Forecast for B.C.’s economy: An outlook from our Duelling Economists
BEATA CARANCI V. JOCK FINLAYSON
Where is B.C.’s economy headed in 2017? It’s the million-dollar question, as experts debate whether the province’s growth in recent years can be sustained, whether B.C. and Canada are competitive globally, and what’s likely to happen with interest and foreign exchange rates. This lack of consensus has inspired a new format for our popular economic panel at this year’s BC Middle Market Growth Conference: The Duelling Economists. We’ve secured two of the industry’s leading experts on the economy, Beata Caranci, Vice President and Chief Economist, TD Bank and Jock Finlayson, Executive Vice President and Chief Policy Officer at BC Business Council. Join us as we find out where they differ and where their outlooks align. They’ll tackle variables affecting growth in our province from corporate tax rates to carbon pricing. We’ll look at the provincial perspective as well as the big picture for Canada. We’ll also find out the answer to some of the most pressing questions business owners, CEOs and CFOs are asking right now:
Moderating this duel of perspectives is Kellie Manchester, Partner, Sequeira Partners. Kellie co-founded Sequeira Partners in B.C. and is a recognized leader in mid-market corporate finance transactions in western Canada. She has more than 16 years of experience advising clients in B.C. and Alberta on mergers, acquisitions, divestitures, financings and buyouts in both the private and public sector.
To register click here.
I’m excited to be taking part in the BC Middle Market Growth Conference. You really can’t talk about growth without looking at the incredible things happening in B.C.’s food processing industry. Overall, the industry grew 9% in 2016, which translates to $600 million. To put that growth in perspective, there are now more than 1,800 food and beverage processing companies in B.C. employing more than 28,000 people. Our industry now makes up approximately 20 percent of the province’s total manufacturing revenue and is the largest manufacturing sector in BC. That’s not small potatoes.
What’s most interesting to me is that this big industry is made up largely of small businesses, many of which are family-owned and operated. While many are processing fish, dairy, bakery, meat and beverage products, a growing number are exploring specialty and niche value-added products – something that’s putting B.C.’s industry on the world map. Natural health products in particular have become part of B.C.’s growing brand.
Our province has so many of the right ingredients for a thriving food processing industry, including our rich geography, high food standards and access to global markets. But growth has also brought new challenges like accessing skilled labour and dealing with rising input costs and squeezing margins – elements that impact our ability to compete with other provinces and on a larger, global scale.
How do we continue to build on our legacy of innovation and support business pioneers as they forge their way onto the global stage? Join me for an important growth discussion with some of the players who have changed the game in B.C. We’ll talk about opportunity as well as challenges, and how both forces are shaping transaction activity. I’ll see you there,
James Donaldson, CEO
BC Food Processors Association
To register for the BC Middle Market Growth Conference on April 11 click here.
Top 10 things you need to know about the BC Middle Market Growth Conference
The BC Middle Market Growth Conference is less than 5 weeks away. Here’s what you need to know about this year’s event:
Financing your Business Growth: Which path to choose?
It’s one of the biggest conundrums business owners and CFOs face: they need money to grow, but the array of financing options can be confusing. Decisions have to be made that will have profound short and long-term implications. While debt seems costly in the short run, it can be repaid without giving up ownership. Equity often has no cost or drain on cash flow, but longer term it’s usually the most expensive way to fund growth. Today’s marketplace also offers some blended debt-equity options worthy of consideration. We’ve gathered a top-flight panel of lenders, equity partners and advisors to help you navigate the sea of options:
1) Senior debt. Zeeshan Mayeenuddin, Director, Financial Sponsors & Leveraged Finance for TD Bank will represent and share the commercial loan option
2) Mezzanine debt. Lee Grimshaw, Managing Director, BMO Capital Partners – Equity and Mezzanine will discuss subordinated and mezzanine financing, including a hybrid blend of debt and equity
3) Royalty Funds. Justin Currie, CEO and Director, Royalty North will explain the royalty financing option – a relatively new market entrant, allowing a company to obtain a form of cash flow financing.
4) Private Equity. Over the past 20 years, private equity has largely replaced the public markets as a source of equity for the middle market. Klemens Wilhelm, Principal at Fulcrum Capital Partners will explain how private equity can provide a stable source of capital and much more.
Our panel features moderator, Peter Mogan, Managing Partner of Mogan Daniels Slager, a leading mid-market M&A law firm in B.C. and advisor Andrew Kemper, Partner with Capital West Partners, a top-tier M&A advisory firm in Western Canada. For any business leader or CFO seeking to raise capital, this is an invaluable opportunity to learn from industry leaders and to gain clarity about how to finance your company’s growth. To register for the BC Middle Market Growth Conference on April 11, click here.
The Retail Revolution – Meet our retail industry experts helping to shape the landscape in B.C. and beyond
This year, our BC Middle Market Growth Conference is going where the growth is, and where better to start than the province’s red hot retail industry. Online retailers have been a major force of disruption for traditional brick-and-mortar retailers, with their unparalleled convenience and access to valuable personal data. But retailers with a physical presence have their own tangible advantages and have effectively begun to embrace technology for a more experiential approach. Think digital storefronts, automated purchasing and pricing, and implementation of analytical intelligence that tells retailers who’s in store.
Want to know what’s driving the rise of retail in B.C. and how B.C.-based brands are participating in industry disruption? How retail is driving deal activity locally? Join us for the BC Middle Market Growth Conference on April 11. Register here to secure your seat today.
Brooke Harley, Partner, Campfire Capital
Brooke founded Campfire Capital in 2014 – a venture capital firm financially-backed by more than 30 former and current lululemon executives, all of whom worked together to create tremendous value for lululemon during its high growth period from 2002 to the present, as well as other consumer and retail industry leaders across North America. Previously, Brooke served as lululemon athletica’s Director of Business Development, where she oversaw the negotiation, valuation and acquisition of the company’s franchises and international joint ventures. She also headed market entry operations for lululemon’s debut in Asia and Europe. Before joining lululemon, Brooke worked as an attorney in mergers & acquisitions. She brings more than 10 years of experience in the retail, corporate acquisition, and venture capital space.
Drew Green, CEO, INDOCHINO
Drew Green is a seasoned entrepreneur and expert in managing fast-paced, high-growth companies. A visionary leader, Drew joined INDOCHINO in 2015 and, within months, set the made to measure menswear retailer on a path to success. His focus, dedication and decisiveness has led to the company achieving record growth, expanding its retail showrooms in North America, and dramatically increasing its product assortment to become the undisputed leader in made-to-measure menswear. Prior to INDOCHINO, Green spent his career connecting online audiences with retailers through advertising technology and e-commerce and marketplace platforms, helping create billions of dollars in shareholder value.
Susan Tomaine, Partner, Blakes
Susan advises companies on a broad range of corporate transactions, focusing on cross-border corporate finance and mergers and acquisitions. Susan advises boards and special committees on corporate governance and strategic matters. She also represents strategic and private equity investors in majority and minority investments, joint ventures, negotiated acquisitions and take-over bids. Susan has experience across multiple industries, including the resource sector, retail, technology, biotech and manufacturing. In the area of corporate law, Susan assists clients with preparing and negotiating ongoing commercial relationships.