Second Avenue Capital Partners and CIT Northbridge Credit closed a $60 million senior secured credit facility for Stock+Field, a farm, home and outdoor retailer. Stock+Field, formerly known as Big R Stores, will use the credit facility to support new growth opportunities and provide additional working capital for the company.
Opening their first store in 1964 in Watseka, Illinois, Bill and Pat Crabtree originally operated the company under the Big R Stores banner. In the decades since, the company has grown to 25 stores located in Illinois, Indiana, Michigan, Ohio and Wisconsin.
“We are very excited to be working with Second Avenue Capital Partners and CIT Northbridge. This is an important and beneficial relationship for us as we look to the future and plan for additional growth,” Matt Whebbe, chairman and CEO of Stock+Field, said. “Building on the momentum from our rebranding last year, we wanted a lender that could help us achieve our strategic initiatives.”
“Matt came to us with a plan to reintroduce the new Stock+Field brand to the communities they served under the old Big R banner for decades,” Chris O’Connor, president of Second Avenue Capital Partners, said. “We understood his vision and we look forward to helping him achieve that goal. Matt’s plan will ensure the retention of their core customer and expand on that base by appealing to a rural lifestyle consumer with their broad product assortment. We worked very quickly in conjunction with CIT Northbridge to provide the financing Stock+Field required and the flexibility to put their plan into action.”
“The management team at Stock+Field have a clearly defined plan to continue the development of their business,” Neal Legan, who leads CIT Northbridge, said. “We are pleased to work with SACP and have the opportunity to support Stock+Field’s continued success.”
Second Avenue Capital Partners is a finance company specializing in asset-based loans for the broader retail and consumer products industry.
CIT Northbridge Credit supports middle-market companies with asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
