Toronto-based point-of-sale financing provider Financeit Canada Inc has closed a recapitalization round with the merchant banking division of Goldman Sachs. The undisclosed deal gives Goldman Sachs, a Financeit shareholder since 2015, a majority stake in the business. It also helped Financeit acquire Centah Inc, a Canadian provider of home improvement software. President and CEO Michael Garrity said the acquisition expands his company’s offering with a complete solution for the home services industry. Founded in 2011, Financeit has worked with more than 7,000 merchants and processed over US$1.9 billion in loan applications.
Financeit Completes a Major Recapitalization in Conjunction With Its Strategic Acquisition of Centah Inc.
Transaction Enables Financeit to Acquire Centah Inc., Leading Home Improvement Software Company and Prepare for Geographic Expansion
TORONTO, Dec. 14, 2017 /CNW/ – Financeit, a leading point-of-sale financing provider, today announced the closing of investment round by Goldman Sachs, an existing shareholder.
This investment positions Goldman Sachs as majority owner and broadens Financeit’s service offering, through the acquisition of Centah Inc., a global SaaS company with extensive workflow and lead management solutions serving the home improvement Industry.
Centah’s market leading technology platform and call center infrastructure increases Financeit’s overall offering in the marketplace and allows Financeit to provide merchants with an end-to-end solution to increase sales.
“Today marks an important milestone for Financeit. The increased support from our existing shareholder, Goldman Sachs, reflects their continued confidence in our leadership team, our business model, our platform and the ability to grow our service,” said Michael Garrity, Chief Executive Officer and President of Financeit. “With the Centah integration, we will now be able to expand our offerings with a complete solution for the home improvement industry, from lead generation to closing the sale.”
“We are delighted to increase our investment in Financeit and help support the company in its development and growth,” said Anthony Arnold, a Managing Director at Goldman Sachs. “We look forward to Financeit building on its already strong track record as the company positions for continued innovation, expansion and success.”
“Centah had been looking for the right partner for quite some time, specifically in the technology space,” said Paul Sorrentino, CEO and President of Centah. “Combining the home improvement solutions offered by both Centah and Financeit will make business easier for big box retailers and manufacturers, and drive growth.”
Since launching in 2011, Financeit has worked with over 7000 merchant partners, and processed over $1.9 billion USD in loan applications.
Financeit is a market leading point-of-sale financing provider servicing the home improvement, vehicle and retail industries. Financeit’s innovative cloud-based technology makes it easy for merchants to increase close rates and transaction sizes with affordable monthly or bi-weekly payment plans. The Financeit platform features a fast, transparent application process and has serviced over 7,000 merchant partners across Canada, processing more than $1.9 billion USD in loan applications.
About The Goldman Sachs Group, Inc.
The Goldman Sachs Group, Inc. is a leading global investment banking, securities and investment management firm that provides a wide range of financial services to a substantial and diversified client base that includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
About Centah Inc.
Centah Inc. is a global SaaS (Software as a Service) company, providing extensive workflow, lead management and call center solutions servicing the home improvement industry. Founded in 2004, the Centah Inc. platform manages $2.5 billion CAD in sales each year, and works with some of the world largest home improvement retailers and manufacturers.
For further information: US Media Contact for Financeit: Mark Kollar, 212.279.3115 202, [email protected]; Canadian Media Contact for Financeit: Sierra Percy-Beauregard, 416.966.3421, [email protected]
Photo courtesy of Reuters/Lucas Jackson