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RAPAPORT... Crystal Financial LLC, a portfolio company of Solar Capital Ltd., closed a $33 million second-lien term loan for jewelry retailer Birks Group that matures in August 2018. Crystal Financial operates as an independent commercial finance company, providing senior and junior secured loans for both asset-based and cash flow financings. The facility refinanced a Birks Group existing term loan and provided additional flexibility to the jeweler as it continues to implement growth plans, open new stores and launch new merchandise offerings.
“This transaction represents the second time our company has worked with the principals at Crystal as a critical partner to our financial success. Not only does Crystal have an in-depth understanding of our business and the retail industry in general but Crystal worked collaboratively with our existing asset-based lender and provided a differentiated solution,” said Jean-Christophe Bédos, the CEO of Birks Group.
Rebecca Tarby, the managing director of Crystal Financial, said, “Birks Group has a long history of offering its customers unique, luxury products and exceptional service and we are delighted to have the opportunity to partner with the company. The management team has demonstrated a commitment to enhancing the company’s performance and we look forward to working with them as they achieve their goals.” Birks Group operates 28 stores in Canada under the Birks brand, 18 stores in the U.S. under the Mayors brand, one store under the Rolex brand and two retail locations in western Canada under the Brinkhaus brand.
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