Schottenstein affiliate Second Avenue Capital Partners (SACP) is serving as administrative agent on a $120 million senior secured revolving line of credit for The Aaron’s Company, a company in lease-to-own and purchase solutions for furniture, consumer electronics, home appliances and more. The new asset-based credit facility, provided by SACP along with Pathlight Capital, is a component of the broader financing package arranged to support the take-private acquisition of Aaron’s by IQVentures, a fintech sponsor.
“The Aaron’s acquisition was a highly structured transaction, with a dual focus on delivering value to the previous shareholders while positioning the Company to accelerate growth and innovation for the benefit of Aaron’s customers,” Cory Miller, president of IQVentures, said. “To achieve this, we needed a financing partner who understood the nuances of the deal and had the capability and commitment to see it through. SACP proved to be exactly that partner, delivering on their promises and supporting our vision for the future of the Company.”
“SACP is known for handling complex transactions quickly and efficiently, and we’re proud of our ability to work seamlessly with our deal partners,” Michael Russell, managing director of SACP, who spearheaded the underwriting for this credit facility, said. “From the dedicated Aaron’s leadership team, to the professionals at IQVentures, as well as the legal and financial advisors and financing partners, closing the Aaron’s acquisition was truly a collaborative effort.”
The transaction represents SACP’s commitment to providing creative and customized lending solutions to companies across various industries. Partnering with IQVentures and Aaron’s underscores SACP’s dedication to supporting established businesses that offer unique and necessary services to their customers.
“As a firm focused on fostering growth for our clients, we are excited to help usher Aaron’s into this new phase of the company’s transformation,” Michael Sullivan, managing director of SACP, said. “We’re proud of our track record helping companies like Aaron’s access the capital they need to execute their strategic initiatives and continue serving their customers. Our data-driven team adapts to changing deal conditions while ensuring reliable execution every time.”
