Ardenton Announces Equity Investment in Canadian Art Business
Ardenton Capital Corporation is pleased to announce its strategic partnership and equity investment in Toronto-based Canadian Posters International Inc. which operates as PI Fine Art / PI Creative Art (“PI”), one of the largest full service, vertically integrated art companies in North America.
PI Fine Art specializes in art, custom wallcovering, mirrors and décor for hotels, and healthcare, commercial and residential spaces. PI Creative Art is a pioneer in the art publishing industry as a leading source of fresh decorative imagery, primarily serving the retail market.
PI was founded in 1976 by Esther Cohen, amongst the first to wholesale art posters in Canada. Capabilities have expanded to include art development, printing and framing, plus the addition of an art studio and showroom. Since 2003, the company has been co-owned by Esther’s sons, Andrew and Richie Cohen, who will remain shareholders and retain their positions as President of PI Creative Art, and President of PI Fine Art, respectively, following Ardenton’s investment.
The company’s team of highly skilled artists, graphic designers and craftspeople collaborate with customers to create customized art packages that reflect the project’s aesthetic vision and budget. PI has an impressive roster of customers, including industry leaders in hospitality and retail. Vertical integration, a streamlined supply chain and in-house manufacturing allows PI to offer accessible solutions with shorter lead times and uncompromised quality.
Commenting on the deal, Richie Cohen said: “We are proud to lead such an innovative company, growing upon the foundation our mother built.” Andrew Cohen added: “With Ardenton, we have found the ideal partner who shares our long-term vision and can help us take PI to the next stage of growth.”
The acquisition was led by Ardenton Director, Private Equity, Thomas Wen, with support from Vice Presidents Albert Lau and Curtis Cheam. Thomas said: “We are excited to invest in such a unique business, and to partner with the impressive team at PI.”
Supporting the partnership between Ardenton and PI is Director, Strategic Development, Karim Kanji, who will oversee the implementation of the Ardenton Operating System (“AOS”) focusing on growth and business improvement. Karim stated: “By combining Andrew and Richie’s industry experience with Ardenton’s strategic and operational focus, we are confident that PI will continue to exceed customer expectations.”
Thomas joined Ardenton in 2019, as part of a focused effort to build out the Canadian Investment Team. He brings over 20 years of experience in M&A, venture capital, corporate strategy and management consulting. The team was further strengthened by the addition of Albert and Curtis, and reached critical mass with the arrival of Associate Vice President, Shane McAdam and Senior Vice President, Jonathan Draycott. In anticipation of the expansion, the team moved to new, larger premises in downtown Toronto at 18 King Street East.
RBC Mid-Market Mergers and Acquisitions acted as the exclusive financial advisor to PI.
About Ardenton Capital Corporation: Ardenton is a global private business investment corporation, focused on meaningful business partnerships and long-term growth. Investing alongside passionate owners and management teams, Ardenton acquires controlling stakes in profitable, well-established, cash-flowing private businesses. Ardenton works to remove constraints for its business partners and provides operating and financial support with a long-term view on value creation. Ardenton has offices in Canada (Vancouver, Edmonton, Toronto, Guelph), the United States (Dallas, Philadelphia, Chicago) and the United Kingdom (Manchester, London).
About PI: PI is a leading, vertically integrated designer and provider of art, wall coverings, mirrors, and décor solutions for the commercial and retail markets. Please visit www.pifineart.com and www.picreativeart.com.
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