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Avison Young Halves Financial Obligations, Secures New Capital for Continued Growth
Avison Young said Monday it has agreed to a comprehensive deleveraging transaction with its current financial partners that positions the company for the future. Through the transaction, Avison Young has reduced its financial obligations by more than half and has secured additional capital to advance its strategic goals.
The Toronto-based real estate services firm entered into the transaction with a group representing substantially all of its existing lenders and capital partners. Through the transaction, Avison Young has stabilized its financial foundation and secured additional resources to invest in the people and solutions that will improve the company’s ability to serve its clients and partners well into the future. The company said the transaction preserves its culture as a principal-led and owned firm, with principals and management retaining a significant majority ownership stake in the company.
As part of the transaction process, Avison Young entered into an agreement with its lenders through which the company was not required to make certain payments on its term loan. The company has made all required payments during this process.
“This transaction is an incredibly exciting step forward and positions Avison Young with the financial flexibility to invest in growth and continue to deliver for our clients,” said CEO Mark E. Rose. “We are proud of the proactive, strategic work we have done to create a more sustainable capital structure and are confident that our principal-led culture, alongside a stronger balance sheet, will provide us with a distinct advantage as the industry recovers. Our financial partners have been very supportive throughout this process, and we look forward to working with them to create impact and value in the years ahead.”
- ◦Financing
