Toronto, Ontario, April 12, 2018 – Beacon Corporation (“Beacon”) is pleased to announce the completion of the sale of Paintlounge Inc. (“Paintlounge”) to a Private Buyer (“Buyer”). Beacon acted as an exclusive business broker for Paintlounge and facilitated the process of valuation, confidential marketing, buyer screening, offer and deal term negotiations, and due diligence.
Paintlounge, established in 2010, is a 3-location art entertainment storefront business providing a unique painting experience for its customers in the Greater Toronto Area. The business is a leader in its market niche, providing date, friends and small group painting experience, team building, parties and events based art focused entertainment.
Beacon ran a carefully planned sale process, identifying potential acquirers with experience and interest in the arts and event business. Beacon’s deal team was involved in each step of the transaction, and facilitated the ultimate outcome for Paintlounge who selected its preferred partner and after several rounds of negotiations and due diligence, the deal was completed in April 2018.
Beacon was engaged by Paintlounge in October of 2017. “During the process we identified and spoke with over twenty potential purchasers while maintaining complete confidentiality about the process.“, commented Taryn Herritt, Salesperson with Beacon. “Ultimately I think we selected the most suitable one with the best vision for further developing and growing the business” she added.
Alex Shteriev, Managing Director of Beacon, commented on the transaction, “I am pleased that our team was able to identify and work with potential purchasers that understood both the type of business as well as the potential that Paintlounge has for further development as a premier social activity art-focused business.”
About Paintlounge
Paintlounge was incorporated in 2010 and started with a single location in Markham, Ontario. In 2013 the business expanded to a second location in Toronto’s West End, and in 2014 a third location opened up in the trendy Leslieville area of East Toronto. Throughout its expansion the business had maintained extremely high customer satisfaction levels, ranging from 95% on Groupon to 4.5 star on TripAdvisor.
www.paintlounge.ca
Note: To celebrate the recent transaction and change of ownership, Paintlounge is offering Beacon’s trusted network of friends a 30% discount for its Adult Workshop (Promocode: BEAGUEST).
About Beacon Brokerage
Beacon Brokerage is a Toronto-based full-service business brokerage and merger & acquisition advisory services firm which specializes in transactions of companies with Enterprise Value up to $50M. Beacon’s services include business valuations, targeted confidential marketing, qualification and pre-screening of prospects, assistance in negotiation and due diligence process in a holistic Transaction Advisory approach.