Canadian Tech-Forward Property Management Firm, Tribe, Secures CA$15M Credit Facility to Bolster M&A Initiatives

Tribe Property Technologies Inc. (TSXV: TRBE) has announced the acquisition of a substantial credit facility amounting to CA$15 million. The move signifies Tribe’s resolute commitment to expanding its Mergers and Acquisitions (M&A) endeavors in collaboration with a prominent Canadian Schedule A Bank’s Technology and Innovation Banking arm.

Tribe Property Technologies, a frontrunner in technology-driven property management solutions, signed a definitive loan agreement for the substantial credit facility. This facility encompasses a CA$3 million operating line intended to support the company’s working capital needs, coupled with a CA$7 million M&A facility. Importantly, this M&A facility boasts an additional accordion feature, paving the way for an extended CA$5 million credit, culminating in a total of CA$15 million in non-dilutive capital.

The agreement, inked on Thursday, October 5, 2023, comes with a competitive interest rate of prime + 2.65% per annum for both credit facilities, enhancing Tribe’s financial stability and fueling its strategic growth initiatives. Joseph Nakhla, CEO of Tribe, expressed enthusiasm about the milestone, emphasizing the vital role this financing facility plays in the company’s M&A growth strategy. Nakhla stated, “Executing this financing facility is an essential piece of our M&A growth strategy as it provides us with access to non-dilutive capital which will be beneficial to our long-term capital structure, as well as aid in accelerating our growth plans.”

Tribe Property Technologies Inc. stands at the forefront of property technology, revolutionizing the conventional property management industry. Its tech-forward approach combines integrated service-technology delivery to cater to a diverse array of stakeholders, surpassing the capabilities of traditional service providers. Tribe’s mission involves acquiring high-value targets within the fragmented North American property management industry and modernizing them through streamlined operations and digitalization. This innovative platform lowers customer acquisition costs, enhances customer retention, and opens avenues for value-added products and services, all under the Tribe banner. The acquisition of the CA$15 million credit facility positions Tribe for significant expansion and innovation within the property management sector.