March 28, 2008 (Levis, Quebec) – Barrett Corporation (“Barrett”), a privately held international management Company based in Woodstock, NB. and Roynat Capital, a member of Scotiabank Group and the leading provider of innovative long-term capital and business solutions for high-growth firms, announced today that Barrett will become the majority shareholder in Cycles Lambert Inc. (Lambert), with Roynat retaining a significant minority interest.
Commitment to Lambert’s Growth
Michel Ruest, Director at Roynat Capital said: “Since our acquisition of Lambert in December 2006, we have been looking for an alliance with a company having an expertise in the distribution segment so as to bring Lambert to the next level. The fit with Barrett was perfect as Roynat has been a Barrett shareholder for several years. Barrett’s acquisition is the fruition of Roynat’s long-term plan for Lambert.”
The acquisition is a testament of how Lambert’s values, reputation and market-driven growth are aligned with Barrett’s strategic vision. “From the start, we were impressed by the entire Lambert team and the service it renders to both Canadian Independent Bike Dealers (IBD) and worldwide suppliers,” said Ed Barrett, Co-CEO of Barrett Corporation. “The more we looked at Lambert, the more we saw the potential for future growth across Canada. Our goal is to maintain Lambert’s reputation as Canada’s go-to source for bicycle P&A and to leverage even further its core strengths in service and brand distribution.”
“We are very pleased to be on board with Barrett,” explained Sylvain Caya, General Manager at Lambert. “This past year, Lambert has made significant inroads as IBD’s go-to source for bicycle P&A across Canada. Having Barrett’s senior management team on our Board of Directors will inject both visionary and strategic growth expertise as we develop and execute our long-term growth plan.”
About Barrett Corporation
Founded in 1976, Barrett holds equity positions in several North American companies primarily in telecommunications, real estate development, and as sales, marketing and distribution service providers. Barrett also owns controlling interest in Barrett Marketing Group (BMG). BMG is a business-to-business wholesale distribution company with over 30 years of continuous operations, focused primarily on the Canadian market. With a number of warehouses located strategically across the country, BMG is truly national in scope and presence. With a portfolio of quality products, representing some of the world’s best known brands, BMG has established itself as one of Canada’s leading distributors in the following industries: boat & marine, landscape, snow and ice, sporting goods, outdoor and recreation. For more information visit www.barrettmarketingltd.com
About Roynat Capital
Roynat Capital is a member of the Scotiabank Group and is Canada’s leading merchant bank specializing in innovative long-term capital and business solutions for mid-sized companies: high growth firms with sales between $5 million and $200 million”¦but looking for more.
Roynat Capital has been providing innovative financial solutions to businesses since 1962. Today, Roynat Capital manages a portfolio in excess of $2 billion including a mezzanine and equity portfolio of $250 million, and provides term debt, sub and mezzanine-debt and equity financing to over 1200 clients across North America.
Roynat Capital’s goal is to become the mid market merchant bank of choice through delivering “More Than Money” to its clients. For more information visit www.roynat.com.
Lambert is a leading pan-Canadian supplier of world-class parts and accessories for the bicycle industry. The company distributes over 15 000 parts and accessories to more than 1500 retailers across the country. Lambert has offices in Quebec and British Columbia, and employs over 100 people who have bike in their blood. For more information visit www.cycleslambert.com