Business
Crown Capital Partners Announces $15.0 Million Term Loan with Solo Liquor
Crown Capital Partners Announces $15.0 Million Term Loan with Solo Liquor Canada N...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n\n\nCrown Capital Partners Announces $15.0 Million Term Loan with Solo Liquor\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Feb. 27, 2017\n\n\n\nCALGARY, Feb. 27, 2017 /CNW/ - Crown Capital Partners Inc. (\"Crown\" or \"the Corporation\") (TSX: CRN), which provides growth capital to successful mid-market companies, today announced the closing of a $15.0 million special situations term loan (the \"Agreement\") with Solo Liquor Holdings Ltd. (\"Solo\"), the second largest liquor retailer in Alberta and largest private liquor retailer in the province. \n\nHeadquartered in Calgary, Solo currently operates 41 retail liquor stores in high-traffic locations in Alberta, including 19 stores in Calgary, 13 in Edmonton and the remaining 9 in other communities across Alberta. Founded in 1996, the company is 100% owned by senior management. Solo will use Crown's capital to expand its store network over the next several years. \n\n\"Solo has built an attractive long-term growth profile using a simple strategy: open stores in high-traffic residential areas, offer a wide range of products, operate with extended hours and maintain everyday low prices,\" said Chris Johnson, Crown's President & CEO. \"Solo has a low-cost, scalable and repeatable model, and we believe they can generate significant value in the coming years through a low-risk store expansion plan. We are pleased to partner with them as they embark on this next phase of growth.\"\n\n\"We were attracted to Crown because they offered a non-dilutive financing alternative and have a history supporting growth businesses like ours,\" said Pali Bedi, Solo's CEO. \"We look forward to working with them as we build out our network.\"\n\nThe Agreement provides for a $15 million term loan to Solo by Crown Capital Fund IV, LP, an investment fund managed by Crown and in which Crown holds a 35% interest. The term loan bears a fixed interest rate of 12% per annum, matures in 36 months, and includes a bonus feature based on the growth in Solo's enterprise value.  \n\nATB M&A Advisory Services act...