Second Avenue Capital Partners, a Schottenstein Affiliate specializing in asset-based loans for the broader retail and consumer products industry, closed on a $10 million senior secured credit facility to Northern Reflections Limited, a privately-held retailer of women’s apparel based in Canada. The credit facility will be used to refinance existing debt and will provide the company with enhanced flexibility to explore future growth opportunities.
Northern Reflections recently completed a corporate and financial restructuring with an investment from JAMCO Capital, a venture capital firm. JAMCO’s secured capital investment solidifies the plan that will maintain Northern Reflections’ 135-store footprint.
“We are excited about our partnership with Second Avenue Capital Partners,” Lalonnie Biggar, president of Northern Reflections, said. “SACP worked closely with us to provide a new facility that greatly improves our financial flexibility. In conjunction with JAMCO’s investment, this working capital facility ensures we are well-positioned to look beyond the effects of the ongoing pandemic and to explore growth opportunities in the market.”
“We’re pleased to work with the extraordinary team at Northern Reflections.” Chris O’Connor, president of Second Avenue Capital Partners, said. “As leaders in their retail market segment, Northern Reflections’ plan to enhance their position conveys a strong commitment to a loyal customer base and the 800 plus associates working in stores and related facilities across Canada. SACP has a passion for helping companies overcome challenges, and we believe our financing solution will help Northern Reflections build long-term success.”
