PNC Bank announced a syndication of $210 million in senior secured revolving credit for grocery retailer Haggen, Inc., a portfolio company of Comvest Partners. PNC Capital Markets LLC syndicated the transaction as sole lead arranger and bookrunner, and PNC Bank is serving as administrative agent.
The company will use the funds to pay for the conversion of 146 acquired Albertsons and Safeway stores to Haggen branded stores and for ongoing working capital needs.
Based in Bellingham, WA, Haggen will operate more than 160 stores and 106 pharmacies in the Pacific Northwest, California, Nevada and Arizona following the acquisition.