Wells Fargo Capital Finance Provides $140 Million to Brookstone
The Retail Finance and Retail Junior Capital teams at Wells Fargo Capital Finance, part of Wells Fargo & Company, provided Brookstone with $140 million in financing, which will be used to refinance existing debt from another lender and for general working capital purposes. The financing package includes a $100 million revolver and a $25 million committed accordion facility, as well as a $15 million senior secured term loan.
Founded in 1965 and headquartered in Merrimack, NH, Brookstone is a multichannel lifestyle specialty retailer and product development company offering an assortment of consumer products that are functional in purpose, distinctive in quality and design, and not widely available from other retailers.
“In selecting a bank to lead our new credit facilities, we determined that Wells Fargo Capital Finance was best suited to manage and execute the transaction,” said Tom Moynihan, vice president and chief financial officer of Brookstone. “We appreciate the creativity and support we received from the Retail Finance and Retail Junior Capital teams at Wells Fargo Capital Finance in both implementing the new facilities and assisting with moving all treasury management to Wells Fargo bank. The team took the time to understand our needs when structuring the new facility, and we look forward to a mutually beneficial relationship for years to come.”
“We are happy to enter into this new financing relationship with Brookstone and its senior management team,” said Keith Vercauteren, head of the Retail Finance division of Wells Fargo Capital Finance. “This is a win for both sides. With this new relationship, we are extremely fortunate to add a company with a reputation as high caliber as Brookstone’s, and Brookstone was able to obtain a one-stop solution to their capital needs. We look forward to a long and successful working relationship with Brookstone.”
“The senior management team at Brookstone approached us with a unique financing request that required a lender with retail expertise and product breadth,” said Adam Salter, managing director of the Retail Junior Capital division at Wells Fargo Capital Finance. “Wells Fargo Capital Finance was a natural fit. Because Retail Junior Capital’s term loan product complements the Retail Finance product so well, we were able to customize a comprehensive financing program that allowed the company to satisfy their financing needs through only one financial institution.”