Canadian-based Lift Auto Group, a consolidator of collision repair centers, has struck a $15 million equity deal with Canadian Business Growth Fund, according to an article from the Kelowna Daily Courier.

Lift currently owns and operates six auto body shops in Western Canada. The fund will provide Lift with long-term capital to grow and acquire more auto body collision repair shops. The fund will also receive a 40 percent ownership position in the company and one of five seats on the board.

Lift is the Canadian Business Growth Fund’s first investment. In total, the fund has $545 million to invest in growing mid-sized Canadian companies.

The fund, which could grow to $1 billion, is a coalition of nine banks (CIBC, Royal, BMO, TD, Scotiabank, Laurentian, HSBC, National and Canadian Western), three insurance companies (SunLife, Great-West Life and Manulife) and one provincial Crown corporation, Alberta Treasury Branches (ATB Financial).

Lift’s goal is to acquire 10 to 15 additional auto body shops across Western Canada every year, according to the article.

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