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Salus Capital, Downtown Capital Commit $80MM to Anna’s Linens

July 29, 2014, 07:19 AM
Filed Under: Retail

Salus Capital Partners, LLC and Downtown Capital Partners, LLC announced they have agreed to provide $80 million in financing via a senior secured credit facility to specialty retailer Anna’s Linens, Inc. The facility is expected to be used to refinance the debt held by the company’s current lender as well as for general corporate purposes. 

Founded in 1987 and headquartered in Costa Mesa, California, Anna's Linens is a family-run specialty retailer of value-priced home textiles and home decor items.  Anna’s Linens employs more than 3,200 people through its more than 300 stores located throughout the country as well as its ecommerce platform.

“We are happy to partner with the Salus team on our new credit facility, which provides the company with the resources and flexibility to execute our strategic business plan,” commented Scott Gladstone, President and Chief Executive Officer of Anna’s Linens. “Our new relationship leverages Salus Capital’s deep understanding of the retail sector, which has been evidenced in the new credit facility we have finalized.”

“Anna’s Linens is a family business with a history of success and a reputable market presence,” remarked Andrew H. Moser, President and CEO of Salus Capital. “In partnering with Downtown Capital Partners, we were able to efficiently develop a capital solution that provides significant liquidity in a timely fashion.”

Salus Capital is a direct originator of secured asset-based loans to the middle-market across a variety of industries with additional complementary financing throughout the capital structure. Target transaction sizes range from $5 to $50 million, with the ability to hold up to $100 million and to syndicate larger transactions. The Salus Capital platform may also serve as an asset manager for like-minded institutional investors such as community and regional banks, insurance companies, family offices, private equity funds and hedge funds who may lack the infrastructure and dedicated competency within senior secured lending.

Downtown Capital Partners provides debt and equity solutions to middle-market companies that require “time of the essence” responsiveness in mission critical situations facing middle-market companies, real estate developers, and the high net worth individuals who own them.  DCP, which invests on its own account and on behalf of a select network of similarly minded family offices, is affiliated with Downtown Family Advisors, a family office based in White Plains, New York that manages a wide range of public, private, and real estate debt and equity investments.

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