WFCF Arranges Harry & David Credit Facility
Wells Fargo Capital Finance announced it acted as sole lead arranger and bookrunner on a $100 million senior secured credit facility that will be used for working capital and general corporate purposes for Harry & David, one of America’s leading specialty retailers.
Harry & David recently received recognition as Large Company Turnaround of the Year by the Turnaround Management Association. On September 17, Harry & David released its year-end results for fiscal 2013 and announced a 6% growth in comparable sales as well as a 17% growth in EBITDA, which was the highest level in five years. The company also announced a turnaround in customer file trends – posting a 10% growth in its customer file following many years of declining file size.
“Many of us grew up enjoying the great products of Harry & David so we were very pleased to have been able to complete such important financing that will allow them the financial flexibility to make strategic business decisions,” said Keith Vercauteren, head of the Retail Finance division at Wells Fargo Capital Finance. “It’s important to Wells Fargo Capital Finance to support leading retailers that consumers value. We look forward to supporting this specialty retailer as they continue to grow.”
“We are very excited to be working with another iconic brand, Wells Fargo, to provide us with the liquidity we need to run our business and build upon our own brand and business momentum,” said Michael Schwindle, chief financial officer at Harry & David. “This new credit facility is a significant step forward for our company, providing us with great partners as well as greater flexibility which will enable our strategies for profitable business growth.”