KITS Eyecare establishes CA$15m ABL facility with Bank of Montreal

Kits Eyecare Ltd. (“KITS” or the “Company”) a leading vertically integrated eyecare provider announced that it has entered into a new three-year Asset-Based Lending (ABL) facility with Bank of Montreal (BMO), effective November 24, 2025. The facility provides borrowing capacity of CA$15m, with the option to increase to CA$2m, priced at approximately Prime + 1 per cent.

Concurrently, KITS fully repaid its Business Development Bank of Canada (“BDC”) term loan, originally issued on March 26, 2019, with an initial principal of CA$23.4m and a scheduled maturity date of March 15, 2026. KITS completed the final CA$1m payment on November 21, 2025, retiring the loan more than four months ahead of schedule. In 2025, KITS made CA$4.8m year-to-date in total payments to close the facility. KITS has no outstanding long-term debt.

“As we enter our next phase of growth, we are excited to partner with one of Canada’s largest banks to access cost efficient capital that allows us to scale into this growth,” said Co-Founder and CEO, Roger Hardy. “BDC has been an outstanding partner and great supporter from the beginning. This enhanced liquidity provides access for further investment as we continue to make eyecare easy for all customers across North America.”

Partner Commentary:

Nick Drake, Business Development Bank of Canada (BDC), added:
“Our partnership with KITS Eyecare has been excellent. Management has leveraged our capital to build a dynamic, locally headquartered company that will benefit the region for years to come. The team’s vision and execution have consistently impressed us, and they paid off their facility ahead of schedule. It has truly been a pleasure working with them and we look forward to the company’s next chapter.”

Asset Based Lending, Bank of Montreal (BMO), said:
“KITS is a major player in the consumer industry. We are excited to partner with KITS to provide the additional capital for continued growth.”

Source: KITS