IN THE NEWS
Second Avenue Capital Partners and CIT Northbridge Close a $60 Million Senior Secured Credit Facility to Stock+Field
BOSTON, Massachusetts and NEW YORK – June 10, 2020 – Second Avenue Capital Partners, LLC (SACP) and CIT Northbridge Credit (“CIT Northbridge”) announced the closing of a $60,000,000 senior secured credit facility to Stock+Field, a premier farm, home, and outdoor retailer. Stock+Field, formerly known as Big R Stores, offers a mix of mission-critical, quality products and exclusive offers at competitive prices. The credit facility will be used to support new growth opportunities and provide additional working capital for the company
Stock+Field is widely recognized in the communities they serve as the one-stop destination for a broad selection of products focusing on the needs of a rural lifestyle consumer. Opening their first store in 1964 in Watseka, Illinois, Bill and Pat Crabtree operated the company under the Big R Stores banner. In the decades since, the company has grown to 25 stores located in Illinois, Indiana, Michigan, Ohio, and Wisconsin.
“We are very excited to be working with Second Avenue Capital Partners and CIT Northbridge. This is an important and beneficial relationship for us as we look to the future and plan for additional growth,” said Matt Whebbe, Chairman and CEO of Stock+Field. “Building on the momentum from our rebranding last year, we wanted a lender that could help us achieve our strategic initiatives.”
“Matt came to us with a plan to reintroduce the new Stock+Field brand to the communities they served under the old Big R banner for decades. We understood his vision and we look forward to helping him achieve that goal. Matt’s plan will ensure the retention of their core customer and expand on that base by appealing to a rural lifestyle consumer with their broad product assortment. We worked very quickly in conjunction with CIT Northbridge to provide the financing Stock+Field required and the flexibility to put their plan into action,” said Chris O’Connor, President of Second Avenue Capital Partners.
“The management team at Stock+Field have a clearly defined plan to continue the development of their business. We are pleased to work with SACP and have the opportunity to support Stock+Field’s continued success,” said Neal Legan, who leads CIT Northbridge.
About Second Avenue Capital Partners, LLC
Second Avenue Capital Partners, LLC (sacp.com), 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 CIT Northbridge Credit
CIT Northbridge Credit is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
Stock+Field is a premier farm, home, and outdoor retailer committed to offering a mix of mission-critical, quality products and exclusive offers at competitive prices. Originally founded in 1964 as Big R Stores, the company has grown to more than 25 stores across IL, IN, OH, MI and WI. For more information, visit www.StockandField.com