Second Avenue Capital Partners has provided IT’SUGAR with an $8 million senior secured revolving credit facility to support working capital and provide additional liquidity for growth.
Second Avenue Capital Partners, a Schottenstein affiliate, specializes in asset-based lending and structured financing for retail and consumer products companies.
IT’SUGAR operates more than 100 specialty candy stores across the U.S. and Canada.
The retailer combines a broad confectionery assortment with an entertainment-focused store model and branded merchandise.
In addition to its store and e-commerce operations, IT’SUGAR recently launched a wholesale business designed to broaden distribution of its branded and differentiated merchandise.
The new revolving credit facility gives IT’SUGAR additional financial flexibility as it invests across existing operations and newer distribution channels.
Second Avenue said the facility can support productive inventory investments and other strategic initiatives as the retailer grows.
The lender focuses on middle-market businesses and uses experience across retail operations, merchandising and lending to structure asset-based financing.
KEY QUOTES:
“IT’SUGAR was created to satisfy a universal sweet tooth through a variety of bold and iconic merchandise you can’t find anywhere else. As we pursue growth across both new and existing channels, it is essential to have a financing partner that understands merchandising, execution, and our broader strategic priorities, and SACP was the clear choice when we decided to establish a new lending relationship.”
Ryan Nelson, CEO of IT’SUGAR
“IT’SUGAR has done a remarkable job building brand awareness through distinctive product lines and engaging customer experiences. The leadership team has a strong track record of creating dynamic shopping environments, capitalizing on trends, and leveraging partnerships with leading brands to offer differentiated products. Our partnership provides IT’SUGAR with greater flexibility to invest in productive inventory and execute strategic initiatives.”
Andrew Prunier, Founding Member and Head of the Portfolio Team at Second Avenue Capital Partners
