The Globe and Mail reports in its Tuesday, Nov. 21, edition that fallen Vancouver tech star BuildDirect.com Technologies is set
to hire Canaccord Genuity Group
as its financial adviser to facilitate
a potential sale of the company,
now under creditor
protection.
The Globe's Sean Silcoff writes that in an application filed with the
British Columbia Supreme Court
on Friday, the 18-year-old e-commerce
company, which had set out
to become the Amazon of heavy-duty
home-improvement supplies,
said it had negotiated an engagement
letter with the investment
bank to "assist the company to
implement and carry out" a process
that could either see it sold
whole or in parts, or raise investment
capital. BuildDirect had previously
raised more than
$100-million from such investors as
OMERS Ventures, BDC Capital and
Silicon Valley's Mohr Davidow Partners,
but filed for creditor protection
after failing to complete an
anticipated significant equity
financing last month.
The court will be asked on Tuesday
to approve Canaccord Genuity's
hiring, which will start a
process that would give prospective
bidders until Dec. 15 to submit
an expression of interest.
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