SANTA MONICA, January 16, 2014 – Wells Fargo Capital Finance, part of Wells Fargo & Company (NYSE: WFC), announced it acted as sole lead arranger and book runner on a $55 million senior secured revolving credit facility that will be used for working capital and general corporate purposes for Evergreen Enterprises of Virginia, LLC, which includes well known retail subsidiary Plow & Hearth. Evergreen Enterprises is a leading specialty wholesaler and retailer of home and lifestyle products.
Evergreen Enterprises, founded in Richmond, VA in 1993, is a wholesaler and retailer that engages in the design, production, and distribution of home furnishings, home and garden products, sports products, and fashion accessories through 14 different owned brands, including retailer Plow & Hearth. The company operates 22 retail stores, a national catalog and an e-commerce site.
“Wells Fargo Capital Finance takes pride in supporting leading retailers that consumers value,” said Keith Vercauteren, head of the Retail Finance division at Wells Fargo Capital Finance. “We look forward to working with Evergreen Enterprises as it continues to grow.”
“We did thorough research when we decided to look for a new lender for our working capital line. We chose Wells Fargo Capital Finance’s Retail Finance team because of its extensive expertise in our industry and competitive pricing to help us grow over the next few years,” said Ting Xu, president of Evergreen Enterprises. “We are excited about this new partnership.”