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Montfort Capital Announces Sale of TIMIA Group to Round13 Capital for total value of $6.5 million
Montfort Capital Announces Sale of TIMIA Group to Round13 Capital for total value of $6.5 million...
About this update from Montfort Capital Corp
[{"type":"text","content":"\n\n\n\n Montfort Capital Announces Sale of TIMIA Group to Round13 Capital for total value of $6.5 million\n \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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n (All figures in Canadian dollars)\n \n\n\n\n\n TORONTO\n \n\n ,\n \n\n Oct. 17, 2024\n \n\n /CNW/ -\n \n Montfort Capital Corp. (\"Montfort\" or the \"Company\")\n \n (TSXV: MONT), a trusted provider of focused private credit strategies for institutional investors, family wealth offices, and wealth managers, is pleased to announce it has entered into a securities purchase agreement (the \"\n \n Agreement\n \n \") with an affiliate of Round13 Capital (the \"\n \n Buyer\n \n \"), an arm's length third party to the Company, pursuant to which\n \n Montfort\n \n agrees to sell (the \"\n \n Transaction\n \n \") all of its right, title and interest to the entities comprising the TIMIA Capital business unit, which together provide a technology-based lending platform that provides debt capital to B2B recurring revenue technology businesses in\n \n North America\n \n (the \"\n \n TIMIA Group\n \n \"), and\n \n Montfort's\n \n equity interests in the TIMIA Group investment funds.\n \n\n\n\n\n\n\n\n\n The total value of the Transaction includes an all-cash purchase price of\n \n $4.5 million\n \n , subject to certain purchase price adjustments, plus the prepayment of\n \n $2 million\n \n in principal indebtedness to Pivot Financial I Limited Partnership (\"Pivot\"), an affiliate of\n \n Montfort\n \n , as creditor to TIMIA Capital Holdings Limited Partnership, an entity under the TIMIA Group.\n \n\n Ken Thomson, CEO of Montfort Capital, said: \"We are very pleased to announce this transaction, which represents an evolution of our strategy. After successfully growing the business to its present size, TIMIA will now benefit from becoming part of Round13's portfolio which focuses on technology investments within North America.\n \n Montfort\n \n remains focused on its other lending units that provide scalable and focused private credit opportunities.\"\n \n\n\n Brahm...