Pathlight Capital Provides Final $ 100 Million Investment to SP Richards Company
Posted: October 26, 2021 at 9:00 a.m. EDT|Update: 31 minutes ago
BOSTON, October 26, 2021 / PRNewswire / – Pathlight Capital LP and SP Richards Company (âSP Richardsâ or the âCompanyâ) completed a $ 100 million Last-out transaction (the “last-out”) in a transaction led by Wells Fargo $ 275 million Senior secured revolving credit facility (the âFacilityâ). SP Richards is a leading national commercial product wholesalers distributing furniture, technology, break rooms and other office products.
The facility, which closed the October 5, 2021, refinance the existing revolving credit facility and provide the Company with financial flexibility and liquidity to execute its strategic initiatives. The $ 100 million Last-out was fully funded at closing.
Mike Maggio, President and CEO of SP Richards, commented, âWe are delighted to be working with the world-class team at Pathlight. They have already proven to be a creative business partner and we are fortunate to have their support as we develop and grow our business. “
Steven migliero, Managing Director of Pathlight Capital, said, âWe are delighted to partner with the exceptional management team at SP Richards to help them support their growth initiatives and their continued journey to become the redistributor of choice for independent resellers. “
About Pathlight Capital
Pathlight Capital is a private credit investment manager dedicated to serving the needs of companies operating in a wide range of industries by providing secured asset loans on a first or second lien basis against tangible and intangible assets. Pathlight provides creative financing solutions to enable management teams to access additional liquidity for working capital financing, debt refinancing, growth, acquisitions, dividends and turnaround strategies . For more information, please visit www.pathlightcapital.com.
About SP Richards Company
SP Richards is one of the leading independent wholesalers of commercial products throughout the USSP Richards offers reseller customers an extensive offering of general commercial products, including everyday essentials such as copy paper, office and printer supplies, as well as office furniture, business technology products, JanSan, break room, and security supplies. SP Richards distributes over 98,000 items to 9,000 resellers from a network of 33 distribution centers. For more information, visit: www.sprfurniture.com.
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