IN THE NEWS
Second Avenue Capital Partners Provides a $17.5 Million Senior Secured Credit Facility to Alex and Ani
BOSTON, Massachusetts – August 24, 2022 – Second Avenue Capital Partners, LLC (SACP) announced the closing of a $17,500,000 senior secured credit facility for Alex and Ani, LLC, creators of the iconic charm bracelet and affordable meaning-based jewelry. The new credit facility will support ongoing working capital needs and allow the company to further develop business operations following a corporate restructuring.
Alex and Ani, founded in Rhode Island in 2004, produces artisan-crafted jewelry designed to empower customers to create custom jewelry mixes that are personally meaningful. Popularized by the novel and customizable nature of its patented sliding mechanism that replaces the traditional jewelry clasp on their wire bracelets, Alex and Ani has grown into a global brand with their one-size-fits-all products. The company is renowned for their use of recycled materials that support the brand’s commitment to sustainability.
“This new credit facility from Second Avenue Capital Partners is affirmation of the resiliency of the reorganized Alex and Ani brand and even more so of our vision for the future,” said Scott Burger, CEO of Alex and Ani. “We create jewelry that connects with a customer’s emotions. It was essential for us to partner with a lender that could appreciate the intangible value of that emotional connection and recognize the benefit it will have on our continued evolution. SACP’s vast expertise in the jewelry segment, along with their commitment to our goals, will help us optimize our capital structure to achieve short and long-term growth strategies.”
“Alex and Ani has embarked on a new journey this year,” said Chris O’Connor, President of Second Avenue Capital Partners. “Expanded leadership has allowed the company to take a step back and focus on the foundation of the business. Alex and Ani cornered this market years ago and now they’re assembling the underlying structure to support the volume. They have an enormous opportunity for growth and we’re eager to help them achieve their objectives and execute on their strategy. SACP has become very adept at putting together flexible financing solutions for companies in the jewelry space, and we’re proud to welcome Alex and Ani as our newest client.”
The Alex and Ani transaction adds an affordable fashion jewelry brand to a portfolio that includes fine jewelry clients MARIA TASH and myGemma. SACP’s mission is to focus on supporting retail and consumer product companies as they contend with an evolving landscape. SACP’s fast, flexible capital solutions have given a strategic advantage to many retail and consumer products companies as they move beyond challenges and search for opportunities for growth.
About Second Avenue Capital Partners – Second Avenue Capital Partners, LLC (“SACP”) (www.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.