Monroe Capital provided a $27.5 million senior secured credit facility to support Sun Capital Partners’ acquisition of Gem Shopping Network, the firm disclosed in a statement on Tuesday.
The deal was funded through Monroe’s Senior Secured Direct Loan Fund, president and chief executive officer Ted Koenig told Private Debt Investor.
Sun announced its acquisition of the television network in September. The Duluth, Georgia-based company sells gems and other jewelry through its television network, which is broadcast to approximately 40 million US households, according to its website.
Frank Circelli founded Gem Shopping in 1995. Chief executive officer PJ Lynch will remain with the company, according to a statement from Sun Capital.
“Gem Shopping Network has created a dynamic market niche, which is just as unique as the company’s gemstones,” said Sun Capital co-CEO Marc Leder in a statement.
Last month, Monroe announced that it had provided a $14 million senior secured credit facility to for a technology services company held by private equity sponsors Olympic Valley Capital and Boathouse Capital. That deal was also completed through the Senior Secured Direct Fund, Koenig confirmed.
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