ThirdLove: Loan From ‘Schottenstein Affiliate’

Second Avenue Capital Partners (SACP), which specializes in asset-based loans, announced on August 17th that it had “closed on a new $12 million revolving credit facility to ThirdLove.”

SACP prominently described itself in the first sentence of the press release as “a Schottenstein affiliate.” (And on its website it goes on to explain the name is “one of the most respected names in retail and consumer businesses. Our affiliation gives us an intimate understanding of the many challenges businesses face.” One example: Jay Schottenstein is the CEO and chairman of American Eagle, of which the lingerie division, Aerie, is a prominent part.

The press release explained: “This strategic financing partnership between SACP and ThirdLove will empower the intimates brand to fuel its growth and further enhance its customer experience.”

Interestingly, a few paragraphs later the sentiment is repeated in almost the same words: “This strategic financing partnership between SACP and ThirdLove will empower the intimates brand to fuel its growth.”

The release includes a comment from ThirdLove CEO Heidi Zak who “expressed her enthusiasm about the collaboration, stating, “This financing partnership with Second Avenue Capital Partners comes at an exciting juncture for ThirdLove. It enables us to accelerate our initiatives, from product innovation to enhancing our online shopping experience, while remaining true to our mission of helping our customers look and feel great, starting with their first layer. We are excited about our growth opportunities and are confident that this partnership will help us reach new milestones.””

The press release added: “Reaching beyond its digitally native roots, ThirdLove has embarked on an ambitious plan to establish a retail footprint, opening nine stores since early 2022. The $12 Million revolving credit facility from SACP will enable ThirdLove to expand its market reach and further invest in cutting-edge technology to deliver an exceptional online and offline shopping experience, solidifying its position as a leader in the intimate apparel industry.”

Mike Sullivan, managing director of SACP concluded: “As a financing partner, we are providing a top-notch management team with additional resources to propel their vision forward and take ThirdLove to even greater heights.” — NM