Release | Oct 22, 2024
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Montfort Capital Sells TIMIA Group to Round13 Capital for $6.5 Million
Montfort Capital Corp. is selling its TIMIA Group business to Round13 Capital for $6.5 million CAD. This move lets Montfort focus on its core lending activities while TIMIA joins Round13’s investment portfolio. TIMIA is known for offering loans to tech companies in North America that have stable, recurring revenues.
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The purchase price is $4.5 million CAD in cash + $2 million CAD to pay off TIMIA’s debt to Pivot Financial, a Montfort affiliate. The sale is expected to close by the end of the month October.
Ken Thomson, Montfort’s CEO:
“We’re excited about this transition. TIMIA will thrive as part of Round13, while we remain focused on our other lending businesses.”
Montfort Capital’s other lending divisions including Brightpath Capital (alternative mortgage solutions), Langhaus Financial (loans backed by insurance policies for high net worth clients), Nuvo Financial (specializing in loans for smaller investment funds), and Pivot Financial (asset backed loans for mid sized firms). By selling TIMIA, Montfort can potentially free up resources and capital to strengthen its other business lines.
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Brahm Klar, Round13’s Managing Partner:
“This acquisition allows us to offer more financing options to Canadian entrepreneurs, complementing our existing equity investments.”
Conclusion
TIMIA joining Round13 Capital may signal that it might benefit from a new owner who is heavily focused on tech investments. Being a member of Round13’s portfolio may give TIMIA with more focused support and access to extra resources or expertise that are more aligned with its lending emphasis on technology firms.
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