Based in Markham, Ontario, CDI refurbishes and remarkets enterprise-grade IT equipment to educational institutions. Its product line includes PCs, notebooks, tablets, servers, telecommunication and other technology equipment.
The MB facility, along with a term loan from MidStar Capital, was used to refinance senior indebtedness and provide for working capital needs going forward.
“MB Business Capital Canada is pleased to have participated in a cost-effective senior debt facility with a flexible covenant structure to enable CDI to execute on its business plan and continued growth,” said Dan Flaro, MB senior vice president and country executive.
Mike Sharkey, president of MB Business Capital, added, “We’re thrilled to have CDI as a client as we continue to expand our product offering into the Canadian marketplace.”
“The MB Business Capital and MidStar Capital teams are seasoned professionals who demonstrated a sincere interest in learning about our business and executed seamlessly on their proposals,” said Erez Pikar, CDI CEO.
MidStar Capital is a Canadian-based lender focused on providing flexible solutions to North American mid-market companies operating across a wide variety of industries. It is part of Connor, Clark & Lunn Financial Group, an independently owned multi-boutique asset management firm.
MB Business Capital Canada is the Canadian subsidiary of MB Financial International. It seeks asset-based lending opportunities in multi-currencies in the C$5 million to C$40 million ($3.8 million to $30.3 million) range and offers dedicated syndication opportunities of up to C$100 million ($75.7 million).