TCF Capital Funding has provided an expanded financing commitment to StyleCraft Home Collection, a portfolio company of Prairie Capital. The additional availability will be used to back the continued growth of the company and to provide a dividend and share buyback facility for its shareholders.
StyleCraft, founded in 1968, is a designer and marketer of residential lighting (accent, buffet, desk, floor, and table lamps), wall décor (clocks, framed prints, and mirrors), decorative accessories (baskets, boxes, trunks, and candle holders), accent furniture (chairs, ottomans, chests, desks, and consoles), as well as decorative pieces for the outdoor and garden categories.
StyleCraft sells its products to more than 3,000 independent home furnishings stores in the US and internationally as well as to major retailers and through e-commerce channels. The company has an international product sourcing network, including an on-the-ground presence in Dongguan City, China. StyleCraft has showrooms in Highpoint, Las Vegas, Dallas, Atlanta, and Tupelo, and has a 275,000 sq. ft. headquarters and warehouse facility located south of Memphis in Southaven, MS (www.stylecraftonline.com).
Prairie Capital partnered with members of StyleCraft’s founding family and other members of the senior management team to recapitalize the company in February 2015.
“StyleCraft’s unique product development capabilities enable it to quickly meet the needs of a very demanding customer base,” said TCF Capital Funding Senior Vice President Ed Ryczek. “The company has done a remarkable job growing its various product categories in a rapidly changing retail environment, and we are excited to support this growth and expand our ongoing relationship with StyleCraft and Prairie Capital.”
TCF provides cash flow and asset-based lending to lower middle-market businesses. National in scope, this senior leveraged lending group focuses on providing private equity sponsor-backed cash flow loans and asset-based loans to companies with less than $100 million in revenue and between $2 million and $10 million in EBITDA. The firm is based in Chicago (www.tcfcapitalfunding.com).
Prairie Capital invests in lower middle market companies and corporate carve-outs. Typical investments will have annual revenues of $20 million to $100 million and cash flows of $4 million to $12 million. Sectors of interest include business services, industrial products and services, consumer products, education, financial services, and healthcare. Prairie Capital was founded in 1997 and is based in Chicago (www.prairie-capital.com).
© 2017 Private Equity Professional | December 13, 2017
