Gibraltar Business Capital provided a $10 million asset-based loan to Scent Beauty, a multi-brand beauty products company.
Founded in 2019, Scent Beauty has developed a multi-brand, omnichannel, integrated direct-to-consumer (DTC) approach to marketing and delivering fragrances and home scents, as well as skin care, hair and wellness products. The growth of its diverse business lines, accelerating consumer preference for DTC beauty purchases and its growing retailer customer base resulted in a need for an asset-based credit facility to finance the expansion of its working capital.
Scent Beauty hired Brooks, Houghton & Company, a New York-based merchant banking firm, to identify a financing partner to assist the company. Gibraltar Business Capital saw strength in Scent Beauty’s management team’s track record with similar companies, the company’s established strategic partnerships and the strong capitalization of the company’s balance sheet.
“Gibraltar’s team completed the due diligence necessary to understand Scent Beauty’s story and success,” Jim Shiah, CFO and co-founder of Scent Beauty, said. “GBC’s entire team invested in the process and truly got to know our business and our team. This gave us confidence we were choosing a lending partner who could support our growth.”
Scent Beauty has developed or licensed numerous brands, including Stetson, Dolly Parton, Kylie Minogue, Sabrina Carpenter, The Phluid Project, K3 by Kenzo Takada and Estate of Whitney Houston. The company’s long-term growth model involves adding new brands, further improving its DTC experience and expanding its growing retailer network.
