Press Releases, Articles & Announcements
2021 Year in Review
March 1, 2022 by Jeff Wigle
Last year was a banner year for Banyan Capital Partners. I’m pleased to share the following update highlighting the announcements, milestones, and achievements that contributed to our growth and success.
- $216 million of capital raised for its first tranche of committed capital.
- Funding provided by the high net worth investors of Connor Clark & Lunn Private Capital Ltd., Connor Clark & Lunn Financial Group Ltd., and the principals of Banyan.
- Founded in 1986, Innovative distributes liquid surface solutions to large treated salt partners, commercial customers, water treatment clients and government agencies across North America.
- Banyan’s investment in Innovative and partnership with its CEO will help facilitate its next phase of growth.
Continued Growth across the Portfolio, Including Two Add-on Acquisitions
- Rack Attack, a North American premier retailer of vehicle rack solutions with 24 stores across North America, acquired Rack Outfitters in May 2021, an Austin, Texas-based specialty rack retailer. Rack Attack also successfully opened three new greenfield store locations in Sherman Oaks, California, Phoenix, Arizona, Dallas, Texas as well as the first Thule-brand store in Denver, Colorado. Rack Attack’s growth continues in the first quarter of 2022, with greenfield stores opening in Orange County, California, Atlanta, Georgia and Fort Collins, Colorado. Additionally, the first Canadian Thule monobrand store opened in West Vancouver in January 2022.
- Newcrete, a leading producer and supplier of ready-mix and precast concrete and masonry products for the Newfoundland and Labrador construction industry, acquired Hunt’s Concrete, a supplier of concrete, masonry and landscape products in Grand Falls-Windsor and surrounding areas, in July 2021.
New Hires and Promotions
Banyan is pleased to announce the addition of three new professionals this past year, with Eric Laurin and Chris Luongo joining as Senior Analysts and Igor Verechaka joining in January 2022 as Senior Associate. Furthermore, we would like to congratulate David Beaumont on his promotion to Vice President.
- Eric Laurin most recently worked in the Deal Advisory Group at KPMG where he was responsible for advising strategic investors, pension funds and private equity firms on acquisitions and divestitures of companies in the middle market. Eric is a Chartered Professional Accountant (CPA, CA) and has a Bachelor of Commerce (Honours) from the Sauder School of Business at University of British Columbia.
- Chris Luongo joined Banyan from the Investment Banking Group at BMO, where he was responsible for advising on mergers & acquisitions and debt and equity financing transactions in the real estate coverage group. Chris has a Bachelor of Business Administration (Honours) from Wilfrid Laurier University.
- Igor Verechaka joins Banyan from KPMG Corporate Finance Inc. where he provided capital and strategic advisory services and led transaction execution for financings, divestitures and structured solutions, and real estate mandates. Igor has a Bachelor of Arts, Honours Business Administration (with distinction) from Ivey Business School at Western University and is a CFA charterholder.
- David Beaumont was promoted to Vice President and will be on working on secondment at Innovative Surface Solutions as Vice President, Strategic Operations for the duration of 2022. David joined Banyan in 2017 and has played an integral role in the growth and evolution of the firm. In addition to his role in the acquisition of Innovative Surface Solutions, David has worked closely with the management teams of MIP Inc., Newcrete, and Rack Attack on a range of initiatives including strategy, operations, and add-on acquisitions.
It is shaping up to be another great year, and the Banyan team has hit the ground running. I encourage you to visit our new website, which launched earlier this month. With a more modern design and refreshed content, it better reflects our brand and positions us for continued growth. Additionally, the new website is more intuitive and easier to navigate, thus providing a better user experience for investors and stakeholders.