Overview

Maurices is a women’s specialty apparel “hometown retailer” operating ~ 900 locations nationwide and on www.maurices.com.  They provide a broad assortment of proprietary branded fashion merchandise across multiple categories including casual, career and athleisure.

Opportunity

OpCapita LLP, a private equity firm specializing in the operational improvement of businesses with scale in the retail, consumer and leisure industries, acquired the business from Ascena Retail Group in May 2019.  After stabilizing the Company, completing the transition to a stand alone business, implementing many operational improvements, and increasing E Comm penetration, the sponsor wanted to recapitalize the business.

Solution

SLR Credit Solutions provided an $80,000,000 commitment as a co-lender in a $200,000,000 facility.  The Company’s assets, including brand value, as well as cash flows supported the loan structure.  Proceeds were utilized to support growth initiatives, refinance its prior senior credit facility and pay a dividend to the shareholders.