Maurices refinances debt, adds Second Avenue Capital as new lender
What's the deal? MauricesDealroom has a profile for this one. Try Dealroom →, a size-inclusive women's apparel retailer, has completed a debt refinancing that expands its existing lending relationships and brings in a new partner. The deal extends its longstanding ties with Wingspire Capital and Tiger FinanceDealroom has a profile for this one. Try Dealroom →, while Second Avenue Capital PartnersDealroom has a profile for this one. Try Dealroom → joins the financing.
What's the endgame? The refinancing extends maturities and lowers borrowing costs, according to the company. Founded in 1931, Maurices operates more than 800 stores across the US and Canada and is headquartered in Duluth, Minnesota.
Why now? Chief operating officer Brent Hickman tied the deal to the retailer's recovery. "This refinancing represents an important milestone for Maurices attributable to the success of our business turnaround and strong team," he said, adding it provides flexibility to invest and execute its growth strategy as the company approaches its 96th year.
Houlihan Lokey's Capital Solutions GroupDealroom has a profile for this one. Try Dealroom → served as exclusive placement agent, arranging and structuring the financing. Orbin & Company also advised Maurices.
Who's involved? Second Avenue Capital Partners, the new lender, is a SchottensteinDealroom has a profile for this one. Try Dealroom → affiliate that specialises in asset-based loans for the retail and consumer products industry. It joins an upsized first-in, last-out (FILO) term loan facility alongside Wingspire and Tiger.
"Wingspire has been proud to support Maurices for a number of years, and we're thrilled to extend that relationship through this refinancing," said David Wisen, founder and chief executive officer of Wingspire Capital.
The signal: The renewed backing signals lender confidence in Maurices' turnaround, with asset-based and FILO facilities remaining a common route for retailers seeking flexible capital to fund store operations and growth.
Read more: chainstoreage.com
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