Salus Capital Closes $20 Million Facility for Retailer Big M
Salus Capital Partners provided a $20 million senior secured working capital facility to Big M, Inc., an apparel and accessories retailer operating under the Mandee and Annie Sez brands. The financing was arranged by GRL Capital Advisors, and will be used by Big M to refinance its existing credit facility and provide working capital for general corporate purposes.
“Big M is pleased to announce our partnership with Salus Capital Partners and completion of our ABL agreement. Salus Capital and their representatives have been very diligent and expedient in completing our loan agreement. We look forward to working with Salus Capital and appreciate their support,” said Alan Mandelbaum, president of Big M.
“Salus Capital is proud to be partnering with Big M and the Mandelbaum family with a relevant capital solution that will assist the company in executing its strategic initiatives,” said Hannah C. Sandrowski, vice president, Loan Originations and Corporate Strategy of Salus Capital. “As a subsidiary of Harbinger Group, we are committed to iconic and established companies like Big M that have been operating successfully in the middle market for many years.”
Big M is a New Jersey-based fourth-generation, family-owned business started in 1945. Big M, Inc. is the parent company of two divisions of women’s specialty stores, Mandee and Annie Sez, with 120 locations in eight states, as well as Afaze stores, which is a jewelry and accessories specialty retailer with ten locations in three states.