VenGrowth Private Equity Partners Inc. at its affiliates today announced a $3.1 million investment in Roll-Tite Inc. The financing was led by the VenGrowth Traditional Industries Group.

VenGrowth Traditional Industries Fund Inc. and VenGrowth III Investment Fund Inc. acquired an equity stake in Roll-Tite. The company’s majority shareholder and CEO, Graeme Lowry, will utilize the funds to continue the aggressive expansion of the business that he has been pursuing since he acquired the company in 2001.

Roll-Tite manufactures tarps for flatbed trailers, which are mounted on sliding frames to create a covered flatbed similar to a van. The patented design allows a single operator to open and close the Roll-Tite system in minutes, saving what usually takes one or two hours per load compared to other tarping systems.

The Roll-Tite solution is durable, lightweight and most importantly safer than manually tarping cargo. Customers utilizing Roll-Tite’s systems have seen fewer worker compensation claims because truck drivers get to keep both feet on the ground while loading or unloading. Also, cargo insurance rates are often cheaper for Roll-Tite customers due to the system’s unsurpassed durability and quality in protecting the truck’s cargo.

Demand for Roll-Tite’s systems is poised to climb with only 2% of North American flatbed trucks having installed retractable tarping systems. Canada’s provincial and U.S. state governments have been progressively mandating the use of tarps for certain loads.

“Over the past five years, Roll-Tite’s management has proven its ability to profitably grow the company,” said Michael Wolfe, general partner, VenGrowth. “We have been extremely impressed with the company’s progress to date under Graeme Lowry’s leadership. We are very supportive of the growth strategy going forward and confident of Graeme’s ability to continue to drive the success of the business.”

With a large manufacturing plant located near Woodstock, Ontario, Roll-Tite has more than 90 employees and 19 branches and dealers in Canada and the U.S. to sell and service its tarping solutions.

“Taking on an equity partner was not a simple decision. However, after six years of compound annual sales growth of 40 percent, it was the right decision for the company and I am confident that VenGrowth is the right partner

“VenGrowth’s investment in Roll-Tite will enable us to continue our ambitious growth strategy of increasing our market share and customer base across North America while continuously improving our product designs and automating our production facilities,” said Graeme Lowry, CEO, Roll-Tite.