian companies looking to take on major contracts around the world.”
Mathieu Rinaldi, BDC Capital director for growth and transition capital, led the deal with Michael Luca, EDC financing manager for international growth capital.
“BDC Capital and EDC brought together their complementary expertise to propose a financing structure that provides the cash necessary for GSM Project’s current projects, with the flexibility to repay the loan when new liquidities become available while protecting the investment of its senior lender,” said Rinaldi.
Benoit Mignacco, managing director, Growth & Transition Capital, BDC Capital, said: “GSM Project has experienced strong growth over the last few years, thanks in large part to its strategic efforts to develop the Asian and Middle Eastern markets. It will now continue to build up its presence in the region in order to take advantage of the many opportunities it sees coming in the near future,”
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