Looking for Canadian Lending Insights for Home Service Acquisitions

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by a searcher from Wilfrid Laurier University
in Toronto, ON, Canada

1yr ago

Looking for Canadian Lending Insights for Home Service Acquisitions

Hi all,

I’m currently exploring acquisitions in the Greater Toronto Area (Canada). Focusing on the home service space - primarily plumbing and HVAC at the moment - with a purchase price in the $2-4 million range. We're also factoring in working capital loans between $500k to $1M. I’ve already had conversations with TD, Roynat and BDC, both of which have been helpful, but I’m interested in hearing more about other banks/lenders/advisors who have a strong understanding of this space.

If anyone has experience financing deals in the home services sectors, especially with banks that are favourable towards the space, I’d love to hear your recommendations.

Looking forward to your feedback and any suggestions you might have!

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reply by a searcher 1yr ago
from Bowling Green State University in Surrey, BC, Canada

Honestly, most if not all Canadian banks will take a look provided you hit the right desk. It's important to make sure you're talking to the right team within the bank - so, ask.

If they say, well, I'll refer you later - best to push for the referral now, There are internal sales credit considerations for bankers, so someone may be guarding their referral until a potential transaction is more imminent. Unfortunately, you won't benefit from a deeper conversation and relationship-building with the person who *should* become your strongest internal advocate on your deals.

The banks are keen for cash flow term lending and have been getting more comfortable with searchers. For a searcher, it's key to be upfront though - no one wants to waste their time. Bankers have sales targets and need to manage their time - impossible to be everything to everyone.
So, for a searcher, be authentic and upfront - stage, investor backing, commitment.
A banker can't get definitive without a signed LOI in hand (typically) but can provide a verbal framework conditioned up and down. They just want to know you'll have the equity to close and support the business, in which case are happy to share insights, make introductions, etc.

reply by a searcher 1yr ago
from University of Waterloo in Toronto, ON, Canada

I have also been looking at a deal in this space. Are there any good sources besides the BVR transaction data to help determine valuations for deals in the plumbing space in Canada/GTA specifically?