Toronto-based thermoformer Innovative Composites International Inc. (ICI) is getting a hand from Bassett Financial Corporation to assist with its restructuring.
ICI will receive a $500,000 bridge loan and $1 million of equity funding in exchange for meeting a list of stipulations related to corporate governance, intellectual property, payment fees and more.
ICI’s Structure-Lite thermoplastic composite sandwich panels are used in the transportation industry, cargo containers, truck body containers, pre-fabricated housing, as well as highway sound barrier panels.
“We believe that Bassett Financial gives us the solid foundation we have been seeking to help ICI grow to become a profitable organisation within the next five years,” ICI CEO Mark Rivers said in an August 25 statement. “Building on the quality and uniqueness of our technology and our processes our products continue to be validated by governmental agencies and global Fortune 500 companies in a wide range of industries, including, automotive, industrial, construction, travel, and transportation. With the support of Bassett we now have the financial foundation to pursue these opportunities systematically and professionally.”
“ICI has an incredible array of practical, cost competitive and environmentally friendly products that we believe will see growth in demand in the coming years and we are excited to become an active partner to assist the company in managing this growth effectively,” said Basset Financial CEO Matthew Bassett. “By bringing a renewed focus on sales growth and conservative capital management to the company, we believe that ICI will be well positioned to deliver increased value to all its stakeholders.”
Bassett Financial is also based in Toronto.