Mountain Ridge Capital closed a $30 million senior secured credit facility for a Midwest-based designer and manufacturer of footwear, slippers and hosiery and a $25 million senior secured credit facility for a West Coast-based manufacturer and distributor of action sports products.
The footwear manufacturer used the $30 million facility to refinance the debt of a nonbank lender and will use the remaining funds to achieve company growth objectives and manage the ebbs and flows of its seasonal industry.
“Partnering with a local, family-owned business to provide the flexibility it needs to thrive is an ideal outcome for MRC,” Jay Fabian, managing director at Mountain Ridge Capital, said. “The ability to provide tailored financing structures that suit the unique needs of our borrowers will only become more crucial going forward in what is a very competitive financing market. We look forward to a fruitful partnership with the company.”
Fort Dearborn Partners served as investment bank and advisor on this transaction.
The action sports products manufacturer used the $25 million facility to refinance the debt of a national commercial bank and will be use the remaining proceeds going forward to achieve company growth and operational objectives.
“MRC occupies a crucial role in the middle market as credit continues to tighten and borrowers are seeking more flexible alternatives that provide incremental liquidity and more creative solutions,” Fabian said. “In this instance, the enhanced liquidity that MRC provided will allow the borrower to capitalize on its robust backlog and execute its growth plan. We look forward to a long, productive partnership with the borrower.”
Livingstone Partners served as investment bank and advisor on this transaction.
