Siena Lending Group completed a three-year senior secured credit facility for Encyclopædia Britannica and its wholly-owned subsidiary, Merriam-Webster.
The credit facility, which included an asset-based revolver and a term loan, was used to refinance existing senior indebtedness and to provide additional working capital for the businesses in the U.S.
Portage Point Partners worked in partnership with the company’s management team to formulate an organizational restructuring and performance improvement plan, as well as provide debt advisory leading to a successful refinancing.
David Grende, president and CEO of Siena Lending Group, said, “We are very pleased to provide the credit facility to Encyclopædia Britannica and Merriam-Webster, two iconic brands, allowing the company to continue to expand and develop in the digital academic and language resource sectors. We were able to understand the company’s evolution and unique business model and provide a flexible financing solution to meet its needs.”
Jorge Cauz, president of Encyclopædia Britannica, said, “Siena’s custom solutions meet Britannica’s unique business needs superbly. They will be an excellent partner for us as we pursue new growth opportunities and, at the same time, efficiently manage the seasonal nature of our business.”
Portage Point Partners is an interim management, advisory and investment firm partnering with middle market companies.
Siena Lending Group is an independent commercial finance company offering asset-based loans between $1 million and $30 million to small and middle market businesses across the U.S.
With roots dating back to 1768 as a general knowledge encyclopedia, Encyclopædia Britannica has evolved into a provider of digital teaching solutions for the K-12 educational market and online reference materials primarily for the general public.