Bastion Management Closes $100 Million Facility with Okinus

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Jul 25, 2023, 12:32 ET

Revolving Asset Backed Facility Supports Future Portfolio Growth

STAMFORD, Conn., July 25, 2023 /PRNewswire/ -- Bastion Management ("Bastion"), a private investment firm focused on asset-based lending in the specialty finance sector, announced today that it agented a senior debt investment of $40 million with accordions up to $100 million in Okinus Inc. ("Okinus") to refinance the existing senior lender and fund future growth of their lease-to-own portfolio.

Okinus provides financing solutions for a wide range of products, including furniture, appliances, electronics, jewelry, and HVAC equipment. They work closely with their extensive network of approximately 1,000 third-party retailers, enabling customers to access financing options through both in-store and online transactions.

"We are thrilled to have secured this line of credit, which not only validates our vision and potential but also provides us with a strong foundation to execute our growth strategies," said Gary Allen, CEO of Okinus. "This investment will enable us to accelerate our expansion plans, reach new markets, and provide even more flexible and accessible options for our valued customers."

Jay Braden, CEO of Bastion, added, "We are excited about our partnership with Gary and the Okinus management team as they continue their mission of delivering innovative financial solutions that meet the diverse needs of consumers. This Facility will enable Okinus to further expand its reach, enhance its product offerings, and enable it to serve a wider customer base."

About Bastion Management
Bastion is a private investment firm that provides creative financing solutions to small and midsized businesses operating in the alternative finance space throughout North America and in the UK. A decade since its inception, Bastion now has closed over 40 transactions and over $1.1bn in total commitments to traditional consumer lending platforms and emerging companies in the financial technology industry. Bastion has a successful track record partnering with companies that have strong management teams and committed equity backing in support of the initial growth stage through to public listing.

About Okinus
Based in Pelham, GA, Okinus offers point-of-sale financing for a wide range of retail consumer products via installment lease-to-own ("LTO") agreements.

SOURCE Bastion Management