Positions business for accelerated growth over the long-term
TORONTO, Sept. 20, 2021 /CNW/ - Array Canada, Inc. ("Array"), the market leader in end-to-end in-store merchandising solutions, today announced the successful completion of a refinancing transaction that has significantly strengthened the Company's balance sheet and positioned the business for accelerated growth. The transaction was facilitated by a substantial new investment by top-tier global investment firms including funds managed by Oaktree Capital Management, L.P. ("Oaktree") and Array's existing investor, Carlyle.
As a result of the transaction, Array has meaningful cash on hand to capitalize on exciting growth opportunities, outstanding net debt has been reduced by more than 50%, and term loan maturities have been extended to 2026.
"We are thrilled to partner with new investors and Carlyle to bolster Array's balance sheet and ensure our company is best positioned to identify and execute on the global growth opportunities we see on the horizon near-term," said Jeffrey K. Casselman, Array's President & CEO. "Our business is stronger than ever, and we look forward to continuing to enable our global customer base to shape the future of retail."
Array is the global leader in in-store merchandising services, solutions and experiences for many of the world's most iconic retailers and brands. For over 40 years, clients of Array have enjoyed an unparalleled experience with Array's creative solutions, global reach, sustainability leadership and exceptional client services. In short, Array creates amazing retail experiences. Array is headquartered in Toronto, Canada and employs more than 1800 employees with operations in Canada, USA, Mexico, China, Singapore, Poland, UK, France and Germany.
Oaktree is a leader among global investment managers specializing in alternative investments, with $156 billion in assets under management as of June 30, 2021. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree's website at http://www.oaktreecapital.com.
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SOURCE Array Canada Inc.
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