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Crystal Financial, Second Avenue Capital Partners Co-Agent $40MM Credit Facility for JackRabbit

October 29, 2019, 08:55 AM
Filed Under: Sports

Crystal Financial LLC and Second Avenue Capital Partners LLC (SACP) announced the closing of a $40,000,000 Senior Credit Facility for JackRabbit, a leading omni-channel retailer of athletic footwear, apparel, and accessories owned by affiliates of CriticalPoint Capital (“CPC”).  Proceeds from the transaction are being utilized for general working capital needs, to refinance existing debt, and to facilitate the acquisition of prominent sporting goods retailer Olympia Sports.

JackRabbit offers products for runners, athletes, and fitness enthusiasts through its specialty retail stores in 17 states and the e-commerce sites and Olympia Sports and its e-commerce site will become part of JackRabbit but will continue to operate under the Olympia Sports’ banner. The consolidated company will operate 135 brick and mortar stores in addition to the various e-commerce platforms.

Since CPC’s investment in early 2017, JackRabbit has taken many steps to bolster its presence in the active lifestyle category. “The acquisition of the Olympia Sports brand represents a pivotal transformation in our investment in JackRabbit,” said Brad Holtmeier, Partner at CPC. “Not only will the Company have an expanded store footprint, they’ll benefit from additional scale on the digital side of the business as well as with the vendor community.”

In seeking a lending partner, CPC and JackRabbit had need for speed and certainty of execution. “Crystal Financial and Second Avenue Capital Partners are nimble, non-bank providers of debt capital, and they were able to meet all our requirements,” Mr. Holtmeier said. “Their extensive experience working with retail and consumer products companies gave us tremendous comfort that we’re establishing a long-term partnership with firms who truly understand this industry.”

“When CriticalPoint approached us to support JackRabbit in their acquisition of Olympia Sports, we jumped at the opportunity,” said Michael Sullivan, Managing Director of SACP. “As a New England based firm with an impressive 45-year history, Olympia Sports is a retailer we all grew up shopping. Now as part of JackRabbit, the combined store base and e-commerce sites are positioned to provide a broad range of athletic goods and further serve the needs of dedicated athletes and runners nationwide.”

Kenny Smith, Managing Director of Crystal Financial stated, “CPC in partnership with JackRabbit’s CEO, Bill Kirkendall, has successfully developed and enhanced the JackRabbit platform to deliver best in class products and services to both the serious and recreational athlete. We are excited to be involved in the continuing evolution of this Company and we look forward to working with both CPC and the JackRabbit management team.”

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