NEWS RELEASE
BUSINESS DEVELOPMENT BANK OF CANADA
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BDC Capital’s Growth and Transition Capital division provided $6.8 million in unitranche financing to Brian Naish and Matt Skipp for their recent acquisition of Flags Unlimited of Barrie, Ontario from its previous owners, who included the company’s retiring president. The remainder of the transaction was financed by the buyers and vendors themselves.
Founded in 1966, Flags Unlimited is a manufacturer of flags and banners for governmental, corporate and personal uses. Its products are sold directly to customers and through retailers in Canada and the U.S. The company is one of the largest manufacturers and sellers of flags in Canada.
Flags Unlimited is a long standing, well managed business with many experienced and tenured employees. The new owners, who have significant senior leadership experience, will look to maintain the success of Flags Unlimited while expanding into new markets. Naish and Skipp will look to implement management best practices and further penetrate corporate and commercial markets.
Co-President Brian Naish commented, “We are very happy to have BDC Capital as our financial partner on this transaction. They were transparent and upfront about total costs of financing from the get-go and were flexible in terms of finding the right financing solution. We look forward to strengthening this partnership as we grow and expand our business.”
This change-of-ownership transaction was led at BDC Capital by Kyle Feucht, Director, Growth & Transition Capital, Greater Toronto Area, who also initially introduced the parties to one another. “With Flags Unlimited, the new owners found what they were looking for: a well-run business with a close-knit team and predictable earnings in which they could make incremental improvements over time,” says Feucht. “Brian and Matthew are bringing new energy and new skill sets to Flags Unlimited that will open up another chapter in the history of this long-standing company.”
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