Family-owned specialty digital imaging retailer Henry’s has been acquired by Lynx Equity Limited, joining its portfolio of companies. Henry’s says the acquisition will help the company “grow and accelerate its delivery of world-class, innovative products and services to consumers and businesses across Canada.”
Lynx says it is committed to furthering Henry’s position as a leading specialty digital-imaging retailer in Canada. Lynx will support Henry’s continued investment in providing a seamless experience to its in-store and online customers, driven by its updated website and enhanced ecommerce capability.
Henry’s has been a fixture north of the border for 114 years, spanning four generations of the Stein family. Henry’s Chair Andrew Stein grew the Henry’s brand into what it is today while building on his father’s and grandfather’s legacies, and seeing his daughters Gillian and Amy, drive it to new heights.
Selling the company has always been part of Henry’s long-term strategy, but the company says first, it had to find the right partner. Stein, now 73, and his wife Gaye will remain on as advisors.
“I’m thrilled that we’ve found Lynx: someone who believes in our vision and our team, and who wants to preserve my family’s legacy and see the Henry’s name live on,” says Stein. “I have achieved more than I ever imagined with this company, and this acquisition will help drive Henry’s to an even higher level of success.”
Also a family-run business, Lynx says it is investing in Henry’s as a result of its great growth and ROI potential thanks to the brand equity, devoted customer following, and cross-country footprint as Canada’s largest digital imaging retailer.
“We are thrilled to have Henry’s join the Lynx family,” says Brad Nathan, Founder and President of Lynx. “Henry’s has a long history as a strong Canadian, family-owned business and we’re looking forward to being part of its legacy. As Canada’s greatest camera store and one of the largest companies in its category, it has a legacy well worth protecting. Backed by our extensive support and dedicated team, Henry’s will continue to provide leading-edge products and services for photographers, filmmakers, and content creators. We look forward to this partnership as we continue to drive the growth of this great Canadian brand.”
This acquisition will diversify and expand Lynx’s portfolio to include the consumer electronics industry. With 20 locations across Canada, a national online presence, and a B2B business, Henry’s is one of the most established and longest-running companies in Lynx’s portfolio. Lynx is impressed by Henry’s strong management team that is passionate about the business and highly experienced in the industry.
Lynx’s approach is to buy and hold long-standing businesses in the small- to medium-sized enterprise space with the intention of investing in their legacy indefinitely. Lynx’s leaders aim to maintain stability for the employees of every company it invests in and support an acquisition’s growth through expertise from its own internal team if needed.
With that said, all existing Henry’s employees will remain in place, including its leadership team. Gillian Stein, CEO of Henry’s, will continue to lead the company as part of the Lynx family.
“I’m excited that this acquisition will help drive our growth strategy and better position us to serve Canadian photographers, filmmakers, and content creators,” she says. “Our team will remain focused on providing the exceptional Henry’s experience to customers both online and in-store, with Lynx’s support and expertise to continue strengthening and growing our business.”
Henry’s will continue to be headquartered in the Greater Toronto Area. With Canadians returning to in-store shopping following the COVID-19 pandemic, both Lynx and Henry’s are confident about the growth in the market. This includes both the in-store locations as well as digital and social channels, which will all work together to support customers. Both Lynx and Henry’s believe strongly that physical retail has an important role to play in delivering that overall customer experience. Having a dynamic and engaging in-store experience is a central part of that strategy.
It’s worth noting that the Henry’s Foundation is not part of this acquisition. Henry’s will continue to support mental health awareness, de-stigmatization and support for all Canadians. Lynx also has a strong track record of support for charitable organizations such as Sick Kids, the Canadian Cancer Society, the Simon Wiesenthal Center for Holocaust Studies, and more. The two companies’ shared focus on giving back is an important element of the strong fit between Lynx and Henry’s.
Henry’s first opened its doors in 1909 and has evolved into a leading specialty digital imaging retailer in Canada. There are 20 Henrys locations across Canada and a strong B2B and ecommerce business offering products and services for photographers, filmmakers, and content creators. Henry’s carries over 15,000 imaging-related products from all the top brands.
As a Toronto-based private equity firm, Lynx specializes in acquiring small and medium-sized businesses from owners looking to retire. Since Nathan along with Joanna Lipfeld and Judith Benattar founded Lynx in 2007, they have been focused on building a team of talented people who can successfully identify, acquire, and manage companies throughout ownership transition and beyond. Unlike other private equity firms, Lynx uses a buy-and-hold strategy that focuses on maintaining a company’s legacy, building upon its established value and brand, bolstering employees, and maintaining relationships and infrastructure. Lynx recognizes that each individual situation is unique and that some business owners stay and run their firm for years, while others retire or pursue other interests. As such, Lynx works with the business owner to create a plan that best suits the needs of their company, employees, and future goals.