Miami Beach, FL / Feb. 11th, 2023 / OxAm|Capital officially announces BC Tent & Awning Co., Inc’s FY 2023 Growth Strategy. With the leadership of OxAm|Capital, BC Tent has already begun to execute on an aggressive FY 2023 and beyond growth strategy. Strategy Initiatives, Market Sizing and Competitive Market Analysis are being provided to BC Tent by OxAm|Capital.
Leveraging BC Tent’s immense employee resource talent pool, BC Tent team members have been deployed to execute the FY 2023 Growth Strategy targeting identified Key Customers and Customer Relationships inside BC Tent’s strongest target markets including but not limited to elite K-12 private academic institutions, universities, commercial businesses, and non-profit entities. These target customers represent highly recurring revenue and we are highly confident that BC Tent will capture significant growth in 2023 and beyond.
As a reminder the market size for tent and event rental services related to the private K-12 academic institutional and university space is upwards of $18m annually in the state of Massachusetts. There are 50+ universities and hundreds of private K-12 academic institutions within a 1 hour drive from BC Tent’s HQ in Avon, MA.
Macro-thematic highlights supporting the 2023 Growth Initiatives:
1. Fall 2023 university admissions are up anywhere between 30-40% at most universities across the nation – “Covid Bounce”
2. Policy initiatives have been created to invest $400m per year into MA-based universities, a 20% increase over the prior year
3. Strong indication that 1H 2023 will see an uptick of in-person events among corporations and a significant uptick in 2H 2023
In 2022 BC Tent capitalized on its leading market positioning by growing Revenue and EBITDA 12% and 63%, respectively vs. pre-COVID 2019. Combined with the leading market position BC Tent has captured over the decades and considering this is the first ever concerted organic growth initiative for BC Tent, we believe achieving mid-digit Revenue growth versus 2022 while growing EBITDA at a similar rate to what was achieved in 2022 relative to 2019 is highly realizable.
“I am excited for BC Tent and look forward to working alongside CEO Bob Costa to continue to expand BC Tent’s business through strategic growth initiatives. BC Tent’s commitment to quality and service excellence is unparalleled in the event rental industry. Additionally, I am excited as to what will transpire in 2023 in light of the positive macro tailwinds. The initiatives being deployed will expand BC Tent’s services in a core and strategic area of focus while strengthening its geographic footprint in the broader New England market, said OxAm|Capital CEO & Founder, Dan Riner.”
“The addition of OxAm|Capital’s 2023 Growth Strategy aligns with the growth and value creation strategy BC Tent has been building upon since the start of OxAm’s partnership with BC Tent,” said BC Tent CEO, Bob Costa. “Our partnership furthers our goal to become a leader in the Event Rental Services sector in New England and provides great momentum for BC Tent’s continued success.”
BC Tent is a leading provider of specialized tent and event rental services in the northeast United States. BC Tent offers comprehensive services including highly complex tent & event setups which include a wide variety of furniture accessories, party rental items, and custom awnings. BC Tent’s commanding market share position is made possible by its high-caliber operations team with an average of 26 years of experience among upper managerial level employees and an all-around average of 8.5 years of experience (excluding Bob’s 44 years of experience). BC Tent enters FY 2023 with a focused and determined growth strategy and looks to grow significantly vs. FY 2022.
OxAm|Capital is a leading consulting advisory firm. With deep financial & strategic experience, OxAm is establishing itself as the go-to strategy consultant for lower middle-market business owners. Additionally, Founder & CEO, Dan Riner, has a strong entrepreneurial background which differentiates OxAm from other advisors. Dan currently serves as the Chief Strategy Officer of Upaya Health. This allows OxAm’s client businesses the ability to execute on data-driven strategy and growth initiatives that deliver realizable improvements in top and bottom line growth while successfully navigating the vicissitudes of complex business situations.