Daily News: April 24, 2019

Burnley Capital Provides $3MM Revolver to Support Grodeckers Acquisition

Burnley Capital closed a $3 million asset based revolving credit facility to support Goedekers‘ acquisition by 1847 Holdings and to provide growth capital to the company.

Goedekers, established in 1959, is an independent e-commerce retailer of major appliances, furniture and other home related products, including electronics, plumbing, fireplaces and bedding.

Daniel O’Rourke, co-founder and CEO at Burnley Capital, said, “We are pleased to provide this financing for a great e-commerce company like Goedekers. Our group at Burnley was able to add value throughout the process and we look forward to continuing to support the management team at Goedekers and 1847 Holdings to work together to support its goals and objectives for future profitability and growth.”

Ellery Roberts, CEO and founder of 1847 Holdings said, “Goedekers is a valuable acquisition and we are proud to make it one of our operating subsidiaries. Burnley was very efficient, and we look forward to our continued relationship.”

Burnley Capital is a Boston- and Minneapolis-based finance company focused on providing senior secured loans to lower and middle-market companies across various industries, including retail, consumer products and C&I.