Wingspire Capital provided a $40 million senior secured loan to Moran Foods dba Save-A-Lot. The loan was part of a $150 million revolving line of credit among a group of three lenders. Loan proceeds were used to repay existing debt and support Save-A-Lot’s operations and transformation plan.
Founded in 1977, Save-A-Lot is a discount grocery store chain in the U.S. with more than 1,100 corporate and licensed stores in 33 states and 14 wholesale distribution centers. Save-A-Lot stores remain open and continue to provide products during the COVID-19 pandemic. In March, Save-A-Lot announced its plan to hire more than 1,000 employees to immediately fulfill job opportunities throughout the U.S.
“Save-A-Lot is one of the great discount grocery retail chains in the U.S.,” David Wisen, CEO of Wingspire Capital, said. ”It provides significant value to its customers and is essential to the communities it serves. That strong relationship has been demonstrated clearly during the COVID-19 pandemic. Wingspire’s senior secured financing will allow Save-A-Lot to continue to serve these communities with essential food and household items, and is a good example of Wingspire’s dedication to continuing to provide quality financing to essential businesses as our country endures and ultimately emerges from this crisis.”
Wingspire Capital is a middle market-focused specialty finance firm that provides senior secured debt solutions.