HMV Canada in late December 2014 completed a refinancing of its banking facilities with the Bank of Montreal (BMO), providing the company with a $30 million facility through to 2017. HMV Canada, which was acquired in 2011 by Re:Capital Canada, a subsidiary of U.K. private equity firm Hilco Capital, is a provider of visual and audio merchandise online and in 108 stores across Canada. The company’s former British parent is also owned by Hilco. In June 2013, peHUB Canada interviewed Hilco investment director Chris Emmott about the launch and investment activity of Re:Capital Canada.
HMV Canada completes refinancing
HMV Canada’s new St Vital store
HMV Canada (HMV) today confirms that it has completed a refinancing of its banking facilities with Bank of Montreal (BMO). The transaction was finalised on 23 December 2014 and provides the business with a CAD $30 million facility through to 2017.
Paul McGowan Chief Executive of HMV’s owners, Re:Capital, and Chairman of HMV Canada, commented: “This is a great vote of confidence in the HMV business from a major Canadian institution, demonstrating the strength of the business and emphasising its position at the preeminent entertainment retailer in Canada.”
Nick Williams, Chief Executive of HMV Canada, commented: “This is a Christmas present for our business, at our busiest time of year. Everyone who has visited our stores over the holiday season will be able to see the strength of our business and the huge demand for our unrivalled range of entertainment product. We look forward to building a strong relationship with BMO.”
The HMV business operates from 108 stores across Canada where it is the market leader in both visual and audio merchandise and has recently launched a new transactional website (www.hmv.ca) to exploit this growing market.
HMV Canada was acquired by Re:Capital, a subsidiary of London-based Hilco Capital, in July 2011. The business has performed strongly under Re:Capital’s stewardship and, in part as consequence of that performance, Hilco Capital also acquired HMV’s former UK parent in 2013.
Source: Hilco Capital
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