Vancouver-based Montfort Capital Corporation has closed a deal to acquire a 78% stake in Toronto-based Langhaus Financial Partners Inc.
Langhaus is the parent company of Langhaus Financial Corporation, Canada's largest provider of insurance policy-backed loans to high-net-worth individuals and entrepreneurs. The company generated $6.5 million in revenue in the 2021 fiscal year.
Montfort, which acquired Brightpath Capital Corporation in August, owns a diversified portfolio of private credit brands. The company trades on the TSX Venture Exchange under the symbol MONT.
"We would like to welcome the Langhaus team to the family of Montfort private credit companies," Montfort CEO Mike Walkinshaw said in a statement. "With the recent close of the Brightpath and Langhaus acquisitions, we look forward to leveraging our financing relationships, back-office platform, and technology expertise to make each of these businesses more efficient and more profitable."
Montfort paid $7 million in cash to acquire the majority stake in Langhaus and has agreed to make $2.34 million in contingency payments as certain financial targets are achieved during an earn-out period.
MLT Aikins lawyers Kevin Sorochan, Taylor Dignan, Mark Gill and Scott McCamis were pleased to act as counsel on Montfort on this transaction. Learn more about our Mergers & Acquisitions practice group.
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