As Canadian bike manufacturer Argon 18 is getting ready for its first Tour de France with its BORA-Argon 18 team, the Québec company confirmed an influx of new capital earlier this month, which will help finance a major growth plan.
The investors are BDC Capital and the Fonds régionaux de solidarité FTQ, whose investment follows a previous investment by the Fonds locaux de solidarité FTQ in 2002.
Argon 18 has 35 employees in Québec, most of whom work at its Montréal head office.
“Behind each Argon 18 bike and rider on the BORA-Argon team at the Tour de France, there are Québec workers, engineers, assemblers, 3D creators and mechanics, not to mention accountants, salespeople, technicians, writers, designers, analysts, packers, and Web and social media experts,” said Luc Pinard, President and CEO of the Fonds régionaux de solidarité FTQ.
He continued, “Investing in the international growth of local companies means investing in quality jobs right here at home.”
“This industry is extremely competitive abroad, especially in Europe, but Argon 18 has done well thanks to its excellent bikes and innovative approach,” added Patrick Latour, BDC Capital Senior Vice-President, Growth and Transition Capital, Canada.
“This Québec brand will be showcased again this summer when the German Bora-Argon 18 team rides up to the Tour de France start line on Argon 18 bikes. BDC Capital is proud to lead the way with financial backing for the development of Argon 18’s growth projects abroad.”
Gervais Rioux, Founding President of Argon 18, said “The participation of new financial partners will help support Argon 18’s impressive growth. Given our first-time participation in the Tour de France and the unprecedented international visibility it will give our company, we have to capitalize on the momentum to solidify our leadership in the market by continuing our drive for technological innovation in bicycle design, in our marketing techniques and in managing business intelligence. We are very fortunate to have partners who understand our vision and want to help us reach new heights.”
Since it opened its doors in a small shop in Québec City more than 25 years ago, Argon 18 has been ‘a rapidly growing success story, designing bicycles as they should be.’ Today, Argon 18 bikes are available in 70 countries around the world and the company has a network of retailers right across Canada.
The Montréal-based manufacturer’s continued success can be explained by its ‘unrelenting drive to innovate and offer the industry’s top performing bikes, keeping in mind every cyclist’s morphology.’ This is the mission that Argon 18’s founder and Olympian Gervais Rioux has infused into the Canadian company since its inception.
A subsidiary of the Business Development Bank of Canada (BDC), BDC Capital offers a full spectrum of specialized financing and investment solutions to help Canadian entrepreneurs achieve their full growth potential. With more than C$1.6 billion under management, BDC Capital takes ‘a strategic, patient approach to nurture companies’ development over the long term.’
An integral part of the Fonds de solidarité FTQ network, the Fonds régionaux de solidarité FTQ actively participates in the economic development of the regions of Québec. As of 31 March 2015, the Fonds régionaux’s portfolio comprised 382 partner companies and total investments of C$276.5 million, bringing the total number of jobs created, maintained or protected to more than 16,500.
www.argon18bike.com
www.bdccapital.ca
www.fondsreg.com
