Coldwater Creek announces new financing with Golden Gate Capital
Sandpoint, Idaho -- Private equity firm Golden Gate Capital has provided Coldwater Creek with a five-year, $65 million senior secured term loan. The retailer also announced the completion of an amendment to its $70 million revolving credit facility with Wells Fargo Capital Finance, which matures on May 16, 2016.
“We are pleased to announce this strategic investment and partnership with Golden Gate Capital, which is a strong endorsement of our brand and turnaround strategy, and provides us with further financial flexibility to complete our near term business objectives and accelerate our growth plans,” said Dennis Pence, chairman and CEO of Coldwater Creek. “Golden Gate Capital brings a highly flexible investment approach and extensive retail expertise, which will be beneficial in the continued revitalization and long-term growth of Coldwater Creek.”
Neale Attenborough, Golden Gate’s retail group operating partner, will join the Coldwater Creek Board of Directors, in addition to another member, whose appointment will be announced at a later date.
“We look forward to working closely with Coldwater Creek's talented management team as they return the Company to profitable long-term growth,” Attenborough said in a statement.
Golden Gate is one of the most active private equity investors in the retail and restaurants sector. Some of the firm’s retail portfolio companies include Eddie Bauer, J.Jill, Zales and Express. Over the last 12 months, Golden Gate has also announced investments in California Pizza Kitchen, Pacific Sunwear, and Payless ShoeSource (pending).