Second Avenue Capital Partners Provides a $30 Million Senior Secured Term Loan to UNTUCKit
BOSTON, Massachusetts – May 06, 2021 – Second Avenue Capital Partners, LLC (SACP) announced it has closed on a $30MM senior secured term loan to UNTUCKit, one of the fastest-growing retail apparel brands in North America. The term loan will be used to restructure existing debt and provide the Company with the financial latitude to continue their pre-pandemic growth trajectory.
“After a difficult period for all retailers, we wanted to restructure our debt to better position UNTUCKit to serve our loyal customers as they return to work and socializing outside the home,” said Aaron Sanandres, CEO and Co-founder of UNTUCKit. “Second Avenue Capital Partners worked closely with us to manage the complexity of our situation and develop a bespoke solution that worked for all of our stakeholders. They delivered on their promises and they did so on an extremely tight timeline. We’re excited to have them as our partner.”
Founded in 2011 in SoHo, New York City, UNTUCKit has become a trusted brand for men and women that want to look sharp and feel casual by creating affordable shirts designed specifically to be worn untucked. Over the years, the brand has evolved and expanded to offering 50 fit combinations and 13 product categories. UNTUCKit is dedicated to creating an unmatched product with the best possible quality and consistency. Today, customers can shop the innovative and stylish collection in 86 retail locations and online at www.untuckit.com.
“UNTUCKit is a brand our team is familiar with because we’re all customers,” said Chris O’Connor, President of Second Avenue Capital Partners. “Much like our own office, workplaces in general have increasingly become more casual, and now post-pandemic we see that trend skyrocketing. UNTUCKit is well-positioned as the original go-to brand in this casual/dress dynamic and their meteoric growth will continue. We’re excited to partner with this founder-driven company and be a part of their success story.”
Since the start of the COVID-19 pandemic, SACP has been focused on supporting retail and consumer product companies as they navigate through uncharted territory. This facility is another example of SACP delivering critical financing for a client on an expedited time frame. SACP’s fast, flexible capital solutions have given a strategic advantage to many retail and consumer products companies throughout the pandemic and beyond.
About Second Avenue Capital Partners – Second Avenue Capital Partners, LLC (SACP.com), a Schottenstein Affiliate, specializes in asset-based loans for the broader retail and consumer products industry. Serving middle-market companies, SACP leverages the experience of retail operators, product merchants, and lenders to deliver an array of customized, capital solutions. A unique merchant perspective gives SACP the ability to recognize and unlock value in assets other capital providers often overlook or do not understand. The firm’s tailored financial solutions are a vital resource for clients seeking capital to effectuate strategy and achieve financial objectives. SACP is headquartered in Boston with additional offices in New York, Columbus, and Los Angeles.
About UNTUCKit – Founded in 2011, UNTUCKit (www.untuckit.com) was the first to make shirts designed to be worn untucked. Its iconic button-downs give men a seamless way to look sharp and feel comfortably casual. UNTUCKit also offers polos, t-shirts, sports coats, and pants, in addition to shirts, dresses, and blazers for women. UNTUCKit is dedicated to creating an unmatched shopping experience with 86 physical retail locations across the US, Canada, and the UK.