September 13, 2021
ATLANTA – SEPT. 13, 2021 — Wingspire Capital LLC (“Wingspire”) announced today that it has agented a $200 million senior secured credit facility to Maurices Incorporated (“Maurices”), a U.S.-based women’s clothing retail chain with 898 stores in the U.S., Canada and at www.maurices.com. The credit facility consists of a $100 million revolving line of credit and a $100 million term loan.
Founded in 1931, Maurices is positioned as a “hometown retailer,” offering a unique blend of style, service and community. Maurices was acquired in 2019 by OpCapita LLP, a private equity firm specializing in the retail, consumer and leisure industries.
Leveraging its deep roots, Maurices has achieved national scale and has a well-defined omnichannel strategic model with a clear value proposition. Maurices used the loan proceeds to support growth initiatives, refinance its prior senior credit facility, and pay a dividend to its shareholders.
“One of Wingspire’s guiding principles is to elevate the success of the organizations we work with including our borrowers, our referral sources and our lending partners. We are proud to have delivered on that principle as we worked closely with the experienced team at Maurices, the investment bankers at PJ Solomon and the lending team at SLR Credit Solutions to close this credit facility within a challenging timeline,” said John Rosin, President & COO of Wingspire.
Joe Stein, Managing Director of PJ Solomon and head of their Financing Advisory practice, who referred the transaction stated: “Wingspire was first-rate and a true partner in this critical financing from start to finish. They were efficient and constructive at every turn to meet Maurices timeframe and objectives.”
ABOUT WINGSPIRE CAPITAL
Wingspire Capital is a middle market-focused, specialty finance firm that provides asset-backed credit facilities to businesses across all industries. Wingspire Capital. Our depth of experience across all debt products and industries enables our firm to be creative and flexible in our approach, and the lender of choice for companies across all stages of growth and complexity. The commitments for our credit facilities range in size from $20 to $200 million.
Wingspire is a portfolio company of Owl Rock Capital Corporation (NYSE: ORCC), which is externally managed by Owl Rock Capital Advisors LLC, an SEC-registered investment adviser. Owl Rock is a division of Blue Owl Capital (NYSE: OWL), an alternative asset manager with approximately $62 billion of assets under management as of June 30, 2021. For further information, visit wingspirecapital.com.
ABOUT PJ SOLOMON
Founded in 1989, PJ SOLOMON is a leading financial advisory firm with a legacy as one of the first independent investment banks. Our difference is unmatched industry knowledge in the sectors we cover, creating superior value through unrivaled wisdom for our clients. We advise clients on mergers, acquisitions, divestitures, restructurings, recapitalizations, capital markets solutions and activism defense across a range of industries. PJ SOLOMON is an independently operated affiliate of Natixis, part of Groupe BPCE. For further information, visit PJSOLOMON.COM.
Maurices is a women’s specialty apparel retailer that celebrates feel good fashion for real life ™. With inclusive sizing from 0-24, Maurices is famous for its service and versatile styles including key categories such as denim, tops, dresses and lounge. Established in 1931, Maurices operates 898 stores in communities across the U.S. and Canada and offers even more fashion at www.maurices.com. Maurices is headquartered in Duluth, Minnesota and has a design studio in New York. To read more, visit www.maurices.com.
ABOUT SLR CREDIT SOLUTIONS
SLR Credit Solutions (f/k/a Crystal Financial), a portfolio company of SLR Investment Corp. (Nasdaq: SLRC)., is a leading provider of direct private credit focused on originating, underwriting, and managing both asset-based and cash flow financings from $25 – $125 million to middle-market companies. Since its inception in 2006, its team of experienced, responsive professionals have provided more than $4 billion in secured debt commitments across a wide range of industries. For more information, please visit www.slrcreditsolutions.com.