PRZOOM - /newswire/ -
Norwalk, CT, United States, 2014/07/21 - GE Capital, Corporate Retail Finance announced it is providing Brookstone, the product development company and specialty retailer, with a $115 million senior credit facility - GELending.com. NYSE: GE
The financing will be used to support the company’s recent acquisition by Sailing Innovation (Sailing) and general working capital needs.
Founded in 1965 and headquartered in Merrimack, New Hampshire, Brookstone is known for its functional and unique consumer products. The company is a multi-channel retailer, operating more than 240 retail locations across the U.S. and Puerto Rico, primarily in shopping malls and airports. Brookstone also operates a direct-to-consumer catalog, an e-commerce website and a wholesale business. Under the Sailing umbrella, Brookstone will continue to operate as a stand-alone business in the U.S., as well as focusing on expanding the brand globally.
“GE Capital helped to develop a financing solution that was tailored to our needs,” said Jim Speltz, president & CEO of Brookstone. “Their in-depth retail experience will continue to support our objectives while we remain focused on delivering a robust pipeline of innovative and useful products to our customers.”
“We worked closely with Brookstone and Sailing to help position the retailer for success,” said Rob McMahon, senior managing director at GE Capital, Corporate Retail Finance. “We have the expertise to help acquirers and mid-size retailers achieve their goals."
About GE Capital, Corporate Retail Finance
GE Capital, Corporate Retail Finance (gelending.com) provides asset-based, cash flow and structured loans and leases to mid-size and large U.S. businesses expanding in North America, Asia and Europe. Funding may be provided through GE Capital, Corporate Retail Finance’s affiliate, GE Capital Bank, Member, FDIC. Financing supports working capital, growth, acquisitions, turnarounds and balance sheet optimization in key sectors: Aerospace and defense; automotive and transportation; chemicals and plastics; construction and building products, corporate aircraft; energy; food and beverage; manufacturing; marine; metals and mining; paper, packaging and forest products; retail; and technology and electronics. With Access GE, clients also benefit from access to GE’s best practices to help build their business.
GE Capital (gecapital.com) offers consumers and businesses around the globe an array of financial products and services. GE (ge.com) works on things that matter. The best people and the best technologies taking on the toughest challenges. Finding solutions in energy, health and home, transportation and finance.