Pathlight Capital served as the documentation agent on a $425 million SPV ABL facility and $120 million retail inventory ABL facility for The Aaron’s Company, an omni-channel provider of lease-to-own and retail purchase solutions. Proceeds from the facilities were used to finance the take private of the company by IQVentures and to fund ongoing working capital needs of the business.
“It was a pleasure working with Pathlight on this transaction,” Cory Miller, president of IQVentures, said. “They were a thoughtful partner throughout the process and spoke confidently to provide debt in different parts of the capital structure.”
“The Pathlight team is thrilled to help support IQVentures in this transaction,” Kenny Smith, managing director at Pathlight, said. “Cory and his team have a strong vision for the continued legacy of Aaron’s. Further, we are appreciative of the opportunity to work with Second Avenue Capital Partners, as agent of the retail ABL facility, a group we have known and respected for many years.”
“This transaction takes place at the intersection of two industries Pathlight knows very well, retail and specialty finance,” Tyler Harrington, managing director at Pathlight, said.
