Wingspire Capital Provides $60 Million Senior Secured Financing to Franchise Group Inc.
October 29, 2020
Source: Wingspire Capital
Wingspire Capital LLC (“Wingspire”) is pleased to announce 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.
ABOUT WINGSPIRE CAPITAL
Wingspire Capital focuses on the upper tier of the senior secured asset-based lending (ABL) market by providing revolving credit lines and term loans ranging from $20 to $200 million. The Atlanta-based company serves mid-sized public and private businesses across numerous industries including manufacturing, distribution, retail, logistics, automotive, energy, consumer products, hospitality, lender finance and business services. Wingspire’s loans are secured by assets such as accounts receivable, inventory, equipment, real estate and intellectual property. Wingspire is a portfolio company of Owl Rock Capital Corporation (NYSE: ORCC). ORCC is externally managed by Owl Rock Capital Advisors LLC, an SEC-registered investment adviser that is an affiliate of Owl Rock Capital Partners. Owl Rock Capital Partners, together with its subsidiaries, is a New York based direct lending platform with over $20 billion of assets under management as of September 30, 2020. For more information about Wingspire, please visit wingspirecapital.com.