GE Capital Corporate Retail Finance has issued a $115 million senior credit facility to Brookstone, a specialty retailer headquartered in Merrimack, New Hampshire. The loan will be used to facilitate Sailing Capital’s recent acquisition of Brookstone, GE announced on Monday.
Brookstone was founded in 1965 and now has 240 retail locations across the US and Puerto Rico, mostly in shopping malls and airports. The company offers a variety of retail goods, including home furniture, appliances and décor, electronics and travel supplies. It will continue to operate autonomously in the U.S., as well as target global expansion.
Chinese investment firm Sailing Capital, along with Chinese conglomerate Sanpower teamed up to buy Brookstone Holdings Corp. for over $173 million at a bankruptcy auction in June.
Norwalk, CT-based GE Capital Corporate Retail Finance provides asset-based, cash flow and structured loans and leases to mid-size and large US businesses that are looking to expand in North America, Asia and Europe. Funding is sometimes provided through affiliate GE Capital Bank.
GE Capital financing overall supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in several sectors, including aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics.