Second Avenue Capital Partners Reaches Agreement to Provide Exit Financing for A’GACI
BOSTON, Massachusetts – August 20, 2018 – Second Avenue Capital Partners, LLC, announced it has provided a $12,000,000 revolving line of credit to A’GACI, LLC, a young women’s lifestyle brand and fast fashion retailer. Proceeds from the credit facility will be used as exit financing, enabling A’GACI’s emergence from bankruptcy.
“We’re proud to partner with A’GACI and help the company meet their growth objectives,” said Chris O’Connor, President of Second Avenue Capital Partners. “The relationship we’ve formed with the team at A’GACI has enabled us to support their needs at this critical time.”
A’GACI has been an innovator in the fast fashion apparel industry for a number of years. Founded in 1971, San Antonio-based A’GACI developed a loyal customer base by offering affordable, trendy styles that reflect the feminine, confident style of today’s young women.
A’GACI will be led by managing partner David Won, who co-founded the Company with his brother John. Mr. Won is credited with putting together a sustainable plan that allowed for the survival of the Company, and the preservation of 1,500 jobs. A’GACI’s exit from bankruptcy is seen as a rare success in today’s uncertain retail sector.
When discussing SACP, Mr. Won is enthusiastic. “Second Avenue Capital Partners was there when we needed them. They have a very different way of looking at things. It’s their entrepreneurial approach and their merchant perspective that sets them apart from other lenders. Their retail connection was important to us. SACP could see our vision for the future, and they valued it.”
“All retailers today face a challenging environment,” said Mark Gallivan, Managing Director of Second Avenue Capital Partners. “With A’GACI, we saw an organization that took positive steps to position itself for success. We wanted to be a part of A’GACI’s next chapter, and we’re very pleased they chose us to support their new efforts.”