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It was January 27, 2011 and Trevor MacDonald, president and chief executive officer (CEO) of Global
Remediation (Global), was facing a decision that could forever change the future of the firm. Global had been founded seven years earlier in Fredericton, New Brunswick to exploit a new technology for cleaning soil and water at previous industrial sites. As the company’s capabilities became more widely known, firms were starting to ask Global to partner with them in remediation of increasingly large projects. As a result of these opportunities, MacDonald had to evaluate how to raise the funds necessary to build the capacity to take part in the new projects — Global was already operating at very close to capacity.
This was a refreshing problem. After years of working to demonstrate its technology and obtain the necessary government approvals, Global was finally starting to be recognized as a leader in the area of soil and water remediation both inside and outside Canada. Consequently, MacDonald needed to determine the best way forward: Should Global raise capital to finance an expansion itself to take advantage of the
