Crystal Financial closed a $55 million senior credit facility for Lacks Valley Stores. The facility consists of a $15 million revolving line of credit and a $40 million term loan.
Founded in 1935 in McAllen, TX, Lacks operates eleven stores and one clearance center throughout South Texas. The stores offer a wide assortment of furniture, appliances, electronics, mattresses and decorative accessories. The company also provides its customers with an array of financing options through an internally managed credit program.
Proceeds from the financing will be used to refinance existing debt, extend maturities and provide additional liquidity for working capital needs.
“The professionals at Crystal are well known for their expertise in financing retailers and providing financing structures that meet the complex needs of our industry. They demonstrated a quick understanding of our history and operating model, and we are confident they will be a strong partner in helping us achieve our current objectives,” said Lee Aaronson, Lacks president and CEO.
Matt Governali, managing director of Crystal Financial added, “Lacks has been a provider of home furnishing solutions to Rio Grande Valley customers for decades. We are pleased to be working with Lee and his team as they continue to serve their existing customer base and grow the business.”
Founded in 2006, Crystal Financial provides direct private credit focused on originating, underwriting and managing both asset-based and cash flow financings to middle-market companies. It is a portfolio company of Solar Capital.
