TORONTO, September 09, 2009 – ReichmannHauer Capital Partners (“RHCP”) announced today that it has sold Black’s Photo Corporation, Canada’s premier specialty digital imaging and photography retailer to TELUS Corporation. The sale price for the transaction was $28.5 Million others details were not disclosed.
Mr. Philip Reichmann, co-founding partner of RHCP, said, “This successful sale strongly reflects the credibility of RHCP’s value creation themes and the rigorous discipline by which we evaluate all of our prospective investments”.
Mr. Prashant Pathak, Managing Partner of RHCP, said, “It has been a strong exit for us in the current environment; it is north of 65% IRR (internal rate of return) on net proceeds to the RHCP funds. Clearly this exit confirms the validity of the original investment thesis RHCP developed, the traction of the turnaround effort despite the economy, revitalization of the product and merchandising portfolio as planned, and successful stabilization and repositioning of the base business”.
RHCP is a private investment firm of active investors and business builders. Its principal orientation is to be highly active yet patient owners, driving lasting strategic and operational improvements and strong financial returns.
September 2009 | more news