Second Avenue Capital Partners Provides US $ 10 Million Senior Secured Credit Facility to Northern Reflections
BOSTON, April 6, 2021 / PRNewswire / – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com) announced that it has closed on 10,000,000 USD senior secured credit facility to Northern Reflections Limited, one of from Canada largest private retailers of women’s clothing. The credit facility will be used to refinance existing debt and provide the Company with increased flexibility to explore future growth opportunities.
Northern Reflections recently completed a corporate and financial restructuring with an investment from JAMCO Capital, a leading venture capital firm. JAMCO’s guaranteed capital investment strengthens the plan for the future that will maintain the footprint of 135 Northern Reflections stores.
“We are delighted with our partnership with Second Avenue Capital Partners,” said Lalonnie Biggar, president of Northern Reflections. “SACP has worked closely with us to provide a new facility which significantly improves our financial flexibility. Together with JAMCO’s investment, this working capital facility ensures that we are well positioned to look beyond the effects of the ongoing pandemic and to explore growth opportunities in the market. ”
Founded in 1985 in Guelph, Ontario, Northern Reflections has grown into a trusted brand known for its fashionable and unique womenswear, designed to flatter while providing a comfortable fit. Today one of the largest private clothing retailers in Canada, Northern Reflections offers its customers affordable fashion in its 135 stores located coast to coast. Over the past year, the company has evolved and grown its web business to better serve customers during times of store disruption and to reach even more customers across the country.
“We are delighted to be working with the amazing team at Northern Reflections.” noted Chris O’Connor, president of Second Avenue Capital Partners. “As leaders in their retail market segment, Northern Reflections’ plan to improve their position reflects a strong commitment to a loyal customer base and the 800 associates and more working in stores and related facilities across Canada. SACP is passionate about helping businesses overcome challenges, and we believe our financing solution will help Northern Reflections build long-term success. “
About Second Avenue Capital Partners – Second Avenue Capital Partners, LLC (“SACP”) (www.secondavecp.com), a subsidiary of Schottenstein, specializes in asset lending for the broader retail and consumer products industry. Serving mid-market companies, SACP draws on the experience of retail operators, product merchants and lenders to deliver a range of customized capital solutions. A unique business perspective gives SACP the ability to recognize and unlock the value of assets that other capital providers often overlook or don’t understand. The Company’s tailored financial solutions are a vital resource for clients seeking capital to execute their strategy and achieve their financial goals. The SACP is headquartered in Boston with additional offices at new York, Columbus and Los Angeles.
About Northern Reflections – Founded in 1985, Northern Reflections (www.northernreflections.com) offers moderately priced clothing nationwide, strategically focused on the largely underserved demographic of women aged 45 and over. The brand has evolved over the years as stylish and comfortable garments for multiple occasions that flatter the figure for a mature figure. The company’s talented in-house design team creates unique and trendy collections that are produced in easy-care fabrics, with an emphasis on durability and fit.
Northern Reflections in-store associates are style experts who help coordinate, accessorize and create outfits, or entire wardrobes, that meet the needs of its customers. Whether it’s shopping online, over the phone or in person, its customers can always count on a commitment to an honest and friendly shopping experience. Although the business of the company has grown and fashions have evolved over the years, the vision has remained the same since day one of its opening: Northern Reflections is dedicated to its customers, passionate about its brand and inspired. by its people.
About JAMCO Capital Inc. – JAMCO Capital Inc. (www.jamcocapital.com) is a family office venture capital firm that actively invests its own capital and operating knowledge in a diverse group of businesses and investments. JAMCO connects businesses with the capital they need to grow and prosper. JAMCO’s intention is to build its investments in one of two ways: either on an intergenerational basis to create a lasting impact on the lives of its partners, employees, families and community; or, on a time-limited basis, to create as much value as possible and then exit a trade.
SOURCE Second Avenue Capital Partners, LLC