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Forest Cooperage is a manufacture of cedar barrel hot tubs, saunas and Japanese style soaker tubs based out of Sooke, BC. The whole manufacturing process from sourcing cedar, drying and cutting the planks, assembling the products to performing quality control is done locally on site. Forest Cooperage is dedicated to sustainability and committed to sourcing the products from companies that share the same values from throughout B.C.
Opportunity
Forest Cooperage was presented with an opportunity to purchase the land which they have been leasing and operating out of. The company has been continuously growing and purchasing the land aligned with their strategic goals but required financing to close the deal.
Issue
As Forest Cooperage’s brand continues to be recognized by a larger market, demand for their product has seen steady growth both domestically and internationally. This growth put pressure on the company’s working capital requirements.
Solution
Ashdown Capital’s Andrew Still was recommended to Lorne Atherton, the owner of Forest Cooperage, to facilitate financing for the real estate purchase. With Andrew’s extensive knowledge in the local market as well as his established lending network, he was able to present Lorne with attractive offers from lenders. The financing provided funds to purchase real estate as well as support for their working capital needs. Forest Cooperage has now added a substantial asset to the balance sheet and possesses the working capital flexibility to support growing demand.
Testimonial
“Andrew and his team were great to work with. They kept me apprised throughout the process, and secured me several offers to choose from. Having them do the heavy lifting for loan sourcing allowed me to keep my focus on growing the business.” – Lorne Atherton, Owner
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