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RHCP acquires Black's Photography ( Plan to reinvigorate and grow one of Canada’s best known retail brands.
RHCP Fund I LP and RHCP Fund I International LP (“RHCP”), funds advised by ReichmannHauer Capital Partners Inc. (“ReichmannHauer”), announced today that it has purchased Black’s Photo Corporation from FUJIFILM Canada Inc. (“Fuji”) in a transaction that will reinvigorate one of Canada’s most recognized brands and most trusted specialty retailers.

Established in the 1930s by Edward Black, Black’s today has a network of 116 stores across Canada, a large base of loyal customers, and a leading position in the Canadian photo specialty industry. Over its proud 77 year history, Black’s has earned a reputation for premium printing services and for being a top destination to buy digital camera equipment, digital supplies & accessories, media, frames & albums, and personal gifts.

The Black’s opportunity resonates strongly with several of ReichmannHauer’s value creation themes. ReichmannHauer believes that Black’s is a very powerful brand – indeed one of the strongest retail brands in Canada – that has been underleveraged relative to its potential. Major opportunities exist, in ReichmannHauer’s view, to utilize the brand more effectively with new customers, new products, and on-line. In addition, Black’s has been a non-core division of Fuji and will receive greater focus and management attention as a stand-alone business.

Mr. Philip Reichmann, co-founding partner of ReichmannHauer, said, “Photography and digital imaging are more popular than ever, technology is evolving at a dramatic pace and consumers are looking for greater and more personalized service”. He added, “As one of Canada’s best-known retail brands, Black’s is uniquely positioned to meet the wider consumer market’s growing demand for specialized digital products and services. Black’s has the staff and the knowledge to help people truly understand and to get the most out of digital technology, which is something other competitors can’t match. We are pleased to have executed this transaction with Fuji and look forward to the work ahead.”

Going forward, ReichmannHauer expects to drive aggressively towards a 2-3 year vision of making Black’s the leading digital specialty retailer in Canada. The strategy will touch all areas of the company but will focus on product and service enhancements; building Canada’s best on-line destination site for digital printing and digital equipment; creating a vastly enhanced in store sales experience for customers; and better integrating and executing Black’s marketing and merchandising efforts. Most of all, Black’s will give customers increasingly compelling reasons to shop at Black’s and to recommend the company to their friends and family.

ReichmannHauer is a manager of private equity investments and is a firm of active investors and business builders. Its principal orientation is to be highly active yet patient managers of the investments, driving lasting strategic and operational improvements and strong financial returns.

October 2007  |  more news




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