Cantrex renews financing deal
Furniture Today Staff -- Furniture Today, November 5, 2011
MONTREAL - Cantrex has renewed its long-term inventory financing agreement with GE Capital's Commercial Distribution Finance Canada division while extending its reach into the home medical equipment sector after signing a deal with VGM Group Services Canada.
The multi-year deal with CDF will ensure that Cantrex is able to provide floor plan financing to its 800 or so independent retail members, whose stores offer products including furniture, appliances, consumer electronics, floor covering, photography and now home medical equipment.
"Cantrex and GE Capital share a commitment to meet the financial needs of our group members," Jeannine Ghaleb, Cantrex vice president of corporate development and operations, said in a statement.
VGM Group Services Canada is a network of independent home medical equipment, respiratory, orthotic and prosthetic and pharmacy dealers with some 120 stores across the country. It remains a wholly owned subsidiary of Waterloo, Iowa-based VGM and Associates, a U.S. retail buying group.
"While VGM will still maintain its independent identity and its continued role in identifying and negotiating with its home medical equipment suppliers, the alliance with Cantrex will grant VGM members access to a variety of suppliers and retail services, including inventory financing, consumer credit programs, product warranties, centralized billing, and a number of other direct business services currently offered to Cantrex members," said Dave Davies, vice president of VGM Canada.
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