Recognizing and Unlocking Value
SECOND AVENUE CAPITAL PARTNERS SUPPORTS THE SUCCESSFUL RESTRUCTURING AND CONTINUED SUCCESS OF OLD TIME POTTERY WITH CREDIT FACILITY
BOSTON, Massachusetts – November 4, 2020 – Old Time Pottery, a Tennessee-based home décor retailer with stores throughout the Southeast and Midwest, has entered into a Senior Secured Credit Agreement agented by Second Avenue Capital Partners (“SACP”) and CIT Northbridge. Proceeds from the credit facility will be used as exit financing, enabling Old Time Pottery’s emergence from a restructuring process and positioning the company for long-term success.
SACP and CIT Northbridge (the “Lenders”) initially provided a debtor-in-possession (“DIP”) facility to Old Time Pottery in early July 2020, during the height of the COVID-19 pandemic. The lenders worked with the company and the pre-petition lender to take action and quickly provide supportive capital during the restructuring process.
“The emergence of Old Time Pottery represents a noteworthy success,” noted Andrew Prunier, Managing Director of Second Avenue Capital Partners. “It is a real testament to the strength of the team, the resilience of the brand, and the loyalty of the customer base.”
“Old Time Pottery is set up for continued success, thanks to Second Avenue Capital Partners and CIT Northbridge,” said Jason Schmitt, Chief Executive Officer, Old Time Pottery. “I am incredibly grateful to our employees, long-term business partners, and landlords who worked with us to make this possible, and I am extremely pleased that we are able to ensure all creditors receive 100% of the money they are owed. We are looking forward to a wonderful holiday season, which is when Old Time Pottery really shines.”
“Old Time Pottery provides the communities they serve with quality products at a great value,” said Neal Legan, who leads CIT Northbridge. “We’re excited to provide Old Time Pottery with the critical financing needed to continue its operations.”
Since the start of the COVID-19 pandemic, Second Avenue Capital Partners and CIT Northbridge have accelerated their efforts to support retail and consumer products companies as they navigate through a challenging time. The facilities provided to Old Time Pottery are another example of SACP and CIT Northbridge stepping in to support leading retailers during this time.
About Second Avenue Capital Partners LLC – Second Avenue Capital Partners, LLC (www.secondavecp.com), 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, SACP leverages the experience of retail operators, product merchants, and lenders to provide an array of customized, capital solutions for businesses. This unique merchant perspective gives SACP the ability to recognize and unlock value in assets other capital providers often overlook or do not understand. The firm’s tailored financial solutions are 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.
About CIT Northbridge – CIT Northbridge is a trusted financial partner supporting middle-market companies with a broad range of flexible asset-based debt solutions. A joint venture advised by CIT Asset Management LLC, it provides revolving and term loan commitments from $15 million to $150 million to companies across various industries and business cycles, and serves primarily as sole lender, agent, club participant or co-lender.
About CIT – CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company’s commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT’s consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
About Old Time Pottery – Since its founding in 1986, Old Time Pottery has focused on providing the broadest assortment of home and seasonal product at a compelling value so that customers can save money while pursuing their passion for home decorating. For more information, please visit www.oldtimepottery.com or any of the company’s 39 stores in 11 states across the Southeast and Midwest.