Pathlight Capital and S.P. Richards Company have completed a $100 million Last-out transaction (the “Last-out”) as part of a Wells Fargo led $275 million Senior Secured Revolving Credit Facility. S.P. Richards is a leading national business products wholesaler that distributes furniture, technology, facility breakroom, and other office products.

The Facility, which closed on October 5, 2021, will refinance the existing revolving credit facility, and provide the Company with financial flexibility and liquidity to execute on its strategic initiatives. The $100 million Last-out was fully funded at close.

Mike Maggio, Chief Executive Officer of S.P. Richards commented, “We are excited to be working with the world class team at Pathlight. They have already proven to be a creative business partner and we are fortunate to have their support as we expand and grow our company.”

Steven Migliero, Managing Director of Pathlight Capital commented, “We are delighted to partner with the outstanding management team at S.P. Richards to help support their growth initiatives and continued path to becoming the redistributor of choice to independently owned resellers.”