Monroe Capital announced today (21 June) that it has provided a $55 million term loan and asset-based revolver to home furnishing brand Mitchell Gold + Bob Williams and its private equity sponsor, the Stephens Group. Monroe acted as the sole lead arranger and administrative agent on the loan, which will be used to support Mitchell Gold + Bob Williams' growth strategy.
“This transaction is a prime example of the value we can add to a retail company by providing a complete refinance of an asset-based lending revolving credit facility together with a term loan for growth and expansion,” said Andy Moser, co-head of Monroe's retail lending group, in a statement .
Mitchell Gold + Bob Williams is a home furnishings company based in Taylorsville, North Carolina. Founded in 1989, the company provides upholstery, table and storage, lighting, rugs, bed linens, artwork and accessories. Mitchell Gold serves chairman and chief executive of the company, while Bob Williams is president of design.
In addition to a chain of more than 25 Mitchell Gold + Bob Williams Signature retail outlets and sales through furnishings retailers throughout the US, Mitchell Gold + Bob Williams also sells furnishings to hospitality clients including Fairmount, Starbucks and Ritz Carlton.
The Stephens Group acquired Mitchell Gold + Bob Williams in late 2014 from the Wafra Partners for an undisclosed amount.
“Mitchell, Bob and the leadership team are in a stage of dramatically expanding their brand and physical presence. We look forward to supporting them with our capital and experience,” said Stephens Group managing director Kent Sorrells in a statement announcing the acquisition.
The Stephens Group is a private, family-owned investment firm founded in 1933. The firm focuses its investments in the consumer and specialty retail; telecom, media and technology; communications; energy; manufacturing; and other sectors.
Monroe Capital provides senior and junior debt and equity co-investments to mid-market and lower mid-market companies in the US and Canada. Since its founding in 2004, the firm has invested more than $5 billion in 900 transactions . The firm has $3.2 billion in assets under management and recently secured investments from the Iowa Public Employees Retirement System . Monroe also reached a $660 million fourth close on its Private Credit Fund II. Monroe's headquarters is in Chicago and the firm also maintains offices in New York, Los Angeles, San Francisco, Atlanta, Boston, Charlotte, Dallas and Toronto.