Daily News: December 17, 2014

Crystal Closes $33MM Term Loan for Berks Group

Crystal Financial announced the closing of a $33 million second lien term loan for Birks Group.

The facility refinanced the company’s existing term loan and provided for additional flexibility as the company continues to implement its operational plans focused on new store openings, store remodels and launching new merchandise offerings. The loan matures in August 2018.

“Birks Group has a long history of offering its customers unique, luxury products and exceptional service and we are delighted to have the opportunity to partner with the company”, commented Rebecca Tarby, managing director at Crystal. “The management team has demonstrated a commitment to enhancing the company’s performance and we look forward to working with them as they achieve their goals”.

“This transaction represents the second time our company has worked with the principals at Crystal as a critical partner to our financial success. Not only does Crystal have an in-depth understanding of our business and the retail industry in general but Crystal worked collaboratively with our existing asset-based lender and provided a differentiated solution”, stated Jean-Christophe Bédos, president and CEO of Birks Group.

Birks Group is an operator of luxury jewelry stores in Canada and in the U.S.