ORIX Leveraged Finance has provided a debt facility to Sprinkles Cupcakes. The debt facility supports an investment in Sprinkles by KarpReilly and will provide for the company’s future growth initiatives. ORIX Leveraged Finance served as lead arranger, administrative agent and sole lender.
“ORIX Leveraged Finance was responsive in working with us to develop a flexible structure that will enable Sprinkles to take advantage of the many opportunities available to the brand,” said Allan Karp, founder, KarpReilly.
Sprinkles owns and operates eleven cupcake bakeries with plans to add a number of additional locations in both new and existing markets. Over the past year, the company also has successfully introduced its new Sprinkles Ice Cream offering and entered into its first international franchising agreement, both of which are expected to be significant drivers of growth for the brand over the coming years. The company was founded by Candace and Charles Nelson and is headquartered in Beverly Hills, CA (www.sprinkles.com).
“We’re excited to team up with KarpReilly, a leading financial sponsor with significant growth company expertise, and Candace and Charles Nelson, experienced entrepreneurs poised to continue the success of Sprinkles. We look forward to supporting this great team and brand through the next phase of growth,” said John Lenocker, co-head of ORIX Leveraged Finance.
ORIX Leveraged Finance, a business unit of ORIX USA Corporation, provides from $5 million to $50 million of debt and equity capital to small and mid-sized businesses that have from $5 million to $30 million of EBITDA. ORIX Leveraged Finance is based in Dallas (www.orixleveragedfinance.com).
© 2013 PEPD • Private Equity’s Leading News Magazine • 3-8-13
