Boston, December 18, 2018
Crystal Financial LLC announced the closing of a $55.0 million Senior Credit Facility for Lacks Valley Stores, LTD. (“Lacks” or the “Company”) consisting of a $15.0 million revolving line of credit and a $40.0 million term loan. Founded in 1935 in McAllen, TX, Lacks operates eleven stores and one clearance center throughout South Texas. The Company’s stores offer a wide assortment of furniture, appliances, electronics, mattresses, and decorative accessories. In addition, Lacks also provides its customers with an array of financing options through an internally managed credit program.
Proceeds from the financing will be used to refinance existing debt, extend maturities and provide additional liquidity for working capital needs.
“The professionals at Crystal are well known for their expertise in financing retailers and providing financing structures that meet the complex needs of our industry. They demonstrated a quick understanding of our history and operating model, and we are confident they will be a strong partner in helping us achieve our current objectives.” said Lee Aaronson, President and CEO of Lacks.
Matt Governali, Managing Director of Crystal Financial added, “Lacks has been a provider of home furnishing solutions to Rio Grande Valley customers for decades. We are pleased to be working with Lee and his team as they continue to serve their existing customer base and grow the business.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is a leading provider of direct private credit focused on originating, underwriting and managing both asset-based and cash flow financings to middle-market companies. Since inception in 2006, its team of experienced, responsive professionals have provided more than $4 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.
About Lacks Valley Stores
Lacks Furniture, (Lacks Valley Stores, Ltd.), is a family owned and operated furniture retail chain in South Texas. The company has grown from a modest auto parts store founded in 1935 by Sam Lack in McAllen, Texas to a twelve-store furniture, mattress and home appliance operation serving the South Texas market. Through the years, the company’s family culture has been the driving force behind the organization’s success and its commitment to serve the community has made the Lacks brand a leading name in the South Texas region. Lacks celebrated its 83rd Anniversary this year and is ranked 70th in the top 100 retail furniture operations in the U.S. according to FurnitureToday, the furniture industry’s leading periodical. Lacks Valley Stores, Ltd. currently employs over 600 associates. For more information, visit www.lacks.com [lacks.com]
CRYSTAL FINANCIAL LLC CONTACT
Cheryl Carner, Managing Director