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Lynx Equity Limited announces $50 million financing from Washington Federal Bank
FOR IMMEDIATE RELEASE
March 22, 2021
TORONTO, On / SEATTLE, Wa – Lynx Equity Limited announced today that its wholly owned US subsidiary, Succession Capital Inc., has received a total of $50 million CAD ($39.5 million USD) in financing from Washington Federal Bank, National Association (“WaFd Bank”). The funds, which will be allocated to term debt, lines of credit and capital expenditures, have been advanced at a rate of LIBOR plus 2.35%. This financing represents Lynx’s largest to date and will enable the Company’s continued expansion though increased capital availability for acquisitions and by providing additional working capital to the seven portfolio companies in the borrowing group as well as to Succession Capital as the main borrower.
“This financing represents the culmination of a growing relationship between Succession Capital and WaFd Bank which began with the acquisition of Wine Valley in 2014 and will now also include our Flooring Portfolio as well as Intermountain,” commented Lynx Equity CFO, Joanna Lipfeld. “The team at WaFd Bank has always been a pleasure to work with, and we couldn’t be more excited to continue growing our US portfolio with their support.”
Succession Capital’s US portfolio currently includes fifteen businesses, primarily in the Pacific Northwest, including the borrowing group’s Washington-based Wine Valley Siding Supply, Utah’s Intermountain Total Facility Management and a flooring portfolio that consists of Oregon’s DeBenedetto’s Commercial Flooring LLC and Floor Solutions LLC, Washington’s G&W Commercial Interiors and Prime Flooring, and California’s Flooring Solutions.
“WaFd Bank is thrilled to be the banking partner for Succession Capital and looks forward to continuing to work with the companies’ management teams as they grow,” jointly commented WaFd Bank’s Sam Reed, Vice President, Commercial Relationship Manager and Robert Boswell, Commercial Banking Division Manager.
Ernst & Young Orenda Corporate Finance Inc. and Ernst & Young Corporate Finance (Canada) Inc. was the exclusive financial advisor.
“We are very appreciative of the hard work that the teams at WaFd Bank and EY put into this transaction,” commented Brad Nathan, Lynx Equity’s President. “But most importantly, this incredible milestone in Lynx’s history is the result of the ongoing hard work of each and every one of our nearly 2000 employees, from our offices in four countries to the company Presidents and employees spread across North America and Europe. Additionally, we are eternally grateful for the support of all of our investors over the years, many of whom have been with us since day one. It’s a sincere pleasure to share Lynx’s success with all of these individuals and groups, and we look forward to many more celebrations together.”
Lynx continues to pursue acquisition opportunities from owners looking to retire across North America and Europe.
About WaFd Bank
Washington Federal, Inc. is the parent company of Washington Federal Bank (“WaFd Bank”), a national bank that operates 234 branches in Washington, Oregon, Idaho, Utah, Nevada, Arizona, Texas and New Mexico. Established in 1917, the bank provides consumer and commercial deposit accounts, financing for small to middle market businesses, commercial real estate and residential real estate, including consumer mortgages, home equity lines of credit and insurance products through a subsidiary. As of December 31, 2020, the Company reported $19.1 billion in assets, $14.2 billion in deposits and $2.1 billion in stockholders’ equity.
To learn more about WaFd Bank, please visit www.wafdbank.com
About Lynx Equity Limited
With sales in excess of $500M CAD, Lynx Equity Limited is a Toronto-based diversified private equity firm focused on acquiring small and medium-sized businesses from owners looking to retire. Lynx targets acquisitions of companies with EBITDA between $750K – $2.5M and utilizes a buy and hold strategy.
To learn more about Lynx Equity, please visit www.lynxequity.com
For press inquiries, please contact:
Ashley Manis
T: +1-416-454-3782
