Second Avenue Capital Partners and Crystal Financial closed a $40 million senior credit facility for JackRabbit, a retailer of athletic footwear, apparel, and accessories owned by affiliates of CriticalPoint Capital.
Proceeds from the transaction are being utilized for general working capital needs, to refinance existing debt, and to facilitate the acquisition of sporting goods retailer Olympia Sports.
JackRabbit offers products for runners, athletes, and fitness enthusiasts through its specialty retail stores in 17 states and the e-commerce sites www.jackrabbit.com and www.clevertraining.com. Olympia Sports and its e-commerce site www.olympiasports.net will become part of JackRabbit but will continue to operate under the Olympia Sports’ banner. The consolidated company will operate 135 brick and mortar stores in addition to the various e-commerce platforms.
In seeking a lending partner, CPC and JackRabbit had need for speed and certainty of execution.
“Crystal Financial and Second Avenue Capital Partners are nimble, non-bank providers of debt capital, and they were able to meet all our requirements,” said Brad Holtmeier, partner at CPC. “Their extensive experience working with retail and consumer products companies gave us tremendous comfort that we’re establishing a long-term partnership with firms who truly understand this industry.”