Pathlight Capital Provides $100 Million Last-out Investment to S.P. Richards Company

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Oct 26, 2021, 09:00 ET

BOSTON, Oct. 26, 2021 /PRNewswire/ -- Pathlight Capital LP and S.P. Richards Company ("S.P. Richards" or the "Company") have completed a $100 million Last-out transaction (the "Last-out") as part of a Wells Fargo led $275 million Senior Secured Revolving Credit Facility (the "Facility"). S.P. Richards is a leading national business products wholesaler that distributes furniture, technology, facility breakroom, and other office products.

The Facility, which closed on October 5, 2021, will refinance the existing revolving credit facility, and provide the Company with financial flexibility and liquidity to execute on its strategic initiatives. The $100 million Last-out was fully funded at close.

Mike Maggio, Chief Executive Officer of S.P. Richards commented, "We are excited to be working with the world class team at Pathlight. They have already proven to be a creative business partner and we are fortunate to have their support as we expand and grow our company."

Steven Migliero, Managing Director of Pathlight Capital commented, "We are delighted to partner with the outstanding management team at S.P. Richards to help support their growth initiatives and continued path to becoming the redistributor of choice to independently owned resellers."

About Pathlight Capital
Pathlight Capital is a private credit investment manager dedicated to meeting the needs of companies that operate across a broad range of industries by providing asset-based loans secured on a first or second lien basis against tangible and intangible assets. Pathlight provides creative financing solutions to allow management teams to access incremental liquidity for the purposes of funding working capital, debt refinancings, growth, acquisitions, dividends, and turnaround strategies. For more information, please visit www.pathlightcapital.com.

About S.P. Richards Company
S.P. Richards is a leading independent business products wholesaler throughout the U.S. S.P. Richards equips reseller customers with an expansive offering of general business products, including everyday essentials like copy paper, office and printer supplies, as well as office furniture, business technology products, JanSan, breakroom, and safety supplies. S.P. Richards distributes more than 98,000 items to 9,000 resellers from a network of 33 distribution centers. For more information visit: www.sprfurniture.com.

SOURCE Pathlight Capital