George and Cristina Daklala knew it was the right time to purchase 100% of the family-run business from George’s three brothers. The Daklalas admit they didn’t initially know who to contact to help them finance the management buyout, so they approached their banker, Gareth Edwards at First Calgary Credit Union. “Gareth suggested First West Capital would be able to work with him to help bridge the financial gap,” explains George.
Funding the buyout to unlock growth
“It was a natural next step for us, and our family,” says George, who has been the principal operator for many years. “We want to continue to focus on growing Byblos.”
The First West Capital team flew out to Calgary to tour the facilities and spent a significant time getting to know the Daklalas and their business. “From the start First West Capital worked closely with us to understand the business and believed that we could grow. The partnership was an excellent fit and they were able to provide the funds we required to achieve our goals,” says George.
“It was the first time we had used sub-debt, but we quickly realised it was ideal for us. It wasn’t as complicated or difficult as owners might think.”
She adds, “It was the first time we had used subordinated debt, but we quickly realised it was ideal for our situation. It was not as difficult or complicated as business owners might think, thanks to First West Capital.”
Creating valuable partnerships
The Daklalas were impressed with the team’s enthusiasm and interest in helping the bakery succeed. “We haven’t had a moment of doubt over partnering with First West Capital, the entire process went smoothly. They were organized, knowledgeable and a pleasure to work with,” shares Cristina.
“George and Cristina have worked hard for many years to build a great family business. We were happy to help with succession financing, and look forward to helping them continue to grow,” says Robert Napoli, First West Capital vice-president.
Facilitating future expansion
Byblos has seen a huge increase in demand for their products and have capitalised on the popularity of healthier, lighter breads such as pita. With George and Cristina at the helm, they will continue to focus on their core products and have plans to further expand into the US, introduce complimentary items such as hummus, and grow their retail outlet which sells bakery items and sandwiches.