GB Credit Partners Provides $10 Million Term Loan to Samuels Jewelers
Boston, MA - GB Credit Partners, LLC, the investment management affiliate of Gordon Brothers Group, announced today that is has provided a $10 million term loan behind the senior credit facility to Samuels Jewelers, Inc. (“Samuels”), a national retailer of fine jewelry based in Austin, TX. The proceeds of the loan will be used primarily for working capital to support the company’s 106 locations. The financing provided by GB Credit Partners is supported by a second lien position on Samuels’ inventory and receivables.
Samuels operates 106 stores throughout the United States under the Samuels Jewelers, Samuels Diamonds, Rogers Jewelers, Andrews Jewelers and Schubach Jewelers banners, as well as online at SamuelsJewelers.com and Rogers-Jewelers.com. Samuels was acquired in late 2006 by Gitanjali Gems, LTD, an India-based designer, manufacturer, distributor and retailer of diamonds and jewelry serving international markets.
“Utilizing our significant expertise in the jewelry sector, we are pleased that we were able to provide Samuels with additional capital beyond what the senior lender could provide,” said Lawrence Klaff, Managing Director, GB Credit Partners.
Robert Herman, Chief Financial Officer, Samuels Jewelers said, “The ability for GB Credit Partners to quickly facilitate the closing of this transaction not only enhanced our liquidity position, but also enabled us to focus on our continued growth strategy.”
About GB Credit Partners
GB Credit Partners (www.gbcredit.com), the investment management affiliate of Gordon Brothers Group (www.gordonbrothers.com), originates, structures and invests in private market debt. Debt investments are made in the form of senior, unitranche, second lien or mezzanine loans. Loans ranging from $10 to $150 million enable middle-market companies to effect strategic change. Investments are made across 25 industries within five majors sectors: consumer, commercial & industrial, financial services, intellectual property and real estate.