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AloStar Business Credit Provides $20MM to Diamonds Direct USA

February 05, 2014, 07:34 AM
Filed Under: Retail

AloStar Business Credit has provided a $20 million senior secured revolver to Diamonds Direct USA, Inc., an operator of five retail diamond stores in the United States. The stores operate in Charlotte and Raleigh, NC; Richmond, VA; Austin, TX; and Birmingham, AL.

Founded in 1995 in Charlotte, Diamonds Direct focuses on a value proposition that includes a large selection of inventory, high-value, low-cost offerings and expertise and community involvement.  With a selection of more than 5,000 engagement ring mountings and wedding bands per showroom, Diamonds Direct delivers a high-value, full-service customer experience, with a focus in the bridal market.

Diamonds Direct utilizes extensive radio and print ad campaigns to build brand recognition and is actively involved in the communities it serves through a strong corporate philanthropy initiative, The Diamonds Direct Foundation.

“Diamonds Direct is a strong corporate partner to the communities it serves and we are pleased to support them as they grow their footprint across the United States,” said Andy McGhee, President of AloStar Business Credit. “We understand and believe in the potential of their business model.”

“We are honored to partner with AloStar and sincerely value the relationship,” said Itay Berger, President of Diamonds Direct. “We look forward to not only growing our brand, but strengthening our partnership with AloStar Business Credit."

AloStar Business Credit provides asset-based lending products nationwide to businesses ranging between $20 million and $300 million in revenue and with financing needs ranging between $5 million and $20 million. AloStar Business Credit is the asset-based lending arm of AloStar Bank of Commerce.

Diamonds Direct originated in the SouthPark area in Charlotte, N.C. more than 15 years ago. The company is known throughout the southeast for their selection, value, customer education and guidance practices.

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