Daily News: January 12, 2012

Wells Fargo Capital Finance Provides $25 Million to Ultra Diamonds

The Retail Finance team at Wells Fargo Capital Finance, part of Wells Fargo & Company, provided Ultra Stores, Inc. a $25 million senior secured revolving credit facility, which will be used for ongoing working capital and other corporate purposes.

Founded in 1991, Ultra Diamonds is the fifth largest fine jewelry chain in America. It operates 138 locations in 34 states with the corporate home office located in Chicago.

“We are excited to enter into this new relationship with Wells Fargo Capital Finance,” said Daniel Marks, president and CEO of Ultra Diamonds. “With this new facility, we now have the flexibility necessary to support our future growth and execute on our strategic plans.”

“We are pleased to have provided Ultra Diamonds this financing,” said Keith Vercauteren, head of the Retail Finance division at Wells Fargo Capital Finance. “We look forward to working with the senior management team at Ultra as the company continues to grow and succeed.”

Wells Fargo Capital Finance provides traditional asset-based lending, specialized senior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and Canada.