UNTUCKit has received a $30 million senior secured term loan from Second Avenue Capital Partners (SACP). The term loan will be used to restructure existing debt and provide the brand with the financial latitude to continue its pre-pandemic growth trajectory.
“After a difficult period for all retailers, we wanted to restructure our debt to better position UNTUCKit to serve our loyal customers as they return to work and socializing outside the home,” said Aaron Sanandres, CEO and co-founder of UNTUCKit. “Second Avenue Capital Partners worked closely with us to manage the complexity of our situation and develop a bespoke solution that worked for all of our stakeholders. They delivered on their promises and they did so on an extremely tight timeline. We’re excited to have them as our partner.”
Founded in 2011 in SoHo, New York City, UNTUCKit has become a trusted brand for men and women that want to look sharp and feel casual by creating affordable shirts designed specifically to be worn untucked. Over the years, the brand has evolved and expanded to offering 50 fit combinations and 13 product categories. Today, customers can shop the brand’s collection in 86 retail locations and online.
“UNTUCKit is a brand our team is familiar with because we’re all customers,” added Chris O’Connor, president of Second Avenue Capital Partners. “Much like our own office, workplaces, in general, have increasingly become more casual, and now post-pandemic we see that trend skyrocketing. UNTUCKit is well-positioned as the original go-to brand in this casual/dress dynamic and their meteoric growth will continue. We’re excited to partner with this founder-driven company and be a part of their success story.”
Since the start of the COVID-19 pandemic, SACP has been focused on supporting retail and consumer product companies as they navigate through uncharted territory. This facility is another example of SACP delivering critical financing for a client on an expedited time frame.