Daniel’s Jewelers, the 105-store chain that targets the Hispanic market, has closed on a new credit line provided by SLR Credit Solutions.
The asset-backed senior credit facility will be used to refinance the Culver City, Calif.–based company’s bank debt while providing greater flexibility, according to SLR. No further details were provided.
“Our existing credit line was up, and we went to market and found a lender that offered what we thought it was the best overall package,” company CEO David Sherwood tells JCK.
He says the credit facility—which will be backed by inventory and receivables—will be used for standard capital expenditures and tech upgrades.
“The biggest opportunities for growth in the market today are honing your core competencies,” Sherwood says. “We have always dealt with the Hispanic market, but the technology to better meet that customer doesn’t come cheap.”
Daniel’s has been owned by mid-market private equity firm Palladium Equity Partners since 2014.
(Photo courtesy of Daniel’s Jewelers)
- Subscribe to the JCK News Daily
- Subscribe to the JCK Special Report
- Follow JCK on Instagram: @jckmagazine
- Follow JCK on X: @jckmagazine
- Follow JCK on Facebook: @jckmagazine
