Telus Corp. (TSX: T) has acquired Black’s Photo Corp.
This acquisition comes in at about $28 million. Black’s was privately owned by ReichmannHauerCapital Partners, which is owned by real estate developer Philip Reichmann of Olympia & York. At just $28 million, this deal enables Telus to further advance its wireless and data strategy by expanding the distribution of its wireless products and services across Canada, while also keeping pace with Bell, who acquired The Source earlier this year.
Black’s has been in business since 1930 and has 113 storefronts nationwide. Over the past decade Black’s has been hit hard by Wal-Mart’s entry into the Canadian market and by the transition from film to digital by many of its customers.
Telus said that while Black’s is a nationally recognized retailer, its prime focus will be in the Ontario market place.
“Black’s is an impressive Canadian retailer with a great brand,reputation and management team,” said Joe Natale, executive-vice president and president, Telus Consumer Solutions.
“Black’s premium locations providean established network across Canada for the distribution of Telus’ wireless products, which nicely complements our extensive network of dealers and stores. In anticipation of our clients’ evolving needs and as more wireless devices have imbedded high quality photo and video capability, there is anatural link between Telus and Black’s,” Natale added.
Ethel Taylor, president and GM of Black’s, who will continue in her role, said Black’s looks forward to working with the Telus team to expandBlack’s products portfolio and expertise to include Telus’ wireless devices across Canada.