CSC Generation Enterprise’s recent Backcountry acquisition is getting a boost from a source who knows the active lifestyle space well.
Schottenstein affiliates Second Avenue Capital Partners (SACP) and SB360 Capital Partners (SB360), providers of customized solutions for the retail and consumer product sectors, along with Ares Commercial Finance (Ares), have closed on a $112 million Senior Secured Revolving Credit Facility and Term Loan for Backcountry. The new financing package refinanced a previous facility and supported Backcountry’s acquisition by venture-backed firm CSC Generation Enterprise (CSC).
CSC acquired the company from TSG Consumer Partners earlier this month. TSG acquired the business in July 2015.
Backcountry has an omnichannel presence, selling through four e-commerce banners (Backcountry, Steep & Cheap, Competitive Cyclist, and MotoSport)-), two third-party marketplaces (Amazon and eBay) and nine Backcountry retail stores located in six states and the District of Columbia.
SB360 Capital Partners, a Schottenstein affiliate company, previously handled the GOB sales and liquidation for Olympia Sports, Modell’s Sporting Goods and Steinmart and is managing the same for bankrupt Delta Apparel.
Backcountry will continue to operate under its brand name. CSC also owns the Sur La Table, One Kings Lane, Touch of Modern, and DirectBuy retail brands, among others.
“We are thrilled to partner again with the CSC team,” said Mark E. Gallivan, managing director of Second Avenue Capital Partners. “When they approached us to support their acquisition of Backcountry, we jumped at the opportunity to support a sponsor who we’ve seen first-hand succeed in the specialty retail sector.”
CSC and SACP first partnered in 2020 for CSC’s acquisition of Sur La Table. Since then, the two firms have completed multiple deals together.
“Second Avenue Capital Partners has been our go-to source of financing for several years,” said Justin Yoshimura, CEO of CSC Generation Enterprise. “We are incredibly excited about the Backcountry deal and the opportunity to shepherd the business into its next era of success. With their sector expertise, having SACP and SB360 as financing partners allows us to focus on executing our business plan, knowing they have our financing needs covered.”
SB360 Capital Partners and Ares Commercial Finance provided the total financing package extended to Backcountry.
“As an affiliate of the Schottenstein organization with significant expertise in collateral, SB360 was able to offer added flexibility in structuring this type of financing,” said Aaron Miller, president of SB360. “Collectively, we could better tailor the solution to meet Backcountry’s unique needs. This deal also afforded us an exciting opportunity to collaborate with Ares Commercial Finance, a lender that shares our vision and approach, creating a powerful partnership in delivering this financing.”
Image courtesy Backcountry
