Wells Fargo Retail Finance, LLC announced that it has provided a $35 million credit facility for Copeland Enterprises, Inc., operators of Copeland’s Sports. The credit facility contributed to the recapitilization of the Company by Bruckmann, Rosser, Sherrill and Co., Inc. (BRS).
BRS, a private equity firm based in New York, has bought a controlling interest in the CA-based retailer. Terms of the deal were not released., but was reportedly structured as a recapitalization, or a change to the capital structure of the company.
BRS portfolio companies include Au Bon Pain, California Pizza Kitchen and McCormick & Schmick’s. It is believed that the company headquarters and distribution center for the 36-store chain will remain in San Luis Obispo.
BRS has appointed Joseph H. Fernandez as president, CEO and chairman of Copelands. He will be joined by Wayne S. Peterson, as EVP/CFO. The transaction marks the first time in nearly 50 years that the family has not held the reins of its own retail stores.
“We look forward to building on the established success of Copeland’s,” said Fernandez, “and Wells Fargo Retail Finance is an important partner for us in that effort. ”
>>> The Copeland brothers have been very focused on SLO-town real estate of late and this gives the chain new life and focused energy. Look for an IPO after some limited, but well thought out expansion…
