FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Crystal Financial Provides $33MM Term Loan for Birks Jewelers

December 17, 2014, 07:53 AM
Filed Under: Retail

Crystal Financial LLC, an independent commercial finance company, announced the closing of a $33.0 million Second Lien Term Loan for Birks Group.  Founded in 1879, Birks is a leading retailer of fine jewelry, timepieces and gifts with 28 stores throughout Canada under the Birks brand, 18 stores under the Mayors brand located in the Southeastern United States, one store under the Rolex brand and two retail locations in Western Canada under the Brinkhaus brand.

The facility refinanced the company’s existing term loan and provided for additional flexibility as the Company continues to implement its operational plans focused on new store openings, store remodels and launching new merchandise offerings.  The loan matures in August 2018.

“Birks Group has a long history of offering its customers unique, luxury products and exceptional service and we are delighted to have the opportunity to partner with the Company”, commented Rebecca Tarby, Managing Director at Crystal.  “The management team has demonstrated a commitment to enhancing the Company’s performance and we look forward to working with them as they achieve their goals”.

“This transaction represents the second time our company has worked with the principals at Crystal as a critical partner to our financial success.  Not only does Crystal have an in-depth understanding of our business and the retail industry in general but Crystal worked collaboratively with our existing asset-based lender and provided a differentiated solution”, stated Jean-Christophe Bédos, President and Chief Executive Officer of Birks Group. 

Crystal Financial LLC, a portfolio company of Solar Capital Ltd., is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of $10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries.

Birks Group is a leading operator of luxury jewelry stores in Canada and in the United States. As of December 10, 2014, Birks Group operated 28 stores under the Birks brand in most major metropolitan markets of Canada, 18 stores in the Southeastern U.S. under the Mayors brand, one store under the Rolex brand name and two retail locations in Calgary and Vancouver under the Brinkhaus brand. Birks was founded in 1879 and developed over the years into Canada’s premier retailer, designer and manufacturer of fine jewelry, timepieces, sterling and plated silverware and gifts. Mayors was founded in 1910 and has maintained the intimacy of a family-owned boutique while becoming renowned for its fine jewelry, timepieces, giftware and service.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.