TORONTO — April 10, 2024 — Flow Capital Corp. (TSXV:FW) (“Flow Capital”), a leading provider of flexible growth capital and alternative debt solutions, announces a follow-on investment in an existing portfolio company, MiniLuxe Holding Corp. (TSXV: MNLX) (“MiniLuxe” or the “Company”).
The additional capital infusion of US$2.0M will be used for working and growth capital. Since Flow Capital’s initial investment of US$2.5M in 2021, MiniLuxe has demonstrated impressive growth, expanding its studio fleet footprint and continuing to deliver industry-leading innovation in its products & services.
“This follow-on investment further underscores our firm’s strong conviction in MiniLuxe’s mission and business, their leadership team, and their ability to capitalize on the current opportunity set. We are enthusiastic about the Company’s outlook for 2024 and beyond,” said Alex Baluta, CEO of Flow Capital.
“We appreciate Flow Capital’s business model and are pleased to expand our partnership while refinancing the maturity of our initial debt with Flow to 2027. The flexibility of having a non-amortizing loan facility with very few covenants allows us to have optionality on how we best use this incremental capital across both working capital needs and strategic investment opportunities,” said Tony Tjan, CEO of MiniLuxe.
Flow Capital continues to focus on helping high-growth companies achieve their objectives by providing fast access to growth capital. Flow Capital invites growing technology companies, seeking covenant-light founder-friendly growth capital, to apply for funding directly on their website at www.flowcap.com/get-funding.
About MiniLuxe
MiniLuxe, a Delaware corporation based in Boston, Massachusetts. MiniLuxe is a lifestyle brand and talent empowerment platform servicing the beauty and self-care industry. The Company focuses on delivering high-quality nail care and esthetic services and offers a suite of trusted proprietary products that are used in the Company’s owned-and-operated studio services. For over a decade, MiniLuxe has been elevating industry standards through healthier, ultra-hygienic services, a modern design esthetic, socially responsible labor practices, and better-for-you, cleaner products. MiniLuxe’s aims to radically transform a highly fragmented and under-regulated self-care and nail care industry through its brand, standards, and technology platform that collectively enable better talent and client experiences. For its clients, MiniLuxe offers best-in-class self-care services and better-for-you products, and for nail care and beauty professionals, MiniLuxe seeks to become the employer of choice. In addition to creating long-term durable economic returns for our stakeholders, the brand seeks to positively impact and empower one of the most diverse and largest hourly worker segments through professional development and certification, economic mobility, and company ownership opportunities (e.g., equity participation and future franchise opportunities). Since its inception, MiniLuxe has performed over 3.5 million services.
About Flow Capital
Flow Capital is a diversified alternative asset investor and advisor, specializing in providing minimally dilutive capital to emerging growth businesses. For more information on Flow Capital, please visit www.flowcap.com.
For further information, please contact:
Flow Capital Corp.
Alex Baluta
Chief Executive Officer, Flow Capital Corp.
alex@flowcap.com
47 Colborne Street, Suite 303,
Toronto, Ontario M5E 1P8
MiniLuxe Holding Corp.
Christine Mastrangelo
Corporate Secretary and Investor Relations, MiniLuxe Holding Corp.
cmastrangelo@miniluxe.com
www.miniluxe.com
Certain statements herein may be “forward-looking” statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Flow or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward-looking statements. These forward-looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Flow assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances.
