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Siena Lending Group Closes $7MM Facility for Lovesac

May 29, 2013, 07:26 AM
Filed Under: Retail

Siena Lending Group announced the completion of a $7 million senior secured revolving credit facility for Lovesac, an omni-channel retailer of revolutionary furniture products and accessories.  The facility will be used to support the company’s working capital and rapid expansion beyond its 49 U.S. stores, internet and mobile channels, and growing direct to consumer channels.

Lovesac is headquartered in Stamford, CT, and is owned by the consumer and retail-focused private equity fund Mistral Equity Partners.

David Grende, president and CEO of Siena Lending Group, said, “We are excited to be teaming up with this prominent consumer-focused equity sponsor.  We also look forward to working with the company to help accelerate its fast-growth trajectory.”

Lovesac made Furniture Today’s Top 100 Fastest Growing Furniture Stores for 2013 and posted the largest percentage sales increase on the Top 100, up 48.1%. “We are excited to partner with Siena as we continue our rapid expansion.  Siena's experience lending to growth companies will prove invaluable to Lovesac now and in the future," said Ryan Johnson, Chief Financial and Operating Officer.

Siena Lending Group is an independent commercial finance company offering asset-based loans between $1 and $20 million to small- and middle-market businesses across the United States.  Siena also offers a turn-key servicing platform, which provides an attractive asset-based product for community and regional banks that desire improved operating metrics and asset diversification.

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