Southern Interior Innovation Fund
The Southern Interior Innovation Fund (SIIF) is the first Private Equity Fund focusing on the Southern Interior of BC. It was created to continue the investment activities established by the Okanagan’s first Private Equity Fund, the Okanagan Innovation Fund.
The Fund is managed by John Drope and Brent Bolleman and governed by its Board of Directors consisting of:
- Stafford McKergow- President, Devco Properties
- Dave Willis, CA- Willis Associates
- George Melville- Co-Chairman, Boston Pizza International
- Luby Pow- CEO, Southern Interior Development Initiative Trust
- Kathy Stevenson- Senior Vice-President and CFO, Interior Savings
- Bill Redmond- Former Founder and Owner HRI Supply Ltd.
- Jim Cookson- Former Senior Executive Nokia Group
The Fund will be targeting Southern Interior based companies that are generating revenue from their operations and are focused on growth/expansion opportunities. For the right company, SIIF will consider investments in the $250,000 to $1 million range of either debt or equity. We typically have representation on our investee company's Board of Directors so that the companies can benefit from our wealth of business experience.
MEDIA RELEASE
Southern Interior Innovation Fund Invests in Catalyst Healthcare Ltd.
July 2010 - Kelowna, BC: The Southern Interior Innovation Fund (SIIF) is pleased to announce its recent investment in Catalyst Healthcare Ltd (“Catalyst”). Based in Kelowna, Catalyst is a leading provider of medication safety and workflow solutions including oneMAR; an electronic medication administration record (eMAR) software used by pharmacies and their long-term care facility customers. OneMAR is used to reduce medication errors and improve the overall efficiency of medication delivery and administration.
“We are pleased with the financial and strategic support provided by SIIF in our rapidly growing business.” noted Shane Bishop, BScPharm, President & CEO of Catalyst (http://www.catalystrms.com).
The Southern Interior Innovation Fund invests in businesses located in the B.C. Southern Interior. $6.9 million in capital has been invested in the fund so far by its Directors, the Southern Interior Development Initiative Trust, and six regional credit unions; Kootenay Savings & Credit Union, Nelson and District Credit Union, Interior Savings Credit Union, Salmon Arm Savings and Credit Union, Heritage Credit Union, and Columbia Valley Credit Union
MEDIA RELEASE
Southern Interior Innovation Fund Invests in Local “Profit 100” Company with its First Investment and Announces Two Additions to its “Team”.
June 2010-Kelowna, BC: The Southern Interior Innovation Fund (SIIF) is pleased to announce their recent investment in Reliant Web Hosting Inc. (doing business as Tenzing Managed IT Services). Tenzing, a leading provider of hosting solutions for Software-as-a-Service (SaaS) providers and Ecommerce systems integrators has been listed at No. 34 on the 22nd annual PROFIT 100 ranking of Canada's Fastest-Growing Companies by PROFIT Magazine. Reliant is the first managed hosting provider, and one of only a few companies to be on the PROFIT 100 for five consecutive years.
From 2004 to 2009, Reliant’s revenue grew 1551%, from $605,545 to more than $10 million. “We are pleased to help Reliant continue to achieve their growth targets. Our $500,000 loan along with their recent equity financing will serve to strengthen their balance sheet and support equipment purchases for new customers”, said Stafford McKergow, Chair of SIIF’s Board of Directors.
The Board of Directors is also pleased to announce two new additions to the SIIF team.
Joining the SIIF Board of Directors is Okanagan College alumnus, Jim Cookson. Jim recently returned to the valley after a 17 year career with the Nokia Group. He is a graduate of the University of Chicago MBA Program and is a recent graduate of the Directors Education Program and SME Board Governance, Institute of Corporate Directors, from the University of Toronto.
Jim held senior executive positions with Nokia in Switzerland, Finland, and the Americas including Director of Human Resources, Global Management Team, Vice- President, Americas Management Team, Board President, Nokia Display Products Inc., and Vice-President Nokia Display Products.
Joining the SIIF Investment Review Committee is J.P. Kaumeyer. J.P. has recently relocated to Penticton after a 29 year career in Private Equity/Corporate Finance. After graduating with an Economics degree from Western Ontario, he started his career in the Corporate Finance division of what is now RBC Dominion Securities before moving on to a variety of Senior executive roles with major companies in both Canada and Australia.
In 1996, J.P. moved to the Private Equity business becoming responsible for establishing and building private equity businesses in Australia and New Zealand for two global financial institutions - ABN AMRO Capital and GE Capital.
“With the addition of these two new members of our team we have not only strengthened our ability to find and close on solid investment opportunities but we have added valuable potential mentors for our portfolio companies,” noted Mr. McKergow.
The Southern Interior Innovation Fund is a Private Equity Fund formed to invest in businesses located in the Southern Interior. $6.9 million in capital has been invested in the fund so far by its Directors, the Southern Interior Development Initiative Trust, and six regional credit unions; Kootenay Savings & Credit Union, Nelson Credit Union, Interior Savings Credit Union, Salmon Arm Savings Credit Union, Heritage Credit Union, and Columbia Valley Credit Union.
Southern Interior Innovation Fund Board of Directors:
Stafford McKergow, Chair Bill Redmond
Dave Willis Luby Pow
George Melville Kathy Stevenson
Jim Cookson
Media Release
For Immediate Release
February, 2010
The Southern Interior Innovation Fund Announces Additional Investment from the BC Credit Union Community
February 8, 2010-Kelowna, BC: The Board of Directors of the Southern Interior Innovation Fund is pleased to announce that Heritage Credit Union has become the 6th Credit Union to invest in the fund with a $500,000 investment.
Heritage Credit Union, headquartered in Castlegar, joins Kootenay Savings & Credit Union, Nelson and District Credit Union, Interior Savings Credit Union, Salmon Arm Savings Credit Union, and Columbia Valley Credit Union as investors in the fund.
In addition to the Credit Unions, other investors in the fund include the Southern Interior Development Initiative Trust (SIDIT), and the founding Directors of SIIF.
The Southern Interior Innovation Fund (SIIF) is a private equity fund created with a mandate to provide significant returns and long term value for the benefit of fund shareholders investing in the future of the BC Southern Interior region.
“We are committed to investing in the communities we serve and to contributing to the economic development of our region,” said Lorne Myhra, CEO of Heritage. “This fund offers a unique combination of equity capital and hands-on mentoring expertise which is critical to the success of small and medium sized businesses.”
"Led by a team of experienced business people, each with a significant financial investment at stake, this fund addresses a critical market need by filling a gap that cannot be supported through conventional means,” adds Mr. Myhra.
The Fund is also pleased to announce the addition of Mr. Bill Redmond to its Board of Directors. Mr. Redmond is a well-known successful Okanagan businessman. He founded HRI Supply in 1978 and grew the company into the largest distributor of food and related products to the Hotel, Restaurant, and Institutional trade in the BC Interior. HRI Supply merged with Sysco Corp. (a Fortune 500 Company) in May 2001.
For information contact:
John Drope
Managing Director, Southern Interior Innovation Fund
250.762.6860 jdrope@SIIFund.ca
Media Release
For Immediate Release
October, 2009
Southern Interior Innovation Fund Launched to Benefit the Region
October 6, 2009-Kelowna, BC: The Board of Directors of the Southern Interior Innovation Fund (VCC) today announced an exciting and important new initiative for the region. A private equity fund, “SIIF” as it is known, was created with a mandate to provide significant returns and long term value for the benefit of fund shareholders investing in the future of the BC Southern Interior region.
SIIF Chair Stafford McKergow, on behalf of the board and lead investors, stated that the fund is designed, supported, and managed by leading local business leaders. The fund has been created to provide support for, and to advance, the economic growth of the region.
“The fund will benefit the economic and investment climate of the BC Southern Interior region by meeting the need for capital requirements and by providing hands-on mentoring expertise for new, emerging and relocating businesses in the region,” said McKergow.
$6.2 million in capital has been invested in the fund so far by its Directors, the Southern Interior Development Initiative Trust, and five regional credit unions; Kootenay Savings & Credit Union, Nelson Credit Union, Interior Savings Credit Union, Salmon Arm Savings Credit Union, and Columbia Valley Credit Union.
“We are committed to investing in the communities we serve and to contributing to the economic development of our region,” said Michael Wagner, Salmon Arm Savings and Credit Union CEO who played a key role in the early development of the fund. “This fund offers a unique combination of equity capital and hands-on mentoring expertise which is critical to the success of small and medium sized businesses.”
The fund objectives are:
- To capitalize on private equity opportunities and partnerships in the Southern Interior, the second largest regional economy in British Columbia which gets virtually no attention from private equity sources from outside the region.
- To enhance the quality of life and development of the region.
- To provide an above average return for investors who want to contribute to the growth and prosperity of the region.
This fund follows the same, proven management structure as its successful predecessor, the Okanagan Innovation Fund, which, when launched in 2005, was the first private equity fund of its kind in the Okanagan. The OIF, now fully invested, has made 20 investments and holds 10 companies in its portfolio for a total investment of over $3.5 million.
"Led by a team of experienced business people, each with a significant financial investment at stake, this fund addresses a critical market need by filling a gap that cannot be supported through conventional means,” adds Wagner.
“SIIF is actively looking for opportunities to deploy their capital in local companies that can demonstrate high growth opportunities, existing revenues and a clear exit strategy,” said John Drope who, along with Brent Bolleman, manages the fund.
“We are pleased to have local financial institutions investing in our fund as it not only increases our capital base for investment but it also extends our reach into the communities of the Southern Interior” adds McKergow. “We also think that additional institutions and individuals will want to participate in the fund so we are planning a second closing on December 1st.”
“Finally, on behalf of the Southern Interior Innovation Fund, I’d like to welcome Kathy Stevenson, Senior Vice President and CFO of Interior Savings to our Board of Directors.”
February 13, 2008
SIDIT and Private Investment Fund reach Terms of Agreement:
Kamloops. Jim Thomson, Chair of the Southern Interior Development Initiative Trust (SIDIT), is pleased to announce an agreement with the Southern Interior Innovation Fund Inc. (SIIF) for up to $2 million to support economic development in the Southern Interior.
Leveraging on the success of the Okanagan Innovation Fund (OIF) which invests primarily in technology and innovative ventures, SIIF will be launched to attract private investors and business opportunities throughout the Southern Interior which includes the Columbia Kootenay and Thompson Okanagan regions. SIDIT is committed to supporting new ventures and business expansion by way of loans or equity financing.
“Our objective is to help grow and diversify the economy of the Southern Interior of British Columbia through economic development initiatives in 10 key sectors”, explained Jim Thomson, Chair of SIDIT. “Each of these initiatives aims to drive and remove constraints to economic development. By partnering with existing institutions, we are doing this in the most efficient, effective and sustainable way possible.”
Stafford McKergow, Chairman of the Southern Interior Innovation Fund commented, “We are excited to be partnering with SIDIT. The $2 million commitment from SIDIT to our new Private Equity Fund will help SIIF with our goal of raising $10 million. With an expanded geographic reach to include the entire Southern Interior, this new fund will build on the success of the original OIF fund by continuing to invest in, mentor, and help grow the most promising Southern Interior companies.”
SIDIT is a Public Trust created by the Province of British Columbia with a $50 million allocation to support economic development in the Southern Interior. Governed by a 13 member Board of Directors representing local government and the private sector, SIDIT is focused on supporting opportunities demonstrating measurable and sustainable economic benefits.
In existence for two years SIDIT has concentrated on developing the processes and strategic alliances necessary to truly make a difference in the economic well being of communities in the Southern Interior. In the weeks and months ahead SIDIT is poised to make announcements on a number of exciting initiatives.
