Milestone deal brings Simply Group's assets under management to $1.25 billion
TORONTO, Oct. 14, 2020 /CNW/ - Simply Green Home Services Inc., parent corporation of a group of companies knows as "Simply Group," announced today that one of its affiliated corporations has acquired SNAP Financial Group Inc., completing its second major acquisition this year. The transaction, with an enterprise value of $511MM, includes $412MM of consumer loan assets, and represents a cash equity investment of $73.5MM. The deal brings Simply Group's total assets under management to over $1.25 billion, making it one of Canada's largest non-bank suppliers of consumer credit.
The acquisition includes SNAP Financial Group's Canadian consumer financing division, SNAP Home Finance, which offers loans to homeowners, through an extensive dealer network, to acquire HVAC equipment and fund home improvement projects.
"SNAP Financial Group's strong portfolio and extensive dealer network unlocks immediate scale-efficiency and value for Simply Group, providing us with a distinct market advantage that we will leverage to deliver extraordinary growth in both assets under management and shareholder value," said Lawrence Krimker, Founder and CEO of Simply Group. "The combined strengths of Simply Group and SNAP will enable us to continue to drive innovation across a much-broader customer base with industry-changing products and services."
Throughout its history, Simply Group has focused on innovation and an unwavering commitment to build mutually beneficial relationships with dealers and consumers. This has led to a successful disruption of the home energy solutions market which had grown complacent.
"We believe that our industry-leading infrastructure and best-in-class dealer programs, which are far above and beyond anything else in the market, will help our new and existing dealers attract new clients and increase their revenues. We are laser-focused on helping our partners grow their businesses by giving them unprecedented access to our infrastructure and by continuing to build innovative programs and partnerships that are tailored to our dealers." added Krimker.
Deloitte Corporate Finance Inc. acted as financial advisor to Simply Group on the transaction. Macquarie Capital acted as advisor to Simply Group in relation to its capital structuring.
About Simply Group
With more than $1.25 billion in assets under management, Simply Group (mysimplygroup.com) provides industry leading, high-efficiency, home comfort equipment and financing solutions to customers, to modernize their residential, commercial and industrial properties. Simply Group knows that its people are its greatest asset and is proud to be Great Place to Work-Certified since 2016. In 2020, Simply Group was named Best Business of the Year by the Canadian SME National Business Awards.
SOURCE Simply Group
For further information: Patrick Erlich, Investor Relations, (416) 318-3821, [email protected]