At a time when buying local is becoming more important to consumers, one company is ready to grow here at home. Helping this B.C. success story is First West Capital, which has provided funding to Ponderosa Mushrooms for the purchase of its state-of-the-art facilities in Port Coquitlam. Incorporated in 1994, Ponderosa Mushrooms is recognized as one of the most diverse and respected specialty mushroom companies in the industry with an extensive network of field buyers from all over North America.
“Over the past few years, we’ve seen a steady increase in interest in wild and specialty mushrooms in Canada and the United States,” says Joe Salvo, president and founder of Ponderosa Mushrooms. “When the opportunity arose to purchase our facilities, we knew it was the right move and the right time to do so now. Not only is our building designed to suit our business, but it also has sufficient room to accommodate our company’s growth.”
“When the opportunity arose to purchase our facilities, we knew it was the right move and the right time to do so now. Not only is our building designed to suit our business, but it also has sufficient room to accommodate our company’s growth.”
Today, the mushroom market worldwide is large and well-established, with demand for wild mushrooms remaining high in both Asia and Europe. In North America, there has also been a steady increase in mushroom consumption due to a number of factors including immigration and a growing awareness of their many health benefits.
To meet growing consumer demands, Ponderosa Mushrooms decided to seek funding to purchase their facilities. The building is specially designed to the handle the processing and storage of fresh, dried and frozen mushrooms.
“We were very happy when First West Capital decided to work closely with our other senior lending partner, RBC, to provide the funding needed to help us make this purchase,” shares Salvo. “Throughout the process, we were able to interact and work with the entire First West Capital team with ease. They were very well-researched, thorough and flexible, and we were able to finalize the deal in a timely manner.”
“It’s great to be able to be part of the success of local businesses here in B.C.,” says First West Capital Operations Director, Sarah Lloyd. “Small and medium-sized businesses like Ponderosa Mushrooms are the back bone of our province’s economy. When they succeed, we all succeed. By partnering with RBC, Ponderosa was able to receive 100 per cent financing on the property acquisition, thereby eliminating the need for Joe to make a down payment on the property and enabling him to preserve his working capital for his business.”