Daily News: May 28, 2013

Siena Lending Group Closes $7MM Facility for Lovesac

Siena Lending Group announced the completion of a $7 million senior secured revolving credit facility for Lovesac, an omni-channel retailer of revolutionary furniture products and accessories.

The facility will be used to support the company’s working capital and rapid expansion beyond its 49 U.S. stores, internet and mobile channels, and growing direct to consumer channels.

Lovesac is headquartered in Stamford, CT, and is owned by the consumer and retail-focused private equity fund Mistral Equity Partners.

David Grende, president and CEO of Siena Lending Group, said, “We are excited to be teaming up with this prominent consumer-focused equity sponsor. We also look forward to working with the company to help accelerate its fast-growth trajectory.”

Siena Lending Group is an independent commercial finance company offering asset based loans between $1 million and $20 million to small and middle-market businesses.