Private Equity Firm Buys Henry’s, One of Canada’s Oldest Camera Stores

Private Equity Firm Lynx has announced that it has acquired Henry’s: Canada’s Greatest Camera Store for an undisclosed amount.

Henry’s was a family-owned and operated camera store that first opened its doors in 1909. Over the course of the next century-plus, the company would open 20 locations across Canada and a business-to-business e-commerce business, it evolved to a level that allowed it to claim to being the leading specialty digital imaging retailer in the country.

Henry’s says it carries over 15,000 imaging-related products from all of the top brands and is a proud supporter of content creators across Canada.

Lynx is a private equity firm with sales in excess of $750M CAD. Based in Toronto, it is focused on acquiring small and medium-sized businesses from owners looking to retire or who seek strategic opportunities. This description likely points to why Henry’s sought an acquisition, which isn’t overtly stated in the public announcement of the purchase, although the current CEO Gillian Stein is set to stay on as company CEO.

“Selling Henry’s has always been part of our Company’s long-term strategy,” Andrew Sten, Henry’s chairman, says. “It was simply a matter of finding the right partner and I’m thrilled that we’ve found that in Lynx. Lynx believes in Henry’s vision and intends to preserve my family’s legacy. I have achieved more than I ever imagined with Henry’s and I look forward to seeing how this acquisition will drive the Company to an even higher level of success.”

The private equity firm says that the acquisition of Henry’s is a first for it.

“Amidst the COVID-19 pandemic, Henry’s expanded their customer base to include content creators who purchase photo and video equipment to create content for social media. This emerging consumer segment not only drives revenue growth, it also fosters deep brand loyalty,” Lynx says.

“Although consumers of video and photo-related products can buy directly from manufacturers, Henry’s exceptional in-store experience backed by deep expertise and the latest products, result in long-standing customer loyalty and strong B2B relationships,” Lynx continues.

“As one of the largest and most recognizable players within Canada’s digital imaging industry, Henry’s 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 work together to continue to drive the growth of this great Canadian brand.”