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Wingspire Capital Provides $40MM Senior Secured Loan to Save-A-Lot

April 21, 2020, 09:05 AM
Filed Under: Retail

Wingspire Capital Holdings  announced that it has provided a $40.0 million senior secured loan to Moran Foods, LLC d/b/a Save-A-Lot. Wingspire’s loan was part of a $150.0 million revolving line of credit among a group of three lenders.  Loan proceeds were used to repay existing debt and support Save-A-Lot’s operations and acceleration of its transformation plan.

Founded in 1977, Save-A-Lot is one of the largest discount grocery store chains in the U.S. with over 1,100 corporate and licensed stores in 33 states and 14 wholesale distribution centers. Save-A-Lot stores remain open and continue to provide its customers affordable, fresh, and high-quality products during these uncertain times.    In March 2020, Save-A-Lot announced its plan to hire 1,000+ employees to immediately fulfill job opportunities throughout the U.S. Those most impacted by the COVID-19 pandemic were strongly encouraged to apply.

“Save-A-Lot is one of the great discount grocery retail chains in the U.S,” said David Wisen, CEO of Wingspire Capital.  ”It provides significant value to its customers and is essential to the communities it serves. That strong relationship has been demonstrated clearly during the COVID-19 pandemic. Wingspire’s senior secured financing will allow Save-A-Lot to continue to serve these communities with essential food and household items and is a good example of Wingspire’s dedication to continuing to provide quality financing to essential businesses as our country endures and ultimately emerges from this crisis.”

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