Second Avenue Capital Partners closed on a $30 million senior secured term loan for UNTUCKit, a retail apparel brand. UNTUCKit will use the term loan to restructure existing debt and provide the company with the financial latitude to continue its pre-COVID-19 pandemic growth trajectory.
“After a difficult period for all retailers, we wanted to restructure our debt to better position UNTUCKit to serve our loyal customers as they return to work and socializing outside the home,” Aaron Sanandres, CEO and co-founder of UNTUCKit, said. “Second Avenue Capital Partners worked closely with us to manage the complexity of our situation and develop a bespoke solution that worked for all of our stakeholders. They delivered on their promises and they did so on an extremely tight timeline. We’re excited to have them as our partner.”
Founded in 2011 in New York City, UNTUCKit is a manufacturer and distributor of shirts designed specifically to be worn untucked. The brand offers 50 fit combinations and 13 product categories.
“UNTUCKit is a brand our team is familiar with because we’re all customers,” Chris O’Connor, president of Second Avenue Capital Partners, said. “Much like our own office, workplaces in general have increasingly become more casual and now, post-pandemic, we see that trend skyrocketing. UNTUCKit is well-positioned as the original go-to brand in this casual/dress dynamic and their meteoric growth will continue. We’re excited to partner with this founder-driven company and be a part of their success story.”
