Rising power consumption combined with the need to rebuild an aging infrastructure are two reasons why Rokstad Power Corporation is growing at an unprecedented pace. To help fund its expansion and meet these demands, Rokstad entered into a multi-million dollar funding partnership with First West Capital. In British Columbia, Rokstad is a strategic service provider to BC Hydro for the Interior to Lower Mainland Transmission Project, the largest expansion to B.C.’s transmission system in the last 30 years. This includes the construction of a new 250 kilometre transmission line between two existing BC Hydro electrical substations between Merritt and Coquitlam. As Aaron Rokstad, president and owner, shares, “Similar to many major cities, this upgrade is greatly needed. Over the years, we’ve invested in turning Rokstad into a full scope service provider, with crews, equipment and expertise that work in any province across Canada. But, in order to achieve this growth, we needed access to additional funds to finance working capital and purchase new assets, and for that, we looked to First West Capital.”
Working with First West Capital
Sarah Lloyd, Operations Director at First West Capital shares, “It’s been a tremendous journey working with Aaron and the leadership team at Rokstad as they continue on their rapid growth trajectory. Rokstad is a pre-eminent leader in the industry and its sales are tripling year over year. The company has positioned itself for success by diversifying its customer base, creating a solid leadership team and securing notable contracts for the next few years. As a lender, we listened to what they needed from a financing partner and together we were able to come up with a flexible financing solution that’s right for the business and will help them achieve their business goals. We’re looking forward to being a part of Rokstad’s journey and watching their success unfold in the years to come.”
The First West Capital experience
Having been introduced to First West Capital in 2011, Rokstad values the trusted relationship. “As a Canadian-owned, private company, one of our biggest challenges is having access to the capital it takes to grow as fast as we have. Our deal with First West Capital goes a long way in allowing us to continue to gain market share against our competitors, which are primarily foreign-owned, public companies. Because of this funding, we don’t have to take a backseat in this booming power infrastructure market.”
“Because of this funding, we don’t have to take a backseat in this booming power infrastructure market.”
Rokstad continues, “It’s been such a pleasure to work with the First West Capital team to secure this funding. They truly went above and beyond to understand and see the growth potential in our business and asked us to do a deep dive into our business plan to address any questions they had. Not only were they thorough in their approach, but they really partnered with us along the way to make the numbers work and finalize a deal that was right for us.”