Pathlight Capital, LLC, a portfolio company of Sycamore Partners, today announced it will serve as the Administrative and Co-Collateral Agent on a $28 million secured term loan facility to Birks & Mayors, Inc., a retailer of fine jewelry headquartered in Montreal, Canada. The $28 million term loan, which matures August 2018, amends the company's $18 million Term Loan and provides additional liquidity. The Junior Capital Division of Wells Fargo Capital Finance, part of Wells Fargo & Company, will serve as the Co-Collateral Agent on the facility.
"We are excited to be Birks & Mayors' new financial partner. Our creative structure provides additional liquidity to fuel the Company's growth initiatives. We are excited to work with the Birks & Mayors management team in growing our relationship," said Daniel Platt, Chief Executive Officer of Pathlight Capital.
"We are pleased to have entered into this new agreement with Pathlight Capital; the improved credit structure will provide us with greater financial flexibility. Pathlight's deep knowledge of the retail and jewelry industries allowed them to quickly deliver a comprehensive financial solution," said Michael Rabinovitch, CFO of Birks & Mayors.
Pathlight Capital is a commercial finance company dedicated to providing creative financing solutions sized between $10MM-300MM. Pathlight specializes in providing secured loans to companies in the consumer and retail sector, but has the flexibility and experience to provide custom solutions in a variety of industries and situations. Pathlight is a portfolio company of private equity firm Sycamore Partners.
Sycamore Partners is a private equity firm based in New York specializing in consumer and retail investments. The firm has more than $1 billion in capital under management. The founders of Sycamore have a long history of partnering with management teams to improve the operating profitability and strategic value of their businesses.
Wells Fargo Capital Finance is the trade name for certain asset-based lending, accounts receivable and purchase order finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally.