TORONTO, June 23, 2021 (GLOBE NEWSWIRE) -- Peninsula Capital Corp. (“PCC”) is pleased to announce that it has closed its latest accretive financing led by LaurelCrest Partners. Peninsula has raised $4 Million, to help finance the acquisition of up to 200 rental properties in 2021, which will bring total ownership to 450 rental properties. Peninsula CEO Mike Appelton said, “We are pleased to have raised this capital to help accelerate meaningful, accretive growth through 2021.” He adds, “Our pipeline is exceptionally robust and we expect a steady growth trajectory for the remainder of the year.” This transaction is the second capital raise completed by PCC in 2021 and brings the total capital raised in 2021 to $8 Million. Peninsula was advised by Miller Thomson who provides legal and securities counsel, alongside LaurelCrest Partners, who acted as financial advisor and co-investor on the transaction.
About Peninsula Capital Corporation
Peninsula Capital Corp. (“PCC”) acquires and manages Single Family Rental (SFR) housing in upstate New York. PCC was formed to provide a differentiated investment opportunity and invest in residential properties that provide stabilized high cash flow opportunities with targeted cap rates in excess of 10%. PCC’s growth is focused on and specialized in identifying and acquiring stabilized and near stabilized houses with a strong tenant base. Approximately 95% of houses are acquired off-market via private sale and sourced using PCC’s deep market knowledge and experience. With the internalization of property management in 2019, PCC has significant “boots on the ground” and a back office firmly in place, to manage both local and regional growth from a central location. PCC chose to initially invest in Buffalo, NY and is considering other similar rust belt markets that are attractively priced and cash flow rich. Our investments are underwritten solely based on the merits of cashflow – house value appreciation is pure upside. Existing portfolio consists of 216 houses (326 units in total), with plans to expand in Buffalo and elsewhere regionally.
About LaurelCrest Partners
LaurelCrest Partners (“LCP”) is a Merchant Capital Investment Firm founded by a group of entrepreneurs, capital market specialists, M&A, investment banking and venture capital professionals. LCP seeks to identify and invest in unique opportunities across all sectors and asset classes to systematically create value for all stakeholders. For more information, please contact Matthew Flynn, Managing Partner, mflynn@laurelcrestpartners.ca.
For further information on Peninsula:
Contact:
Robert Macdonald
Investor Relations
Peninsula Capital Corp
(289) 217-1203
rmacdonald@peninsulacapitalcorp.com
Mike Appelton
President and CEO
Peninsula Capital Corp
(226) 668-6670
mike.appelton@peninsulacapitalcorp.com
Forward-Looking Information
This press release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking information") within the meaning of applicable securities laws. Forward-looking information may relate to the Company's future financial outlook and anticipated events or results and may include information regarding the Company's financial position, business strategy, growth strategies, addressable markets, budgets, operations, financial results, taxes, dividend policy, plans and objectives. Particularly, information regarding the Company's expectations of future results, performance, achievements, prospects or opportunities or the markets in which the Company operates is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "targets", "expects", "budgets", "scheduled", "estimates", "outlook", "forecasts", "projects", "prospects", "strategy", "intends", "anticipates", "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", or "will" occur. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not historical facts but instead represent management's expectations, estimates and projections regarding future events or circumstances.
Forward-looking information is necessarily based on a number of opinions, estimates and assumptions that, while considered by the Company to be appropriate and reasonable as of the date of this press release, are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to, risks and uncertainties associated with market conditions and the satisfaction of all applicable regulatory requirements, as well as risks and uncertainties associated with the Company's business.
If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in such forward-looking information.
Readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation or undertaking to update or revise any forward-looking information whether as a result of new information, future events or otherwise, except as required under applicable securities laws.
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June 23, 2021 at 09:48PM
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Peninsula Capital Corp. Raises $4 Million in Accretive Capital, Led by LaurelCrest Partners - GlobeNewswire
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