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Wells Fargo Capital Finance Provides $90MM Facility to Pet Retailer Chewy

February 01, 2017, 07:43 AM
Filed Under: Pet Food Manufacturing

Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced today it acted as sole lead arranger and book runner on an expanded five year, $90 million senior secured credit facility for Chewy, Inc., America’s leading specialty online retailer for pet products.  The company says the credit facility for working capital and general corporate purposes.

“We are excited to work with Wells Fargo and their specialized lending retail team in support of our rapid expansion.  The ability to expand our credit facility and extend the maturity reflects the strength and continued growth of our company,” said Jim Grube, chief financial officer at Chewy.  “The increased credit facility further enhances our liquidity profile and provides greater flexibility to execute our strategy to become the largest pet retailer in the world.”

With more than $900 million in sales in 2016, Chewy is the #1 online retailer* of pet food and products in the United States and one of the fastest growing private ecommerce companies.  With its commitment to superior 24/7 customer service, extensive product selection, competitive pricing, rapid delivery and personalized ecommerce experience, Chewy is well positioned for continued growth as the leading retail experts in the pet space. 

“Many of us have pets and can relate to the passion that Chewy’s management team has for their business. We’re gratified to have been able to complete such important financing that will allow Chewy the financial flexibility to make strategic business decisions,” said Keith Vercauteren, head of the Retail Finance division at Wells Fargo Capital Finance. “It’s important to Wells Fargo Capital Finance to support leading retailers that consumer’s value and trust and we look forward to supporting this great specialty retailer as they continue to grow.”

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