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Press Release Archive

Advantage Exteriors acquires major competitor with assistance of Meridian

News Release – February 28, 2008

(Calgary, Alberta)  Meridian Merchant Capital Canada Ltd. today announced that it has successfully closed an $8.5 million senior debt and mezzanine growth and acquisition financing for Advantage Exteriors Inc., Calgary’s industry leader in residential siding.

Financing was provided by Scotiabank in Calgary and Bond Capital of Vancouver, BC, while Trinity Capital Canada LP provided certain interim financing to bridge Advantage to the closing. 

“This transaction is a perfect example of the importance of working with an advisory firm when pursuing a roll-up strategy,” commented Meridian President and CEO Keith Turner.  “Despite many twists and turns in financing this transaction under increasingly challenging market conditions, the team at Meridian was able to keep the deal on track and eventually complete it for the benefit of all the parties. We are very pleased with the considerable effort, commitment and creativity demonstrated by our partners, Scotiabank and Bond, in this transaction”.

Advantage President Brian Gibbons will continue to operate the two companies as separate brands, but will be able to take advantage of synergies, sharing of administration functions, and additional leverage with suppliers. 

Despite a slight softening in the Calgary residential construction market in 2007 after a record performance in 2006, the industry is on pace for solid numbers in new home starts that will continue to lead Canada and be well ahead of 2005 numbers.

“We’re excited about our business and with this acquisition will continue to enhance our excellent reputation with builders as Calgary’s reliable and professional choice for siding solutions,” added Gibbons.

Bond Capital provides capital for growth, succession and equity withdrawal strategies to small and medium sized enterprises in Western Canada.  Bond focuses on mezzanine lending for expansion, M&A, MBO and LBO’s. See
www.bondcapital.ca for more information."

Scotiabank is one of North America's premier financial institutions and Canada's most international bank. With more than 60,000 employees, Scotiabank Group and its affiliates serve approximately 12.5 million customers in some 50 countries around the world. Scotiabank offers a diverse range of products and services including personal, commercial, corporate and investment banking. With $449 billion in assets (as at January 31, 2008), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit www.scotiabank.com.

For more information visit www.meridiancanada.com or www.advantageexteriors.ca 

Or contact Randy Lennon at 403-538-2130.