Mountain Ridge Capital (MRC) closed a $10 million senior secured credit facility for a California-based designer and marketer of fitness and athleisure apparel sold in fitness studios worldwide. The MRC facility was used to refinance existing senior debt and will be utilized for working capital purposes as well as to support continued growth across the company’s brand portfolio. MRC provided a revolving facility that maximized availability against accounts receivable and inventory held at the company’s third-party logistics facility in Mexico.
“We are excited to partner with this founder-led business. This transaction demonstrates MRC’s ability to understand a unique business model and tailor a financing solution to the company’s strategic growth plan,” Scott Elliotto, senior managing director of MRC, said.
Full Send Partners, a middle-market investment bank, served as exclusive financial advisor to the company.
“It was a pleasure working with the MRC team,” Gayane Kirakosyan, managing director and head of capital markets at Full Send Partners, said. “Given the complexities of the company’s cross-border collateral, inventory-heavy borrowing base and timing constraints, finding the right financing partner was critical. MRC understood the opportunity and brought a flexible, resourceful and collaborative approach to the process. Together, we were able to navigate the structural challenges and deliver a financing solution that supports the company’s long-term growth.”
