Maurices completes refinancing, adds new lender
Maurices, a “size-inclusive” women’s apparel retailer, has completed a refinancing transaction that, among other things, expands and deepens its lending relationships.
The transaction expands the company’s longstanding relationship with lending partners Wingspire Capital and Tiger Finance, with Second Avenue Capital Partners joining the financing relationship. It also strengthens Maurice’s capital structure through extended maturities and lower borrowing costs. The refinancing is expected to enhance financial flexibility while supporting the company's long-term strategic objectives.
Founded in 1931, Maurices operates more than 800 stores across the U.S. and Canada. The company is headquartered in Duluth, Minn.
“This refinancing represents an important milestone for Maurices attributable to the success of our business turnaround and strong team,” said COO Brent Hickman. “It further reflects the confidence our lending partners have in our business, our performance, and our future. As we approach our 96th year of serving customers, this strengthened capital structure provides greater flexibility to invest in the business, continue executing our growth strategy, and serve our customers for years to come.”
Maurices was advised by Houlihan Lokey's Capital Solutions Group, which served as exclusive placement agent and assisted the company in arranging, structuring, and negotiating the financing. Orbin & Company, LLC also served as an advisor to Maurices.
"Wingspire has been proud to support Maurices for a number of years, and we're thrilled to extend that relationship through this refinancing," said David Wisen, founder and CEO of Wingspire Capital. "It reflects our continued confidence in the business and its leadership team, and we look forward to supporting the company's continued growth alongside Tiger and Second Avenue."
Maurices’ new lender, Second Avenue Capital Partners, is a Schottenstein affiliate, specializes in asset-based loans for the broader retail and consumer products industry.
"Tiger is pleased to continue its partnership with Maurices and to welcome Second Avenue Capital Partners to the upsized FILO term loan facility," said Andy Babcock, senior managing director of Tiger Finance. "Together with Wingspire, we are excited to provide the capital and flexibility that will allow the company to execute on its long-term strategy."
