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Henry's and Lynx announce strategic acquisition to drive growth of Canada's greatest camera store

Acquisition part of Henry's long-term strategy to accelerate its delivery of world-class, innovative products and services to consumers and businesses across Canada

TORONTO, June 6, 2023 /CNW/ - Henry's is pleased to announce that it has been acquired by Lynx Equity Limited ("Lynx") and joined its portfolio of companies. With this acquisition, Henry's is poised to grow and accelerate its delivery of world-class, innovative products and services to consumers and businesses across Canada.

Accelerating Henry's Growth Strategy

Lynx is committed to furthering Henry's position as the leading specialty digital-imaging retailer in Canada, and Henry's customers will continue to receive the exceptional service and support they have come to expect from the 114-year-old family business.

This relationship will support Henry's long-standing focus on an exceptional in-store experience, backed by deep expertise and the latest products. Furthermore, Lynx will support Henry's continued investment in providing a seamless experience to its in-store and online customers, driven by its updated website and enhanced ecommerce capability.

As a result of Lynx's investment, Henry's commitment to improving, modernizing and updating the customer experience will continue to grow, along with efforts to increase community involvement and deepen social engagement with creators across the country.

A Proud Family Legacy

Henry's Chair Andrew Stein is proud to have grown the Henry's brand into what it is today while building on his father's and grandfather's legacies, and seeing his daughters Gillian and Amy, drive it to new heights.

Selling the company has always been part of Henry's long-term strategy?it was simply a matter of finding the right partner. "I'm thrilled that we've found Lynx: someone who believes in our vision and our team, and who wants to preserve my family's legacy and see the Henry's name live on. I have achieved more than I ever imagined with this company, and this acquisition will help drive Henry's to an even higher level of success."

Stein, now 73, and his wife Gaye are very pleased to be able to complete this sale in their lifetimes so they can stay on as advisors and watch their family's legacy flourish.

It was very important to the Stein family that its partner share similar values and a long-term commitment to Henry's employees, customers and vendors. The Steins are thrilled to have found that in Lynx.

A Strong Fit for Lynx

Lynx is a highly successful, family-run business and it is investing in Henry's as a result of its great growth and ROI potential. Henry's incredible brand equity, its devoted customer following, and its cross-country footprint as Canada's largest and best digital-imaging retailer present tremendous possibilities for growth.

"We are thrilled to have Henry's join the Lynx family," says Brad Nathan, Founder and President of Lynx. "Henry's has a long history as a strong Canadian, family-owned business and we're looking forward to being part of its legacy. As Canada's greatest camera store and one of the largest companies in its category, it has a legacy well worth protecting. Backed by our extensive support and dedicated team, Henry's will continue to provide leading-edge products and services for photographers, filmmakers, and content creators. We look forward to this partnership as we continue to drive the growth of this great Canadian brand."

This acquisition will diversify and expand Lynx's portfolio to include the consumer electronics industry. With 20 locations across Canada, a national online presence, and a thriving B2B business, Henry's is one of the most established and longest-running companies in Lynx's portfolio. Lynx is impressed by Henry's strong management team that is passionate about the business and highly experienced in the industry.

Lynx's approach is to buy and hold long-standing businesses in the small- to medium-sized enterprise space with the intention of investing in their legacy indefinitely. Lynx's leaders care deeply about maintaining stability for the employees of every company it invests in and supporting an acquisition's growth through expertise from its own internal team if needed.

Continuity for Henry's Employees

All of Henry's employees will remain in place, including its leadership team, who are excited to stay on and continue driving the company's growth strategy forward.

Gillian Stein, CEO of Henry's, will continue to lead the company as part of the Lynx family, and she is thrilled to be at the helm at such an important time in Henry's evolution. "I'm excited that this acquisition will help drive our growth strategy and better position us to serve Canadian photographers, filmmakers, and content creators," she says. "Our team will remain focused on providing the exceptional Henry's experience to customers both online and in-store, with Lynx's support and expertise to continue strengthening and growing our business."

Henry's will continue to be headquartered in the Greater Toronto Area, Ontario.

An Exciting Time for Specialty Retail

As customers emerged from COVID-driven lockdowns, Henry's was encouraged to see foot traffic returning to its stores. Similarly, as ecommerce grew exponentially in recent years, Henry's has been pleased to see the physical store continue to play an important role in the shopping habits of customers, who still value the in-store experience and expertise that Henry's employees provide.

Lynx and Henry's are very excited about the specialty retail market ? which is stronger than ever ? and customers across Canada are returning to retail shopping, especially when a strong brand provides an exceptional experience. Today's retail customers want digital and social channels to work hand in hand with physical spaces to support their needs. Both Lynx and Henry's believe strongly that physical retail has an important role to play in delivering that overall customer experience. Having a dynamic and engaging in-store experience is a central part of that strategy.

Henry's Continued Focus on Mental Health

While the Henry's Foundation is not part of this acquisition, Henry's will continue to support mental health awareness, de-stigmatization and support for all Canadians. Lynx also has a strong track record of support for charitable organizations such as Sick Kids, the Canadian Cancer Society, the Simon Wiesenthal Center for Holocaust Studies, and more. The two companies' shared focus on giving back is an important element of the strong fit between Lynx and Henry's.

About Henry's

Proudly Canadian, family-owned, and operated for four generations, Henry's first opened its doors in 1909 and has evolved into the leading specialty digital imaging retailer in Canada. With 20 locations across Canada and a strong B2B and ecommerce business, Henry's is the source for the latest products, expert advice, and award-winning customer service for photographers, filmmakers, and content creators. Henry's carries over 15,000 imaging-related products from all of the top brands and is a proud supporter of content creators across Canada. For more information visit www.henrys.com.

About Lynx Equity Limited

Lynx is a Toronto-based private equity firm that specializes in acquiring small and medium-sized businesses from owners looking to retire. Since Brad Nathan, Joanna Lipfeld, and Judith Benattar founded Lynx in 2007, they have been focused on building a team of talented people who can successfully identify, acquire, and manage companies throughout ownership transition and beyond. Unlike other private equity firms, Lynx utilizes a buy-and-hold strategy that focuses on maintaining a company's legacy, building upon its established value and brand, bolstering employees, and maintaining relationships and infrastructure. Lynx recognizes that each individual situation is unique and that some business owners stay and run their firm for years, while others retire or pursue other interests. As such, Lynx works with the business owner to create a plan that best suits the needs of their company, employees, and future goals. For more information, visit www.lynxequity.com.

SOURCE Henry's Enterprises Inc.

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