Second Avenue Capital Partners Closes Credit Facility With Tommie Copper
BOSTON, May 16, 2018 /PRNewswire/ — Second Avenue Capital Partners, LLC, (SACP) announced it has provided a senior secured credit facility to Tommie Copper, the innovative authority in creating premium patented copper compression products. The credit facility will be used to fund working capital and additional growth opportunities.
Founded in 2010 and supported by a strategic investment from Tengram Capital Partners in 2014, Tommie Copper is the original innovator of copper-infused comfortable compression apparel and accessories, promoting wearable wellness designed for everyday wear. Today, Tommie Copper offers a diversified range of products including knee, elbow and ankle sleeves, shoulder shirts, socks, gloves, underwear and back braces.
“Our goal was to find a partner that could appreciate our strategy, but also understand the industry and capital required to fund growth opportunities that will enable us to realize the full potential of our business,” said Sol Jacobs, CEO of Tommie Copper. “Second Avenue Capital Partners brought a lot to the table. Specifically, we were impressed by their deep knowledge of the consumer product business and their first-hand experience navigating the current retail and wholesale environment.”
Brian Cooper, Principal of Tengram, concurred. “In partnership with the management team of Tommie Copper, we set out to unlock the potential of the brand. We believe Second Avenue Capital Partners is the best choice for helping us transition to this next phase.”
“Tommie Copper is a brand that encompasses every venue we like to work with – retail, wholesale, and licensing,” said Mark E. Gallivan, Managing Director and one of the founding members of Second Avenue Capital Partners. “Mr. Jacobs, and his entire management team, have a real vision for the future of the Tommie Copper brand. We understood this vision, and we saw the opportunity to work with them and become a part of the Tommie Copper story. Tommie Copper is well positioned for the future, and SACP is proud to be part of their evolution.”
About Second Avenue Capital Partners, LLC
Second Avenue Capital Partners, LLC (SACP), a Schottenstein Affiliate, is a finance company specializing in asset-based loans for the broader retail and consumer products industry. Focused on serving middle-market companies, we leverage the experience of retail operators, product merchants, and lenders to provide an array of customized, capital solutions for businesses. Our merchant perspective allows us to recognize and unlock value in assets other capital providers often overlook or don’t understand. SACP’s ability to tailor financing solutions is a vital resource for clients as they seek the capital necessary to effectuate strategy and achieve financial objectives. Headquartered in Boston, Second Avenue Capital Partners also has offices in New York, Columbus, and Los Angeles. Visit www.secondavecp.com for more information.
About Tommie Copper
Tommie Copper is the original, copper-rich apparel and accessories brand, dedicated to enhancing and promoting wellness, performance and recovery. The Company’s copper and zinc-infused products are a natural solution for increasing performance during sports, work and everyday activities. Tommie Copper products are the next evolution in performance apparel, empowering individuals to achieve balance in heart, mind, body, and soul. For more information, please visit www.tommiecopper.com.
About Tengram Capital Partners
Tengram Capital Partners is a private equity firm that focuses exclusively on leading consumer and retail companies that own strong recognizable brands. The team has a diverse background of consumer investing and operating expertise that assists and guides company management to unlock the true potential of their brand. Tengram invests in both traditional “growth” and “restructuring/turnaround” situations in either the public or private sectors. Current and former investments for Tengram include Tommie Copper, RéVive, Earth Treks, DevaCurl, Algenist, Cos Bar, Zanella, Luciano Barbera, This Works, Laura Geller, Active Ride Shop, NEST Fragrances, Differential Brands Group and Sequential Brands Group. For more information, please visit www.tengramcapital.com.
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SOURCE Second Avenue Capital Partners, LLC