Additional financial flexibility to continue rapid growth
Vancouver, BC, May 4, 2022 – Smile Innovations Group Inc. today announced a new financing arrangement, securing an acquisition facility and an increased line of credit with Bank of Montreal. The facility provides Smile Innovations with the flexibility to quickly act on its strong pipeline of dental lab targets. The new financing replaces RBC as lender and provides long-term stability to execute on company strategy.
“The new facility allows us to move quickly on new acquisition targets and provides cashflow flexibility as we continue to grow and optimize our business”, said George Danes, CFO of Smile Innovations.
“We want to thank RBC for their support over the past year and helping us close on a significant acquisition out east. We are thrilled to now work with BMO to power the next stage of our growth,” added Manny Padda, Executive Chairman of Smile Innovations.
“Smile Innovations Group has great fundamentals and a proven strategy with the right combination of strong management, technical expertise and innovation. The company has a clear vision to be a leader in the industry and we are excited to support its growth and success over the coming years,” added Liz Armstrong, Head of BC, Canadian Commercial Banking with BMO Financial Group.
Smile Innovations Group is Canada’s leading dental lab network, focusing on dental laboratory acquisitions, consolidation and the development of dental products and services. Established in 2018, the management of Smile Innovations Group offers extensive experience and success in the operational management of large-scale businesses and continually seeks out additional opportunities to add to their growing portfolio of companies. It was co-founded by Manny Padda, Executive Chairman and Donald Park, CEO.
Contacts:
Donald Park | CEO dpark@smileig.com
Manny Padda | Executive Chairman mpadda@smileig.com