Second Avenue Capital Partners (SACP) closed a $17.5 million senior secured credit facility for Alex and Ani, creators of the iconic charm bracelet and affordable meaning-based jewelry. The credit facility will support ongoing working capital needs and allow the company to further develop business operations following a corporate restructuring.
Alex and Ani, founded in Rhode Island in 2004, produces artisan-crafted jewelry designed to empower customers to create custom jewelry mixes that are personally meaningful. Popularized by the novel and customizable nature of its patented sliding mechanism that replaces the traditional jewelry clasp on their wire bracelets, Alex and Ani has grown into a global brand with one-size-fits-all products. The company is renowned for its use of recycled materials that support the brand’s commitment to sustainability.
“This new credit facility from Second Avenue Capital Partners is affirmation of the resiliency of the reorganized Alex and Ani brand and even more so of our vision for the future,” Scott Burger, CEO of Alex and Ani, said. “We create jewelry that connects with a customer’s emotions. It was essential for us to partner with a lender that could appreciate the intangible value of that emotional connection and recognize the benefit it will have on our continued evolution. SACP’s vast expertise in the jewelry segment, along with their commitment to our goals, will help us optimize our capital structure to achieve short and long-term growth strategies.”
“Alex and Ani has embarked on a new journey this year,” Chris O’Connor, president of Second Avenue Capital Partners, said. “Expanded leadership has allowed the company to take a step back and focus on the foundation of the business. Alex and Ani cornered this market years ago and now they’re assembling the underlying structure to support the volume. They have an enormous opportunity for growth and we’re eager to help them achieve their objectives and execute on their strategy. SACP has become very adept at putting together flexible financing solutions for companies in the jewelry space, and we’re proud to welcome Alex and Ani as our newest client.”
The Alex and Ani transaction adds an affordable fashion jewelry brand to a portfolio that includes fine jewelry clients MARIA TASH and myGemma.