Second Avenue Capital Partners is Co-Agent for $35 Million Facility to Charming Charlie
BOSTON, Massachusetts and SAN FRANCISCO – April 18, 2019 – Second Avenue Capital Partners, LLC (SACP), and White Oak Commercial Finance, LLC (“White Oak”), an affiliate of White Oak Global Advisors, LLC, announced today the closing of a $35,000,000 asset-backed revolving credit facility for Charming Charlie, a Houston-based women’s specialty retailer. The new facility will be used to finance the company’s working capital needs.
Chris O’Connor, President of SACP, expressed his excitement about working with Charming Charlie and its impressive leadership team. “The Charming Charlie stores occupy a unique and important niche within women’s specialty retailing, and with SACP’s retail-centric focus and White Oak’s tailored financing structures, we were able to provide the support and flexible capital the Charming Charlie leadership team needs to execute its vision.”
Robert Grbic, President and Chief Executive Officer of White Oak, stated, “Charming Charlie has demonstrated unparalleled progress in re-establishing a strong business amid many challenges, and we are pleased to work with SACP to help this iconic retail brand reach for new levels of success.”
Charming Charlie, a source of style for women since 2004, is an award-winning company with an inspiring in-store experience. With 262 stores throughout the country, Charming Charlie is known for offering a wide array of women’s apparel and fashion accessories, beauty, gifts and more, all ingeniously arranged by color.
“Both Second Avenue Capital Partners and White Oak took time to understand the nuances of our business and helped us structure a capital solution that matched our needs,” said Lana Krauter, Chief Executive Officer of Charming Charlie. “With the assistance of partners that understand the opportunities and challenges of retail today, Charming Charlie is well-positioned to continue delivering on-trend, high quality product to our growing customer base.”
About Charming Charlie: Charming Charlie is a Houston-based specialty retailer focused on fashion jewelry, handbags, apparel, gifts and beauty products. Charming Charlie brings value to their customers by providing them with high quality, style and a broad assortment of fashion product at affordable price points. The company currently operates 262 stores in the United States, and can be found online at www.CharmingCharlie.com.
About Second Avenue Capital Partners, LLC: Second Avenue Capital Partners, LLC (SACP), a Schottenstein Affiliate, is a finance company specializing in asset-based loans for the broader retail and consumer products industry. Focused on serving middle-market companies, SACP leverages the experience of retail operators, product merchants, and lenders to provide an array of customized, capital solutions for businesses. This unique merchant perspective gives SACP the ability to recognize and unlock value in assets other capital providers often overlook or don’t understand. The firm’s tailored financial solutions are a vital resource for clients as they seek the capital necessary to effectuate strategy and achieve financial objectives. Headquartered in Boston, Second Avenue Capital Partners also has offices in New York, Columbus, and Los Angeles.
About White Oak Commercial Finance, LLC: White Oak Commercial Finance, LLC is a global financial products and services company providing credit facilities to middle market companies between $1- $40 million. WOCF’s solutions include asset-based lending, full-service factoring, invoice discounting, supply chain financing, inventory financing, U.S. import/export financing, trade credit risk management, account receivables management and credit and collections support. WOCF is an affiliate of White Oak Global Advisors, LLC, and its institutional clients.
About White Oak Global Advisors, LLC: White Oak Global Advisors, LLC is a leading global alternative asset manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. Since its inception in 2007, White Oak Global Advisors’ disciplined investment process focuses on delivering risk-adjusted investment returns while establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.