Chicago, IL – May 30, 2018 – Encina Business Credit, LLC (EBC) announced today that it has provided a $15 million asset-based revolving credit facility to Running Specialty Group LLC (also known as JackRabbit), which is a Denver-based, omni-channel retailer of high-performance athletic footwear, apparel and accessories.
JackRabbit is owned by an affiliate of CriticalPoint Capital, LLC, a private investment firm. The credit facility consists of a revolver secured by accounts receivable and inventory, the proceeds of which have been used to refinance the company’s existing senior secured asset-based credit facility, to facilitate the company’s recent acquisition of Clever Training – an e-commerce provider of fitness gear and technology – and to provide working capital.
About Encina Business Credit
Launched in March 2016, EBC is an independent asset-based lending platform targeting middle-market borrowers in the U.S. and Canada. The firm provides revolving lines of credit and term loans ranging in size from $5 – $100 million and secured by accounts receivable, inventory, machinery & equipment and real estate. The platform lends to both privately-owned (sponsor and non-sponsor) and publicly-traded companies across a wide range of industries, including manufacturing, retail, automotive, oil & gas, services, distribution and consumer products. Borrowers use loan proceeds to fund working capital, acquisitions, refinancings, growth, restructurings/turnarounds, debtor-in-possession (DIP)/exit financings and other special situations. Positive cash flow is not a requirement.
About CriticalPoint Capital
Founded in 2012, CriticalPoint Capital is a private investment firm based in Manhattan Beach, CA. The firm is focused on acquiring companies with long-term value creation opportunities and with management teams that can benefit from patient capital and a thoughtful approach to growth. The firm’s preferred investments are corporate divestitures, companies in a state of transition, and special situations. To learn more, visit http://criticalpointcapital.com.