From Home Furnishing Business
Sundance Completes Recapitalization to Expand Stores
Salt Lake City-based Sundance, a multi-channel direct marketer and specialty retailer of apparel and accessories, jewelry and home furnishings, has completed a dividend recapitalization through Brentwood Associates, a consumer-focused private equity investment firm.
Sundance has increased flexibility to fund its nationwide retail store expansion as part of the transaction. The dividend was financed through an expansion of the existing credit facility provided by OneWest Bank, N.A., Zions First National Bank, KeyBank National Association and Bank of America Merrill Lynch.
Sundance is embarking on a nationwide store expansion strategy and the new debt financing includes a designated facility to fund future store openings. Two newly designated retail locations will open in the fourth quarter of 2015 at the Galleria in Edin, Minn., and the NorthPark Center in Dallas. The company also has multiple stores identified for 2016.
“We are thrilled with Sundance’s outstanding operating results,” said Eric Reiter, a partner with Brentwood Associates. “Significant sales and earnings growth since acquisition have enabled the dividend recapitalization, while continuing to provide financial flexibility for our national retail expansion.”
The company’s products are offered through its catalogs, website, an outlet store and retail stores in Corte Madera, Calif., and Denver. It shares its heritage with several other Sundance brand entities, including the Sundance Channel, the Sundance Institute, Sundance Cinemas and the Sundance Resort.
“We are excited to bring the Sundance experience to our customers through our nationwide retail expansion, and we are confident they will enjoy the benefits of our growing network of stores,” said Matey Erdos, CEO of Sundance. “After 25 years of building a loyal and enthusiastic following, we feel the time is right to lay the foundation for our next phase of growth.”
The company is rooted in the American West, and the design of the new stores is artisan inspired to promote the brand’s heritage.