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July 2021 – Osprey Capital Partners Inc. is pleased to announce it has secured a new financing arrangement for Eclipse Technology Solutions Inc. from Bank of Montreal and Export Development Canada (“EDC”). The complete banking solution includes a new operating facility as well as working capital to facilitate a partner buyout and support future growth. Osprey Capital acted as the exclusive advisor to Eclipse in the financing process. As it is a private deal, the financial details are not being released.
The Client
Mississauga, Ont.-based Eclipse is an industry-leading IT service company specializing in the delivery of transformative, end-to-end technology solutions and services. It creates customized communication and collaboration solutions that help clients solve a variety of business challenges while simultaneously accelerating growth. Eclipse is certified in unified communications, contact centre, data centre, and wireless solutions and services. With nearly 50 employees, Eclipse provides its customers with complete solutions across all platforms as they digitize their operations.
The Objective
Osprey Capital was brought in to canvas senior and subordinate lenders to secure a new financing deal to buy out one of the business partners who was looking to retire and to provide Eclipse with working capital for growth. Osprey Capital undertook a confidential process to identify lending options and sources for Eclipse. The procedure began with conversations with the existing senior lender, with the hope it would agree to participate in either a full or partial solution. After the existing lender declined to take part, Osprey Capital approached the open market.
The Result
Osprey negotiated a one-lender solution for Eclipse, ultimately selecting BMO as the ideal partner as it provided the most innovative solution through an export guarantee program with EDC. This guarantee allowed BMO to provide additional financing, which can be used by Eclipse to drive export growth, at senior debt rates.
Robert Stroud, owner of Eclipse, said the new financing arrangement will enable the company to further expand its U.S. market share. “The process conducted by Osprey Capital provided us with options which ultimately allowed us to choose the right lending partner and debt package tailored to our requirements,” he said.
Robert Brown, a partner at Osprey Capital, said his team was able to tap into its vast network to find the ideal lender for Eclipse. “It has been a pleasure to get to know Robert and the team at Eclipse. We are pleased to have been able to assist in the financing of the company and securing the right solution for their growth, both internally and externally,” he said.
About Osprey Capital Partners
Founded in 1998, Osprey Capital has established itself as one of Canada’s leading independent mid-market investment banking and financial advisory firms. Osprey offers a range of advisory services focused on the execution of merger, acquisition, business sale, and finance transactions. Osprey Capital’s success in servicing clients’ M&A and financing requirements is a result of its understanding of the unique needs of mid-market companies and their shareholders and its strong relationships with industry players including strategic acquirers, Canadian & international private equity funds, institutional investors, lenders and banks.
