Wingspire Capital announced the funding of a $60 million senior secured working capital facility to Franchise Group Inc., the owner and operator of franchised retail stores.

Proceeds were used to refinance the borrower’s existing ABL credit facility in addition to providing a more flexible and cost-effective credit facility for the company going forward.

The new credit facility will also enable the borrower to support its growing portfolio of retail franchises including Buddy’s Home Furnishings, The Vitamin Shoppe, Liberty Tax Service, and American Freight.

“Wingspire is excited to work with a great management team that was not only able to manage their cash flows and liquidity through the pandemic, but also grow them due to high demand for their essential and durable goods that are attractively priced,” said James Garlick, Managing Director and Head of Originations at Wingspire Capital.