June 1, 2023
BOSTON, Massachusetts – SLR Credit Solutions (“SLR CS”) announced the closing of a secured first lien term loan in concert with a new revolving line of credit from Wells Fargo for Skullcandy, Inc.® (“Skullcandy”) or the (“Company”).
Proceeds from the financing were used to refinance existing debt and provide enhanced flexibility.
“Skullcandy is excited to work with SLR Credit Solutions and Wells Fargo to support our liquidity needs and to provide added flexibility for the business,” said Autumn Hindman, CFO of Skullcandy. “This financing will allow seamless implementation of key strategic initiatives on the heels of the COVID-19 pandemic. SLR and Wells Fargo were great collaborators throughout the implementation of this facility, and they are sure to continue to be such into the future.”
Joe Wells, Managing Director of SLR Credit Solutions, added, “Working with the Skullcandy team has been a pleasure. Their knowledge of the consumer electronics sector is very impressive and the quality of the Skullcandy product speaks for itself. We are thrilled to invest in the business and excited to support their growth.”
“Skullcandy has established itself as a leader in innovative tech products with an impressive management team,” said Michael Vasquez, Managing Director at Wells Fargo. “We are pleased to be able to offer a flexible financial solution to meet their needs and look forward to supporting the growth of Skullcandy.”
About SLR Credit Solutions
SLR Credit Solutions (f/k/a Crystal Financial), a portfolio company of SLR Capital Partners, is a leading provider of direct private credit focused on originating, underwriting, and managing both asset-based and cash flow financings from $20 – $150 million to middle-market companies. Since its 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.slrcreditsolutions.com.
Skullcandy is the original lifestyle audio brand, born in 2003 on a chairlift in Park City, Utah. Fast forward to today where Skullcandy is on a mission “to unleash the visceral power of music for all.” Skullcandy headphones and earbuds are created, tuned, and tested to deliver music you can feel, specially engineered to provide a deeper, more immersive listening experience. The brand features The Workshop, home of custom, limited-edition audio products designed by artists and partners and hand-printed using state-of-the-art digital technology and a personal touch. Skullcandy supports charitable causes through its Music With A Mission program where dedicated campaigns and a portion of proceeds from limited-edition product sales help make an impact. Skullcandy designs, markets, and distributes its audio products through a variety of distribution channels globally. The company’s website can be found at www.Skullcandy.com.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets, proudly serves one in three U.S. households and more than 10% of small businesses in the U.S., and is a leading middle market banking provider in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 41 on Fortune’s 2022 rankings of America’s largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy.
SLR CREDIT SOLUTIONS CONTACT
Cheryl Carner, Senior Managing Director & Head of Originations